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₹3 Lakh Personal Loan — Compare Banks & NBFCs, Check EMI & Apply Online

Depending on the lender, you can access loan amounts of up to ₹55 Lakhs and choose repayment tenures of up to 108 months. Approval is based on factors such as your income, credit profile, repayment capacity, and the lender's eligibility criteria.

Your Personal Loan EMI

₹ 6,374

Total Interest Amount

₹ 82,447

Principal Amount

₹ 3,00,000

Total Payable Amount

₹ 3,82,447

Loan Amount

Min Max

Interest Rate

- +

Tenure

- +

Apply for ₹3 Lakh

You can easily compare personal loan offers from over 20 providers on Bajaj Markets for a loan of ₹3 Lakhs.

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Year	EMI	Principal	Interest	Balance

Overview

A ₹3 Lakh personal loan is a mid-sized borrowing option that can help cover significant expenses such as home renovations, medical emergencies, wedding costs, higher education fees, or debt consolidation. Since the loan amount is higher than entry-level personal loans, lenders can place greater emphasis on factors such as credit score, repayment history, employment stability, and monthly income when evaluating applications. At this loan value, borrowers can often have access to a wider range of lending options from both banks and NBFCs.

Before applying, it is advisable to compare EMIs across different interest rates and repayment tenures to determine a repayment plan that fits comfortably within your monthly budget.

Tenure	At 10.99% p.a.	At 14% p.a.	At 18% p.a.	Total Interest Payable
12 months	₹26,514	₹26,937	₹27,504	₹23,244
24 months	₹13,980	₹14,403	₹14,976	₹45,672
36 months	₹9,822	₹10,254	₹10,845	₹69,144
48 months	₹7,755	₹8,199	₹8,802	₹93,552
60 months	₹6,522	₹6,981	₹7,617	₹1,18,860

Note: The repayment tenure you choose has a significant impact on both your monthly EMI and the total cost of borrowing. While longer tenures can make repayments more manageable by reducing the EMI burden, they also increase the total interest paid over the life of the loan. Borrowers should aim for the shortest tenure that comfortably fits their budget to strike the right balance between affordability and interest savings.

Compare ₹3 Lakh Personal Loan Interest Rates by Various Banks and NBFCs

You can secure a ₹3,00,000 personal loan from leading banks and financial institutions on the platform without the need for collateral. Compare personal loan interest rates in the table below to select the best option based on your financial requirements:

Available Offerings	Max. Loan Amount	Min. Interest Rate	Max. Tenure	Processing Fee	Minimum CIBIL Requirement
Bajaj Finance Personal Loan	₹55 Lakhs	10% p.a.	108 months	Up to 3.93% of the loan amount	650 or higher
Kotak Mahindra Bank Personal Loan	₹40 Lakhs	10.99% p.a.	72 months	Up to 1.50% of the loan amount + GST	750 or higher
Federal Bank Personal Loan	₹5 Lakhs	12.75% p.a.	48 months	2% to 3% of the loan amount + 18% GST	NA
L&T Finance Personal Loan	₹15 Lakhs	12% p.a.	48 months	Up to 3% of the loan amount + GST	NA
SMFG India Credit Personal Loan	₹25 Lakhs	12% p.a.	60 months	0% to 6% of the loan amount	750 or higher
Fibe Personal Loan	₹5 Lakhs	14% p.a.	36 months	Up to 2% of the loan amount	NA
Kissht Personal Loan	₹4 Lakhs	14% p.a.	24 months	3% to 5% of the loan amount	700 or higher
KreditBee Personal Loan	₹10 Lakhs	12% p.a.	60 months	Up to 5.1% + GST	NA
PaySense Personal Loan	₹5 Lakhs	14% p.a.	60 months	2% to 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher)	700 or higher
Muthoot Finance Personal Loan	₹10 Lakhs	14.5% p.a.	60 months	2% to 4% of the loan amount	NA
Finnable Personal Loan	₹10 Lakhs	15.95% p.a.	60 months	Up to 3% of the loan amount	NA
InCred Personal Loan	₹10 Lakhs	13.99% p.a.	60 months	2% to 5% of the sanctioned amount	750 or higher
moneyview Personal Loan	₹10 Lakhs	1.33% p.m.	60 months	Starts from 2% of the approved loan amount	650 or higher
Piramal Finance Personal Loan	₹6 Lakhs	17.25% p.a.	60 months	1.50% to 4.50% of the loan amount	710 or higher
Freo Personal Loan	₹5 Lakhs	12% p.a.	36 months	1% onwards	NA
Zype Personal Loan	₹5 Lakhs	18% p.a.	12 months	2% to 6% of the loan amount	NA
Unity SFB Personal Loan	₹5 Lakhs	16% p.a.	36 months	3% of the loan amount	675 or higher
Poonawalla Personal Loan	₹5 Lakhs	16% p.a.	36 months	Up to 5% of the loan amount plus applicable taxes	720 or higher
Prefr Personal Loan	₹5 Lakhs	17.99% p.a.	48 months	3% to 5%	725 or higher
PayU Finance Personal Loan	₹5 Lakhs	23% p.a.	36 months	2.5% to 4% of the loan amount	700 or higher

