₹15,000 Personal Loan: Features, Benefits, EMI and Interest Rate
Financial emergencies can be short term and you might not always require a large amount to handle the situation. In such situations, a personal loan of ₹15,000 can come in handy. Also, the eligibility criteria is usually not so stringent for such an amount.
In this blog, you will learn what is a personal loan and how to apply for a ₹15,000 personal loan.
Features & Benefits of a ₹15,000 Loan
You can avail the following features and benefits if you apply for a ₹15,000 personal loan:
1. 100% Paperless Process
Thanks to lenders like Navi, you can apply for a cash loan and get money disbursed to your account almost instantly and in a 100% paperless manner.
2. Instant Disbursal
If you have provided all the correct information to your lender, the loan amount will be instantly disbursed to your account.
3. Flexible EMI
Loan repayments are made through EMIs or Equated Monthly Instalments. You have the option to choose personal loan repayment tenure as per your convenience. The loan tenure could range up to 6 or 7 years.
4. Attractive Interest Rates
If you have an excellent credit score or are pre-approved for a loan, you can enjoy preferential interest rates. The final interest rate offered is solely at the discretion of the lender.
5. No Collateral Required
Personal loans are unsecured loans, meaning you don’t have to provide any collateral or guarantor for loan approval.
6. Minimal Documentation
Lenders usually ask only for a few documents like Aadhaar, PAN and income details for KYC verification.
How to Apply for a ₹15,000 Personal Loan?
Here are the steps to apply for a ₹15,000 personal loan:
- Check your loan eligibility by filling in some details such as name, address and PAN details
- Go to the lender’s website or download the personal loan app from Play Store or App Store.
- Check the interest rate offered and enter your preferred loan amount and repayment tenure.
- Submit or upload the necessary documents and complete your KYC process.
- Link your bank account. After successful verification, the loan amount will be directly disbursed to your account. Set up an auto debit to make your loan repayments on time.
Documents Required
These are the documents you will need to apply for a ₹15,000 personal loan:
- PAN Card
- Aadhaar Card
- 3-6 months bank statements or salary slips
Eligibility Criteria
Here are the eligibility criteria for salaried and self-employed applicants for a ₹15,000 personal loan
Salaried Individual
| Factors | Eligibility Criteria |
| Age | Between 18 and 65 years |
| Credit Score | 750 or above |
| Employment Stability | Must be employed in a reputed company for a minimum of 6 months |
| Employment Duration | A minimum of 1 year |
Self-employed Individual
| Factors | Eligibility Criteria |
| Age | Between 18 and 65 years |
| Credit Score | 750 and above |
| Prior Relationship with the Lender | A minimum of 6 months (to be verified from the lender) |
| Business Turnover | A minimum of ₹15 lakh |
| Profit after Tax Deduction | A minimum of ₹2 lakh |
Interest Rate on a ₹15,000 Personal Loan
Refer to the table below to get an idea of ₹15,000 personal loan fees and charges:
| Interest Rate | 8% p.a. – 36% p.a. |
| Processing Fee | 0% – 4% of the loan amount |
| Loan Amount | Up to ₹40 lakh |
| Loan Tenure | Up to 84 months |
| Prepayment Charges | 0% to 4% |
Please note that the table is for educational purposes only. Navi doesn’t take any responsibility for the accuracy of the data presented in the table.
How to Calculate your Personal Loan EMI on ₹15,000 Loan?
You can calculate your EMI manually by using the following formula:
EMI = P × r × (1 + r)n/((1 + r)n – 1)
Here, P is the loan amount, r is rate of interest, and n is tenure or the number of months.
However, these calculations have chances of errors and are strenuous. A better alternative is using Navi’s personal loan EMI calculator. Just enter the loan tenure, amount and interest rate to get the EMI estimate within minutes.
Let’s understand this with an example. If you have taken a personal loan of ₹15,000 for a tenure of 1 year at 12% p.a., upon calculation your loan EMI would be ₹1333.
Check your EMI on Personal Loan
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Months)
Monthly EMI
0
Total Interest
Total Amount
Various Type of Personal Loan
Here are some of the types of personal loan:
1. Marriage Loan
Have that dream destination wedding plan but lacking the required funds? Or want to travel abroad for your honeymoon? Get an instant personal loan for marriage to meet your requirements.
2. Travel Loan
There is no need to compromise on the long-waited family vacation. Get an instant personal loan for travel and book tickets to your favourite destination stress-free.
3. Car Loan
Planning to purchase a car but have limited finances? Avail an instant personal loan for car for car and get your dream vehicle in no time.
4. Bike Loan
Make your two-wheeler dream come true with personal loans. Get a personal loan for two wheeler. for bike and make the down payment in no time..
5. Second Hand Bike Loan
Looking for a secondhand bike? Avoid waiting time and purchase a second-hand bike . Enjoy attractive interest rates and flexible tenures.
6. Used Car Loan
Looking for a second-hand or used car but don’t have immediate cash? Avail a personal loan for used car and get the vehicle of your choice hassle-free.
Final Word
Getting a ₹15,000 instant loan won’t be that difficult if you meet your lender’s eligibility criteria. However, make sure to choose the tenure as per your repayment capacity. Also, compare interest rates of multiple lenders before applying.
In case you’re looking for instant cash, Navi offers instant cash loan up to ₹20 lakh at attractive rates starting from 9.9% p.a. Download the Navi app and enjoy a seamless loan application and disbursal journey.
FAQs
Ans: Your EMI depends on the loan amount, interest rate and loan tenure. Once all these parameters are finalised, use an online personal loan EMI calculator to check your repayment obligations.
Ans: A late payment fee could be imposed if you miss an EMI. You can check with the concerned lender regarding the interest charged as a late payment fee.
Ans: Yes, you can pre-close or foreclose your Rs.15,000 personal loan.
Ans: Lenders are not supposed to charge any foreclosure fee on floating rate loans. However, they can charge a certain fee on fixed rate loans.
Ans: You can set up auto-debit or standing instructions with your lender to avoid missing any payments. However, ensure that you have enough balance in your account, especially on the due date.
Ans: Your credit score should be 650 or above to get a Rs.15,000 loan. If your credit score is above 750, you might get a loan with preferential or lower interest rates.
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