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.
Calculate EMI
| Year | Principal | Interest | Balance |
|---|
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
Loan Amount (In ₹) |
Interest Rate(in % per annum) |
Tenure |
Monthly Installments (EMI In ₹) |
8,00,000 |
10.75 |
1 |
70,612 |
8,00,000 |
10.75 |
2 |
37,193 |
8,00,000 |
10.75 |
3 |
26,096 |
8,00,000 |
10.75 |
4 |
20,579 |
8,00,000 |
10.75 |
5 |
17,294 |
Loan Amount |
Tenure in years |
Interest Rate |
EMI |
8 lakhs |
10 |
11% |
11,020 |
8 lakhs |
10 |
12% |
11,478 |
8 lakhs |
10 |
13% |
211,945 |
8 lakhs |
10 |
14% |
12,421 |
8 lakhs |
10 |
15% |
12,907 |
*Figures calculated are based on the current interest rates and are subject to change.
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.
Lending Partner Name |
Interest Rate Range |
Avail Laon |
30% p.a. Onwards |
||
14% p.a. Onwards |
||
15.95% p.a. Onwards |
||
18% p.a. Onwards |
||
21% p.a. Onwards |
||
15% p.a. Onwards |
||
10.99% p.a. Onwards |
||
11% p.a. Onwards |
||
16% p.a. Onwards |
||
24% p.a. Onwards |
||
14.50% p.a. Onwards |
||
14% p.a. Onwards |
||
9.99% p.a. Onwards |
||
2% p.m. Onwards |
||
12% p.a. Onwards |
||
1.5% p.m. Onwards |
||
10.99% p.a. Onwards |
*Interest rates can vary and are subject to change.
Take a look at the table below to understand personal loan eligibility criteria for 8 Lakh:
Eligibility criteria |
Details |
Nationality |
Indian |
Minimum Age |
21 years |
Employment |
Salaried individuals/ self-employed |
Income on a monthly basis |
15,000 or more |
Minimum credit score |
650 (may vary from lender to lender) |
Note: The eligibility criteria may differ from lender to lender.
Keep the following documents handy when applying for an 8 Lakh personal loan:
Documents |
Details |
Passport size photographs |
2 coloured pictures |
Income Proof |
|
ID Proof |
|
Address Proof |
|
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 |
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FAQs on 8 Lakh Personal Loan
The EMI for your 8 Lakh personal loan would depend on the repayment tenure and the interest rate that is levied by your lender. For example, the 8 Lakh personal loan EMI for 3 years would be different from that of 8 Lakh home loan EMI for 5 years. You can get a fair idea of the payable EMI in a few seconds by making use of the personal loan EMI calculator.
The minimum salary criteria are fixed by the lender and thus, the amount may vary. In most cases, most lenders set the minimum salary requirements of 15,000 or more.
In most circumstances, if you have a credit score which is 650 or more, you can clear the personal loan eligibility. However, bear in mind that these criteria may vary from lender to lender.
An 8 Lakh loan can help you when you are in urgent need of some extra cash. In a simple and hassle-free way, you can get financial help to manage any expenses that are beyond your income. You can choose the most suitable 8 Lakh personal loan EMI and repay the loan at your convenience.
