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You can get ₹8 Lakh personal loan at interest rates starting from 10.99% p.a. The application process is fast and simple with minimal documentation requirements. You can also get a tenure of up to 96 months to repay the loan as per your convenience.

Interest Rate for ₹8 Lakh Personal Loan

Here are lenders that offer ₹8 Lakh loan on Bajaj Markets:

Lenders

Starting Interest Rate

Bajaj Finance

10% p.a.

Finnable

15.95% p.a.

InCred

16% p.a.

Kotak Mahindra Bank

10.99% p.a. 

moneyview

15.96% p.a.

Muthoot Finance

14.50% p.a.

SMFG India Credit

12% p.a.

YES BANK

12.50% p.a.

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

Calculate the EMI for a Personal Loan of ₹8 Lakhs

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

₹8 Lakh Personal Loan EMI Over Varying Tenures

Let’s say you got ₹8 Lakh loan at an interest rate of 10.99% p.a. Here’s how a change in tenure impacts the instalment amount:

Tenure

EMI Amount

Total Interest Payable

Total Repayment Cost

12 months

₹70,701.60

₹48,419.14

₹8,48,419.14

24 months

₹37,282.56

₹94,781.36

₹8,94,781.36

36 months

₹26,187.19

₹1,42,738.67

₹9,42,738.67

48 months

₹20,672.53

₹1,92,281.60

₹9,92,281.60

60 months

₹17,389.95

₹2,43,396.94

₹10,43,396.94

72 months

₹15,223.17

₹2,96,067.95

₹10,96,067.95

84 months

₹13,693.74

₹3,50,274.43

₹11,50,274.43

96 months

₹12,562.43

₹4,05,992.90

₹12,05,992.90

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

Eligibility Criteria & Documents Required for ₹8 Lakh Personal Loan

The eligibility criteria for a ₹8 Lakhs personal loan is as follows:

  • Nationality: Indian 

  • Minimum age: 18 years

  • Employment type: Self-employed or salaried individuals

  • Monthly income: ₹15,000 or more

  • CIBIL score: 750 or more

Also, furnish the following documents when applying for the loan:

  • 2 passport-size photographs

  • Income Proof

    • Salary slips

    • Bank statements of 3 to 6 months

  • ID Proof: Any one of the following

    • Driving licence

    • PAN card

    • Aadhaar Card

    • Passport

    • Voter ID

  • Address Proof: Any of the following

    • Aadhaar card

    • Passport

    • Driving licence

    • PAN card

    • Voter ID

You may be required to submit some additional documents when applying for ₹8 lakh loan. Get a complete list of the necessary paperwork from your lender before you apply for a smooth application process.

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

What is the minimum salary required to get a ₹8 Lakh personal loan?

You are usually required to have a monthly salary of at least ₹15,000 to be eligible for a ₹8 Lakh loan. However, this requirement may vary from one lender to another.

What CIBIL score is required to get a ₹8 Lakh personal loan?

Ideally, you are required to have a CIBIL score of 650 or more to qualify for a ₹8 Lakh personal loan.

What are the benefits of a ₹8 Lakh personal loan?

₹8 Lakh loan can be used to fulfil multiple requirements. Some of these include:

  • Home renovation

  • Down payment

  • Debt consolidation

  • Large purchases

  • Vacation

  • Business trip

  • Education fee, etc.

 

The ₹8 Lakh loan is easily accessible and can be useful in bridging the gap in your finances during emergencies. The amount once approved is sent to your bank account within minutes. Also, you can get a tenure of up to 96 months, which makes it easy to manage and repay the loan.

What is the EMI for a 8 Lakh personal loan?

The EMI for your 8 Lakh personal loan would depend on the repayment tenure and the interest rate that is levied by your lender. For example, the 8 Lakh personal loan EMI for 3 years would be different from that of 8 Lakh personal loan EMI for 5 years. You can get a fair idea of the payable EMI in a few seconds by making use of the personal loan EMI calculator

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