₹15,000 Personal Loan

A personal loan of ₹15,000 can assist in managing urgent expenses without depleting your savings. This unsecured loan provides the flexibility to utilise funds for emergencies or personal needs.

For example, at an interest rate of 14% per annum, a 5-year loan would result in an EMI of approximately ₹349, with a total interest payout of ₹5,941. 

Opting for a shorter tenure of 2 years would increase the EMI to ₹720 but reduce the total interest payable to around ₹2,284.

With fast approvals, minimal documentation, and flexible repayment options, you can access funds when needed. Repayment is possible through easy monthly instalments.

You can get a ₹15,000 loan from various banks and financial institutions at competitive interest rates. Based on your preferred tenure, you can select a suitable loan offer without pledging any collateral. Here are the personal loan offers from partnered lenders on Bajaj Markets:

For instance, let us assume that you took a ₹15,000 instant loan at an interest rate of 14% p.a. Here is how the EMI will differ for this loan depending on the tenure you choose:

Other than principal plus interest payments, you will incur additional charges based on the loan offer you select. These charges include foreclosure fees, part-payment charges, and processing fees:

You can calculate the EMI of your personal loan for a variable tenure through a calculator or manually. To do so, you can use the following formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

• P = Loan amount

• R = Monthly interest rate (Annual interest rate/12/100)

• N = Loan tenure in months

For instance, if you take a personal loan of ₹15,000 for 50 months, your monthly EMI amount will be ₹398. Other than this, you will incur a total interest payable of ₹4,883 and the total payable amount until the end of tenure will be ₹19,883.

Before getting a personal loan of ₹15,000, it is essential to verify that you fulfil the lender's minimum eligibility. These requirements ensure your repayment ability and chances of loan approval. Fulfilling these requirements makes the application process simpler and increases the chance of loan approval. 

• You should be an Indian citizen 

• You should be salaried or self-employed 

• Your minimum age limit must be 18 years or older 

• You must have a minimum monthly income of ₹10,000  

• You must have a minimum of 1 year of work experience 

• CIBIL score should be 600 or more 

To apply for a personal loan of ₹15,000 successfully, you will also need to provide some valid documents. These documents assist lenders in determining your eligibility and repayment capability. They include: 

Identity Proof (Any one of the following):

• PAN card

• Aadhaar card

• Voter ID

• Passport

• Driving licence

Address Proof (Any one of the following):

• Voter ID

• Aadhaar card

• Passport

• Driving licence

• Electricity bill

• Telephone bill

Income Proof (Any one of the following):

• Bank statement

• Salary slips of the last 3 months

Please note that these document requirements can differ from lender to lender. So, it is best to check the precise list with your selected financial institution before applying.

Follow these simple steps to apply for a personal loan online:

1. Click here to "Apply for a personal loan"

2. Fill in your basic personal information in the online form

3. Specify the loan amount and your preferred repayment tenure

4. Submit the form for verification

A representative will then contact you to assist with the next steps in processing your application.

Planning to take a personal loan of ₹15,000 instantly for 6 months at 14% interest requires understanding the financial details. Here is a detailed breakdown of the interest and total payable balance:

Before and after the approval of your ₹15,000 personal loan online, your CIBIL score is influenced. This can occur due to hard enquiries during the approval process or due to delays in timely repayments.

• Pre-approval Impact

When you apply for a personal loan, the lender conducts a hard inquiry on your credit report and loan applications. This hard inquiry can temporarily reduce your credit score. In addition, multiple loan applications within a short time frame can lead to a consistent decline in your CIBIL score.

• Post-approval Impact

Timely repayment of your personal loan has a positive effect on your CIBIL score and assists in recovery from a weaker position. A consistent repayment history demonstrates responsible credit management and enhances your creditworthiness. 

With an excellent CIBIL score, your chances of getting loan and credit offers with better terms increase.

As a personal loan is an unsecured loan, it does not have any end-usage restrictions. You can use personal loan funds as per your requirements, and some of these purposes include:

• Debt Consolidation

You can use personal loan funds to manage debt payments across multiple smaller loans. By consolidating these loans into one, you can streamline your finances and potentially lower your monthly repayment amounts.

• Home Renovation or Relocation

You can allocate your loan funds for home renovation, relocation, or shifting expenses. Whether you are planning to upgrade your home, move to a new city, or simply change locations, the personal loan can cover the various costs involved.

• Personal Development and Education

You can also use loan funds to invest in personal development, such as skill enhancement, accelerated learning programmes, or higher education.

• Unexpected Medical Expenses

You can use the loan amount to manage unexpected medical expenses, including hospitalisation, medicine costs, or post-surgery care.

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.