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BAJAJ FINSERV DIRECT LIMITED

Personal Loan of ₹60,000

You can easily get a personal loan of ₹60,000 through Bajaj Markets via a simple online application process.

Your Personal Loan EMI

₹ 5,275

Total Interest Amount

₹ 3,299

Principal Amount

₹ 60,000

Total Payable Amount

₹ 63,299

Loan Amount

Interest Rate

- +

Tenure

- +

Instant Approval

You can also make instant comparisons between loan offers from over 20 personal loan providers on Bajaj Markets.

Lenders Offering Personal Loans of ₹60,000 on Bajaj Markets

Obtain a ₹60,000 personal loan from various lenders on Bajaj Markets without collateral. Go through the table below for the maximum tenure and interest rates of various lenders to identify the most suitable option:

Lender	Max. Tenure	Min. Interest Rate
Bajaj Finance Limited	96 months	10% p.a.
Kotak Mahindra Bank	72 months	10.99% p.a.
Federal Bank	48 months	11% p.a.
L&T Finance	48 months	12% p.a.
SMFG India Credit	60 months	12% p.a.
Kissht	24 months	14% p.a.
Fibe	36 months	14% p.a.
KreditBee	24 months	14% p.a.
PaySense Partners	60 months	14% p.a.
Muthoot Finance	60 months	14.50% p.a.
Finnable	60 months	15.95% p.a.
InCred	60 months	16% p.a.
Moneyview	60 months	16% p.a.
Upwards	36 months	18% p.a.
MoneyTap	36 months	18% p.a.
Olyv	12 months	18% p.a.
Zype	12 months	18% p.a.
CASHe (Bhanix Finance)	18 months	2.79% p.m.

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

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

The following example will help you understand how tenure affects your loan EMI. Suppose you take a loan of ₹60,000 at an interest rate of 10% per annum. Depending on the selected tenure, the instalment amount will be as shown in the table below.

Tenure	EMI Amount	Total Interest Payable	Total Repayment Cost
1 Year (12 Months)	₹5,275	₹3,299	₹63,299
3 Years (36 Months)	₹1,936	₹9,697	₹69,697
5 Years (60 Months)	₹1,275	₹16,489	₹76,489
8 Years (96 Months)	₹910	₹27,403	₹87,403

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

Fees and Charges for a Personal Loan of ₹60,000 Available on Bajaj Markets

Some lenders may charge a processing fee for the loan. Additionally, if you choose to close the loan early or make partial payments, you may incur a penalty fee. Find the details below:

Fees and Charges	Details
Processing Fees	Up to 12% of the loan amount
Foreclosure Charges	Up to 6% of the amount
Part-payment Charges	Up to 20% of the amount

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

How to Calculate Your Personal Loan EMI

You can manually calculate your ₹60,000 instant loan EMI using a simple formula. Here is how:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Here:

P = Loan amount
R = Monthly interest rate (Annual interest rate/12/100)
N = Loan tenure in months

Consider this example:

Assuming you are applying for a personal loan of ₹60,000 at an interest rate of 10% per annum for 40 months, the EMI will be ₹1,770. The total interest payable will be ₹10,802, bringing the total repayment amount to ₹70,802.

Amortisation Table for a Personal Loan of ₹60,000

A ₹60,000 loan at a 10% interest rate for 6 months includes the following amortisation breakdown:

Month	Payable Amount	Principal	Interest	Balance
Month 1	₹10,294	₹9,794	₹500	₹50,206
Month 2	₹10,294	₹9,875	₹418	₹40,331
Month 3	₹10,294	₹9,958	₹336	₹30,373
Month 4	₹10,294	₹10,041	₹253	₹20,333
Month 5	₹10,294	₹10,124	₹169	₹10,209
Month 6	₹10,294	₹10,209	₹85	₹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 ₹60,000 personal loan can have either a positive or negative impact on your CIBIL score and financial profile. Here is how:

Pre-approval Impact

When you apply for a personal loan, the lender reviews your credit report through a hard inquiry. This may result in a temporary decrease in your CIBIL score. The extent of the impact depends on your credit history and recent inquiries.

