A personal loan of ₹10,000 offers timely financial support to manage urgent expenses without impacting your savings. This loan ensures quick access to funds without any restriction on its usage. 

Here’s a quick breakdown of the repayment:

• At an interest rate of 14% p.a., a 12-month tenure results in an EMI of ₹898 and a total interest payout of around ₹774. 

• At the same interest rate but for a 24-month tenure, the EMI comes to ₹480 and the interest payout would be ₹1,523. 

While a longer tenure can reduce your monthly EMI, it will increase the total interest payable.

With fast approval and minimal paperwork, repay the loan through fixed monthly EMIs and make it a convenient and manageable financing option.

You can secure a ₹10,000 personal loan from some of the leading financial institutions, without any collateral. Here is a list of personal loan providers on Bajaj Markets that offer a ₹10,000 loan:

Let’s consider an example to understand the EMIs. Assume that you took a ₹10,000 loan on a fixed interest rate of 14% p.a. Here is how the EMI would differ, depending on the tenure you choose:

Along with your EMI and interest, there may be additional charges applicable to your loan. Check the details below for a comprehensive overview: 

You can calculate your personal loan EMI using the formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

• P = Principal loan amount

• R = Monthly interest rate (Annual interest rate / 12 / 100)

• N = Loan tenure in months 

For example, you have taken an instant personal loan of ₹10,000 through Bajaj Markets. Consider the interest rate as 14% p.a. and the loan tenure of 60 months. Using the formula, the EMI will be ₹232. The total interest will be ₹3,960, and the total amount payable will be ₹13,960.

Here are some common eligibility criteria for personal loans that you must keep in mind when applying:

1. You must be an Indian citizen and your age must be between 18 and 60 years 

2. You should be salaried or self-employed with a minimum work experience of 2-3 years

3. Your recommended CIBIL score for a ₹10,000 personal loan is ideally 650 or above. To know your updated score, you can check your CIBIL score online in minutes. 

These are some common requirements you are usually required to fulfil to get a personal loan of ₹10,000. However, these may vary depending on the lender you choose. Some lenders may be willing to offer a ₹10,000 personal loan even if you don’t have a salary or are unable to provide proof of a stable income. Hence, ensure to check the complete list of requirements prior to applying for the loan.

Alongside fulfilling these criteria, you may be asked to provide the following documents:

The next step is to apply for the loan online by following these steps: 

1. Click here to go to the application page and begin the process. 

2. Choose your current profession from the dropdown options. 

3. Type in your mobile number and residential pin code. 

4. Agree to the terms and conditions provided and click on ‘Proceed’. 

5. On the next screen, provide your key personal details like: 

• PAN

• Name as per PAN card

• Date of birth

• Email ID

• Gender

6. Then, enter your employment details as asked: 

• Employer category

• Employer/company name

• Net monthly salary

• Salary credit mode (Cash or Bank)

7. Once you have verified the details, click on ‘Submit’. 

8. On the next screen, you can see various loan offers that you are eligible for. 

9. Select your suitable loan option and provide any other details prompted. 

10. You will then be redirected to the lender's website for final processes like KYC, e-mandate, and disbursal to your account.

The repayment schedule of a ₹10,000 loan at a 14% interest rate for 6 months can be seen in the following breakdown:

Your CIBIL score, ranging from 300 to 900, reflects your financial creditworthiness. Personal loan applications can affect your score in the following ways:

• Before Approval

Lenders perform a hard inquiry on your credit report when you apply for a personal loan. This gets recorded in your credit history and may temporarily reduce your score.

• During or After Repayment

Paying your loan on time improves your credit score and demonstrates responsible borrowing. Consistent, timely payments show lenders that you manage debt well, strengthening your credit profile.

Securing a ₹10,000 personal loan with a low CIBIL score is entirely possible, thanks to the growing number of NBFCs and digital lending platforms that focus on small-ticket loans. Unlike traditional banks that predominantly rely on your credit history, these lenders use flexible credit assessment models, taking into account factors such as monthly income, employment status, and even your digital behavior. Some lenders, like KreditBee and Airtel Finance, offer quick digital applications and fast disbursals, making the process hassle-free and inclusive for those with poor or limited credit histories.

While approval odds are higher with these alternate lenders, you may have to pay a steeper interest rate due to the perceived credit risk. Additionally, lenders could ask for supporting documents like salary slips, bank statements, or proof of employment to verify repayment ability. Having a co-applicant with a stronger financial profile can further strengthen your application and boost approval chances. Choosing a small loan amount like ₹10,000 improves your likelihood of approval and makes for a practical step in rebuilding your credit profile.

An instant loan of ₹10,000 can provide financial flexibility for both urgent and planned expenses. Here’s how it can help:

• Travel

Unexpected trips often come with significant expenses. The loan can help you manage costs like airfare, accommodation, and other urgent needs. It could cover a quick train ticket for a family issue or an affordable hostel for a short solo trip.

• Home Renovation

Renovation projects frequently exceed initial budgets. The loan can provide the extra funds needed to complete the work without interruption. If you need more paint or a few extra tiles for a small repair, this loan could help cover that.

• Medical Emergencies

Medical issues can arise without warning and may not be fully covered by insurance. A personal loan ensures you can afford necessary treatments and medications promptly. This could pay for an initial specialist visit or buy needed medicines before insurance processes.

• Wedding Expenses

Weddings often involve unforeseen last-minute costs. The amount can help you cover small expenses like forgotten decorations or a quick outfit fix to ensure the event goes smoothly.