A Rs. 15 lakh loan can help finance urgent expenses like medical bills, home renovations, business expansion, or higher education. In India, borrowers can get a loan through various options, including ESOP financing, loan against investments, and secured loans.
Choosing the right loan depends on factors like interest rates, repayment tenure, and eligibility criteria. This guide provides a detailed overview of how to get a Rs. 15 lakh loan, eligibility requirements, required documents, EMI calculations, and key benefits.
6 ways to get Rs. 15 lakh loans
The table below provides an overview of different loan options, interest rates, tenure, and application links.
Loan product | Interest rate | Loan tenure | Details and application link |
ESOP Financing | up to 15% p.a. | Up to 36 months | Learn more and apply for ESOP Financing |
Loan Against Bonds | Up to20% per annum | Up to 36 months | Learn more and apply for Loan Against Bonds |
Loan Against Insurance Policy | Up to 24% p.a.(In case of lock-in policies, compounding interest will be chargedIn case of lock-in free policies, simple interest will be charged) | Up to 96 months | Learn more and apply for Loan Against Insurance Policy |
Loan Against Mutual Funds | 8-15% per annum | Up to 36 months | Learn more and apply for Loan Against Mutual Funds |
Loan Against Shares | 8-15% per annum | Up to 36 months | Learn more and apply for Loan Against Shares |
Eligibility criteria for a Rs. 15 lakh loan
To qualify for a Rs. 15 lakh loan, applicants must meet specific eligibility criteria.
- Age: 18 to 65 years
- Income: Stable income source from salary, business, or investments
- Employment status: Salaried or self-employed professionals/business owners
- Asset ownership: Existing investments in bonds, shares, or insurance
Lenders may have additional criteria depending on the loan type and security offered. This is based on Bajaj Finance loan against securities.