At ₹15 lakh you are near the ceiling of unsecured lending for most salaried applicants. Lenders scrutinise employer category and existing obligations closely, and a secured loan against property is often considerably cheaper.
EMI on a ₹15 Lakh personal loan
At an indicative rate of 11.5% a year, here is what a ₹15 Lakh loan costs across the tenures lenders commonly offer. The longer tenure always shows the smaller EMI and the larger total cost.
| Tenure | Monthly EMI | Total interest | Total payable |
|---|---|---|---|
| 2 years | ₹70,260 | ₹1,86,251 | ₹16,86,251 |
| 3 years | ₹49,464 | ₹2,80,704 | ₹17,80,704 |
| 4 years | ₹39,134 | ₹3,78,409 | ₹18,78,409 |
| 5 years | ₹32,989 | ₹4,79,335 | ₹19,79,335 |
| 6 years | ₹28,937 | ₹5,83,445 | ₹20,83,445 |
| 7 years | ₹26,080 | ₹6,90,694 | ₹21,90,694 |
Change the rate and tenure to your own numbers in the personal loan EMI calculator.
What income do you need?
Lenders cap total EMIs at roughly 50% of net monthly income. On a 5-year tenure the EMI is ₹32,989, which implies a net income of about ₹65,978 a month with no other loans running. If you already pay other EMIs, add those to the requirement.
Eligibility
- Aged 21 to 60, salaried or self-employed with documented income
- Net monthly income above ₹70,000, higher in metro cities
- Credit score of 750 or above for the best rates; 700+ for approval
- At least 6 months with your current employer, or 2 years of business vintage
Documents
- PAN and Aadhaar
- Last 3 months salary slips, or 2 years of ITR if self-employed
- Last 6 months bank statements