Personal Loan for 1.5 Lakhs

Financial needs can arise unexpectedly, leaving many in a situation where they catch themselves thinking, “I need 1.5 lakh rupees urgently.” Whether it’s for a medical emergency, home renovation, or consolidating debt, a personal loan upto 1.5 lakh can help a lot. Personal loans, especially an unsecured personal loan, offer a quick and straightforward way to access funds without the need for collateral.

For those exploring the option of a 1.5 lakh personal loan, understanding the nuances of such a financial decision is crucial. This includes understanding the personal loan documents required, estimating the loan EMI, and understanding the best practices on how to get 1.5 lakh loan efficiently. Personal loans are known for their flexibility in terms of usage, making them an attractive option for many. However, the ease of access to such loans also demands a responsible approach to borrowing and repayment.

Why Opt for a ₹1.5 Lakh Personal Loan?

Opting for a personal loan can be a strategic financial decision, specially for those who say, “I need 1.5 lakh rupees urgently.”. A personal loan upto 1.5 lakh is typically an unsecured personal loan, meaning borrowers don’t need to pledge any collateral to secure the loan. This feature makes it an attractive option for individuals in need of immediate funds without the hassle of finding assets to secure against the loan.

The 1.5 lakh loan EMI is usually affordable, with flexible repayment options, making it easier for borrowers to manage their finances. To get a 1.5 lakh loan, applicants must provide basic personal loan documents, which typically include identity proof, address proof, and income statements. The simplicity of the documentation process further adds to the appeal of such loans.

Moreover, the interest rates for a 1.5 lakh loan are competitive, allowing borrowers to fulfill their immediate financial needs without incurring excessive interest costs. However, you need to ensure timely repayment to maintain a healthy credit score, which can be easily tracked through regular personal loan EMI updates provided by lenders.

EMI for Personal Loan of ₹1.5 Lakh Personal Loan

Generally, for a 1.5 lakh loan EMI, if the interest rate can range anything between 10% to 49%, depending on the lender. 

Below is a simplified table that illustrates the monthly EMI for a 1.5 lakh loan over different tenures and at varying interest rates:

Loan Amount Interest Rate Tenure (in months) EMI in Rs

Features and Benefits of a ₹1.5 Lakh Personal Loan

A 1.5 lakh personal loan offers several features and benefits to the borrowers. Here’s a simplified overview highlighting the key aspects:

Quick Disbursal

When you’re in a situation where you say, “I need 1.5 lakh rupees urgently”,  the swift processing and disbursal of these loans can be your lifeline. Many lenders offer online applications, making it easier to access funds quickly.

Approval and Disbursal

Minimal Documentation

The requirement for personal loan documents is usually minimal, with most lenders asking for basic KYC, income proof, and employment details. This significantly simplifies the application process.

No Collateral Required​

No Collateral Required

Because this is an unsecured personal loan, borrowers don’t need to provide any collateral. This feature is particularly beneficial for those who do not own assets to secure against the loan.

Competitive interest rate

Flexible Tenure

The repayment period for a 1.5 lakh loan can vary, allowing borrowers to choose a tenure that best suits their financial situation, thereby managing the 1.5 lakh loan EMI effectively.

No documentation or paperwork

Use for Any Purpose

Unlike specific loans (e.g., home or car loans), a 1.5 lakh personal loan can be used for any personal expenses, from medical emergencies to home renovations or even funding a small event.

Collateral free loans

How to Calculate your ₹1.5 Lakh Personal Loan EMI

Calculating the EMI (Equated Monthly Installment) for a 1.5 lakh personal loan is a straightforward process. Understanding your 1.5 lakh loan EMI helps in planning your finances better and ensures you can repay the personal loan without any issue. Here’s how to calculate it:

Principal Amount: This is the amount you borrow. For our discussion, it’s ₹1,50,000.

Interest Rate: The annual interest rate offered by the lender. Personal loans, especially unsecured personal loans, might have varying rates based on your credit profile.

Loan Tenure: The period over which you agree to repay the loan, typically in years.

The EMI can be calculated using the formula:


where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the loan tenure in months.

Alternatively, you can use Zype’s personal loan EMI calculator and get results instantly without the need for doing complex calculations manually.

Personal Loan EMI Calculator

Loan Amount (in rupee)



Interest Rate (in %)



Loan Term (in months)



Total Interest Payable

Total Payment
(Principle + Interest)

Your EMI is

Eligibility for Personal Loan of 1.5 Lakhs

Eligibility for a personal loan, especially when you’re looking to borrow a sum like 1.5 lakh rupees, is determined by several key factors that lenders consider before approving your loan application.


Age Requirement

Applicants must be aged 18 years or above to qualify for a personal loan. This ensures that the borrower is legally eligible to enter into a financial contract.


Nationality and Identification

You should be an Indian citizen with a valid PAN & Aadhaar card. These documents are essential for verifying your identity and nationality.

Work experience

Credit Profile

A good credit score and clean repayment history are generally crucial for loan approval. They indicate to the lender that you are a low-risk borrower.

15000 Salary

Employment and Income

Lenders often prioritize applicants with a stable income to ensure the loan can be repaid. Zype, for instance, requires salaried individuals to have a minimum monthly salary of ₹15,000 to be eligible for their loans.

At Zype, we believe in making personal loans accessible and straightforward. Our eligibility criteria are designed to be simple and clear, ensuring you can apply for your loan with ease and confidence.

