Get a Rs.15 lakh 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 a property to access an INR 15 lakhs personal loan.

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.

Why to Apply for an INR 15 Lakhs Personal Loan

Opting for an INR 15 lakhs loan can be a smart move for several reasons. While the substantial amount of funds makes a variety of large expenses more accessible, the fixed repayment plans make it easier to cover the cost over an extended period and make monthly finances more manageable. A personal loan of INR 15 lakhs will also typically have lower interest rates compared to credit cards, making them a more cost-effective borrowing option.

As personal loans do not require any collateral and generally require minimal documentation, you may get an INR 15 lakhs loan faster than a secured loan depending on your eligibility.

Moreover, if you manage the EMIs for a personal loan of INR 15 lakhs loan responsibly and ensure on-time payments, your credit score and history can also improve. This can help you secure even better loan terms if you apply for another loan or credit in the future.

Features and 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. 

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 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.
2. 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.
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. This ensures that you have quick access to the funds you need, especially if you are dealing with urgent expenses.
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. This flexibility helps you choose the tenor that suits your needs and manage INR 15 lakhs personal loan EMIs effectively.
6. Online Account Access: You can easily access the details about your personal loan through our customised portal.
7. 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 to Apply 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:

*Please note that this is only the basic eligibility criteria. The final eligibility will depend on several factors including SMFG India Credit’s policy at the time of loan application.

Documents Required for an INR 15 Lakhs Personal Loan

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.

*Please note that additional documents may be requested depending on your individual profile and SMFG India Credit’s policy at the time of application.

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:

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 13% rate of interest per annum is Rs. 1,33,976. Similarly, for 2-year tenure is Rs. 71,313, 3-year tenure is Rs.50,541, 4-year tenure is Rs.40,241 and 5-year tenure is Rs. 34,130. Use our online personal loan EMI calculator to know EMI for other loan tenures instantly.

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.

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 65 years (at the time of loan maturity), 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.

Application process for SMFG 15 lakh personal loan (How to Apply)

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

1. Click here to initiate your application for a personal loan of INR 15 lakhs. Select ‘Personal Loan’ from the various loan categories displayed. 
2. Enter details such as your mobile number, PAN, pincode, and type of employment (salaried or self-employed).
3. Verify your mobile number with a 6-digit OTP you will receive. Make sure that email ID verification is also completed.
4. Provide a few more details such as your date of birth, email address, gender, income, and employment history.
5. Go through the loan terms, amount, and repayment options carefully. Once you are satisfied with the terms, confirm acceptance. You will also get an option to select a higher loan amount.
6. If you are a salaried employee, it is necessary to submit the details related to your employment.
7. Use established methods such as CKYC, OKYC, or DigiLocker to complete the verification of your identity and address.
8. Proceed to provide your bank account details, which will be verified by us. Post successful verification, you will be directed to the ‘Additional Details’ section. Please provide information such as your loan purpose, marital status, reference details, and so on.
9. Choose your preferred payment option (debit card or internet banking) and complete the eNACH setup.
10. Review the loan agreement thoroughly, sign digitally, and validate the same with an OTP sent to your registered mobile number.

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.

Conclusion

A personal loan of INR 15 lakhs can give you the financial flexibility to meet a variety of expenses from home improvements to medical emergencies, without the need of any collateral. 

At SMFG India Credit, we offer a seamless online application process, flexible repayment tenure, and attractive interest rates on INR 15 lakhs personal loans to make borrowing convenient and affordable. We also provide free-to-use and user-friendly tools such as a personal loan eligibility calculator and a personal loan EMI calculator to help you plan finances effectively. 

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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