Documents Required, Eligibility Criteria and Interest Rates
Factors affecting your Personal Loan eligibility
It is important to understand the factors affecting your Personal Loan eligibility. These include -
Your credit history, Debt-To-Income (DTI) ratio, credit utilisation rate etc., also determine your loan eligibility. Therefore, you have to work on these aspects in order to qualify for a Rs. 15 lakh Personal Loan.
Procedure to apply for a Personal Loan
You can apply for a Personal Loan both offline and online. For the offline process, visit any ICICI Bank Branch and fill out the relevant application form to apply for the loan. You may have to wait for a few days for the verification of your details and documents before getting the approval. Here are the steps to apply online:


- 01.Select your loan amount and tenure
- 02.Provide your personal and work related details
- 03.Review your loan amount and tenure
- 04.Confirm the details of your loan application
- 05.Get the loan disbursed
What does a Personal Loan EMI plan look like?
Your Rs. 15 lakh Personal Loan EMI plan depends on your loan amount, interest rate and repayment tenure. If the Personal Loan interest rates are higher, the monthly instalments will also be higher. Similarly, if the repayment tenures are longer, the EMIs will be smaller. For instance, a Rs. 15 lakh Personal Loan EMI for 10 years will be more manageable than a Rs. 15 lakh Personal Loan EMI for two years. However, the interest outgo will be higher for a longer tenure. Here is an example of what a Rs. 15 lakh Personal Loan EMI at 16% interest rate will look like:
Repayment tenure | EMI amount | Interest payable |
---|---|---|
12 months | Rs. 1,36,096 | Rs. 1,33,155 |
24 months | Rs. 73,445 | Rs. 2,62,672 |
36 months | Rs. 52,736 | Rs. 3,98,480 |
48 months | Rs. 42,510 | Rs. 5,40,500 |
60 months | Rs. 36,477 | Rs. 6,88,625 |
72 months | Rs. 32,538 | Rs. 8,42,719 |
84 months | Rs. 29,793 | Rs. 10,02,620 |
You must have noticed that the monthly EMI amount reduces as you increase your repayment tenure but the interest outgo increases. Therefore, choosing the shortest possible loan term is important.
Tips to get a Rs. 15 lakh loan easily
Are you looking for a Rs. 15 lakh instant loan at attractive interest rates? Here are a few tips to boost your chances:
- Maintain a high credit score
- Reduce your DTI ratio by paying your outstanding balances
- Use Credit Cards responsibly to minimise your credit utilisation ratio
- Pay your loan EMIs and Credit Card bills (if any) on time
- Build professional stability to attract the best loan offers.
A Rs. 15 lakh loan is an easy way to finance your long-term goals, especially if you have a suitable repayment plan in place. The application process, processing time, approvals and disbursals for the loan are relatively quick, making it a convenient solution for your financial needs.