Post-repayment impact

Timely repayments contribute to an improved CIBIL score, demonstrating responsible credit behaviour. A strong repayment history enhances eligibility for future loans with favourable terms.

Uses of a Personal Loan of ₹60,000

An instant loan of ₹60,000 can help you cover various urgent and planned personal expenses. Here is how you can use it:

Sudden Trips

Urgent travel plans often require immediate funds. A ₹60,000 loan can help you manage travel expenses, including tickets, hotel bookings, and other essentials.

Home Remodelling

Home renovation projects can exceed budgets. The loan provides the extra financial support needed to complete the project without disruption.

Medical Emergencies

Medical emergencies can result in unexpected costs that insurance may not fully cover. A personal loan can help manage these high expenses and provide financial relief during urgent treatments and procedures.

Wedding Expenses

Weddings involve significant costs, and additional expenses can arise unexpectedly. A personal loan helps cover unplanned costs during the ceremony.

Moving to a New Place

Relocation often involves urgent expenses. A personal loan can assist with shifting costs, rent deposits, and other relocation-related expenses, ensuring a smooth transition.

Other Instant Personal Loan Options

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10,000 Personal Loan	15,000 Personal Loan	20,000 Personal Loan	25,000 Personal Loan
30,000 Personal Loan	40,000 Personal Loan	45,000 Personal Loan	50,000 Personal Loan
55,000 Personal Loan	65,000 Personal Loan	70,000 Personal Loan	75,000 Personal Loan
80,000 Personal Loan	85,000 Personal Loan	90,000 Personal Loan	95,000 Personal Loan
1 Lakh Personal Loan	2 Lakh Personal Loan	3 Lakh Personal Loan	4 Lakh Personal Loan
5 Lakh Personal Loan	6 Lakh Personal Loan	7 Lakh Personal Loan	8 Lakh Personal Loan
9 Lakh Personal Loan	10 Lakh Personal Loan	15 Lakh Personal Loan	20 Lakh Personal Loan
25 Lakh Personal Loan	30 Lakh Personal Loan	50 Lakh Personal Loan

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 lender calculates the monthly EMI for a ₹60,000 personal loan based on the offered interest rate and the repayment tenure chosen 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 10% 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 lender for a ₹60,000 personal loan?

Some prominent lenders who offer a personal loan of ₹60,000 on Bajaj Markets include Bajaj Finance Limited, Kotak Mahindra Bank, Federal Bank, and L&T Finance, among others.

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 the bank will issue a notice. This notice closes as soon as the loan defaulter pays the pending dues. If the loan is not repaid within the notice period, then the lender can take legal action against the borrower as well.

Can I obtain a ₹60,000 loan without documents?

You can obtain an instant loan without documents through digital lending solutions. Many financial institutions offer personal loans with online verification.

Can I get a ₹60,000 loan on an Aadhaar card or PAN card?

You can get a ₹60,000 loan using an Aadhaar card or PAN card along with other documents. The lender's specific requirements will ultimately determine the approval.

Is it possible to get a ₹60,000 loan?

Yes, it is possible to get a ₹60,000 loan through various lenders depending on your eligibility.

Is it easy to get a ₹60,000 loan?

It can be easy to get a ₹60,000 loan if you meet the eligibility criteria set by the lender, such as a stable income and a good credit score.

Is ₹60,000 a good amount?

₹60,000 can be a suitable loan amount depending on your financial needs and repayment capacity.

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Personal Loan of ₹60,000

Lenders Offering Personal Loans of ₹60,000 on Bajaj Markets

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

Fees and Charges for a Personal Loan of ₹60,000 Available on Bajaj Markets

How to Calculate Your Personal Loan EMI

Amortisation Table for a Personal Loan of ₹60,000

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

Uses of a Personal Loan of ₹60,000

Other Instant Personal Loan Options

Frequently Asked Questions

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