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₹6 Lakhs Personal Loan

A personal loan of ₹6 Lakhs can be easily secured Bajaj Markets to finance major purchases or other needs.

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 Benefit from low interest rates, minimal documentation, and convenient repayment options. Use the Personal Loan EMI Calculator to estimate your monthly instalments based on the loan amount, interest rate, and tenure.

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Your Personal Loan EMI
₹ 53,872
Total Interest Amount
₹ 46,467
Principal Amount
₹ 6,00,000
Total Payable Amount
₹ 6,46,467
Loan Amount i
Interest Rate
- +
Min value reached
Max value reached
Tenure
Months drop-down-img
  • Years
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Min value reached
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Instant Approval

With Bajaj Markets, you can get your loan approved quickly and seamlessly. You can compare loan offers from over 20 trusted lenders.

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

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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 12% p.a., your EMI would be approximately ₹15,800. Over the course of the loan, the total interest payable would be around ₹1.58 Lakhs.

Alternatively, a shorter 2-year tenure would increase the EMI to around ₹28,244, but reduce the interest payable to ₹77,858.

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 & NBFCs

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

Lenders

Max. Loan Amount

Min Interest Rate

Max Tenure

Processing Fee

Bajaj Finance

₹55 Lakhs

10% p.a.

96 months

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

Kotak Mahindra Bank

₹40 Lakhs

10.99% p.a.

72 months

Up to 1.50% of the loan amount + 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% p.a.

72 months

1.15% to 2.75% of the loan amount

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.

60 months

Starts from 2% of the approved loan amount

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

₹6 Lakh 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 Lakh 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 & 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:

  • Nationality: Indian

  • Minimum age: 18 years 

  • Employment type: Salaried or self-employed

  • Monthly income: ₹15,000 or more

  • Minimum CIBIL score: 750 or more

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

Income Proof (Any one of the following):

  • Salary slips

  • Bank statement of the last 3 to 6 months

ID Proof: (Any one of the following):

  • Driving licence

  • PAN card

  • Aadhaar card

  • Passport

  • Voter ID

Address Proof (Any one of the following):

  • Aadhaar card

  • Passport

  • Driving licence

  • PAN card

  • Voter ID

How to Apply for a Personal Loan of ₹6 Lakhs

  • Click on ‘Apply for a personal loan’

  • Enter your personal details in the online application form

  • Specify the loan amount and repayment tenure

  • Submit the form

A representative will contact you afterwards to help you with the rest of your application.

Amortisation Table for a Personal Loan of ₹6 Lakhs

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 Lakh 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.

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

6 Lakh Personal Loan
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.

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