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An INR 15 lakhs personal loan can be a convenient option to cover all your short-term financial needs with ease, whether it is for meeting medical emergencies, funding higher education, home improvement or meeting wedding expenses. You can use an INR 15 lakhs loan for almost any purpose. Moreover, you do not need to pledge any collateral, such as a car or property, to access a personal loan of INR 15 lakhs.
At SMFG India Credit, eligible applicants can get an INR 15 lakhs loan with a flexible repayment tenor of up to 60 months at an affordable interest rate, which helps to keep the INR 15 lakhs personal loan EMIs pocket-friendly. With a swift approval process and quick disbursal times, we make sure that you get the funds you require as early as possible.
Getting an INR 15 lakhs personal loan with SMFG India Credit comes with a host of benefits, ranging from competitive interest rates to quick loan disbursals.
Lenders look at factors such as your age, income, employment history, and creditworthiness to decide loan approvals and terms, such as interest rates.
Let us take a look at SMFG India Credit’s eligibility criteria for an INR 15 lakhs personal loan:
Factor |
Salaried Individuals |
Self-Employed Individuals |
Age |
Your age must be between 22 and 65 |
Your age must be between 25 and 65 |
Nationality |
You must be a resident Indian |
You must be a resident Indian |
Credit Score |
Your credit score must be 750 or above |
Your credit score must be 750 or above |
Work/Business Experience |
Your work experience must be at least 1 year, of which the last 6 months must be under the current employer |
Your business must be at least 3 years old |
Minimum Income |
Your monthly income must be INR 25,000 if you live in Mumbai or Delhi, and INR 20,000 for any other city |
Your annual turnover must cross the minimum threshold, which can vary according to the nature of your profession or the domain of work |
EMI as a Fraction of Income |
Your EMI should be a maximum of 60% - 70% of your monthly income |
Your EMI should be a maximum of 65% of your monthly income |
*Please note that this is only the basic eligibility criteria for an INR 15 lakhs loan. The final eligibility will depend on several factors, including SMFG India Credit’s policy at the time of loan application.
When applying for an INR 15 lakhs personal loan, it's important to keep all necessary documents ready, as they help verify your eligibility and ensure smooth processing of your application.
We require only a few essential documents for a hassle-free application process without heavy paperwork. Please note that the document requirements vary slightly for salaried and self-employed applicants.
Document Type |
Salaried Individuals |
Self-Employed Individuals |
Identity Proof |
|
|
Signature Proof |
|
|
Address Proof |
|
|
Income Proof |
|
|
Business Proof |
N/A |
|
*Please note that additional documents may be requested depending on your individual profile and SMFG India Credit’s policy at the time of application.
Submitting accurate and updated paperwork can improve your chances of quick approval and smooth disbursal of your INR 15 lakhs loan.
To make an informed borrowing decision, it is essential to understand the fees and charges associated with your INR 15 lakhs personal loan. These charges impact the total cost of your loan and should be carefully considered before applying.
The table below outlines the typical fees and charges associated with an INR 15 lakhs loan from SMFG India Credit:
Fees & Charges |
Amount Chargeable |
Personal Loan Interest Rate |
Starting at 13%* per annum |
Processing Fee |
Up to 5% of the total loan amount + GST |
Late Payment Charges |
Up to 3% per month (36% per annum) on overdue amount calculated on a day-to-day basis, payable from the relevant due date till the date of actual payment. |
Cheque/ECS/NACH Dishonour Charges (per dishonour of cheque/ECS/NACH per presentation) |
Rs. 300 to 1000 |
Loan Cancellation Charges (loan cancelled before the first EMI) |
Rs. 1000 - 2500 |
Loan Tenure |
Up to 60 months |
Before applying, it’s important to understand how your repayment schedule will impact your monthly budget. The INR 15 lakhs personal loan EMI depends on the loan tenure and applicable interest rate, which in turn depends on factors such as your credit profile, income, and existing financial obligations.
If you are considering a long-term repayment plan, estimating the INR 15 lakhs personal loan EMI for 5 years can help you budget more efficiently. Use an EMI calculator to explore different tenure combinations and find an option that works best for you.
