Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.

Calculate Personal Loan EMI

12 Months60 Months

Assuming annual interest rate of 11.99

Calculated EMI*   6,642  Apply For Loan

Loans Upto ` 25 Lakh*

Quick Disbursal

Minimal Documentation

Flexible Tenure

Personal Loan of Rs. 15 Lakhs

A personal loan is a go-to 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 it for any purpose and doesn’t require you to provide collateral for the loan.

At SMFG India Credit, eligible applicants can get an instant Rs 15 Lakhs personal loan with a flexible repayment tenor of up to 60 months at an affordable interest rate, which helps to keep the personal loan EMIs pocket-friendly.

Rs. 15 Lakhs Personal Loan: Features and Benefits

  1. Quick Approval Process: The personal loan is offered to both salaried and self-employed professionals and the online process for quick personal loan application helps you to get financial support you require.
  2. Attractive Interest Rates: The personal loan interest rates start from 11.99%* per annum, which helps you to keep your EMIs pocket friendly and manage your finances in a better way.
  3. Speedy Disbursal: Following the successful verification and approval of your personal loan application, the Rs. 15 Lakhs loan amount is credited to your bank account shortly.
  4. Minimum Documentation: The online personal loan application process is 100% paperless and requires minimal documents.
  5. Flexible Repayment Tenure: The personal loan comes with a repayment tenure ranging between 12 to 60 months, which helps you to choose the tenor that suits your needs.

Rs. 15 Lakhs Personal Loan: Eligibility Criteria

Here are some of the basic eligibility criteria for a personal loan

  • Must be a Resident Indian
  • Must be a salaried employee in a public or private organisation or a self-employed professional
  • Must be between the age of 21 to 60 years
  • Must have a credit score of 750 and above
  • Minimum total work experience of 1 year and six months in the current organisation

Minimum Income Eligibility

  • Salaried: Rs 25,000 per month for residents of Mumbai and Delhi. And, Rs 20,000 per month for residents of any other Indian city.
  • Self-employed: Minimum annual turnover depending on the nature of industry/profession

To understand this better, you can use the personal loan eligibility calculator on the website to calculate the maximum loan amount you may be eligible for based on the factors like net monthly income and current monthly EMIs.

Please note that in addition to these criteria, other criteria including creditworthiness, repayment history, etc. as well as SMFG India Credit’s policy at the time of loan application will also be considered.

The personal loan eligibility calculator helps you to know the loan amount you can borrow and ensure faster approval during the process.

Rs.15 Lakhs Personal Loan Interest Rates & Charges

To know more about the interest rates and other charges while applying for a personal loan, you can use this table as a simplified guide. However, terms and conditions apply. It is best to have a word with your financial advisor before proceeding with the application:

Interest Rate

It begins at 11.99%* per annum

Processing Fee

The fee charged for a loan typically ranges from 0 to 6% of the total loan amount.

Available Loan Amount:

Up to Rs. 25 Lakhs*

Tenure of Loan:

A maximum of 5 years or 60 months.

Minimum EMI Per Lakh

Rs. 2,224 per Lakhs for 5 years or 60 months

Late Payment Charges

2% plus GST charged monthly (24% per annum) on the overdue amount calculated on day-to-day basis.

Prepayment Expenses


Loan Cancellation Charges

Rs. 1,000

Cheque/ECS/NACH Dishonoured Charges

Rs. 300

Rs. 15 Lakhs Personal Loan EMI for 1-5 Years Tenure

The EMI amount for 1-year loan tenure on a Rs 15 Lakhs personal loan at an 11.99% rate of interest per annum is Rs. 1,33,266. Similarly, for 2-year tenure is Rs. 70,603, 3-year tenure is Rs.49,814, 4-year tenure is Rs.39,493 and 5-year tenure is Rs. 33,359. Use our online personal loan EMI calculator to know EMI for other loan tenures instantly.

Loan Amount (Rs)

Interest Rate (p.a.)

Tenure (years)

EMI (Rs)

Rs 15 Lakhs












Disclaimer: These are approximate EMI calculations, actual numbers may vary.

Personal Loan Documents

  • KYC documents including Aadhaar Card, PAN Card, Voter-ID
  • Last three months’ salary slip (for salaried), income-proof (self-employed)
  • Last six-month bank account statement of salary account or current account (self-employed)

Please note that this is the basic list of documents. Depending on your requirement and your profile, additional documents may be requested.

