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₹3 Lakh Personal Loan

You can meet your financial requirements effortlessly with a personal loan of ₹3 Lakhs available on Bajaj Markets. 

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With competitive interest rates, you can secure funds for various needs like home renovation, medical emergencies, travel, and more. The Personal Loan EMI Calculator on the platform lets you calculate your EMI based on loan amount, interest rate, and tenure, helping you make well-informed decisions and manage your finances efficiently.

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Your Personal Loan EMI
₹ 26,373
Total Interest Amount
₹ 16,480
Principal Amount
₹ 3,00,000
Total Payable Amount
₹ 3,16,480
Loan Amount i
Interest Rate
- +
Min value reached
Max value reached
Tenure
Months drop-down-img
  • Years
- +
Min value reached
Max value reached
Instant Approval

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

 

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 Additionally, you can assess the total interest and overall payable amount to ensure effective financial planning and budgeting.

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Overview

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 10% interest per annum would result in an EMI of approximately ₹13,843, with a total interest payout of around ₹32,243.

Choosing a shorter tenure of 1 year would increase the EMI to ₹26,375 but reduce the total interest to ₹16,497.

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.

Compare ₹3 Lakhs Personal Loan Interest Rates by Various Banks & NBFCs

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: 

Lender

Max. Loan Amount

Min. Interest Rate

Max. Tenure

Processing Fee

CASHe (Bhanix Finance)

₹3 Lakhs

2.79% p.m.

18 months

Up to 5.5% of the loan amount + GST

Privo (Credit Saison)

₹5 Lakhs

9.99% p.a.

60 months 

1% to 3% of the loan amount + GST

Bajaj Finance

₹55 Lakhs

10.00% p.a.

96 months 

Up to 3.93% of the loan amount

Kotak Mahindra Bank

₹40 Lakhs

10.99% p.a.

72 months 

Up to 1.50% of the loan amount + GST

Federal Bank

₹5 Lakhs

11.00% p.a.

48 months 

0.70% to 2.80% of the loan amount + 18% GST

L&T Finance

₹15 Lakhs

12% p.a.

48 months

Up to 3% of the loan amount + GST

SMFG India Credit

₹25 Lakhs

12% p.a.

60 months 

0% to 6% of the loan amount

YES BANK

₹50 Lakhs

12.50%

72 months 

1.15% to 2.75% of the loan amount

Fibe

₹5 Lakhs

14% p.a.

36 months

Up to 2% of the loan amount

Kissht

₹4 Lakhs

14% p.a.

24 months

3% to 5% of the loan amount

KreditBee

₹5 Lakhs

14% p.a.

24 months

Up to 3% of the loan amount

PaySense 

₹5 Lakhs

14% p.a.

60 months

2% to 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher)

Muthoot Finance

₹10 Lakhs

14.50% p.a.

60 months 

2% to 4% of the loan amount

Finnable

₹10 Lakhs

15.95% p.a.

60 months

Up to 3% of the loan amount

InCred

₹10 Lakhs

16% p.a.

60 months

2% to 5% of the sanctioned amount

moneyview

₹10 Lakhs

16% p.a. (1.33% p.m.)

60 months

Starts from 2% of the approved loan amount

Upwards

₹5 Lakhs

18% p.a.

36 months

Up to 4% of the loan amount

IIFL

₹5 Lakhs

18% p.a.

42 months 

2% to 6% of the loan amount + GST

MoneyTap

₹5 Lakhs

18% p.a.

36 months

5% to 10% of the loan amount

Zype

₹5 Lakhs

18% p.a.

12 months

2% to 6% of the loan amount

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

₹3 Lakh Personal Loan EMI for Different Tenures

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.

Tenure

EMI Amount

Interest Rate

Total Interest Payable

Total Repayment Cost

₹3 Lakh Loan for 1 year

₹26,373

9.99% p.a.

₹16,480

₹3,16,480

₹3 Lakh Loan for 2 years

₹13,842

9.99% p.a.

₹32,210

₹3,32,210

₹3 Lakh Loan for 3 years

₹9,679

9.99% p.a.

₹48,435

₹3,48,435

₹3 Lakh Loan for 4 years

₹7,607

9.99% p.a.

₹65,152

₹3,65,152

₹3 Lakh Loan for 5 years

₹6,373

9.99% p.a.

₹82,358

₹3,82,358

₹3 Lakh Loan for 6 years

₹5,556

9.99% p.a.

₹1,00,049

₹4,00,049

₹3 Lakh Loan for 7 years

₹4,979

9.99% p.a.

₹1,18,220

₹4,18,220

₹3 Lakh Loan for 8 years

₹4,550

9.99% p.a.

₹1,36,864

₹4,36,864

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

₹3 Lakh Personal Loan: Fees and Charges

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

Fees and Charges

Details

Processing Fees

Up to 12%  of the loan amount

Foreclosure Charges

Up to 7% of the amount 

Part-payment Charges

Up to 25% of the principal amount

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

How to Calculate Your Personal Loan EMI

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 10% per annum and the loan tenure is 60 months. Using the formula, the EMI comes to ₹6,374. 

The total interest comes to ₹82,477, and the total amount payable will be ₹3.82 Lakhs.

Eligibility & 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:

  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. You should ideally have a CIBIL score of 750 or more

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

Income Proof (Any one of the following):

  • Bank statement 

  • Salary slips

Address Proof (Any one of the following):

  • Aadhaar card

  • Voter ID

  • Passport

  • Utility bills

  • Driving licence

Identity Proof: (Any one of the following):

  • Aadhaar card

  • Voter ID

  • PAN card

  • Driving licence

  • Passport

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 on ‘Apply for a personal loan’

  • Fill the application form with your basic details 

  • Select your loan amount and tenure 

  • Submit the form for verification

After you submit the application form, wait for the lender’s representative to reach out to you. They will further instruct you on the next steps.

Amortisation Table for a Personal Loan of ₹3 Lakhs

A ₹3 lakh loan at a 10% interest rate for 6 months comes with the following amortisation breakdown:

Month

Payable Amount

Principal

Interest

Balance

Month 1

₹51,468

₹48,968

₹2,500

₹2,51,032

Month 30

₹51,468

₹49,376

₹2,092

₹2,01,655

Month 3

₹51,468

₹49,788

₹1,680

₹1,51,867

Month 4

₹51,468

₹50,203

₹1,266

₹1,01,664

Month 5

₹51,468

₹50,621

₹847

₹51,043

Month 6

₹51,468

₹51,043

₹425

₹0

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

Impact of Pre and Post-Personal Loan Approval on CIBIL Score

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.

Uses of a ₹3 Lakh Personal Loan

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.

Check Other Instant Personal Loan Options

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

3 Lakh Personal Loan
How can I get an instant ₹3 Lakh loan?

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

You can get a ₹3 Lakh loan at interest rates starting from just 9.99% p.a. on Bajaj Markets.

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

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

You can opt for repayment periods spanning from a few months to 8 years when applying for a personal loan of ₹3 Lakhs on Bajaj Markets.

Apply for a ₹3 lakh personal loan on Bajaj Markets and get instant approval. The amount is usually disbursed to your bank account within a few minutes.

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