💰 ₹15 Lakh Personal Loan EMI & Interest Explained (2025 Guide)
Know monthly EMIs, interest costs, bank-wise rates, and smart repayment tips
Planning to borrow ₹15 lakh as a personal loan? Before you sign, it’s important to calculate EMIs, compare banks, and check how your CIBIL score changes the final cost.
This guide explains EMIs, interest burden, examples, mistakes to avoid, and smart ways to save money on your loan.
📌 What is a Personal Loan?
A personal loan is an unsecured loan – you don’t need to pledge property or gold.
Banks decide based on your income, repayment history, and CIBIL score.
Interest rates in 2025 range between 10.5%–15%, and tenure is usually 1–5 years.
📊 EMI on ₹15 Lakh Loan – Real Math
| Loan Amount | Tenure | Interest Rate | Monthly EMI | Total Interest | Total Payable |
| ₹15,00,000 | 3 Years | 10.5% | ₹48,871 | ₹2,60,937 | ₹17,60,937 |
| ₹15,00,000 | 4 Years | 11% | ₹38,755 | ₹3,60,228 | ₹18,60,228 |
| ₹15,00,000 | 5 Years | 12% | ₹33,367 | ₹5,01,999 | ₹20,01,999 |
👉 Shorter tenure = Higher EMI but less interest
👉 Longer tenure = Lower EMI but more total cost
🏦 Bank-Wise Interest Rates (2025)
| Bank | Interest Rate Range | Processing Fee |
| SBI | 10.60% – 13.10% | 1% of loan amount |
| HDFC Bank | 10.75% – 14.50% | Up to 2.5% |
| ICICI Bank | 10.75% – 14.75% | Up to 2.5% |
| Axis Bank | 10.99% – 15.50% | 1.5% – 2% |
| Bank of Baroda | 10.50% – 13.85% | 1% – 2% |
| Kotak Mahindra Bank | 10.99% – 15.99% | Up to 2% |
👥 Example – Arjun vs Meera
Both apply for a ₹15 lakh loan for 5 years:
- Arjun (CIBIL 770): Gets 10.5% → EMI ₹32,303 → Pays ₹4,38,180 interest.
- Meera (CIBIL 670): Gets 13% → EMI ₹34,267 → Pays ₹5,56,020 interest.
👉 Just because of weaker score, Meera pays ₹1.17 lakh extra.
A good CIBIL score saves real money.
💡 How to Reduce Your EMI Burden
- Choose a shorter tenure if you can manage higher EMI → saves lakhs in interest.
- Compare bank rates & processing fees before applying.
- Opt for balance transfer to a lower-interest bank if EMI feels heavy.
- Consider a part-prepayment when you get bonuses or extra funds.
- Maintain a CIBIL score above 750 for the best offers.
⚠️ Mistakes to Avoid
- Don’t ignore processing fees – they add to costs.
- Don’t extend tenure blindly – low EMI now means high interest later.
- Don’t take multiple loans at once – it lowers credit score.
- Don’t skip EMI payments – penalties + credit score hit.
📌 Final Note
A ₹15 lakh personal loan can be a lifesaver for weddings, education, or emergencies,
but the real cost depends on your choices.
Compare banks, maintain a strong credit score, and repay smartly.
Remember — borrowing is easy, repaying wisely builds wealth.
Disclaimer: This guide is for educational purposes. Loan rates vary across banks and may change. Always confirm from your bank before applying.
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