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A personal loan is one of the best ways to deal with financial difficulties. It is a multi-purpose loan that can be used for paying outstanding debts, medical emergencies, vacations, wedding expenditures, etc. 

This loan comes in two variants: unsecured and secured. For an unsecured loan, you are not required to provide any collateral while applying for it. On the other hand, for secured loans, you must provide security. In order to acquire a ₹15 Lakh personal loan, you must fulfil the eligibility criteria set by the financial institutions. In addition to this, your credit score should be 750 or above (may vary across the lender). Your good credit score shows your creditworthiness and establishes your identity as a financially responsible individual. 

Purpose of a ₹15 Lakh Personal Loan

It is a multi-purpose loan which can be used as you see fit. Below are some occasions for which you can take a personal loan.

  • Holidays: If you wish to take a vacation or go on a family holiday but are worried about the expenses, a ₹15 Lakh personal loan is the finest and safest solution. Also, you can easily repay the loan amount in monthly EMIs.

  • Medical Emergencies: A ₹15 Lakh personal loan will come in handy if you or any of your family members are facing medical emergencies. By procuring this loan, you can opt for the best medical treatment without worrying about expenses. 

  • Outstanding Debts: Another purpose for which you can use this loan is to settle your outstanding credit card debts. Individuals trapped in multiple financial obligations can utilise this alternative. 

  • Wedding Expenditures: Nowadays, people are opting for this loan to manage their wedding expenses as well. Getting a loan of a significant amount of ₹15 Lakhs can aid you in planning your big day and make it memorable for you and your guests.

  • Unforeseen Emergencies: You might require urgent cash in case of a medical emergency. This loan option can be your saviour in such dire times. It can use the loan amount to cover medical expenses or pay hospital bills, so you can make sure you or your loved ones are getting the best healthcare. 

Interest Rates for ₹15 Lakh Personal Loan

Multiple lenders offer personal loans at competitive interest rates. However, these interest rates vary across financial institutions. Hence, you should always compare the offered interest rate to make the right choice. Here’s a closer look at the ₹15 Lakh personal loan interest rates applied by different lenders.


Range of Interest Rate

Bajaj Finance Limited

13.5% onwards

Axis Bank

10.49% onwards

PaySense Partners

14% onwards


14% onwards

Fullerton India

12% onwards


30% onwards


15% onwards

Muthoot Finance

14.50% onwards

YES Bank

10.99% onwards


21% onwards


24% onwards


16.50% onwards

Disclaimer: The rates mentioned above are subject to constant change. You must always check with the lender before applying. Additionally, the final interest rate applicable to you will depend on factors such as your repayment tenure, your age, your monthly income, and your CIBIL score.

Eligibility Criteria for ₹15 Lakh Personal Loan

Before applying for a personal loan, you must assess your eligibility to avoid rejection. You may also use the eligibility calculator to do the same. This is an online tool offered by most financing companies on their websites. Using this tool will clear your queries and save your time. Here are the details about the eligibility criteria you must fulfil to receive this loan. 

  • The applicant must be an Indian resident. 

  • The minimum age of the applicant must be 21 years and the maximum age may vary across the lenders.

  • The applicant should be a salaried or self-employed professional.

  • The credit score of the borrower is preferred to be 750 or above.

How to Apply for a ₹15 Lakh Personal Loan

Here’s a step-by-step guide that will assist you in applying for the loan. 

  • Choose a financing company from where you wish to obtain a ₹15 Lakh personal loan. 

  • Browse the official website or download its app.

  • Navigate to the ‘Personal Loan’ section and click on it.

  • Fill in the application form carefully.

  • Read the terms & conditions as well as the other charges associated with the loan.

  • Lastly, submit the form with the supporting documents.

  • It may take up to a few hours/days to complete the loan procedure. 

Documents Required to Avail of a ₹15 Lakh Personal Loan

While applying for a personal loan, you must keep a few documents ready. Below is the list of the same: 

  • Identity proof (Aadhaar card, Voter ID card, driving license, Passport)

  • Resident proof (Aadhaar card, Utility bills, Passport, Rent agreement, Voter ID card)

  • Salary slips for the last three months (Salaried professionals)

  • Bank statement for the last six months 

  • ITR

  • Form 16

  • ITR for the previous two years, combined with a profit & loss account, balance sheet, and the previous two years' income calculations

  • Form 16A, TDS certificate for income tax declared, Form 26 AS, or Income Tax Challan, 

  • Business proof

  • Passport size photographs

15 Lakh Personal Loan EMI

The EMI amount is the foremost thing you must calculate while applying for a personal loan. It will assist you in planning your monthly expenditures wisely. Your EMI also varies as per your loan tenure. To get a precise amount, you may use the personal loan EMI calculator. It is an online tool you can find on any of the financial institution's portals. Additionally, you are not required to pay to use these tools as they are absolutely free. Let’s have a look at this EMI variation with an instance. 

15 Lakh Personal Loan EMI for 1, 3, 5, 10, 15 and 20 Years Tenure

Loan Amount

Interest Rate

Loan Duration (Years)


₹15 Lakhs



₹15 Lakhs




₹15 Lakhs




₹15 Lakhs




₹15 Lakhs




₹15 Lakhs




FAQs on 15 Lakh Personal Loan

In this digital world, applying for a personal loan has become easier. You are only required to visit the website of the financial institution and fill in the loan application form. In addition to this, you must submit supporting documents. The entire process happens online.

The EMI value depends on the loan amount and the tenure you choose.

Each financial institution offers personal loans at distinct interest rates. You must do a comparison before locking your decision as it will help you in opting for a personal loan at a competitive interest rate.

Personal loans are unsecured and secured in nature. In order to get this loan, you must provide your recent salary slips. However, if you are unable to provide your salary slips, lenders may ask you for collateral.

Comparing the features, benefits, interest rates, and other charges associated with the loan will assist you in finding the best financial institution.

If you failed to repay your personal loan of ₹15 Lakhs for any reason, the bank will issue a notice of a 60-day period under which you are required to pay the amount. The lender may also pursue legal action against you if you failed to pay back the loan amount in the notice period.

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