Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation! Apply Now

Your financial needs or expenses can come knocking at any time, even when you least expect it, and it’s important to be cash liquid when the need arises. In today's times, almost all money requirements can easily be met by a personal loan. Moreover, a personal loan is a type of unsecured loan and doesn’t even require any collateral.

Purpose of ₹3 lakhs Personal Loan 

There are many requirements that a ₹3 lakhs personal loan can help you meet easily. Personal loans in general are also an extremely useful tool to arrange for funds to meet a variety of requirements. Here are some of the different requirements that can be met with a ₹3 lakhs loan:

  1. Emergency – A personal loan can come in handy if there is a medical emergency or hospital bill that needs to be cleared. With a ₹3 lakhs loan, you can take care of such additional expenses.

  2. Credit card expenses – If you are overdue on your credit card bill payment, then a personal loan can easily help you clear your bill and avoid the mounting interest.

  3. House improvement – You can opt for a ₹ 3 lakhs personal loan EMI option to take care of your home interiors, repairs and other furnishing expenses 

  4. Wedding in the family – With a ₹ 3 lakhs personal loan, you can clear multiple marriage expenses and ensure that nothing comes in the way of your family’s happiness. 

Be it planning an international trip with the family or clearing surmounted debts, a ₹ 3 lakhs personal loan can help you meet your needs at ease.

3 lakhs Personal Loan EMI 

Here is a quick overview of the EMI amount that will be payable based on the loan amount and tenure of the ₹3 lakhs personal loan, assuming an interest rate of 11% per annum.

Loan Amount (Rs)

Tenure (years)

Interest Rate (p.a.)

EMI (Rs)

3 lakhs




3 lakhs




3 lakhs




3 lakhs




3 lakhs




*Figures calculated are based on the current interest rates and subject to change.

Interest Rates for ₹3 lakhs Personal Loan

Check out the personal loan interest rates offered by some of the top lenders in India:


Range of Interest Rate

Bajaj Finance Limited

14% onwards

Axis Bank

10.49% onwards

PaySense Partners

14% onwards


14% onwards

SMFG India Credit

12% to 36%


27% onwards


14% onwards

Muthoot Finance

13.75% onwards

YES Bank

10.70% onwards


18% onwards


1.5% p.m. Onwards

IIFL Finance

18% p.a. Onwards

L&T Finance

11% p.a. Onwards

*Interest rates mentioned in the above table can vary from one lending partner to the other and are subject to change.

Eligibility Criteria for ₹3 lakhs Personal Loan 

  • Loan applicant should be of Indian nationality 

  • A personal loan applicant must be at least 21 years of age. The maximum loan maturity age is 67 years. 

  • Applicants must be salaried individuals i.e., working in the public sector or in a private company, or self-employed, with a minimum 1 year in the business.

  • The applicant must have a minimum monthly earning of 15,000/-

  • A credit score of 600 or more will make it easier for the loan applicant to avail a ₹3 lakhs personal loan. For applicants who are new to credit scoring, NTC score should be above 150.

How to Apply for ₹3 lakhs Personal Loan

Looking to apply for a personal loan for ₹3 lakhs? Here’s a step-by-step guide on applying for a personal loan online:

  • Compare interest rates and EMI amounts of different lenders and institutions online.

  • Once you finalise on the lender, visit the lending bank’s website or mobile app and select ‘Apply for Personal Loan’.

  • Fill in the application form and keep the required documents handy.

  • Check for processing fees and other levied charges if any

Once you submit your online application, a bank representative will get in touch with you and then take the process ahead. You can also opt to apply for a personal loan offline by visiting one of the branches and filling out the application form.

Documents Required to avail ₹3 lakhs Personal Loan

When you are applying for a personal loan, here’s a list of documents you must keep handy:

  1. Identity proof – PAN card, Aadhaar card, Voter’s ID 

  2. Address proof – Aadhaar card, Passport, Utility bills, etc

  3. Income proof – Bank statement, Salary slips of the last 3 months 

  4. Photographs – 2 passport-sized photos

Frequently Asked Questions

You can easily apply for a ₹3 lakhs instant personal loan online by filling in the application form and submitting necessary documents. Alternatively, you can also visit the bank’s nearest branch and apply for a personal loan in no time.

The monthly EMI for a ₹3 lakhs personal loan depends on the tenure selected by the loan applicant and the rate of interest offered by the lender.

Generally, most banks offering personal loans have a rate of interest starting from 10.25%. However, these rates are subject to norms laid by the government and can be revised by the banks and NBFCs.

Yes, you can easily get a ₹3 lakhs personal loan without any collateral.

Different lenders offer different interest rates, repayment tenure, loan features, etc., and it is best to approach multiple lenders and do your due diligence to understand which lender would meet your needs the best.

If the borrower is unable to pay the ₹3 lakhs Personal Loan EMI for a stipulated time period, then banks typically issue a 60-day notice wherein the loan defaulter can payback all pending dues and close the notice. However, if the loan is not repaid in the notice period, then the lender holds the right to proceed legally against the borrower.

Download App
Credit Score