How To Apply For Instant ₹15,000 Personal Loan?
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Looking for a Rs.15,000 instant personal loan for paying school fees or clearing medical bills? Though the amount is comparatively smaller than big ticket loans, you would still need to have a fair understanding of how a personal loan application works. Lenders would consider a host of parameters, including your credit score, repayment capacity, etc., before approving your loan application. So, if you are planning to apply for Rs.15,000 instant cash loan, here are a few details that you could consider before proceeding with your application.
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Features & Benefits of Rs.15,000 Instant Personal Loan
Here are some of the features and benefits of Rs.15,000 instant cash loan:
- Instant Approval: Getting a Rs.15,000 loan shouldn’t be too difficult If you meet the eligibility criteria of the lender. Since the amount is quite low and less risky than big ticket loans, most chances your application and disbursal would happen almost instantly.
- Minimal Documents: Lenders don’t ask for a handful of documents anymore. For instance, Navi considers only PAN and Aadhaar numbers as important documents.
- Flexible Usage: Personal loans could be utilised for almost anything – from paying medical bills to paying your rent.
- Flexible EMI Options: Personal loans usually come with a repayment tenure of up to 7 years. However, for Rs.15,000 loan, the tenure could be 6 months, since the amount is low. But you would still have the flexibility to repay the amount at your convenience.
- Collateral-free Loans: Personal loans are unsecured loans, which means you don’t have to pledge collateral to avail of a loan. However, lenders charge a hefty penalty fee for late payment of EMIs.
Bank and NBFC Interest Rate for Rs.15,000 lakh Loan [2022]
Refer to the table below for the latest Rs.15,000 lakh personal loan interest rates:
| Banks/NBFCs | Interest Rate (p.a.) | Processing Fee |
| Navi Personal Loan | 9.90% onward | Check with the lender |
| HDFC | 10.50% onward | Up to 2.5% |
| Yes Bank | 13.99% onward | Up to 2.5% |
| Kotak Mahindra | 10.25% onward | Up to 2.5% |
| Axis Bank | 12.50% onward | Check with the lender |
| IndusInd Bank | 11% onward | 2.5% and above |
| IDFC FIRST | 12% onward | Up to 3.5% |
| Home Credit | 19% onward | Up to 5% |
| Aditya Birla Capital | 14% onward | Up to 2% |
| IIFL | 24% | 2% onward |
Disclaimer: Note that this table is for educational purposes only and the final rate offered is solely at the concerned lender’s discretion. Navi doesn’t take responsibility for any interest rate changes that may occur in the due course of time.
How to Apply for ₹15,000 Loan with Navi
Here are the steps using which you can get an instant personal loan of Rs.15,000 through Navi –
- Download the Navi app from Google PlayStore or App Store
- Enter your mobile number to get OTP
- Fill in your basic details – Name, DOB, PAN, Employment Type, Profession and Total Monthly Income
- Check loan offer
- Select loan amount and tenure
- Link your bank account
- Get funds instantly transferred to your bank account
Also read: How to apply for low salary personal loan: Eligibility criteria & things to consider
Eligibility Criteria for Instant ₹15,000 Loan
Here’s a list of eligibility criteria for Rs.15,000 instant personal loan:
| Age | 18 – 65 years. |
| Income Level | The minimum income you must have to apply for a Rs 15000 loan will be set by the lender. |
| Occupation | Salaried or Self-employed |
| Credit History | Minimum: 650 |
| Nationality | Indian citizen or NRI |
Documents Required For ₹15,000 Loan
Instant personal loans from Navi only require you to provide your Aadhaar and PAN numbers. If you approach other lenders, you may have to provide:
- Proof of identity can be your Aadhaar card, PAN Card, Voter’s ID card, passport, etc.
- Proof of age can be your birth certificate, PAN Card, Aadhaar Card, Voter’s ID card, passport, etc.
- Proof of address can be your utility bills, Aadhaar card, passport, Voter’s ID card, etc.
- Proof of income can be the salary slips of salaried individuals and financial statements of self-employed individuals
- Recent coloured photographs
With Navi, you would need only your Aadhaar and PAN number to avail of Rs.15,000 loan.
Also read: Everything you need to know about loan overdue
₹15,000 Loan EMI Calculator
Loans are to be repaid through EMIs or Equated Monthly Instalments. Calculating your loan EMI beforehand could help you manage your finances in a better way. You can use an online EMI calculator to calculate your monthly repayment obligations. These calculators are extremely easy to use and give 100% accurate results. All you need to do is enter the loan amount, interest rate and tenure. Click ‘enter’ to check your EMI.
Final Word
Getting Rs.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.
Navi offers instant personal loans up to Rs.20 lakh at attractive rates starting from 9.9% p.a. So, if you’re looking for instant cash without paperwork, download the Navi app today!
FAQs on ₹15,000 Loan
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.
Before you go…
Looking for instant 🚀 personal loans 24*7 anywhere, anytime? Get personal loans up to ₹20 lakh starting at 9.9% p.a. Install the Navi app now!
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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