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₹6 Lakhs Personal Loan

A personal loan of ₹6 Lakhs can be easily secured on Bajaj Markets to finance major purchases or other needs. Benefit from low interest rates, minimal documentation, and convenient repayment options.
Your Personal Loan EMI
₹ 9,104
Total Interest Amount

₹ 274,032

Principal Amount

₹ 6,00,000

Total Payable Amount

₹ 8,74,032

Loan Amount i
Interest Rate
- +
Min value reached
Max value reached
Tenure
Months arrow-down-img
  • Years
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With Bajaj Markets, you can get your loan approved quickly and seamlessly. You can compare loan offers from over 20 trusted lenders.

...

 This ensures you not only get the best deal but also plan your finances efficiently.

 Read More

Overview

If you’re planning to invest a significant amount or have a high-value financial need, a ₹6 Lakhs personal loan can be a dependable choice. It doesn’t require collateral and gives you the financial freedom to spend as per your requirements. You could use it be it on home renovation, business expansion, or advanced medical care.

For instance, if you opt for a ₹6 Lakhs loan with a 4-year tenure at an interest rate of 10% p.a., your EMI would be approximately ₹15,217. Over the course of the loan, the total interest payable would be around ₹1.30 Lakhs.

Alternatively, a shorter 2-year tenure would increase the EMI to around ₹27,686, but reduce the interest payable to ₹64,486.

This flexibility makes it easier to match your loan payments with your monthly budget. With a simple digital application process and fast disbursal, you can secure the funds you need without any delays or complications.

Compare ₹6 Lakhs Personal Loan Interest Rates by Various Banks and NBFCs

Here are all the lenders on Bajaj Markets that provide a ₹6 Lakhs personal loan:

Available Offerings

Max. Loan Amount

Min Interest Rate

Max Tenure

Processing Fee

Bajaj Finance Personal Loan

₹55 Lakhs

10% p.a.

96 months

Up to 3.93% of the loan amount (Inclusive of applicable taxes)

Kotak Mahindra Bank Personal Loan

₹40 Lakhs

10.99% p.a.

72 months

Up to 1.50% of the loan amount + GST

L&T Finance Personal Loan

₹15 Lakhs

12% p.a.

48 months

Up to 3% of the loan amount + GST

SMFG India Credit Personal Loan

₹25 Lakhs

12% p.a.

60 months

0% to 6% of the loan amount

YES BANK Personal Loan

₹50 Lakhs

12.50% p.a.

72 months

1.15% to 2.75% of the loan amount

Aditya Birla Capital Personal Loan

₹7 Lakhs

13.50% p.a.

60 Months

Up to 4% of the loan amount + GST

Muthoot Finance Personal Loan

₹10 Lakhs

14.50% p.a.

60 months

2% to 4% of the loan amount

Finnable Personal Loan

₹10 Lakhs

15.95% p.a.

60 months

Up to 3% of the loan amount

InCred Personal Loan

₹10 Lakhs

16% p.a.

60 months

2% to 5% of the sanctioned amount

moneyview Personal Loan

₹10 Lakhs

16% p.a.

60 months

Starts from 2% of the approved loan amount

Piramal Finance Personal Loan

₹6 Lakhs

17.25% p.a.

60 months

1.50% to 4.50% of the loan amount

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

₹6 Lakhs Personal Loan EMI for Different Tenures

Suppose you take a loan of ₹6 Lakhs at an interest rate of 10% p.a. The following table shows how the instalment amount varies across different repayment periods:

Tenure

EMI Amount

Interest Rate

Total Interest Payable

Total Repayment Cost

₹6 Lakhs Loan for 1 Year

₹52,749.53

10% p.a.

₹32,994.39

₹6,32,994.39

₹6 Lakhs Loan for 2 Years

₹27,686.96

10% p.a.

₹64,486.94

₹6,64,486.94

₹6 Lakhs Loan for 3 Years

₹19,360.31

10% p.a.

₹96,971.24

₹6,96,971.24

₹6 Lakhs Loan for 4 Years

₹15,217.55

10% p.a.

₹1,30,442.4

₹7,30,442.4

₹6 Lakhs Loan for 5 Years

₹12,748.23

10% p.a.

₹1,64,893.61

₹7,64,893.61

₹6 Lakhs Loan for 6 Years

₹11,115.5

10% p.a.

₹2,00,316.19

₹8,00,316.19

₹6 Lakhs Loan for 7 Years

₹9,960.71

10% p.a.

₹2,36,699.67

₹8,36,699.67

₹6 Lakhs Loan for 8 Years

₹9,104.5

10% p.a.

₹3,74,031.85

₹8,74,031.85

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

₹6 Lakhs Personal Loan: Fees and Charges

When applying for a personal loan, there may be additional charges applicable. Here are the details:

Fees and Charges

Details

Processing Fees

Up to 6% of the loan amount

Foreclosure Charges

Up to 6% of the amount

Part-payment Charges

Up to 25% of the amount

Disclaimer: The 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 have taken an instant personal loan of ₹6 Lakhs from Bajaj Markets. Consider the interest rate as 10% p.a. and the loan tenure of 60 months. Using the formula, the EMI will be ₹12,748. The total interest will be ₹1,64,893, and the total amount payable will be ₹7,64,893.

