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

Over the past few years, there has been an immense increase in the personal loan market. Most banks and NBFCs offer multiple options when it comes to personal loans. The biggest advantage is that there is hardly any restriction on the end-use of a personal loan. Personal loans, like a ₹6 Lakh personal loan, are a simple and easy way to borrow money. They require minimal formalities and no collateral, and the existing customers can also avail of the option of a  pre-approved loan

Purpose of a ₹6 Lakh Personal Loan

You have the freedom to use your personal loan funds for a number of purposes. A ₹6 Lakh loan becomes an excellent solution when you are in urgent need of money. While most lenders disburse personal loans in 1 or 2 working days, some do so within a few hours and you receive a lump sum amount in your bank account in no time. With a ₹6 Lakh personal loan, you can make use of the funds for any of the following purposes:

  • For the Purpose of Medical Emergencies

    Running around arranging funds can be all the more traumatic when a loved one is unwell. Quick disbursal of a ₹6 Lakh personal loan can be a boon in your times of need.

  • For Wedding

    Planning the big day should not include compromises because of a cash crunch. If there is an upcoming wedding at your home, you might need some extra funds. A personal loan in the form of a  marriage loan can come in handy.

  • For the Purpose of Making a Downpayment

    Buying a financial asset often requires a lump sum payment, also called a downpayment. A ₹6 Lakh loan offers you a head-start making the road ahead easier.

  • For the Purpose of Renovation

    You may need a ₹6 Lakh personal loan to renovate or reconstruct or redesign your office or your home. The amount may be sufficient in case you wish to add a small structure to your existing building.

  • For the Purpose of Any of Your Financial Needs

    The biggest advantage that you can enjoy with a ₹6 Lakh personal loan is that you enjoy a lot of freedom and flexibility when it comes to using the loan money. From consolidating a few minor loans to construction, from travel loans to paying your child’s fee, it can all be done through a personal loan. 

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Interest Rates for ₹6 Lakh Personal Loan

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Maximum Loan Tenure
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Maximum Loan Amount
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Minimum Interest Rate
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Bajaj Finance Limited

6 years

₹35 Lakhs

12% p.a.

4.7
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Finnable

5 years

₹10 Lakhs

15.95% p.a.

4
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InCred

6 years

₹10 Lakhs

16% p.a.

4.3
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Kotak Mahindra Bank

5 years

₹25 Lakhs

10.99% p.a.

4.2
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L&T Finance

4 years

₹15 Lakhs

11% p.a.

4.6
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Muthoot Finance

5 years

₹15 Lakhs

14.50% p.a.

4
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SMFG India Credit

5 years

₹25 Lakhs

12% p.a.

4.2
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YES BANK

6 years

₹50 Lakhs

10.99% p.a.

4.2
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*Interest rates can vary and are subject to change.

Calculate EMI

Loan Amount
Tenure
  • Months
  • Years
Rate of Interest
%

Monthly EMI

at % interest rate for months

Total Amount Payable
Principal Amount
Total Interest Amount
Year Principal Interest Balance

Whenever making a financial commitment, it is imperative to analyse how it would affect your monthly finances. You need to make sure that the ₹6 Lakh personal loan EMI falls well within your budget if you are availing of this loan amount. While doing the calculations yourself may be time-consuming and tedious, a personal loan EMI calculator can ease all the troubles. The EMI calculator is an efficient tool that helps you in the careful planning of the loan. You need to enter a few details such as:

  • Loan amount

  • Loan tenure 

  • Rate of interest

 

Based on these details, you would be able to calculate the monthly payable EMI. The calculator allows you to adjust these variables so that you can reach a more well-suited conclusion.

