Personal Loan of Rs. 15 Lakh

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 lakh 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 Lakh Personal Loan: Features and Benefits

• Instant Approval Process: The personal loan is offered to both salaried and self-employed professionals and the online process for instant personal loan application helps you to get financial support within minutes.
• Attractive Interest Rates: The personal loan interest rates start from 11.99% per annum, which helps you to keep your EMI’s pocket friendly and manage your finances in a better way.
• Fast Disbursal: Following the successful verification and approval of your personal loan application, the Rs. 15 lakh loan amount is credited to your bank account shortly.
• Minimum Documentation: The online personal loan application process is 100% paperless and requires minimal documents.
• Flexible Repayment Tenor: The personal loan comes with a repayment tenor ranging between 12 to 60 months, which helps you to choose the tenor that suits your needs.

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

The EMI amount for 1-year loan tenure on a Rs 15 lakh personal loan at an 11.99% rate of interest per annum is ₹ 1,33,266. Similarly, for 2-year tenure is ₹ 70,603, 3-year tenure is ₹49,814, 4-year tenure is ₹39,493 and 5-year tenure is ₹ 33,359. 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.

Rs. 15 Lakh 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

Please note that to get a INR 15 lakh personal loan, you should have a minimum monthly income of at least INR 48000 (approximately). 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.

Personal Loan Documents

• KYC documents including AADHAR, 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 on the “Apply Now” button on the top of this page.
• 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 office, 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.

Apply for Personal Loan Calculate Your EMI