Personal Loan of ₹60,000

Personal loans are easily one of the most sought-after loan options. This can be attributed largely to the wide variety of purposes for which they are taken. You can use a personal loan to manage a sudden financial crunch or acquire money for a down payment on a home or car. Other common reasons for taking a personal loan include paying credit card bills, debts or fees for education, remodelling your home, incurring wedding expenses, clearing a hospital bill, etc.

Moreover, personal loans are generally unsecured, i.e., no collateral is needed. This is a great relief for loan borrowers as there is no need to put up their assets as security when they are in dire need of money. In order to be eligible for a ₹60,000 personal loan, or any other loan for that matter, ensure that you have a credit score of 750 or higher. This will establish your creditworthiness, thereby making you an ideal loan candidate and help speed up your loan process.

Purpose of a ₹60,000 Personal Loan

A ₹60,000 personal loan can be the answer to many financial problems! Take a look at some of the requirements an individual can meet by applying for a ₹60,000 loan.

• Medical bills – You can easily apply for a ₹60,000 personal loan online and obtain funds if you or a family member is hospitalised. An instant personal loan can help you handle medical bills and other miscellaneous payments.

• Credit card dues – With the help of a ₹60,000 loan, you can pay off your credit card dues and avoid a higher interest rate. Moreover, the longer your credit card bills are unpaid, the more it affects your credit score. An instant personal loan can help you tackle overdue credit card debts and manage your finances with ease.

• Unforeseen emergency – If there is any kind of emergency in the family or a sudden cash crunch, then a ₹60,000 personal loan will come in handy in such a situation. 

From paying off hospital bills to renovating your home, from going on a family trip to buying a gift for your children’s wedding, a personal loan has countless uses.

Interest Rates for ₹60,000 Personal Loan

Here are the interest rates that some of the renowned banks and NBFCs offer in India, for a ₹60,000 personal loan: 

Disclaimer: The rates mentioned above are subject to constant change. You must always check with the lender before applying. Additionally, the final interest rate applicable to you will depend on factors such as your repayment tenure, your age, your monthly income, and your CIBIL score.

Eligibility Criteria for a ₹60,000 Personal Loan

Many factors are considered by lenders when a loan application is submitted by an applicant, and it would be wise to know the eligibility criteria, application process and the process in advance to get faster approval and disbursal.

• Applicants must be an Indian national.

• Age of the applicant must be 21 years or above.

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

• The applicant must have a minimum monthly earning of ₹15,000 to acquire a ₹60,000 loan

How to Apply for a ₹60,000 Personal Loan

If you are looking to apply for a ₹60,000 loan online, here’s a step-by-step guide that will help you with your loan application:

• Step 1: Start by requesting ₹60,000 loan quotations from various lenders to compare their interest rates, loan tenure, product offerings, etc.

• Step 2: Finalise the bank or lending institution with the quote that meets your requirement. 

• Step 3: Visit their website or mobile app and go to the ‘Personal Loan’ section. 

• Step 4: Fill out the application form and check the list of necessary documents that you will need to keep handy.

• Step 5: Read up on any additional charges, processing fees and any other costs you may incur in the process. 

After you submit your application online, one of the representatives will reach out to you and take your loan application process ahead. Alternatively, if you want to understand more about the terms and conditions of repayment for a ₹60,000 loan, then you can also visit the bank’s nearest branch and apply for a loan by filling out their application in person.

Documents Required to Avail a ₹60,000 Personal Loan

Here’s a list of basic documents you must keep with you when you are applying for a ₹60,000 loan:

• Identity proof – PAN card, Aadhaar card, Voter’s ID 

• Address proof – Aadhaar card, Passport, Utility bills, etc

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

• Photographs – 2 passport-sized photos

• Bank account statement of the last 6 months

• Form 26AS, TDS certificate (Form 16A) or Income Tax challan to declare income tax of the business (for self-employed)

• ITR returns of the last 2 financial years (for self-employed)

• Proof of business origination (for self-employed)

₹60,000 Personal Loan EMI

When applying for a loan, first and foremost, you have to calculate the EMI amount. It will help you to understand which loan tenure you need to pick to repay the loan. Therefore, it is crucial to calculate the ₹60,000 personal loan EMI amount for different tenures before selecting the one that best fits your financial plan.

Let’s check out the monthly EMI that you will have to pay as per the tenure of your choice. Here, we can assume that the rate of interest for a ₹60,000 personal loan is 11%.

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