What is the Moratorium Period in Personal Loan?
Oct 30, 2025 | 4 mins read
Need funds to handle a large expense like a wedding, home renovation, medical emergency, or vacation? A 15 Lakh Personal Loan can be a smart and flexible way to manage it. With simple eligibility, minimal paperwork, and digital processes, you can now access funds without long waits or complicated terms. So if you are wondering how to get a 15 Lakh loan, the answer is simple, apply online with a reputed lender, meet the basic requirements, and get funds credited in a few working days. With L&T Finance, you can apply within 5 min, check your eligibility, and track everything online.
A 15 Lakh loan is ideal when your financial needs are high, and you want to repay in manageable instalments. Here is why many people choose this option:
With L&T Finance, you can apply online, track progress digitally, and get a Personal loan with complete transparency in fees & charges.
| Type | Criteria |
|---|---|
| Residency | Indian resident |
| Age requirement | 21 to 58 years |
| Profession | Salaried or self-employed individuals |
| Document Type | Required Document & Checks |
|---|---|
| Identity Proof | Passport | PAN Card | Driver License | Voter ID | Aadhaar Card |
| Address Proof | Utility bill of any service provider not more than 2 months old (Electricity, Telephone, Post-paid Mobile Phone, Piped Gas, Water Bill) | Passport | Voter ID Card | Driving License |
| Income Proof | Income proofs vary for different professionals across salaried and self employed. |
Find the complete list of documents required for a personal loan here.
| Type | Document |
|---|---|
| Salaried | Last 3 month's salary slips / Form 16 / Last 3 month's bank statement reflecting salary credits / Salary Certificate |
| Self Employed | Latest Income Tax Return (ITR) |
| Bank Statement | Last 3 month's statement is mandatory |
| Residence Ownership Proof | Not mandatory |
| Type | Interest Rate and Charges |
|---|---|
| Loan Processing Fees (non-refundable): | Up to 3%* of Loan Amount + applicable taxes |
| EMI Dishonour/Bounce Charge* *A bounce charge is a charge for (i) dishonour of any repayment instrument; or (ii) non-payment of instalment(s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate | As shown in the table below |
| Sanctioned Loan Amount | Charges |
| < ₹ 5 Lakh | ₹ 500 |
| ₹ 5 Lakh - ₹ 30 Lakh | ₹ 1000 |
| Late Payment Charges (LPC)/ Penal Charges: | 2% (p.m.) on EMI overdue + applicable taxes |
| *LPC revised from 3% to 2% per month on overdue EMI w.e.f. 4th Dec'23 | |
| *Taxes applicable on LPC w.e.f. 1st Apr'24 | |
| Part Payment Charges: | Up to 5% of pre-paid amount + applicable taxes |
| Foreclosure Charges: | 5% of POS (Principal Outstanding) + applicable taxes |
| Legal/ Recovery Charges: | As per actuals |
| Duplicate NOC Charges: | First 3 paper copies - free of cost |
| From 4th Paper copy - ₹250 + applicable taxes | |
| Repayment Swap charges (per swap): | ₹500 + applicable taxes (applicable only for branch walk-ins) |
| Loan Cancellation Charge: | Nil - for 3 days from date of disbursal |
| From 4th day - 5%+ applicable taxes (on the outstanding loan amount) | |
| Document Charges: | Nil for Statement of Account (SOA), Repayment Schedule, Foreclosure Letter, Welcome Kit |
| Annual Maintainance Charges (AMC): | Nil |
*Terms & Conditions Apply. All actual charges will be as per Key Fact Statement (KFS) shared by the company.
Here is a sample chart showing 15 Lakh Personal Loan EMI across different repayment periods:
| Loan Amount | Interest Rate (p.a.) | Tenure | EMI (approx.) |
|---|---|---|---|
| ₹ 15,00,000 | 11% | 1 year | ₹ 1,32,676 |
| ₹ 15,00,000 | 11% | 2 years | ₹ 70,037 |
| ₹ 15,00,000 | 11% | 3 years | ₹ 49,195 |
| ₹ 15,00,000 | 11% | 4 years | ₹ 39,015 |
| ₹ 15,00,000 | 11% | 5 years | ₹ 32,613 |
For longer terms like 15 Lakh Personal Loan EMI for 10 years, your monthly EMI reduces to approx. ₹ 20,697 (at 11% interest).
Personal Loan calculator helps in loan planning. Here is how to do it:
You can try this using any calculator available on the lender’s website.
Apply for ₹ 15 Lakh Personal Loan with these steps
1. Apply online in just few minutes
Select Personal Loan and click the 'Apply Now' button to start your seamless digital loan journey.
2. Fill in your details
Enter your personal details, such as income details, current address, and more, to instantly check your personal loan eligibility.
3. Get your customised offer
Explore personalised loan offers to match your needs. You may also get an option to enhance your offer.
4. Set up E-mandate
Securely provide your bank details to easily register for an E-mandate, ensuring smooth loan repayments.
5. Complete KYC
Verify your identity easily and securely with a quick KYC process from the comfort of your home.
6. Get loan disbursement
Get your loan disbursement directly in your bank account, ensuring fast and seamless access to funds.
Personal Loan In Ahmedabad
Personal Loan In Delhi
Personal Loan In Mumbai
Personal Loan In Bangalore
Personal Loan In Kerala
Personal Loan In Chennai
Personal Loan In Nagpur
Personal Loan In Madurai
Personal Loan In Jaipur
Personal Loan In Indore
Personal Loan In rajkot
Personal Loan In pune
Personal Loan In Hyderabad
Personal Loan In Kolkata
What is the Moratorium Period in Personal Loan?
Oct 30, 2025 | 4 mins read
What is the Minimum CIBIL Score Required for a Personal Loan?
Oct 30, 2025 | 4 mins read
Types of Personal Loan: A Complete Guide
Oct 29, 2025 | 4 mins read
Personal Loan Settlement: Meaning, Process, and Impact on Your Credit Score
Oct 29, 2025 | 4 mins read
How Much Minimum Salary Is Required For A Personal Loan?
Oct 27, 2025 | 4 mins read
How a Personal Loan Can Help You Celebrate a Grand Diwali?
Oct 10, 2025 | 4 mins read
What Is e-Aadhaar: Definition, Benefits & How it Works?
Sep 8, 2025 | 4 mins read
What is FOIR? Meaning, Benefits & How to Calculate
Sep 8, 2025 | 4 mins read
Best Places to Visit from Delhi on Weekends
Jun 26, 2025 | 4 mins read
What Is a Payday Loan: Its Meaning, Process and Benefits
Jun 26, 2025 | 4 mins read
.webp)