Below is a sample breakdown of estimated EMIs for a personal loan of INR 15 lakhs at a 13% annual interest rate:
Loan Amount (INR) |
Interest Rate (p.a.) |
Tenure (years) |
EMI (INR) |
15 lakhs |
13% |
1 |
1,33,976 |
2 |
71,313 |
||
3 |
50,541 |
||
4 |
40,241 |
||
5 |
34,130 |
Disclaimer: These are approximate EMI calculations; actual numbers may vary.
An INR 15 lakhs personal loan gives you the financial freedom to manage major personal and professional milestones, without the need for collateral. Here are some of the most common and practical ways this loan is used:
A personal loan for travel helps fund luxury holidays, international trips, or family vacations, covering airfare, hotel bookings, and activities, so you can enjoy your experience without financial pressure.
A wedding loan supports high-value expenses such as venue, catering, attire, and photography, helping you celebrate your big day without financial worry.
Whether it’s a degree abroad or a professional course, a personal loan for higher education can cover tuition fees, travel, accommodation, and related costs.
A personal loan for home renovation helps fund large-scale upgrades like kitchen remodelling, interior redesigns, plumbing, or adding new furnishings to improve your home’s value and comfort.
A personal loan for medical emergencies provides quick access to funds during urgent health situations, covering hospital bills, surgeries, or treatments when insurance isn’t enough.
A debt consolidation loan lets you merge multiple debts into a single monthly EMI, simplifying repayments and potentially reducing your overall interest burden.
A personal loan for women empowers female entrepreneurs, professionals, or homemakers to invest in their goals, be it a business, education, or personal development.
Use a personal loan for shopping to finance expensive gadgets, electronics, furniture, or appliances and pay back through manageable instalments.
A personal loan for self-employed individuals can be used to expand a small business, upgrade equipment, or manage seasonal cash flow needs.
Follow these simple steps to apply for an INR 15 lakhs personal loan at SMFG India Credit:
Enter your contact details, employment status (salaried or self-employed), PAN, and other necessary information.
Confirm your mobile number with a 6-digit OTP sent to you.
Enter additional data including email address, date of birth, gender, and annual household income. Complete email ID verification.
Salaried employees must provide relevant work-related details.
Kindly share your bank statement via Net Banking, Account Aggregator, or by uploading it. Your submitted information will help us generate a loan offer (applicable only for salaried individuals).
Complete the process of verifying your identity, which includes taking a selfie, and share address details through CKYC, Offline Aadhaar XML-based KYC, or DigiLocker.
Submit your bank account details, which we will verify.
Fill in the necessary details such as the loan purpose and marital status in the 'Additional Details' section post successful bank account verification.
Choose a re-payment method (from debit card and internet banking) and complete the E-NACH setup.
Carefully review the loan agreement and sign it digitally, followed by an OTP validation to finalise the process.
Get one step closer to your financial goals with this simple process to apply online for a personal loan up to INR 15 lakhs. Alternatively, you can also apply for a personal loan by visiting your nearest SMFG India Credit, where you will be guided through the process by a relationship manager.
Before applying, it is recommended to use the personal loan EMI calculator to know the ideal tenure according to your repayment capability and monthly budget.
An INR 15 lakhs personal loan can be a practical solution when you need to manage high-value expenses such as overseas education, a medical emergency, home renovation, or even consolidating debt. With no requirement for collateral, this unsecured financing option gives you the freedom to fund your plans without risking your valuable assets. Use a personal loan EMI calculator to estimate your monthly outflow and apply for an INR 15 lakhs loan today!
Ready to take the next step? Apply online for an INR 15 lakhs personal loan or visit your nearest branch to know more.
* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.
Our personal loan of INR 15 Lakhs provides the flexibility to achieve your financial goals, whether it's home renovation, education, or debt consolidation.
The EMI for a personal loan is calculated using the formula, EMI = P * r *(1+r)n/((1+r)n - 1).
As calculating EMIs manually can be time-consuming, you can alternatively use online EMI calculators to determine your installments. Simply enter your loan amount, interest rate, and tenure, and the EMI will be immediately visible on the right hand panel.
To get the lowest possible interest rates on a personal loan of INR 15 Lakhs, you can follow these strategies:
As it is an unsecured loan, you don't need to provide collateral to obtain a personal loan of INR 15 Lakhs.
You can take our personal loan for a variety of reasons.
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