A ₹1,20,000 personal loan can support a wide range of financial needs without requiring you to liquidate your savings. You can use it to manage expenses that require immediate attention but are not large enough for long-term borrowing.

For example, you may consider this loan amount for short medical procedures, skill development courses, relocation expenses, or partial funding for a larger purchase. It offers a balance between affordability and accessibility.

Since this is an unsecured loan, you do not need to pledge any asset. The application process is usually straightforward, and approvals depend on factors such as your income, credit profile, and repayment capacity.

You can explore multiple lenders on Bajaj Markets in one place. This helps you compare interest rates, repayment terms, and eligibility criteria before making a decision.

Interest rates and charges can vary across lenders, even for the same loan amount. Reviewing these details helps you estimate your overall borrowing cost more accurately.

Here are the interest rates, loan details, and charges for a ₹1,20,000 personal loan available across multiple lenders on Bajaj Markets:

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

A ₹1.2 Lakhs personal loan offers a practical way to handle medium-sized expenses without disturbing your savings. 

Here are the key features and benefits:

• Quick Processing

You can expect faster approvals for smaller loan amounts, helping you address immediate financial needs without long waiting periods

• Flexible Repayment Options

You can choose a tenure that suits your monthly budget, making repayment more manageable

• Minimal Documentation

You only need basic documents, making the application process simple and efficient

• No Collateral Required

You can access funds without pledging any asset, as this is an unsecured loan

Your EMI depends on the repayment tenure you choose. A longer tenure reduces your monthly instalment but increases the total interest paid over time.

To help you plan better, here is an illustration showing estimated EMIs, total interest, and overall repayment amount for a ₹1,20,000 personal loan at an interest rate of 10% per annum:

Disclaimer: These values are approximate and are meant for illustrative purposes only. Your actual EMI may vary based on the lender’s terms and your credit profile.

You can estimate your monthly instalment using a standard EMI calculation formula. This helps you plan your repayment before taking a loan.

Here is the formula used to calculate EMI:

EMI = [P × R × (1 + R)^N] / [(1 + R)^N − 1]

Where:

• P = Loan amount
• R = Monthly interest rate (annual rate ÷ 12 ÷ 100)
• N = Loan tenure in months

For example, if you take a ₹1,20,000 personal loan at an interest rate of 10% per annum for 6 months, the EMI would be approximately ₹20,587. The total interest payable would be around ₹3,524, making the total repayment ₹1,23,524.

Instead of calculating manually, you can use a personal loan EMI calculator available on Bajaj Markets to get quick and accurate estimates.

To apply for a ₹1.2 Lakh personal loan, you need to meet basic eligibility requirements set by lenders. Here are the common criteria:

• Nationality: Indian

• Age: At least 18 years old

• Employment Type: Salaried or Self-employed

• Credit Score: 650 or above 

You also need to submit a few standard documents during the application process. Here are the commonly accepted options:

Identity Proof (Any one):

• Aadhaar card

• PAN card

• Voter ID

• Driving licence

Income Proof (Any one):

• Salary slips for the last 3 months

• Bank statements for the last 3 months

Document requirements may vary depending on the lender. It is advisable to check the exact list before submitting your application.

You can apply for a ₹1.2 Lakh personal loan online on Bajaj Markets through a simple digital process. Here are the steps you can follow:

1. Click here to go to the loan application page

2. Choose your employment type from the available options

3. Enter your personal details such as name, PAN, date of birth, email ID, and gender

4. Provide your employment and income details, including employer name and monthly income

5. Review the information and submit your application

6. Complete further steps such as KYC verification and e-mandate on the lender’s page

Once verified and approved, the loan amount is disbursed to your bank account, subject to the lender’s terms and conditions.

A ₹1.2 Lakh personal loan can help you manage a variety of planned and unforeseen expenses without disrupting your finances. 

Here are some common uses:

• Medical Expenses

You can cover costs such as diagnostic tests, minor procedures, or hospital bills without delaying treatment

• Home Repairs and Improvements

You can fund essential repairs or small upgrades, such as electrical work, plumbing fixes, or basic renovation

• Education and Skill Development

You can pay for certification courses, exam fees, or professional training to improve your career prospects

• Travel or Relocation Costs

You can manage expenses related to moving cities, travel bookings, or initial setup costs in a new location

• Debt Consolidation

You can use the funds to repay smaller debts and manage a single, more structured repayment plan