₹10 Lakh Personal Loan: Compare Interest Rates, EMI and Apply Online

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.

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.

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.