₹10 Lakh Personal Loan

If you are looking to get urgent funds up to ₹10 Lakhs, then getting a personal loan from well-known lenders is a smart option. Personal loans are available without any collateral, and you can apply with minimal documentation. It also offers flexible repayment options.

For example, you borrowed ₹10 Lakhs at an interest rate of 10% p.a. for a tenure of 5 years. Your EMI will be ₹21,247, which attracts total interest of ₹2,74,822. 

Instead, if you opt for a shorter tenure of 3 years, your EMI will be ₹32,267, and the total interest paid will reduce to ₹1,61,618. 

This way, you can get the required loan, be it for a medical emergency, home repair, travel, wedding expenses or any other need. You can choose a comfortable amount within your budget and repay at your convenience. 

Some renowned lenders who offer personal loans of ₹10 Lakhs on Bajaj Markets are listed below:

Assume you took a ₹10 Lakh loan at an interest rate of 10% p.a. As per the chosen tenure, here is a computation of the EMI, interest charges, and total repayment amount, you may have to pay:

There are a few additional charges and fees applicable to the loan process, these are:

You can calculate your personal loan EMI using the formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

• P = Principal loan amount

• R = Monthly interest rate (Annual interest rate / 12 / 100)

• N = Loan tenure in months

For example, taking a personal loan of ₹10 Lakhs at an interest rate of 10% p.a. for 5 years results in an EMI of ₹21,247. The total interest paid will be ₹2,74,822, making the total amount payable ₹12,74,822.

If you are planning to apply for a personal loan of ₹10 lakhs, here are the eligibility criteria you need to meet:

1. You must be an Indian citizen

2. Both salaried and self-employed individuals are eligible

3. You should be 18 years or above

4. Should have a monthly income of at least ₹10,000

5. A minimum of 1 year of continuous work experience is required

6. The recommended CIBIL score for ₹10 Lakh personal loan would typically be 750 or higher. Keep a regular check of your CIBIL score online to track your eligibility.

Here is a list of documents you may need to submit when applying for a ₹10 Lakh personal loan:

Follow these steps to apply for a personal loan online. 

1. Click here to head to the webpage for the loan application

2. Choose your profession from the drop down menu on the page

3. Key in your contact number and PIN code of your residential address

4. Review the terms and conditions carefully and accept them on the page

5. Click the ‘Proceed’ button to progress further to the next step

6. Type in your personal details and your employment credentials such as your full name, email ID, gender, PAN number, employer name and category, monthly income and mode of salary payment

7. Click ‘Submit’ to have a look at the offers available

8. Select your offer of choice, enter your preferred repayment tenure, and submit your loan application

Once done, the representative will reach out to you for further processing the application.

Here's the detailed 6-month Amortisation Schedule for a ₹10 Lakh personal loan at an interest rate of 10% per annum:

CIBIL scores range from 300 to 900, and a score above 750 indicates that you are a responsible borrower. Personal loans can affect your credit score in several ways, such as:

Pre-approval Impact

When a lender conducts a hard inquiry, they access your full credit report from a credit bureau to assess your creditworthiness during the loan approval process. While the effect on your credit score is generally minimal and short-term, it can cause a slight dip in your score.

Post-approval Impact

Consistently paying your EMIs on time can have a positive effect on your credit score. Timely payments demonstrate sound financial management, increasing your likelihood of obtaining loans in the future.

A personal loan of ₹10 Lakhs can help you manage various financial needs efficiently. Here are some common ways to use the loan:

Medical Emergency

A personal loan of ₹10 Lakhs enables you to cover the financial costs of any medical procedure without depleting your savings.

Unexpected Travel

Whether the travel is planned or unplanned, the funds from a personal loan can be used to cover the expenses.

Home Renovation

For home renovations or major repairs, a personal loan provides a straightforward solution.

Relocation to a New City

Relocating to a new city can incur significant costs, but a personal loan allows you to spread these expenses over several months.

Wedding Expenses

To finance your dream wedding, a personal loan can provide the necessary funds. 

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.