15 Lakh Loan

Below are the top lenders in India that offer a Rs. 15 Lakh personal loan along with their personal loan interest rates and other features: 

Here's the EMI calculation for a 15 lakh personal loan EMI for 10 years at an interest rate of 10% p.a. in a tabular format:

15 Lakh Personal Loan EMI for 5 Years

The EMI for a Rs. 15 Lakh personal loan with a 5-year tenure at a 10% p.a. interest rate would be Rs. 31,871. The EMI for a Rs. 15 Lakh loan over a 5-year repayment period can vary depending on the lender's interest rate and the borrower's personal loan eligibility.

Below is a table showing the EMI, total interest payable, and total repayment for a Rs. 15 Lakh loan at a 10% interest rate over 5 years:

15 Lakh Personal Loan EMI for 10 Years

The EMI for a Rs. 15 Lakh personal loan with a 10-year tenure at a 10% p.a. interest rate would differ. Below is the table showing the EMI, total interest payable, and total repayment for a Rs. 15 Lakh loan at a 10% interest rate over 10 years:

Banks use a special formula to calculate the EMI for 15 lakh personal loan i.e.:

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

The EMI depends on the principal loan amount, applicable 15 lakh personal loan interest rate, and repayment tenure.

For example, 15 lakh personal loan EMI for 10 years SBI at 11.45% p.a. interest rate will be Rs. 21,046. However, for at same interest rate, 15 lakh personal loan EMI for 5 years SBI comes to Rs. 32,951. SBI personal loan interest rate for 15 lakhs starts from 11.45 at present.

This calculation can be done easily and instantly using the Personal Loan EMI Calculator available online. This easy-to-use free online tool gives you exact EMI calculations without any errors.

Below are the basic eligibility criteria for a personal loan of Rs. 15 lakh:

• Age: Minimum 21 years
• Citizenship: Indian 
• Occupation: Salaried or self-employed 
• Income: At least Rs. 15,000 per month
• CIBIL score: Minimum 700

Documents for Salaried

• Identity proof: Aadhaar Card/ Driving License/ Passport/ PAN Card/ Voter ID
• Address proof: Aadhaar Card/ Passport/ Voter ID/ Ration Card/ Utility Bills (not older than 3 months) 
• Income documents: Last 6 months’ bank statements of salary account, last 3 months’ salary slips, and ITR/Form 16

Documents for Self-employed

• Identity proof: Aadhaar Card/ Driving License/ Passport/ PAN Card/ Voter ID
• Address proof: Aadhaar Card/ Passport/ Voter ID/ Ration Card/ Utility Bills (not older than 3 months) 
• Income documents: Last 3 years’ bank statements, ITR for the last 2 years along with P&L Account Statement, past 2 years' balance sheet, and income computation
• Business proof: Form 26 AS, Income Tax Challan, or TDS certificate (Form 16A) for income tax declared

Below are some common uses of a personal loan of Rs. 15 Lakhs:

• Wedding: A marriage loan of Rs. 15,00,000 can cover wedding costs including venue booking, catering, photography, shopping, or other expenses.
• Educational expenses: An instant loan of Rs. 15 Lakhs can be used to meet educational expenses such as payment of school/ college/ tuition fees, purchasing study material/ uniforms, etc.
• Medical expenses: An emergency loan of Rs. 15 Lakhs can provide you with much-needed funds to cover medical expenses like medication, check-ups, treatment, etc., ensuring timely care.
• Travel: A personal loan of 15 lakhs for travel can help you fund flight/train ticket purchases, hotel booking, and other travel expenses.
• Rent payment: Getting a Rs. 15 lakh loan instantly can be helpful when you need funds for an upfront rent deposit for a few months, making your transition affordable.
• Home improvement: If you wish to refurbish your home, a personal loan of Rs. 15 Lakhs can be used for renovations and repairs, increasing the market value of your property.
• Gadget/ home appliance purchase: Purchasing an air conditioner, refrigerator, smartphone, or any other gadget or home appliance can be done easily with a personal loan of Rs. 15,00,000.

Here are the steps to apply for a Rs. 15 lakh personal loan online:

• Open the personal loan page and choose your preferred lending partner. 
• Hit the ‘Apply Now’ button.
• Complete the online application by mentioning your basic personal, professional, and financial details.
• Post the initial pre-assessment of your eligibility, you will be prompted to upload some necessary documents for the loan.

Once the details are verified, you will get a loan approval from the preferred lender and the sanctioned loan quantum will be disbursed to your bank account.