What is the processing time for an INR 15 lakhs personal loan?

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

How long does it take to get approval for an INR 15 lakhs personal loan?

At SMFG India Credit, you can get the decision on your INR 15 lakhs personal loan within minutes of applying online. Your application will then go through various stages of verification, with a representative getting in touch with you if necessary. The processing time can vary depending on the accuracy of your submitted documents. Please note that the process may take more time in the case of offline applications.

What is the repayment tenure for an INR 15 lakhs personal loan?

At SMFG India Credit, the repayment tenures for an INR 15 lakhs loan range from 12 months or 1 year to 60 months or 5 years. This flexibility allows you to choose the repayment period that best suits your financial goals and repayment capacity.

How to get a loan of INR 15 lakhs?

Here are the general steps you need to follow to get a personal loan of INR 15 lakhs: Research different lenders to compare loan terms such as interest rates. Choose the lender whose terms best align with your requirements. Check the lender’s eligibility criteria and the documents they require to ensure you meet all the requirements for approval. Submit your application along with the documents, either online or offline. Wait for loan approval and disbursement. Provide additional information if necessary. Prepare a clear repayment plan to manage EMIs on time as per the pre-decided schedule.

Can I avail INR 15 lakhs loan without income proof?

No, income proof is mandatory to avail of an INR 15 lakhs personal loan. It allows the lender to assess your repayment capacity and financial standing.

Can I avail INR 15 lakhs loan without documents?

You cannot get an INR 15 lakhs loan without submitting essential documents. Identity proof, address proof, income proof, and bank statements are typically required to verify your eligibility for a personal loan.

What should be my CIBIL score to get a personal loan of INR 15 lakhs?

To qualify for an INR 15 lakhs personal loan, a CIBIL score of 750 or above is usually required.

What are the eligibility criteria for an INR 15 lakh personal loan?

Eligibility for an INR 15 lakhs personal loan generally involves meeting age, income, credit score, and work or business experience benchmarks set by the lender. You can find SMFG India Credit’s detailed eligibility criteria here.

Calculate Personal Loan EMI

Loan Amount

50,00030,00,000

Loan Tenure

12 Months60 Months

Months

12 Months60 Months

Assuming annual interest rate of 13

Calculated EMI* 6,642 Apply For Loan

Loans Upto ` 30 Lakh*

Quick Disbursal

Minimal Documentation

Flexible Tenure

Get a Personal Loan of Rs. 15 Lakhs in Minutes!

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INR 15 Lakhs Personal Loan

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.

Features & Benefits of an INR 15 Lakhs Personal Loan

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.

Quick Approval Process: The personal loan is offered to both salaried and self-employed professionals, and the online process for a quick personal loan application helps you to get the financial support you require. You will receive the decision on loan approval within minutes of applying online, based on factors such as your credit score, age, and income.
Attractive Interest Rates: The personal loan interest rates start from 13%* per annum, which helps you to keep your EMIs pocket-friendly and manage your finances in a better way.
Speedy Disbursal: Following the successful verification and approval of your personal loan application, the INR 15 lakhs loan amount is credited to your bank account shortly. This ensures that you have quick access to the funds you need, especially if you are dealing with urgent expenses.
Minimum Documentation: The online personal loan application process is 100% paperless and requires minimal documents.
Flexible Repayment Tenure: The personal loan comes with a repayment tenure ranging between 12 to 60 months. This flexibility helps you choose the tenor that suits your needs and manage INR 15 lakhs personal loan EMIs effectively.
Online Account Access: You can easily access the details about your personal loan through our customised portal.
Existing Relationship Benefits: You may get preferential interest rates if you are an existing SMFG India Credit customer with a strong repayment history. Feel free to contact us to know more.

Eligibility Criteria for an INR 15 Lakhs Personal Loan

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.

Documents Required for a Personal Loan of INR 15 Lakhs

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	PAN Card Aadhaar Card Driver’s Licence Passport Voter ID	PAN Card Aadhaar Card Driver’s Licence Passport Voter ID
Signature Proof	Passport PAN Card	Passport PAN Card
Address Proof	Aadhaar Card Driver’s Licence Passport Copy Utility Bill - Gas or Electricity Bill Voter ID Ration Card Rental Agreement	Aadhaar Card Driver’s Licence Passport Copy Utility Bill - Gas or Electricity Bill Voter ID Ration Card Rental Agreement
Income Proof	Bank statements for the past 6 months Salary slips for the last 3 months Income Tax Returns OR Form 16	Bank statements for the past 6 months Balance sheet and profit and loss account, income computation for the last 2 years Income Tax Returns for the last 2 years IT Assessment OR Clearance certificate Income Tax challans, OR TDS certificate (Form 16A), OR Form 26AS for income declared in ITR
Business Proof	N/A	Licence Registration Certificate GST Number

*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.

Fees and Charges for an INR 15 Lakhs Personal 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

INR 15 Lakhs Personal Loan EMI Options for 1-5 Year Tenures

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.

Uses of an INR 15 Lakhs Personal Loan

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:

Travel or Vacation

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.

Wedding Expenses

A wedding loan supports high-value expenses such as venue, catering, attire, and photography, helping you celebrate your big day without financial worry.

Higher Education Expenses

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.

Home Renovation or Improvement

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.

Medical Emergencies

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.

Debt Consolidation

A debt consolidation loan lets you merge multiple debts into a single monthly EMI, simplifying repayments and potentially reducing your overall interest burden.

Supporting Women’s Goals

A personal loan for women empowers female entrepreneurs, professionals, or homemakers to invest in their goals, be it a business, education, or personal development.

Purchasing Big-Ticket Items

Use a personal loan for shopping to finance expensive gadgets, electronics, furniture, or appliances and pay back through manageable instalments.

Small Business or Startup Funding

A personal loan for self-employed individuals can be used to expand a small business, upgrade equipment, or manage seasonal cash flow needs.

How to Apply for an INR 15 Lakhs Personal Loan from SMFG India Credit

Follow these simple steps to apply for an INR 15 lakhs personal loan at SMFG India Credit:

Submit Your Basic Information

Enter your contact details, employment status (salaried or self-employed), PAN, and other necessary information.

Authenticate Mobile Number

Confirm your mobile number with a 6-digit OTP sent to you.

Fill in Additional Details

Enter additional data including email address, date of birth, gender, and annual household income. Complete email ID verification.

Add Employment Information

Salaried employees must provide relevant work-related details.

Bank Statement Upload

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).

Identity and Address Verification

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.

Enter Your Bank Account Details

Submit your bank account details, which we will verify.

Provide Additional Details

Fill in the necessary details such as the loan purpose and marital status in the 'Additional Details' section post successful bank account verification.

Select Re-payment Mode and Set Up E-NACH

Choose a re-payment method (from debit card and internet banking) and complete the E-NACH setup.

Review and Digitally Sign the Loan Agreement

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.

Finance Your Dreams with an INR 15 Lakhs Personal Loan Easily

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.

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* 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.

FAQs

What to do with an INR 15 lakhs personal loan?

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

How do I calculate my INR 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.