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Documents required, Eligibility Criteria and Interest Rates
Factors affecting your Personal Loan eligibility
It is important to understand the factors affecting your Personal Loan eligibility. These include -
Your age is an important factor for determining your loan eligibility. You must be in your prime earning years to qualify for a loan. Check the minimum and maximum age requirement before applying
While many lending institutions provide Personal Loans to salaried employees only, ICICI Bank accepts applications from self-employed professionals and non-professionals as well
Your work experience in a job or profession matters as it indicates your professional and financial stability
You must earn enough to fulfil your financial obligations and repay the EMIs on time. Check the minimum income or turnover requirement before applying for a Rs 15 lakh loan.
Your credit history, Debt-To-Income (DTI) ratio, credit utilisation rate etc., also determine your loan eligibility. Therefore, you have to work on these aspects in order to qualify for a Rs 15 lakh Personal Loan.
What does a Personal Loan EMI plan look like?
Your Rs 15 lakh Personal Loan EMI plan depends on your loan amount, interest rate and repayment tenure. If the Personal Loan interest rates are higher, the monthly instalments will also be higher. Similarly, if the repayment tenures are longer, the EMIs will be smaller. For instance, a Rs 15 lakh Personal Loan EMI for 10 years will be more manageable than a Rs 15 lakh Personal Loan EMI for two years. However, the interest outgo will be higher for a longer tenure. Here is an example of what a Rs 15 lakh Personal Loan EMI at 16% interest rate will look like:
| Repayment tenure | EMI amount | Interest payable |
|---|---|---|
| 12 months | Rs 1,36,096 | Rs 1,33,155 |
| 24 months | Rs 73,445 | Rs 2,62,672 |
| 36 months | Rs 52,736 | Rs 3,98,480 |
| 48 months | Rs 42,510 | Rs 5,40,500 |
| 60 months | Rs 36,477 | Rs 6,88,625 |
| 72 months | Rs 32,538 | Rs 8,42,719 |
| 84 months | Rs 29,793 | Rs 10,02,620 |
You must have noticed that the monthly EMI amount reduces as you increase your repayment tenure but the interest outgo increases. Therefore, choosing the shortest possible loan term is important.
Tips to get a Rs 15 lakh loan easily
Are you looking for a Rs 15 lakh instant loan at attractive interest rates? Here are a few tips to boost your chances:
- Maintain a high credit score
- Reduce your DTI ratio by paying your outstanding balances
- Use Credit Cards responsibly to minimise your credit utilisation ratio
- Pay your loan EMIs and Credit Card bills (if any) on time
- Build professional stability to attract the best loan offers.
A Rs 15 lakh loan is an easy way to finance your long-term goals, especially if you have a suitable repayment plan in place. The application process, processing time, approvals and disbursals for the loan are relatively quick, making it a convenient solution for your financial needs.
