8 Lakh Personal Loan

Sometimes one may be in need of some extra cash to fulfil a financial commitment, organise a social event or plan a holiday. Taking a personal loan in such a situation can be a suitable solution. Available digitally, personal loans can be used for almost every kind of financial need. 

A 8 Lakh personal loan can easily help you manage any untimely or unexpected expenditure and manage any money-related requirements. It is a great option if you are planning to take a marriage loan or a travel loan. 

Purpose of a 8 Lakh Personal Loan

The personal loan market is expanding tremendously. Banks and NBFCs are offering lucrative options to people from varied economic backgrounds. It is reported that there has been a whopping 46% growth in origination from the financial year 2021 to 2022. The major reasons why most borrowers prefer personal loans are that the loan requires minimal formalities, there is no need for collateral, and there is often the option of a pre-approved loan for existing customers. 

Another advantage of an 8 Lakh personal loan is that there is hardly any restriction on how you have to use the money. you can make use of the money for any of the following purposes:

• Unforeseen Medical Needs

While having a health insurance policy is imperative, sometimes, your medical expenses can exceed your coverage. A medical emergency may become all the more worrisome when you do not have insurance. In such a scenario, a personal loan for a medical emergency can be very useful.

• Wedding Expenses

Make sure you do not have to compromise on planning the most important day of your/your loved one’s life. This is where you can use a personal loan. 8 Lakh can prove to be a handsome amount to plan the big day.

• Paying the Down Payment

Be it the downpayment on your new house or your car, you can always make use of a personal loan to make an easy head-start.

• Renovating Your Office or Home

When you take a home loan, you have the opportunity to redo your workplace or your home. Be it regular maintenance, some additions, or just adding some style, the extra cash can help you.

• Just about All Your Financial Needs

You can make use of your 8 Lakh personal loan amount for just about all your financial needs. Be it emergencies or upcoming needs like your child’s professional course fee, consolidating your minor loans or festivities. 

To calculate your personal loan EMI, you need not get into tedious calculations. The EMI calculator is a quick and accurate tool that can be very helpful in planning the loan, its repayment tenure and an affordable payout. By entering a few variables, such as the loan amount, the interest rate and the loan repayments tenure, you can see how much the monthly EMI would be. That's not all! You can also adjust these variables and reach a customised conclusion. For example, with a personal loan interest rate of 11%, the EMI would be as follows:

Personal Loan EMI Details for INR 8 Lakhs Loan Amount

8 Lakh Loan EMI for 10 years

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

Interest Rates for a 8 Lakh Personal Loan

With Bajaj Markets, you can get instant approval for an 8 Lakh personal loan. Minimal paperwork is required and in a few simple steps, you can get the required amount. The table given below would give you an estimate of the interest rates of a 8 Lakh personal loan.

Eligibility Criteria for a 8 Lakh Personal Loan

Take a look at the table below to understand personal loan eligibility criteria for 8 Lakh:

Note: The eligibility criteria may differ from lender to lender.

Documents Required for a 8 Lakh Personal Loan

Keep the following documents handy when applying for an 8 Lakh personal loan:

How to Apply for  a 8 Lakh Personal Loan?

Applying for a 8 Lakh personal loan is a simple and convenient process. Depending on your personal choice, you can apply for a personal loan both online and offline. However, before you apply for a loan, it is recommended that you:

• Compare the interest rates offered by various lenders. 

• You also need to pay attention to the processing fee, pre-closure charges, late payments penalty or any other charges or fees that may be levied on you during the repayment. 

• You should also make sure that you fulfil the eligibility criterion of the preferred lender. 

• Using the EMI calculator is also a helpful way to get an estimate on how the loan would affect your monthly budget. 

Once you decide on the loan that you’ll be opting for, you can follow these quick and simple steps to apply online for a  8Lakh personal loan -

• Click on ‘APPLY NOW’ on this page.

• Fill in all the personal and professional details in the application form

• Mention the loan amount and loan tenure 

You will get funds once your application is approved and verified.

Also Check Other Instant Personal Loan Options