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

Features and Benefits of a ₹3 Lakh Instant Loan

Here are the important features of a ₹3 Lakh personal loan:

Access to Competitive Interest Rates

At the ₹3 Lakh loan amount, eligible borrowers may qualify for competitive personal loan interest rates from both banks and NBFCs, enabling them to choose a suitable borrowing option based on cost and repayment flexibility.

Flexible Documentation Requirements

Several lenders may accept alternative income documents such as bank statements and other financial records, making personal loans accessible to salaried and self-employed applicants.

Flexible Repayment Tenures

Longer repayment tenures can help reduce EMI obligations and improve affordability, allowing borrowers to choose a repayment plan that aligns with their budget.

Multiple Lender Comparison

Bajaj Markets enables you to compare loan offers from multiple lending partners in one place, helping you evaluate interest rates, loan features, processing fees, and tenure options more efficiently.

Eligibility and Documents for a Personal Loan of ₹3 Lakhs

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

Nationality: Indian citizenship
Employment Status: Self-employed or salaried
Work Experience: Minimum of 1 year
Age: 18 years or more
CIBIL Score: At least 650

You can check your updated credit score online in minutes.

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

Aadhaar card
PAN card
Voter ID
Driving licence
Bank statements
Salary slips

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.

How to Apply for a ₹3 Lakh Personal Loan

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

Click here to start your loan application process
Select your profession from the dropdown menu
On the subsequent page, enter the following details like full name (as per PAN records), net monthly income, employment type, etc
Based on your inputs, you’ll be shown loan offers tailored to your profile
Choose the loan offer that fits your needs and proceed by selecting the repayment tenure

Tips to Repay Your Personal Loan

Reduce loan tenure by paying EMIs on time, making extra payments, and avoiding unnecessary borrowing.

Uses of a ₹3 Lakh Personal Loan

An instant loan of ₹3,00,000 can provide financial flexibility for both urgent and planned expenses. Here is how it can help you:

Used Car Purchase

A ₹3 Lakh personal loan can help fund the purchase of a used vehicle or contribute towards the down payment for a higher-value car, allowing you to spread the cost through manageable EMIs.

Renovation

Home improvement loan for projects such as kitchen remodelling, bathroom upgrades, furniture replacement, and interior improvements can often be comfortably financed through a ₹3 Lakh loan.

Education and Professional Certifications

The loan amount can help finance certification programmes, specialised training, postgraduate courses, or skill-development initiatives that support long-term career growth.

Wedding Expenses

A ₹3 Lakh personal loan for marriage can help cover venue booking advances, vendor payments, catering deposits, photography bookings, and other important wedding-related expenses.

Planned Medical Procedures

The funds can be used for surgeries, specialised treatments, diagnostic procedures, dental treatments, or other healthcare expenses that may not be fully covered by insurance.

Debt Consolidation

Borrowers with multiple outstanding credit obligations can use a ₹3 lakh personal loan for debt consolidation, merging existing debts into a single repayment structure to improve financial organization and management.

Other Instant Personal Loan Options

₹1.9 Lakh Personal Loan

₹2 Lakh Personal Loan

₹2.5 Lakh Personal Loan

₹3.5 Lakh Personal Loan

₹4 Lakh Personal Loan

₹4.5 Lakh Personal Loan

₹5 Lakh Personal Loan

₹6 Lakh Personal Loan

Disclaimer

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.

