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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 of ₹60,000 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 of ₹60,000 include paying credit card bills, debts or fees for education, remodelling your home, incurring wedding expenses, clearing a hospital bill, etc.

Calculate EMI for ₹60,000 Personal Loan

Loan Amount
Tenure
  • Months
  • Years
Rate of Interest
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Monthly EMI

at % interest rate for months

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

Interest Rates for ₹60,000 Personal Loan

Our Partners
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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

11% p.a.

4.7
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CASHe

1 year

₹4 Lakhs

27% p.a.

4.4
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Fibe

3 years

₹5 Lakhs

14% p.a.

4
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Finnable

5 years

₹10 Lakhs

15.95% p.a.

4
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IIFL Finance

3.5 years

₹5 Lakhs

18% p.a.

4.1
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InCred

6 years

₹10 Lakhs

16% p.a.

4.3
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KreditBee

2 years

₹4 Lakhs

18% p.a.

4.1
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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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moneyview

5 years

₹5 Lakhs

16% p.a.

4.2
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Muthoot Finance

5 years

₹15 Lakhs

14.50% p.a.

4
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PaySense Partners

5 years

₹5 Lakhs

15% p.a.

4.3
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Privo

5 years

₹5 Lakhs

9.99% p.a.

4.5
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Olyv

12 months

₹5 Lakhs

1.5% p.m.

4.1
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SMFG India Credit

5 years

₹25 Lakhs

12% p.a.

4.2
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Upwards

3 years

₹5 Lakhs

1.5% p.m.

4.3
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YES BANK

6 years

₹50 Lakhs

10.99% p.a.

4.2
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Zype

1 Year

₹5 Lakhs

18% p.a.

4
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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.

Purpose of a ₹60,000 Personal Loan

Take a look at some of the requirements an individual can meet by applying for a ₹60,000 loan.

  • Medical bills

  • Credit card dues

  • Unforeseen emergency

  • 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.

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)

FAQs on ₹60,000 Personal Loan

How can I get a ₹60,000 instant personal loan?

Online banking has made it very easy for borrowers to apply for loans and complete the process digitally. Simply submit your application for a ₹60,000 personal loan online along with the necessary documents. However, if you want to understand more details, then you can also choose to visit the nearest branch of the bank and apply in person.

What is the monthly EMI for a ₹60,000 personal loan?

The monthly EMI for a ₹60,000 personal loan is calculated based on the interest rate offered by the lender and the repayment tenure selected by the borrower.

What is the interest rate levied on a ₹60,000 personal loan?

Ideally, the interest rate for a personal loan with most financial institutions starts from 10.49%. However, these rates are subject to norms laid by the government. They can be revised by the banks and NBFCs as they deem fit.

Can I get a ₹60,000 loan without collateral?

Personal loans are generally unsecured loans. It means you do not need to put up any collateral to avail of the loan.

Which is the best bank for a ₹60,000 personal loan?

Every bank, financial institution, or lender will offer competitive interest rates and a different repayment tenure. Hence, it is best to do your due diligence and approach multiple lenders for a ₹60,000 personal loan quotation and know which lender meets your criteria the most.

What will happen if I default on the ₹60,000 personal loan?

For any foreseeable reason, if the borrower defaults on their ₹60,000 personal loan, then a 60-day notice is issued by the bank. This notice closes as soon as the pending dues are paid by the loan defaulter. If the loan is not repaid within the notice period, then the lender can take legal route against the borrower as well.

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