15 Lakh Loan

You can apply for Rs. 15 Lakh personal loan for tenure up to 5 years (6 years in some cases) from any bank or financial institution online as well as offline. While you would be required to visit the branch to apply for the loan and submit the required documents in the offline procedure, the online process is much more instant and simple. All you need to do is fill in an online application form for a personal loan of 15 Lakhs on our website and follow the given instructions.

The personal loan eligibility criteria may vary from lender to lender. Below are some common Rs. 15 Lakh personal loan eligibility criteria to be fulfilled to apply for the loan:

• Age: Personal loans can be availed of by individuals aged above 21 years when applying for the loan and below 65 years when the loan matures. 
  Occupation: Personal loans are available to salaried as well as self-employed individuals. However, salaried applicants are preferred more by lenders as their income and employment are more stable.
• Income: Salaried employees must be earning at least Rs. 25,000 while self-employed individuals need to have an annual income of Rs. 5 Lakhs to get a personal loan upto 15 Lakhs.
• Credit score: The credit score shows the creditworthiness and repayment capacity of the borrower and that is why lenders check the credit score of applicants for personal loans. Most lenders require you to have a minimum CIBIL score of 750 or above for sanctioning a personal loan. However, some lenders (mainly non-banking financial companies) allow personal loans to individuals having a credit score of 700 and above. A higher Credit Score leads to instant personal loan approval.

Once you meet the eligibility criteria mentioned above, you will have to furnish the following documents to support your eligibility for a personal loan of 15 Lakhs:

KYC documents: You must present your KYC documents such as any photo identity document issued by the government like a passport, driving license, PAN Card, Aadhar Card, Voter ID card, and so on. You must also submit 2 recent passport-size photographs with the completely filled-in application form when applying for a loan of Rs 1500000 lakh.

Address proof: The residence proof includes an Aadhar Card, voter's ID card, driving license, passport, and so on.

Income proof: Income proof is required to determine your repayment capacity. Your loan amount is based on your income. As income proof, you must show salary slips of the last 2 months or a salary certificate issued by your current employer, income tax returns, Form 16, and a bank statement of the account where your salary for the past 6 months is credited. Self-employed persons can show their trade license, GSR registration certificate, income tax returns and financial statements as income proof.

The personal loan interest rates mentioned above vary depending on the borrower’s requirement, age, income, occupation, credit score, and other factors. Also, check the list of Top banks offering personal loans for women at the lowest Interest Rates.

Follow the steps given below to apply for a 15 lakhs personal loan instantly:

• Visit the official website of the personal loan provider or MyMoneyMantra. 
• Enter the required details including your name, mobile number, email address, income, loan amount, tenure, etc.
• Submit the documents required by the lender, such as KYC documents, income documents, residence proof, etc.
• Wait for the final decision of the loan provider. It takes a few days for the lender to check your documents and determine your eligibility based on the information provided.
• On approval, get the Rs. 15,00,000 loan credited to your bank account instantly.

An Rs. 15,00,000 Personal Loan can be used for various purposes including the below-mentioned ones:

• Wedding: Planning a wedding in India is a costly affair. It is not easy for common salaried people to arrange for such an amount immediately. You can use personal loans for wedding related expenses such as venue booking, catering, gifts, shopping, and so on.
• Vacation: Traveling abroad can be expensive and out of budget for many. However, with a personal loan, you can fund your dream of travelling to any destination of your dream. You can use personal loans for travel-related expenses like flight or train tickets, accommodation, local transportation, fun activities, food, and so on.
• Home improvement: You can utilize the personal loan amount for home improvement-related expenses including paint, repairs, remodelling, extension, furniture shopping, etc. A Rs. 15 Lakh personal loan is usually enough to meet such needs.
• Debt consolidation: Personal loan debt consolidation enables bringing all existing loan EMIs and credit card payments together under a single loan. You can apply for a new loan to combine all your existing obligations under a single EMI.
• Medical emergency: Personal loans can be used for unexpected medical emergencies. Most of the time, insurance money is not enough to cover the sudden medical expense. It is easy to get a 15 Lakh loan for financing expensive treatments.
• Personal loan balance transfer: Most lenders offer the facility to transfer your high-interest rate personal loan from other lenders to theirs at a lower rate of interest. This facility is called a personal loan balance transfer.

You can easily calculate your Rs. 15 lakh personal loan EMI for 10 years or different tenures with an online personal loan EMI calculator. Here’s how to use it:

• Open the 15 lakh personal loan EMI calculator available online.
• Enter the required loan amount (Rs. 15 Lakhs in the present scenario).
• Enter the rate of interest as charged by the lender.
• Enter the required loan tenure to get your 15 lakh personal loan EMI and the amortization schedule quickly.