₹6 Lakhs Personal Loan

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.

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

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:

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

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.

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

• You must be an Indian citizen.

• You should be at least 18 years old to apply.

• You can apply whether you are salaried or self-employed.

• Your monthly income should be ₹15,000 or more.

• An ideal CIBIL score for a ₹6 Lakhs personal loan is typically 750 or above. You can check your CIBIL score online within minutes to stay updated.

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

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.

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:

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.

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.

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.