Frequently Asked Questions

How can I get an instant ₹3 Lakh loan?

You can easily apply for an instant ₹3 Lakh personal loan on Bajaj Markets. Simply fill out the online application form and submit the necessary documents online.

What is the interest rate levied on a ₹3 Lakh loan?

Interest rates on a ₹3 Lakh personal loan vary by lender, applicant profile, credit score, and repayment tenure. On Bajaj Markets, interest rates may start from 10% p.a. for eligible applicants. Comparing multiple offers can help you identify the most suitable option for your financial requirements.

Can I get a ₹3 Lakh loan without submitting any collateral?

Yes, you can easily get an instant personal loan of ₹3 Lakhs without having to mortgage any of your property or other assets.

Is it possible to secure a ₹3 Lakh loan on Bajaj Markets?

Yes, you can get a ₹3 Lakh loan by meeting the specified eligibility criteria and submitting the necessary documents on Bajaj Markets.

What is the minimum and maximum tenure for a personal loan of ₹3 Lakhs?

You can opt for repayment periods spanning from a few months to 108 months when applying for a personal loan of ₹3 Lakhs on Bajaj Markets.

How fast can I get a personal loan of ₹3 Lakhs?

You can get a ₹3 lakh personal loan quickly on Bajaj Markets, with approval often within minutes and disbursal usually in 24 hours, subject to eligibility, verification, and lender policies.

What is the EMI for a ₹3 Lakh personal loan?

For a ₹3 Lakh personal loan EMI for 5 years, your EMI will depend on the interest rate and tenure chosen. For example, at 10% interest, the EMI would be approximately ₹6,374. You can use an EMI calculator for accurate estimates.

Can you get a ₹3 Lakh personal loan without a salary slip?

Yes. While a salary slip is one of the most commonly accepted income proofs, some lenders may allow alternative documents like bank statements, Form 16, or IT returns.

What CIBIL score is needed for a ₹3 Lakh personal loan?

A CIBIL score of 650 or above is generally preferred by many lenders offering ₹3 Lakh personal loans. Several banks may prefer scores of 700 or higher, while some NBFCs may consider applicants with lower scores based on their income, repayment capacity, employment profile, and overall creditworthiness.

Can I get an instant ₹3 Lakh loan without income proof?

Yes, you may get a ₹3 lakh instant loan without income proof in some cases, subject to lender policies, if you have a strong credit profile or an existing lender relationship.

Can I get ₹3 Lakh personal loan without documents?

No, getting a ₹3 lakh personal loan without documents is uncommon. However, documentation is usually minimal, and digital processes or pre-approved offers can help speed up verification and disbursal.

I need ₹3 Lakhs urgently, how to get a ₹3,00,000 loan?

If you need ₹3 Lakhs urgently, applying with your existing bank, digital lender or marketplaces like Bajaj Markets can help. Keeping basic documents ready and maintaining a good credit score often leads to faster approval.

Can I get a ₹3 Lakh loan on an Aadhaar card?

Yes, you can apply for a ₹3 lakh personal loan using your Aadhaar card for quick e‑KYC verification. However, lenders may also require additional documents and checks as per their policies.

When is a bank better than an NBFC for a ₹3 Lakh personal loan?

A bank may be a suitable option if you have a strong credit score, stable income, and meet stricter eligibility criteria, as banks often offer lower interest rates. An NBFC may be preferable if you require faster processing, more flexible documentation, or have a credit profile that falls outside typical bank requirements.

What is the EMI for ₹3 Lakh at 14% for 3 years?

For a ₹3 Lakh personal loan at 14% p.a. with a repayment tenure of 36 months, the EMI is approximately ₹10,254 per month. The total interest payable is around ₹69,144, and the overall repayment amount is approximately ₹3,69,144.

Can I get a ₹3 Lakh loan with a salary of ₹20,000?

Yes, some lenders may consider applicants earning ₹20,000 per month for a ₹3 Lakh personal loan, provided they meet other eligibility requirements. Choosing a longer tenure may help reduce EMI obligations and improve affordability.

What is the EMI for a ₹3 Lakh loan for 5 years?

For a ₹3 Lakh loan at 10% p.a. with a repayment tenure of 5 years, the EMI is approximately ₹6,374 per month. The exact EMI may vary depending on the lender's interest rate, repayment tenure, and applicable charges.

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