List of Required Documents: Personal Loan of 1.5 Lakhs

Different lenders have their own set of criteria for personal loan documentation. For Zype, the required documents are minimal, ensuring a swift and hassle-free application process. Here’s what you need:


Mandatory Documents

Applicants only need to provide their PAN & Aadhaar number. There’s no need to submit physical copies, making it easier for those seeking an unsecured personal loan.

Proof of photo identity

Proof of Photo Identity

After loan approval, lenders may require a selfie-based verification to complete your KYC. This innovative approach eliminates the need for traditional document uploads.


Proof of Income (Optional)

For applicants desiring a higher credit limit, submitting a bank statement for the last four months is recommended. This can aid in securing a 1.5 lakh loan with potentially better terms.

Interest Rates on a ₹1.5 lakh Personal Loan

When it comes to a ₹1.5 lakh personal loan, the interest rates can vary significantly among different lenders. Factors such as your credit score, income level, employment status, and the lender’s policies can all play a role in determining the rate you’re offered. Generally, a higher credit score and stable income can help you secure a lower interest rate.

At Zype, we understand the importance of affordability. That’s why we offer competitive interest rates on our ₹1.5 lakh personal loans, tailored to meet your financial needs without overburdening you. Our aim is to provide a financial solution that’s both accessible and manageable.

Fees & Charges Amount Chargeable
Interest Rate
Starting at as low as 1.5% (monthly)
Loan Processing Charges
Processing fees from 2% to 6% on every loan
Penalty on Overdue EMIs
Penal interest & late fees will be charged to your total outstanding loan on daily basis

Application Process for Availing the 1.5 Lakhs Personal Loan

Applying for a ₹1.5 lakh personal loan can be a straightforward process. Here are the general steps you might follow:

Check Your EligibilityBefore applying, ensure you meet the lender’s eligibility criteria, which may include factors like age, income, employment status, and credit score.

Compare LendersLook at different lenders to find the best interest rates, loan terms, and other conditions that suit your needs.

Gather Required DocumentsPrepare the necessary documentation, which typically includes proof of identity, address, income, and employment.

Fill Out the Application Form: Complete the loan application form, which can usually be done online or in person at a bank or financial institution.

Submit the Application:  Submit your application along with the required documents.

Await ApprovalThe lender will review your application and conduct a credit check. If approved, they will provide you with a loan offer.

 Accept the Offer: If you agree to the terms, accept the offer. The lender will then process the loan, and the funds will be disbursed to your account.

Repay the Loan: Make timely repayments as per the agreed schedule to avoid any penalties and maintain a good credit score.

How to Apply for a ₹1.5 Lakh Personal Loan?

Here’s a brief overview of how to apply for a personal loan with Zype:

Start the Application: The process begins by filling out a simple online form on Zype’s instant loan app. You’ll need to provide basic details such as your name, PAN number, and employment information.

Instant Approval: Zype offers an approval process that takes less than 60 seconds. This feature is particularly beneficial for those looking for a personal loan upto 1.5 lakh without the wait.

KYC Verification: After approval, complete the KYC process through a real-time selfie verification and Aadhaar-linked mobile OTP. This step ensures a secure and paperless verification process.

Loan Disbursal: Once the KYC is completed, select the loan amount and your preferred repayment tenure. Zype promises disbursal of funds within 24 hours, making it an ideal choice for every borrower.

Flexible Repayment: Repay your 1.5 lakh loan in easy EMIs, with options ranging from 3 to 12 months. This flexibility allows borrowers to manage their personal loan EMI without financial strain.

Frequently Asked Questions

What Is The Repayment Tenure For A 1.5 Lakh Personal Loan?

The repayment tenure for a 1.5 lakh personal loan typically ranges from 3 to 12 months, depending on the lender’s policy and the borrower’s preference.

Can I Prepay My 1.5 Lakh Personal Loan? Are There Any Charges For Prepayment?

Yes, you can prepay your loan. Many lenders allow prepayment with minimal to no charges, but it’s essential to check the specific terms with your lender.

What Happens If I Miss An Emi Payment For My 1.5 Lakh Personal Loan?

Missing an EMI payment may result in penal charges and negatively impact your credit score. It is advised that you communicate immediately with the lender to discuss possible solutions.

How Does A 1.5 Lakh Personal Loan Compare To Other Loan Options?

A 1.5 lakh personal loan is typically unsecured, with faster disbursal and less paperwork compared to secured loan options like home or auto loans.

Can I Use A 1.5 Lakh Personal Loan For Any Purpose?

Yes, there are no restrictions on the end use of a personal loan upto 1.5 lakh, making it versatile for various personal financial needs.

Is Collateral Required For A 1.5 Lakh Personal Loan?

With Zype, collateral is not required for a 1.5 lakh personal loan, as it is an unsecured loan.

What Factors Affect My Eligibility For A 1.5 Lakh Personal Loan?

Eligibility factors include your credit score, income level, employment status, and existing financial obligations.

How Long Does It Take To Get Approval For A 1.5 Lakh Personal Loan?

Approval times can vary, but many lenders offer quick approvals from minutes to days, especially for digital or online applications.With Zype, you can get an approval in less than 60 seconds! 

Can I Apply For A 1.5 Lakh Personal Loan If I Have A Low Credit Score?

While a high credit score improves eligibility, some lenders may offer loans to individuals with lower scores, possibly at higher interest rates.

What Are The Consequences Of Defaulting On A 1.5 Lakh Personal Loan?

Defaulting on a loan can lead to legal action, a significant drop in your credit score, and difficulty obtaining loans in the future.