Steps to Apply for Personal Loan Online

  • Click here to initiate your application journey.
  • Select “Personal Loan” from the various loan categories displayed
  • Select the professional category (salaried or self-employed) and enter your mobile number
  • Enter OTP to verify your mobile number
  • Now, in the next step, enter your details to complete the personal loan application and upload the digital copies of documents requisitioned
  • Click on “Submit” and you will be instantly informed about the loan eligibility

Once your loan application is approved in-principle for further verification, you will be given a tracking number, which you can use to know the status of your personal loan application online through the website. A representative may contact you for further information (if needed), to understand your requirements and to offer you terms after successful verification of your documents. After the loan agreement is signed, your loan will get approved, shortly after which the funds will be credited to your account.

Alternatively, you can also apply for a personal loan by visiting the SMFG India Credit nearest branch, 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.

What are the Factors Considered by the Lenders offering Personal Loan of Rs 15 Lakhs?

Lenders wish to be confident that the borrower they are lending to is reliable, trustworthy, and follows healthy financial practices. Here are some factors they consider while doing so:

  • Age:

    Lenders typically set the minimum and maximum age criteria for personal loans at around 21 and 60 years, respectively.

  • EMI/NMI Ratio

    Lenders consider an EMI/NMI ratio of around 50-55%. This considers existing EMIs and the proposed personal loan, guiding your eligibility.

  • Minimum Monthly Income

    To be eligible for a personal loan, most lenders require a minimum monthly income of Rs. 20,000 to Rs. 25,000, although some may have higher criteria. It's important to consider other factors besides your salary that can influence your loan approval.

  • Job Profile

    Both salaried and self-employed individuals can access an Rs. 15 Lakhs personal loan. However, those employed by top private companies/MNCs and government bodies often enjoy higher approval rates due to income certainty and job stability.

  • Credit Score

    A credit score of 750 or higher improves your chances of securing personal loans at lower rates. However, lending institutions may also consider applicants with lower scores or limited credit histories but set higher interest rates.

How to Apply for Rs.15 Lakhs Personal Loan

Secure a personal loan from SMFG India Credit by following these directives:

  1. Click here to get started.
  2. Fill out personal details such as mobile number, PAN, pincode, and employment type (salaried or self-employed).
  3. Verify your mobile number via a 6-digit OTP and ensure your email ID is also verified.
  4. Enter your email address, date of birth, gender, and information about your annual household income and history of employment.
  5. Look over the loan offer crafted for your needs, including the amount, associated fees, and repayment plan. Confirm acceptance once you are satisfied it meets your expectations. We will also provide an option to choose a higher loan amount.
  6. If you are employed, provide details specific to your salaried job.
  7. Complete the digital processes for identity and address verification through CKYC, OKYC, or DigiLocker.
  8. Share your bank details for verification. Post-verification, proceed to add extra information in the 'Additional Details' section, such as your loan purpose, marital status, and other personal data.
  9. Decide on your payment method, opt for debit card or internet banking, and complete setting up eNACH.
  10. Review and sign the loan agreement digitally, finalising it with an OTP confirmation.

By following these easy steps, you're on your way to securing your financial ambitions with a personal loan.

Apply for Personal Loan Calculate Your EMI

* 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.


What to Do with a Rs. 15 Lakhs Personal Loan?

Our personal loan of Rs. 15 Lakhs provides the flexibility to achieve your financial goals, whether it's home renovation, education, or debt consolidation.

How Do I Calculate My Rs. 15 Lakhs Personal Loan EMI?

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.

How to get the lowest interest rate on an Rs. 15 Lakhs personal loan?

To get the lowest possible interest rates on a personal loan of Rs. 15 Lakhs, you can follow these strategies:

  • Ensure you have a good credit score. A CIBIL score of 750+ is desirable.
  • Remember to clear all outstanding debts.
  • Improve your debt-to-income ratio.
  • Select a comfortable loan amount and tenure to avoid stressing your finances.

Can I get a Rs.15 Lakhs loan without collateral?

As it is an unsecured loan, you don't need to provide collateral to obtain a personal loan of Rs. 15 Lakhs.

What is the processing time for a Rs.15 Lakhs Personal Loan?

With SMFG India Credit, you will receive the desired funds into your account within 30 minutes* of approval.

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Reasons to buy

You can take our personal loan for a variety of reasons.

Wedding Expenses

Wedding Expenses

Higher Studies

Higher Studies

Exotic Vacations

Exotic Vacations




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