₹3 Lakh Personal Loan

A personal loan of ₹3 Lakhs is an ideal solution when you require quick funds for planned or unforeseen expenses. You can use the loan for any financial emergency, as it has no restrictions on usage.

For instance, a ₹3 Lakh loan with a 2-year tenure at 9.99% interest per annum would result in an EMI of approximately ₹13,842, with a total interest payout of around ₹32,210.

Choosing a shorter tenure of 1 year would increase the EMI to ₹26,373 but reduce the total interest to ₹16,480.

This type of loan provides fast approval, minimal documentation, and flexible repayment terms. You can select an EMI plan that suits your monthly budget and repay the loan without impacting your long-term savings.

You can secure a ₹30,000 personal loan from leading banks and financial institutions on this platform without the need for collateral. Compare the interest rates and maximum tenures in the table below to select the best option based on your financial requirements: 

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

To enjoy a lower EMI for a personal loan of ₹3 Lakhs, you can opt for a longer tenure. To understand how the repayment period affects your monthly instalments, consider this simple illustration. 

Assume you got a loan of ₹3 Lakhs and were offered an interest rate of 9.99% p.a. Let’s check how the tenure affects your loan instalments.

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

Along with your EMI and interest, there may be additional charges applicable to your loan. Refer to the details below for a comprehensive overview: 

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

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, you take an instant personal loan of ₹3 Lakhs on Bajaj Markets. Assume the interest rate is 9.99% per annum and the loan tenure is 60 months. Using the formula, the EMI comes to ₹6,372. 

The total interest comes to ₹82,358, and the total amount payable will be ₹3.82 Lakhs.

Here are some common criteria you should fulfil to be eligible for a personal loan of ₹3 Lakhs:

1. Your age should be above 18  
2. You should be self-employed or salaried
3. You should have a stable source of income with a minimum income of ₹10,000 per month
4. You should have a minimum work experience of 1 year
5. A CIBIL score for ₹3 Lakhs personal loan should ideally be 750 or higher. You can check your updated credit score online in minutes.

Alongside this, keep the following documents handy for a smooth loan application process:

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.

To apply for a ₹3 lakh personal loan, you can follow these steps:

1. Click here to begin the online application
2. Select your profession from the dropdown menu
3. Enter your mobile number and PIN code to proceed
4. Read through the terms and conditions and provide your consent
5. Click ‘Proceed’ to continue to the next stage
6. On the subsequent page, you’ll be required to enter the following details:
   
   
   • PAN
   • Full name (as per PAN records)
   • Date of birth
   • Net monthly salary
   • Employment type
   • Organisation or employer name
   • Email ID
   • Gender
   • Salary credit method (Bank transfer or cash)
     
     
7. After completing all fields, click ‘Submit’
8. Based on your inputs, you’ll be shown loan offers tailored to your profile
9. Choose the loan offer that fits your needs and proceed by selecting the repayment tenure
10. If required, fill in any additional details prompted on the screen
11. You’ll be redirected to the lender’s portal, where you can complete the remaining steps such as KYC verification, e-mandate registration, and loan disbursal.

Note: This process is intended for salaried individuals. If you choose self-employed as your profession, the process will change slightly. You’ll be asked to provide additional details like your monthly turnover and other business-related information. Simply follow the prompts to complete your application smoothly.

A ₹3 lakh loan at a 9.99% interest rate for 6 months comes with the following amortisation breakdown:

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

A ₹3 Lakh personal loan can impact your CIBIL score and credit report in both positive and negative ways, depending on how you manage it.

• Before Loan Approval

When you apply for a personal loan, the lender checks your credit report through a hard inquiry. Too many such inquiries within a short period can reduce your CIBIL score. You need to apply only when you meet the loan’s eligibility criteria. 

A slight drop in your score during this stage is common, but it usually recovers within a short time.

• After Loan Approval

Timely EMI payments improve your CIBIL score by indicating responsible credit management. Delaying or missing payments negatively affects your score and damages your overall credit history.

An instant loan of ₹30,000 can provide financial flexibility for both urgent and planned expenses. Here is how it can help you:

• Emergency Travel

Unexpected trips often involve significant costs. This loan can help manage travel expenses such as tickets, hotel bookings, and other necessary arrangements.

• Home Renovation

Renovation work frequently exceeds the planned budget. A personal loan provides the additional funds needed to continue the work without interruptions.

• Medical Emergencies

Medical costs can arise suddenly and be substantial. This loan can support payments for treatments, procedures, or medications not fully covered by insurance.

• Wedding Expenses

Despite careful preparation, weddings commonly bring last-minute expenses. A personal loan helps manage unplanned costs that occur during the event.

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.