Eligibility and Documents Criteria for a Personal Loan of ₹6 Lakhs

The eligibility criteria may differ from lender to lender. The following details give you a general idea of the personal loan eligibility requirements:

You may also be asked to provide the following documents when applying for the loan:

Income Proof (Any one of the following)

ID Proof (Any one of the following)

Address Proof (Any one of the following)

Salary slips

Driving licence

Aadhaar card

Bank statement of the last 3 to 6 months

PAN card

Passport

 

Aadhaar card

Driving licence

 

Passport

PAN card

 

Voter ID

Voter ID

How to Apply for a Personal Loan of ₹6 Lakhs

You can apply for the loan through both the Bajaj Markets website and the mobile app. Here’s how:

  1. Click here to begin your loan application

  2. Choose your profession from the dropdown list

  3. Enter your mobile number and PIN code

  4. Read and agree to the terms and conditions

  5. Click on ‘Proceed’ to continue.

  6. On the next screen, fill in the following details:

    • Full name (as per PAN)

    • Date of birth

    • PAN number

    • Email address

    • Gender

    • Net monthly income

    • Employer category

    • Employer or company name

    • Salary credit method (Bank or Cash)

  7. After entering all details, click on ‘Submit’

  8. You’ll then view loan offers tailored to your eligibility

  9. Select your preferred option, choose the repayment tenure, and proceed with the application.

You’ll be redirected to the lender’s website to complete the further steps, including KYC, e-mandate, and disbursal.

Note: This process applies only to salaried individuals. If you select self-employed under profession, you’ll be guided to a different page to enter details like monthly turnover. Please follow the instructions as prompted.

₹6 Lakhs Personal Loan Monthly Payment Plan

Consider you take a loan of ₹6 Lakhs at an interest rate of 10% and a tenure of 6 months. Here is the amortisation breakdown:

Month 

Payable Amount

Principal

Interest

Balance

Month 1

₹1,02,937

₹97,937

₹5,000

₹5,02,063

Month 2

₹1,02,937

₹98,753

₹4,184

₹4,03,310

Month 3

₹1,02,937

₹99,576

₹3,361

₹3,03,734

Month 4

₹1,02,937

₹1,00,406

₹2,531

₹2,03,329

Month 5

₹1,02,937

₹1,01,242

₹1,694

₹1,02,086

Month 6

₹1,02,937

₹1,02,086

₹851

₹0

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

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

Taking a personal loan can impact your CIBIL score and overall financial profile. Here’s how:

Pre-approval Impact:

  • On applying for a personal loan, your credit report is checked by the lender. This check is called a hard inquiry. This will be reflected in your CIBIL report and may temporarily lower your score by a few points.

Post-repayment Impact:

  • On-time repayments have a positive impact on your credit score. It improves your creditworthiness, proving to the lender that you can handle debt.

Uses of a ₹6 Lakhs Personal Loan

A ₹6 Lakhs personal loan offers financial flexibility. It enables you to address significant expenses without compromising your savings. Here are some common uses of such a loan:

  • Home Renovation or Relocation

If you’re planning a major home makeover or moving to a new house, a personal loan can cover many expenses. This includes furniture upgrades, civil work, modular kitchen installations, or relocation costs.

  • Higher Education

Investing in education, whether for yourself or a family member, often requires substantial funds. A personal loan of ₹6 Lakhs can help cover tuition fees, accommodation, study materials, and even international education expenses.

  • Medical Emergencies 

A personal loan provides quick access to funds. In case of a medical emergency, it can help you manage hospital bills, surgeries, or specialised treatments without delay.

  • Debt Consolidation

Managing multiple debts can be challenging. By consolidating them into a single personal loan, you can simplify repayments, potentially at a lower interest rate. This makes financial management more straightforward.

Apply Now

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.

FAQs

What is the minimum salary for a ₹6 Lakhs loan?

You are usually required to have a minimum monthly income of ₹15,000 to qualify for a personal loan of ₹6 Lakhs. This may differ from one lender to another.

The CIBIL score requirement usually varies depending on the lender you choose. However, having a score of 750 or more is considered to qualify for the loan and get better loan terms. This includes low interest rates and flexible repayment options.

You can choose a repayment tenure of up to 96 months for a ₹6 Lakhs loan.

No, personal loans are collateral-free. They do not require you to pledge any of your assets to borrow ₹6 Lakhs.

You can apply for a personal loan of ₹6 Lakhs through Bajaj Markets, where multiple lenders offer quick approvals and fast disbursals. Ensure you meet the eligibility criteria, and keep your documents ready for a smoother process.

The interest rate depends on the lender you choose. On Bajaj Markets, personal loans of ₹6 Lakhs are available starting at 10% p.a. from select lenders.

If you take a ₹6 Lakhs loan at 10% interest for a tenure of 5 years, your estimated EMI would be around ₹12,748 per month.

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Get Personal Loan | Personal Loan for NRIs | Personal Loan for Self-employed | Personal Loan for ₹15,000 Salary | Personal Loan for a ₹1 Lakh Salary | Personal Loan for 6 Months | Personal Loan for 1 Year | CIBIL Score Online |
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