₹15 Lakh Personal Loan

If you are planning a large purchase, covering a medical need, or financing a life goal, a personal loan of ₹15 Lakhs can provide the required support. As a personal loan is unsecured, it does not require collateral and has no restrictions on end use. 

Whether for holidays, wedding expenses, or debt consolidation, it features a fully online application process and minimal documentation. For instance, a ₹15 Lakh personal loan with a 3-year tenure at 10% p.a. results in an EMI of approximately ₹ 48,400. 

In this case, the total interest payable over 3 years would be around ₹2.67 Lakhs. A shorter 1-year tenure increases the EMI to approximately ₹1.32 Lakhs but reduces the total interest payable to about ₹90,786. This flexibility allows you to choose based on EMI affordability or interest savings.

Here is a list of some of the prominent lenders that offer a ₹15 Lakh personal loan on Bajaj Markets:

Assume that the interest rate charged on your ₹15 Lakh personal loan is 10.00% p.a. Here’s how a change in tenures will affect your monthly instalments:

Before applying for a personal loan of ₹15 Lakhs, it is important to understand the applicable fees and charges. Lenders may levy additional costs such as processing fees, part-payment charges, and foreclosure penalties. You need to be aware of these expenses to make an informed decision. 

Here are the additional fees that might be applicable when taking a personal loan on Bajaj Markets:

To plan your repayments, it is helpful to understand how your EMI is calculated. You can use a simple formula to estimate your monthly instalment based on the loan amount, interest rate, and tenure. You can use the following formula to compute your EMIs: 

EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]

Where:

P = Principal loan amount

R = Monthly interest rate

N = Loan tenure in months

To understand this better, consider this example: 

Assume you take a personal loan of ₹15 Lakhs at an interest rate of 10% per annum for a tenure of 60 months. The monthly EMI comes to approximately ₹ 31,870. The total interest payable amounts to around ₹ 4,12,234, and the total repayment amount comes to ₹ 19,12,234.

To get a ₹15 Lakh personal loan, ensure to fulfil the following requirements:

1. Age: 18 years or above

2. Nationality: Indian 

3. Credit score: 750 or more

4. Type of employment: salaried professional or self-employed professional 

5. Minimum work experience: 1 year

6. Recommended CIBIL score for ₹15 Lakh personal loan is usually 750 or more. Check your CIBIL score online for instant updates.

Also, keep the following documents ready before you apply to ensure a smooth and hassle-free process:

Here are the steps you can follow to apply for the loan required:

1. Click here to visit the loan application page

2. Select your current profession from the provided drop down menu

3. Input your contact details and residential PIN code

4. Review the terms and conditions properly and accept them 

5. Click the ‘Proceed’ button to progress to the next steps

6. Provide the information for the following fields as necessary:

   1. Full name as per your PAN card

   2. Gender

   3. Date of birth

   4. Net monthly income

   5. Email ID

   6. Mode of salary payment (Bank or cash)

7. Click the ‘Submit’ button to complete the loan application process

8. Explore the offers available according to your eligibility

9. Select your loan option of choice and input your preferred repayment tenure

10. Submit the loan application

Upon submission, a representative will get in touch with you to help with the further steps of your application.

For a ₹15 Lakh personal loan over 6 months, here is a breakdown of how each EMI and interest reduces the loan.

Your CIBIL score is impacted both before and after a personal loan is approved. Understanding these effects can help you manage your credit health more effectively during the approval process. 

Pre-approval Effect on CIBIL Score

When you apply for a personal loan, a hard enquiry is made, which slightly lowers your score and is recorded in your credit report. A low credit score or poor credit history may lead lenders to view you as high-risk, which could result in the rejection of your application.

Post-approval Effect on CIBIL Score

Making timely EMI payments can gradually improve your CIBIL score over the loan tenure. Keeping your credit utilisation ratio below 30% helps maintain a healthy score, indicating that you are not overly reliant on credit.

A personal loan of ₹15 Lakhs can be an effective solution for significant life events or managing unexpected expenses. It provides flexibility, quick access to funds, and the freedom to use the amount according to your needs. Here are some uses of a personal loan: 

Wedding

You can cover venue bookings, catering, outfits, photography, and other wedding expenses without causing financial strain.

Home Renovation

Use the funds to upgrade interiors, alter spaces, or carry out essential repairs to improve your home.

Travel

Plan domestic or international holidays with ease. The funds can be used for booking flights, hotels, and experiences without depleting savings.

Medical Emergency

Manage urgent healthcare costs, such as surgeries, hospitalisation, or treatments, with immediate financial support.

Education

Pay for higher education, course fees, study materials, or accommodation, whether in India or abroad, ensuring your plans remain on track.