Apply ₹15,000 Personal Loan Online with Instant Approval

What Is a 15,000 Personal Loan?

A ₹15,000 personal loan is a low-value loan offered by banks, NBFCs, and digital lenders for immediate cash requirements. It does not require any security and is repaid through fixed EMIs over a short tenure, which usually ranges from a few months to one year.  Since the amount is small, many banks and digital lenders offer quick disbursal, sometimes within hours of application.

Some of the cases in which a person may apply for a ₹15,000 personal loan include:

• Medical or pharmacy bills
• Car/bike repairs
• Travel emergencies
• Daily household needs
• Business needs
• Small educational or certification fees

One can consider applying for a ₹15,000 personal loan as:

• It has an easy online application.
• Fast approval and disbursal.
• Quick repayment over a short tenure.
• No collateral is required to get the loan.

Who Is Eligible for a ₹15,000 Personal Loan?

The eligibility criteria for a personal loan, even for a relatively small amount like ₹15,000, can vary by lender (banks, NBFCs, or online lenders). In India, the following are common eligibility requirements for availing a personal loan:

• Age: Between 21 and 60 years of age.
• Employment Status: Salaried employment, self-employment, or a business.
• Minimum Monthly Income: Even for a small loan, lenders may have a minimum income requirement to ensure the borrower can repay it.
• Credit Score: 650 and above. However, this may not be much of a factor in a small loan like ₹15,000.
• Existing Debts: Your current financial obligations, including other loans or credit card debts, will be assessed. A lower debt-to-income ratio is preferred.
• Previous Repayment History: Lenders may look at your previous loan repayment history or any instances of defaults to assess your creditworthiness.

What Are the Mandatory Documents for a ₹15,000 Loan?

For a personal loan of INR 15,000 in India, the documentation requirements might be slightly more relaxed compared to larger loan amounts. However, lenders still need certain essential documents to verify the applicant’s identity, income, and residence.

Here’s a list of commonly required documents to avail a personal loan:

Identity Proof (Any one of the following):

• PAN Card
• Aadhaar Card
• Voter’s ID
• Passport
• Driving Licence

Address Proof (Any one of the following):

• Aadhaar Card
• Passport
• Utility Bills (like electricity or telephone bills, not older than 3 months)
• Voter’s ID
• Rental Agreement (if living in a rented property)
• Bank Statement with the address mentioned

Employment & Income Proof (Relevant documents based on employment type)

• Employment ID (for salaried individuals)
• Business registration or licence (for self-employed individuals)
• Last 3 months’ salary slip for salaried people.
• Last two years’ income tax returns for businessmen or self-employed people.

How Much Interest Is Charged on a ₹15,000 Personal Loan?

When applying for a personal loan, especially for a smaller amount like ₹15,000, it is important to understand the interest rate and applicable charges.

The interest rates for a ₹15k personal loan may differ widely depending on the lender type,  credit profile, tenure, and processing speed. The usual range for interest rates by different types of lenders is as follows:

Lender Type	Interest Rate (p.a.)
Banks	10% – 25%
NBFCs	12% – 28%
Digital lenders	15% – 36%

Here is a comparison of 15,000 Personal Loan Interest Rates offered by various banks:

Bank	Interest Rate
SBI	10.05% – 15.05%
HDFC Bank	10.9% – 24%
ICICI Bank	10.45% – 16.5%
Axis Bank	9.5% – 21.55%
Kotak Mahindra Bank	10.99%
Bajaj Finserv	10% – 31%

Are There Additional Charges on a Loan Besides the Interest Rate?

Apart from the personal loan interest rate, the applicants might have to pay a few other charges depending on the policies of the bank/lender:

• Processing Fees: This can be a flat fee or a percentage of the loan amount. It is usually around 1%-4% of the loan amount.
• Prepayment & Foreclosure Charges: If you decide to pay off your ₹15,000 loan earlier than the decided tenure, some lenders might levy a prepayment or foreclosure charge.
• Late Payment Penalties: Delaying or missing an EMI can lead to additional charges. These penalties can vary from fixed amounts to percentages of the overdue instalment.
• Loan Disbursal Charges: Some lenders might charge a fee for disbursing the loan amount to your bank account. This isn’t common, but it’s essential to be aware of.

What Will Be the EMI on a ₹15,000 Personal Loan?

The repayment options for a ₹15,000 personal loan are usually short-term. Most of such small-value loans have a given repayment window:

• 3 months
• 6 months
• 12 months

Shorter tenure means higher EMIs and lower total interest, while longer tenure means lower EMIs but higher total interest.

Here is the monthly payment on a 15000 personal loan at an interest rate of 11% p.a:

Loan Amount (INR)	Tenure	Interest Rate (p.a.)	EMI (INR)
15,000	3 Months	11%	5,092
15,000	6 Months	11%	2,581
15,000	1 Year	11%	1,326

* Use the personal loan EMI calculator to check the EMI based on the repayment tenure.

How to Apply for a ₹15,000 Personal Loan

Here’s a concise step-by-step guide to get a personal loan of ₹15,000:

• Understand Your Need: Assess why you need the loan and if a personal loan is the most suitable solution.
• Research Lenders: Banks may offer competitive rates, especially for existing customers. NBFCs can be more flexible but may charge higher interest rates. Banks and NBFCs offering 15k personal loans are already listed on Urban Money, helping applicants compare interest rates and other charges instantly.
• Review Eligibility Criteria: Check that you meet the prerequisites on Urban Money. Check for age, income level, and credit score.
• Apply for a Loan: To apply for the personal loan, click on the ‘Apply Now’ button on Urban Money.
• Wait for Approval: After the application is submitted successfully, the details will be verified.
• Loan Approval: The representative will contact you shortly to help with your loan application.

How Can You Get Faster Approval for a ₹15,000 Loan?

Here are some quick tips that can help you get a personal loan of ₹15,000 quickly:

• Maintain a good credit score (650+).
• Provide accurate documents.
• Avoid applying to multiple lenders at once.
• Use a bank account with regular transactions.

Should I Even Take a Personal Loan of ₹15,000?

There are risks to taking a ₹ 15,000 personal loan if it is not planned properly. Even though the amount is small, the terms and charges can negatively affect you.

Some of the key risks include:

• High Interest Rates: Small loans, especially from digital lenders, have higher interest rates.
• Additional Charges: Processing fees, late payment penalties, or prepayment charges can increase your burden.
• Impact on Credit Score: Missing or delaying EMIs can negatively affect your credit score.
• Debt Cycle Risk: Taking frequent small loans can lead to repeated borrowing and, in turn a major financial stress.

Take a loan only when you need the money urgently, understand all charges, and repay EMIs on time.