Get Lowest Personal Loan Interest Rate ✓ Quick Disbursal ✓ Minimum Documentation! Apply Now

You can easily get a personal loan of ₹60,000 through Bajaj Markets via a simple online application process. The interest charged on the loan starts from just 9.99% p.a. while the tenure can range up to 96 months. On Bajaj Markets, choose from multiple lenders, benefit from zero hidden charges and enjoy instant disbursal.

Interest Rates for a Personal Loan of ₹60,000

The interest rate charged on a personal loan of ₹60,000 by lenders on Bajaj Markets are as follows:

Lenders

Starting Interest Rate

Bajaj Finance

10% p.a.

CASHe

27% p.a.

Federal Bank

11% p.a.

Fibe

14% p.a.

Finnable

15.95% p.a.

InCred

16% p.a.

Kissht

14% p.a.

Kotak Mahindra Bank

10.99% p.a. 

KreditBee

15% p.a.

L&T Finance

12% p.a.

moneyview

15.96% p.a.

Muthoot Finance

14.50% p.a.

Olyv

18% p.a.

PaySense

14% p.a.

Privo

9.99% p.a.

SMFG India Credit

12% p.a.

Upwards

18% p.a.

Zype

18% p.a.

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

Calculate the EMI for a Personal Loan of ₹60,000

Loan Amount
Tenure
Months
Rate of Interest
Personal Loan
Your Monthly Personal Loan EMI
Principal Amount
Total Interest
Total Amount Payable
Amortization Schedule
Download Amortization Schedule Download
Expand Amortization Schedule
Year EMI Principal Interest Balance

EMI for a Personal Loan of ₹60,000 Over Varying Tenures

The following example will help you understand how tenure affects your loan EMI. Let’s say you took a loan of ₹60,000 at an interest rate of 9.99% p.a. As per the chosen tenure, the instalment amount will be as shown in the table below:

Tenure

EMI Amount

Total Interest Payable

Total Repayment Cost

12 months

₹5,274.67

₹3,296.09

₹63,296.09

24 months

₹2,768.42

₹6,442.05

₹66,442.05

36 months

₹1,935.75

₹9,686.98

₹69,686.98

48 months

₹1,521.47

₹13,030.41

₹73,030.41

60 months

₹1,274.53

₹16,471.65

₹76,471.65

72 months

₹1,111.25

₹20,009.84

₹80,009.84

84 months

₹995.76

₹23,643.93

₹83,643.93

96 months

₹910.13

₹27,372.71

₹87,372.71

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

The EMI amount reduces as the tenure increases. On the other hand, there is a rise in the interest cost, which leads to a surge in the total repayment cost. Compare the probable EMIs across different tenure options to assess which repayment period best suits your preferences and requirements. Budget accordingly and ensure that you make timely payments to avoid any additional charges in the form of a penalty.

Eligibility Criteria and Documents Required for a Personal Loan of ₹60,000

To qualify for a personal loan of ₹60,000 you are usually required to meet the criteria listed below:

  • You must be an Indian citizen 

  • Your age must be 18 years or more

  • If salaried, you must be working in a reputed company for at least 2 to 3 years

  • If self-employed professional or non-professional, you must be running a successful business for at least 1 year

  • You should have a minimum monthly earning of ₹15,000 

Furthermore, the lender will require you to submit the documents listed below when applying for a personal loan of ₹60,000:

  • Identity proof: PAN card, Aadhaar card, voter ID, etc.

  • Address proof: Aadhaar card, passport, utility bills, etc

  • Income proof: Bank statement of the last 6 months 

 

Here are some additional documents you may have to submit depending on the nature of your employment:

  • For salaried applicants:

    • Salary slips of the previous 3 months

    • Form 16

    • ITR filings

  • For self-employed applicants:

    • Form 26AS

    • TDS certificate 

    • Income Tax challan of the business

    • ITR filing of the last 2 years 

    • Proof of business origination

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 a ₹60,000 instant personal loan?

Online banking has made it very easy for borrowers to apply for loans and complete the process digitally. Simply submit your application for a ₹60,000 personal loan online along with the necessary documents. However, if you want to understand more details, then you can also choose to visit the nearest branch of the bank and apply in person.

What is the monthly EMI for a ₹60,000 personal loan?

The monthly EMI for a ₹60,000 personal loan is calculated based on the interest rate offered by the lender and the repayment tenure selected by the borrower.

What is the interest rate levied on a ₹60,000 personal loan?

Ideally, the interest rate for a personal loan with most financial institutions starts from 9.99% p.a. However, these rates are subject to the policies of your chosen lender.

Can I get a ₹60,000 loan without collateral?

Personal loans are generally unsecured loans. It means you do not need to put up any collateral to avail of the loan.

Which is the best bank for a ₹60,000 personal loan?

Some prominent lenders who offer a personal loan of ₹60,000 on Bajaj Markets include:

  • Bajaj Finance

  • CASHe

  • Federal Bank

  • Fibe

  • Finnable

  • InCred

  • Kissht

  • Kotak Mahindra Bank

  • KreditBee

  • L&T Finance

  • moneyview

  • mPokket

  • Muthoot Finance

  • Olyv

  • PaySense

  • Privo 

  • SMFG India Credit

  • Upwards

  • Zype

Every bank, financial institution, or lender will offer competitive interest rates and a different repayment tenure. Hence, it is best to do your due diligence and approach multiple lenders for a ₹60,000 personal loan quotation and know which lender meets your needs the best.

What will happen if I default on the ₹60,000 personal loan?

For any foreseeable reason, if the borrower defaults on their ₹60,000 personal loan, then a 60-day notice is issued by the bank. This notice closes as soon as the pending dues are paid by the loan defaulter. If the loan is not repaid within the notice period, then the lender can take legal action against the borrower as well.

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