Login to Internet banking
A brand-new experience - smarter, faster, and secured
Introducing the First-in-industry IDFC FIRST Bank's Super Account
Request a Callback
You gain a dedicated partner committed to helping you reach your full potential and achieve new heights
Know More- Account with Auto-Sweep FD
- Account for all Domestic businesses
- Account for Importers & Exporters
- Account for Start-ups
- Accounts for Trusts/Associations/Societies/Clubs
- Account for Merchants
- Account for Agri Traders
- Account for Self-employed professionals
- Special Purpose Accounts e.g. SNRR, RERA, EEFC
BRAVO (Auto Sweep)
Convert the idle funds in your current account into a fixed deposit with the BRAVO feature.
Know More
Zero Forex Markup Current Account
Maximise your savings and boost profitability with our Zero Forex Markup current accounts
Know More
Make more than one online payment in just a few clicks with IDFC FIRST Bank Bulk Payments
Know More
A Card that Powers your Savings & Lifestyle
IDFC FIRST Bank HPCL Credit Card
Most Searched
Earn up to 6.50% interest on your Savings Account
Open Account Now
Download our app
Get instant help for all your queries in one place
Explore Personal
- Accounts
Tools & Calculators
Privilege Program
- Privilege Program
Unlock features, exclusively available
only on the IDFC FIRST Bank app
FinFIRST Blogs
Personal Loan
Can you get a ₹15 lakh personal loan in India? Eligibility and EMI explained
Key Takeaways
A ₹15 lakh personal loan in India is possible with strong income and credit health.
- Your eligibility depends on credit score, debt ratio, job stability, and age.
- A ₹15 lakh personal loan EMI can start at ~₹31,863 for 5 years at 9.99% p.a.
Many borrowers ask the same question when their expenses or goals grow bigger: ‘Is it really possible to get a ₹15 lakh personal loan?’ It is a huge amount, and it is normal to feel unsure about whether lenders would approve loans of this amount. The good news is that it is possible, but lenders look closely at factors like income, repayment capacity, credit history, and overall financial stability before offering a higher loan offer. If you meet the right criteria, a personal loan of ₹15 lakhs can be within reach.
Through this article, we’ll let you know what is required to get a ₹15 lakh personal loan on EMI.
READ MORE
Factors that affect eligibility for a ₹15 lakh personal loan
Qualifying for a ₹15 lakh loan depends on several parameters. Listed below are 6 such critical parameters.
1. Income level and repayment capacity: A higher income increases the possibility of approval because lenders must ensure the EMI comfortably fits into your monthly budget. Borrowers with moderate or high monthly salaries typically have better chances of qualifying for a ₹15 lakh loan.
2. Debt-to-income ratio: Lenders compare your income with your existing debt payments. A lower debt-to-income ratio indicates that you have the repayment capacity of a ₹15 lakh personal loan EMI.
3. Credit score and repayment history: A strong credit score of 750 and above is generally needed to acquire a ₹15 lakh loan. Consistent repayment records also increase chances of approval. Borrowers with missed EMIs, high credit utilisation, or frequent enquiries may face difficulty qualifying for a large loan amount.
You can apply for a FIRSTmoney personal loan with a CIBIL score of 710 and above.
4. Employment type and stability: Salaried individuals with stable employment receive quicker approvals because their income is predictable. Long-term employment with the same organisation or consistent experience in the same industry strengthens eligibility for a personal loan of ₹15 lakh.
5. Banking behaviour:Healthy account activity, regular salary credits, and maintaining an average monthly income are critical. Lenders often check recent bank statements to review cash flow and stability.
6. Age and documentation: Applicants usually need to fall within the age range defined by the lender and provide complete, correct and consistent documentation to qualify for a ₹15 lakh personal loan on EMI. Typically age range for personal loans is between 21 to 60 years.
FIRSTmoney by IDFC FIRST Bank for higher loan offers
IDFC FIRST Bank offers a fully digital ₹15 lakh loan application process, instant eligibility checks, competitive interest rates, and zero foreclosure charges. These features support applicants seeking higher loan amounts by making the assessment smoother and more transparent. You can use the ₹15 lakh loan EMI calculator to know the interest rate and tenure.
EMI Illustration for a ₹15 lakh loan
Understanding the EMI helps you evaluate whether a twenty-lakh loan fits your monthly budget and if it aligns with your long-term financial goals. The EMI amount depends on the interest rate and tenure chosen.
For instance, you can explore these EMI examples for a ₹15 Lakh Personal Loan at 9.99% p.a. from FIRSTmoney.
| Loan Amount | Tenure | Interest Rate | Approx EMI |
| ₹15,00,000 | 1 year | 9.99% p.a. | ₹1,31,867 |
| ₹15,00,000 | 2 years | 9.99% p.a. | ₹69,210 |
| ₹15,00,000 | 3 years | 9.99% p.a. | ₹48,394 |
| ₹15,00,000 | 4 years | 9.99% p.a. | ₹38,037 |
| ₹15,00,000 | 5 years | 9.99% p.a. | ₹31,863 |
This calculation is only for illustration. EMI values will differ based on the rate and tenure selected. You should use tools such as a ₹15 lakh loan EMI calculator to estimate accurate monthly payments.
Points to consider when reviewing EMI
Longer tenures reduce EMI but increase total interest.
Shorter tenures increase EMI but reduce interest.
EMI should fit comfortably within your budget to avoid financial stress.
Apply for a ₹15 lakh personal loan with IDFC FIRST Bank
If you want to apply for a personal loan of ₹15 lakhs, IDFC FIRST Bank provides a convenient and fully digital application process. You can apply via the official website or mobile app and receive disbursal in as little as 10 minutes. Here is how you can apply for a FIRSTmoney smart personal loan:
Step 1: Click on ‘Apply Now’.
Step 2: Sign up by providing your basic details.
Step 3: Select your loan options, including the amount and preferred EMI plan.
Step 4: Link the bank account where you’d like the funds to be credited.
Step 5: Finish the video KYC by showing your original PAN card.
IDFC FIRST Bank offers competitive interest rates starting at 9.99% p.a., flexible tenures, and zero foreclosure charges for eligible borrowers, making it easier for applicants to manage repayment. The digital application process supports faster assessment, smooth, and transparent end-to-end processing, helping eligible customers access higher loan amounts confidently.
Frequently Asked Questions
Who is eligible for a ₹15 lakh personal loan?
Borrowers with strong income, a healthy credit score over 750, stable employment, and a low debt-to-income ratio are more likely to qualify for a ₹15 lakh loan amount.
Following is the eligibility criteria if you are applying through FIRSTmoney:
Salaried or self-employed individuals
Age between 21–60 years
CIBIL score of 710+
What is the EMI for a ₹15 lakh loan?
The EMI varies based on rate and tenure. For example, for a five-year tenure at 9.99 per cent per annum results in an EMI of around ₹31,863.
What is the CIBIL score needed for a ₹15 lakh loan?
A higher credit score improves eligibility. Lenders think a credit score over 750 is strong and is typically considered for personal loan approvals.
However, with FIRSTmoney by IDFC FIRST Bank you only need a credit score of 710 or above to apply for a personal loan.
Can I apply for a ₹15 lakh loan online?
Yes, many lenders, including IDFC FIRST Bank, offer fully digital applications for loan amounts up to ₹15 lakh.
Does age affect eligibility for a ₹15 lakh loan?
Yes, applicants must fall within the lender’s defined age criteria to qualify for a large personal loan amount. A typical age range is between 21 to 60 years.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
Summarize with AI
