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A personal loan of ₹15 Lakhs, available on Bajaj Markets, is a viable financial solution for diverse needs. You can choose from multiple lenders who offer the loan on the platform. The loan comes with low interest rates starting at 10.99% p.a. and repayment periods of up to 96 months. Furthermore, the simple online application process makes it easy for you to instantly apply for a loan anytime, anywhere.

Interest Rates for a Personal Loan of ₹15 Lakhs

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

Lenders

Starting Interest Rate

Kotak Mahindra Bank

10.99% p.a.

Bajaj Finance

11.00% p.a.

SMFG India Credit

12.00% p.a.

YES BANK

12.50% p.a.

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

Calculate the EMI for a Personal Loan of ₹15 Lakhs

Loan Amount
Tenure
Months
Rate of Interest
Personal Loan
Your Monthly Personal Loan EMI
Principal Amount
Total Interest
Total Amount Payable
Amortization Schedule
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Expand Amortization Schedule
Year EMI Principal Interest Balance

EMI for a Personal Loan of ₹15 Lakhs Over Varying Tenures

Assume that the interest rate charged on your personal loan is 11% p.a. Here’s how a change in tenures will affect your monthly instalments:

Tenure

EMI Amount

Total Interest Payable

Total Repayment Cost

12 months

₹1,32,565

₹90,786

₹15,90,786

24 months

₹69,905

₹1,77,715

₹16,77,715

36 months

₹49,101

₹2,67,635

₹17,67,635

48 months

₹38,761

₹3,60,528

₹18,60,528

60 months

₹32,606

₹4,56,369

₹19,56,369

72 months

₹28,551

₹5,55,681

₹20,55,681

84 months

₹25,684

₹6,57,427

₹21,57,427

96 months

₹23,563

₹7,62,013

₹22,62,013

*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.

Eligibility Criteria and Documents Required for a Personal Loan of ₹15 Lakhs

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

  • Age: 18 years or above

  • Nationality: Indian 

  • Credit score: 750 or more

  • Type of employment: self-employed professional, self-employed non-professional, or salaried

  • Minimum work experience: 2-3 years 

  • Minimum monthly income: ₹15,000

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

  • Identity Proof: Any one of the following 

    • Aadhaar card 

    • Passport

    • PAN card

    • Driving licence 

    • Voter ID

  • Address Proof: Any one of the following 

    • Passport

    • Aadhaar card

    • Driving licence

    • Utility bills for electricity, telephone, gas, etc.

    • Voter ID

  • Income Proof: 

    • Salary slips of the previous 3 months

    • Bank statement

Disclaimer

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.

Frequently Asked Questions

How can I secure a personal loan of ₹15 Lakhs?

You can get this loan through a hassle-free online process on Bajaj Markets by providing basic necessary documents.

What is the interest rate charged on a personal loan of ₹15 Lakhs?

Interest rates for personal loans start from 10.99% p.a. on Bajaj Markets.

Is collateral required for a personal loan of ₹15 Lakhs?

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

Is a ₹15 Lakh loan available on Bajaj Markets?

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

Can the funds from a personal loan be used for higher education?

Yes, personal loans have no usage restrictions, allowing you to cover tuition fees and other higher education expenses.

Which lenders offer a personal loan of ₹15 Lakhs on Bajaj Markets?

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

What are the eligibility criteria for a personal loan of ₹15 Lakhs?

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

  • Credit Score: 750 or higher

  • Age: 18 years and above

  • Employment Type: Salaried or self-employed

  • Work Experience: 2-3 years

  • Minimum Monthly Income: ₹15,000

  • Citizenship: Indian

What is the minimum and maximum tenure for a personal loan of ₹15 Lakhs?

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

How fast can I get a loan of ₹15 Lakhs?

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 time ranging from just a few minutes to a couple of days.

What will happen if I default on my ₹15 Lakh personal loan?

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. 

What are the factors that can affect the EMI for a ₹15 Lakh personal loan?

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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