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₹15 Lakh Personal Loan

A ₹15 Lakh personal loan, available on Bajaj Markets, is a viable financial solution for diverse needs. You can choose from multiple lenders who offer the ₹15 Lakh personal loan on the platform.
Your Personal Loan EMI
₹ 22,761
Total Interest Amount
₹ 685,080
Principal Amount
₹ 15,00,000
Total Payable Amount
₹ 21,85,080
Loan Amount i
Interest Rate
- +
Min value reached
Max value reached
Tenure
Months drop-down-img
  • Years
- +
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Instant Approval

You can use this EMI calculator to plan your monthly instalments based on your preferred tenure and loan amount. 

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This tool helps you estimate the total repayment amount, including interest, so you can make informed financial decisions.

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Overview

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 10.99% p.a. results in an EMI of approximately ₹49,100. 

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.

Compare ₹15 Lakhs Personal Loan Interest Rates by Various Banks & NBFCs

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

Available Offerings

Max. Loan Amount

Min. Interest Rate

Max. Tenure

Processing Fee

Kotak Mahindra Bank Personal Loan

₹40 Lakhs

10.99% p.a.

72 months

Up to 1.50% of the loan amount + GST

Bajaj Finance Personal Loan

₹55 Lakhs

10.00% p.a.

96 months

Up to 3.93% of the loan amount (Inclusive of applicable taxes)

L&T Finance Personal Loan

₹15 Lakhs

12.00% p.a.

48 months

Up to 3% of the loan amount + GST

SMFG India Credit Personal Loan

₹25 Lakhs

12.00% p.a.

60 months

0% to 6% of the loan amount

YES BANK Personal Loan

₹50 Lakhs

12.50% p.a.

72 months

1.15% to 2.75% of the loan amount

*Disclaimer: The mentioned rates are subject to change at the lender’s discretion.

₹15 Lakh Personal Loan EMI for Different Tenures

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:

Tenure

EMI Amount

Interest Rate 

Total Interest Payable

Total Repayment Cost

₹15 Lakh Loan for 1 Year 

₹1,32,565

10.00% p.a.

₹90,786

₹15,90,786

₹15 Lakh Loan for 2 years 

₹69,905

10.00% p.a.

₹1,77,715

₹16,77,715

₹15 Lakh Loan for 3 years 

₹49,101

10.00% p.a.

₹2,67,635

₹17,67,635

₹15 Lakh Loan for 4 years 

₹38,761

10.00% p.a.

₹3,60,528

₹18,60,528

₹15 Lakh Loan for 5 years 

₹32,606

10.00% p.a.

₹4,56,369

₹19,56,369

₹15 Lakh Loan for 6 years 

₹28,543

10.00% p.a.

₹5,55,127

₹20,55,127

₹15 Lakh Loan for 7 years 

₹25,676

10.00% p.a.

₹6,56,765

₹21,56,765

₹15 Lakh Loan for 8 years 

₹23,555

10.00% p.a.

₹7,61,237

₹22,61,237

*Note: These are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.

You can use a personal loan EMI calculator to adjust the interest rate and tenure to find the loan terms that best suit your repayment capabilities.

₹15 Lakh Personal Loan: Fees and Charges

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:

Fees and Charges

Details

Processing Fees

Up to 6% of the loan amount

Foreclosure Charges

5% of principal outstanding + taxes 

Part-payment Charges

20% to 25% of the principal amount 

Disclaimer: The mentioned rates are subject to change at the lender’s discretion.

How to Calculate Your Personal Loan EMI

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 10.99% per annum for a tenure of 60 months. The monthly EMI comes to approximately ₹32,606. The total interest payable amounts to around ₹4,56,369, and the total repayment amount comes to ₹19,56,369.

Eligibility & Documents for a Personal Loan of ₹15 Lakhs

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. Minimum monthly income: ₹10,000

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

Identity Proof (Any one of the following)

Address Proof (Any one of the following)

Income Proof (Any one of the following)
Aadhaar card Passport Salary slips of the previous 3 months
Passport Aadhaar card Bank statement
PAN card Driving licence  
Driving licence Utility bills for electricity, telephone, etc.  
Voter ID Voter ID  

Please note that these requirements vary from issuer to issuer. Before applying for a personal loan, ensure you have the complete list of documents required.

How to Apply for a ₹15 Lakh Personal Loan

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

  • Click on ‘Apply for a personal loan’

  • Fill out the online application with your basic information

  • Specify the loan amount you need and your preferred repayment period

  • Send in the form for verification

After you've done this, a representative will contact you to help you with the next steps of your application.

₹15 Lakhs Personal Loan Monthly Payment Plan

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

Month 

Payable Amount

Principal

Interest

Balance

Month- 1

₹ 2,58,074

₹ 2,44,337

₹ 13,738

₹ 12,55,663

Month- 2

₹ 2,58,074

₹ 2,46,575

₹ 11,500

₹ 10,09,088

Month- 3

₹ 2,58,074

₹ 2,48,833

₹ 9,242

₹ 7,60,256

Month- 4

₹ 2,58,074

₹ 2,51,112

₹ 6,963

₹ 5,09,144

Month- 5

₹ 2,58,074

₹ 2,53,412

₹ 4,663

₹ 2,55,732

Month- 6

₹ 2,58,074

₹ 2,55,732

₹ 2,342

₹ 0

Note: These are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.

Impact of Pre and Post-Personal Loan Approval on CIBIL Score

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.

Uses of a ₹15 Lakh Personal Loan

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.

Other Instant Personal Loan Options

Frequently Asked Questions

15 Lakh Personal Loan
How can I secure a ₹15 Lakh personal loan?

You can get a ₹15 Lakh loan through a hassle-free online process on Bajaj Markets by providing basic necessary documents. Here is how:

  1. Enter your details and check eligibility

  2. Select a lending partner that fits your needs

  3. Fill out the application form with personal and loan details

  4. Upload required documents

  5. Get loan approval and receive the amount in your bank account within a few days

Interest rates for ₹15 Lakh personal loan start from 10.00% p.a. on Bajaj Markets.

No, you can secure a personal loan of ₹15 Lakhs without submitting any of your assets as collateral.

Yes, you can secure a ₹15 Lakh loan from Bajaj Markets by meeting the set eligibility requirements and providing essential documents.

Leading financial institutions like Bajaj Finance Limited, Kotak Mahindra Bank, SMFG India Credit, and YES BANK offer ₹15 Lakhs loan on Bajaj Markets.

Here are some common requirements you may be required to fulfil when applying for a ₹15 Lakh personal loan:

  • Credit Score: 750 or higher

  • Age: 18 years and above

  • Employment Type: Salaried or self-employed

  • Work Experience: At least 1 year

  • Minimum Monthly Income: ₹10,000

  • Citizenship: Indian

Generally, you can repay your personal loan of ₹15 Lakhs over tenures ranging from 3 months to 8 years.

While it may vary from one lender to another, usually, you can borrow ₹15 Lakhs within 3-5 business days. Some lending partners also offer disbursal times ranging from just a few minutes to a couple of days.

In case of default, the lender charges a penalty fee as per their policies. Additionally, your credit score is impacted, making it difficult for you to qualify for a loan in the future. 

If the default continues for a long period, the lender may press legal charges against you.

The amount you borrow, the interest rate, and the loan duration all play a significant role in determining the EMI for your personal loan of ₹15 Lakhs. To see how different combinations of these factors affect your monthly payment, you can use a personal loan EMI calculator.

These loan terms are influenced by several factors, like your debt-to-income ratio, credit score, income, and repayment history. It's important to monitor these, as they indirectly impact the amount of your EMI.

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