For an urgent purchase that requires immediate funding, a loan of ₹12,000 can serve as a suitable option. This flexible unsecured loan is useful for home repairs or emergencies.

For example, you take a loan of ₹12,000 for 2 years at an annual interest rate of 9.00%. The total interest payable would be ₹1,157, and the monthly EMI would amount to ₹548. The total repayment would come to approximately ₹13,157.

A personal loan offers quick access to funds, minimal paperwork, and flexible repayment options. You need to select a practical monthly instalment plan and repay the loan in a manner that aligns with your financial comfort, without exhausting your savings.

You can get a ₹12,000 personal loan from various NBFCs. Here is a table showcasing the interest rates, tenures, and processing fees of different lenders:

Disclaimer: The mentioned rates are subject to change at the lender’s discretion.

Here are the EMI amounts for a ₹12,000 loan with 12.00% p.a. interest rates. The values vary based on the repayment tenure selected: 

Note: These are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.

Here is a table showcasing some of the fees and charges levied by different lenders:

Disclaimer: The mentioned details are subject to change at the lender’s discretion.

Using an EMI calculator, you can quickly determine your personal loan EMIs. The calculator is simple to use and delivers accurate results. Nevertheless, you may manually calculate your EMIs using the following 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

Let us say you take a personal loan of ₹12,000 at an interest rate of 9.00% per annum for 1 year (12 months). Your ₹12,000 personal loan EMI amount comes to ₹1,049, and the total interest payable is ₹593. Therefore, the total amount you have to repay is ₹12,593.

The basic eligibility criteria for a ₹12,000 personal loan are mentioned below:

• Minimum age of 18 years

• Employment status as a salaried or self-employed individual

• Minimum work experience of 1 year

• A CIBIL score of 650 or higher is preferred

You will also have to provide a set of documents when applying. Here are some documents to keep handy:

The eligibility and documentation requirements may vary depending on the lender you choose. Ensure to get a complete list of the criteria and documents required before applying for the loan.

Follow these steps to apply for a personal loan online:

• Select the ‘Apply for a personal loan’ option

• Fill in your basic personal information in the application form

• Specify the loan amount and choose the repayment tenure

• Submit the form for verification

A representative will then contact you to proceed with the remaining steps of the application.

Here is the amortisation breakdown for your ₹12,000 loan at an interest rate of 9.00% for 6 months:

Note: These are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.

Your financial creditworthiness is represented by your CIBIL score, which ranges from 300 to 900. A personal loan can influence your CIBIL score and overall credit profile in the following ways:

• Pre-approval Impact

When you apply for a personal loan, the lender typically conducts a hard enquiry to assess your credit history. This may lead to a temporary decrease in your credit score, as it is recorded on your credit report.

• Post-repayment Impact

Timely repayment of the loan improves your credit score and reflects responsible borrowing behaviour. Consistent, punctual payments indicate effective debt management and help enhance your creditworthiness.

A personal loan of ₹12,000 can help you manage essential short-term financial needs with ease. Though the amount is modest, it offers flexibility to cover urgent or smaller expenses across various purposes, such as:

• Emergency Medical Expenses

₹12,000 can help manage immediate medical costs, including consultation fees, diagnostic tests, medicines, or minor procedures. It ensures timely treatment without the burden of upfront payments.

• Education-Related Costs

You can use this amount to pay for entrance exam fees, coaching classes, education-related costs, or short-term certification courses that enhance skills and career opportunities.

• Mobile or Gadget Purchase

This loan can finance the purchase of a new smartphone, tablet, or essential electronic device needed for work or studies, especially when cash is limited.

• Minor Home Repairs

It is useful for small home improvement needs such as plumbing, painting, or fixing electrical issues. The loan lets you address such repairs without delay.

• Travel for Urgent Purposes

₹12,000 can support short-distance travel, including train or bus fares, hotel bookings, or fuel expenses for emergencies or short family trips.

• Clearing Small Dues

Use the loan to pay off minor pending bills, credit card minimum payments, or overdue EMIs. This helps you avoid penalties and maintain a healthy credit record.

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