Let’s take a look at the following examples which shows ₹6 Lakh Loan EMI for 5 years, assuming the annual rate of interest ranges from 11% - 15%:

6 Lakh Loan EMI for 5 years

Loan Amount

Tenure in years

Interest Rate

EMI

₹6 lakhs

5

11%

₹13,045

₹6 lakhs

5

12%

₹13,347

₹6 lakhs

5

13%

₹13,652

₹6 lakhs

5

14%

₹13,961

₹6 lakhs

5

15%

₹14,274

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

Take a look at ₹6 Lakh Loan EMI for 7 years, assuming annual rates of interest ranges from 11% - 15%:

6 Lakh Loan EMI for 7 years

Loan Amount

Tenure in years

Interest Rate

EMI

₹6 lakhs

7

11%

₹10,273

₹6 lakhs

7

12%

₹10,592

₹6 lakhs

7

13%

₹10,915

₹6 lakhs

7

14%

₹11,244

₹6 lakhs

7

15%

₹11,578

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

Here’s ₹6 Lakh Personal Loan EMI for 10 years, assuming annual rates of interest range from 11% - 15%:

6 Lakh Personal Loan EMI for 10 years

Loan Amount

Tenure in years

Interest Rate

EMI

₹6 lakhs

10

11%

₹8,265

₹6 lakhs

10

12%

₹8,608

₹6 lakhs

10

13%

₹8,959

₹6 lakhs

10

14%

₹9,316

₹6 lakhs

10

15%

₹9,680

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

Most lenders offer a personal loan for a tenure of 60 months or 5 years. In case you want to find out the ₹6 Lakh Loan EMI for 7 years or 10 years it is recommended that you get in touch with your lending company.

Eligibility Criteria for ₹6 Lakh Personal Loan

While the eligibility criteria may differ from lender to lender, the following details would give you a basic idea of personal loan eligibility

  • Nationality

Indian

  • Minimum Age

21 years and above

  • Employment

Salaried individuals/ self-employed

  • Monthly income

₹15,000 or more

  • Minimum credit score

650 (differs from lender to lender)

Documents Required for ₹6 Lakh Personal Loan

In most cases a personal loan requires minimum paperwork. Things become all the more simplified when you are an existing customer of the company. However, to ensure a quicker loan disbursal, it is suggested that you keep the following documents handy when applying for a personal loan:

  • 2 passport-size coloured photographs

  • As income proof you can produce both or any of the following:

    1. Salary slips

    2. 3 to 6-month bank statement 

  • As ID proof you can submit any of the following:

    1. Driving Licence

    2. PAN card

    3. Aadhaar Card

    4. Passport

    5. Voter ID

  • As address proof you can submit any of the following: 

    1. Aadhaar Card

    2. Passport

    3. Driving Licence

    4. PAN card

    5. Voter ID

How to Apply for ₹6 Lakh Personal Loan?

“I want a ₹6 Lakh rupees urgently”, if this is what you are thinking, then a personal loan is probably the solution you need. You can apply for personal loans both online and offline. However, in case you need the money soon, it is highly recommended that you choose the digital mode for a quicker disbursal. 

At Bajaj Markets, you can compare the interest rates offered by various lenders, which would help you get the best deal. You can also use the EMI calculator to get a fair idea about the ₹6 Lakh personal loan EMI that you would have to pay. Once you make up your mind, follow the given steps:

  • Click on ‘APPLY NOW’ on this page.

  • Enter all the personal and professional details.

  • Mention the loan amount and loan tenure of your choice

Once the application is approved and verified online, you will receive funds in no time.

FAQs on ₹6 Lakh Personal Loan

What is the EMI amount on a loan of ₹6 Lakhs?

The EMI on a loan of ₹6 Lakh would vary depending on the interest rate and the repayment tenure that you would select.

What is the minimum salary for a ₹6 Lakh loan?

Your salary/monthly income is an important eligibility criterion when a lender checks your loan application. Most lenders allow a ₹6 Lakh loan to someone who has a monthly salary of ₹15,000 or more. This minimum salary limit may vary amongst lenders.

How much credit score do I need for a ₹6 Lakh Personal loan?

Most lenders consider a Credit Score/Cibil Score of 650 and above to be a good score and offer personal loans to such applicants. Some banks/ NBFCs also offer loans to people who are still building their credit score or have a lower score. You may have to pay a higher rate in such cases. Keep in mind that other criteria are also considered when disbursing a personal loan to someone.

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