₹8 Lakh Personal Loan

Need funds urgently to address your planned or unforeseen expenses? A personal loan of ₹8 Lakhs is ideal for those looking to meet medium to large expenses without disturbing their savings. You can use these funds for home renovation, debt consolidation, destination wedding and more.

For example, if you take a ₹8 Lakh personal loan for a 3-year tenure at 10% p.a., your EMI would be approximately ₹25,813, and the total interest payable would be around ₹1,29,294 over the loan period.

Choosing a 5-year tenure will decrease your EMI to about ₹16,997 but increase your overall interest payout to ₹2,19,585.

Use the calculator to explore repayment structures across various tenures and make informed financial plans.

Several leading banks and financial institutions offer a personal loan of ₹8 Lakhs at competitive interest rates and a tenure of up to 96 months. Here is a list of partner lenders with their interest rates and repayment tenures:

If you are taking a personal loan of ₹8 Lakhs with an interest rate of 10%, your repayment amount will vary as per the chosen tenure. Here is a breakdown of EMIs, total interest and total repayment costs for a ₹8 Lakhs personal loan for various tenures:

There are additional charges you may need to pay along with the EMI and interest rate. The details are provided below:

You can easily calculate your personal loan EMI using an online EMI calculator on Bajaj Markets. Here’s how you can do it:

EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]

Where:

• P = Loan amount

• R = Monthly interest rate (Annual interest rate/12/100)

• N = Loan tenure in months

To calculate it manually, assume the loan amount is ₹8 Lakhs with an interest rate of 10.00% p.a. for 72 months. The EMI will be ₹14,820. The total interest paid will amount to ₹2,67,088, and the total repayment will be ₹10,67,088.

To qualify for a personal loan of ₹8 Lakhs, you need to meet the following requirements.

1. Must be an Indian citizen

2. Should be a salaried or self-employed individual

3. Minimum age of 18 years at the time of application

4. Should have a monthly income of at least ₹10,000

5. Must have at least 1 year of total work experience

6. The recommended CIBIL score for a personal loan of ₹8 Lakhs is at least 750. Ensure that you check your CIBIL score online for confirming your eligibility for the loan.

To apply for a personal loan of ₹8 Lakhs, you’ll need to submit a few essential documents for identity, address, and income verification:

Here are step-by steps on how to apply for a loan online:

1. Click here to visit the loan application webpage

2. Choose your occupation from the dropdown menu

3. Type your contact number and residential PIN code.

4. Read and accept the listed terms and conditions.

5. Click ‘Proceed’ to move to the next step.

6. Fill in your personal and job-related details, including PAN, full name, birth date, monthly income, employer type and name, email ID, gender, and salary credit method.

7. Click ‘Submit’ to see the eligible loan offers.

8. Select your preferred loan option, set the tenure, and submit the application.

A representative will then be in touch to move things forward after submission of the application.

Suppose you take a loan of ₹8 Lakhs at an interest rate of 10.00% and a tenure of 6 months. Here is the amortisation breakdown:

Your CIBIL score reflects your creditworthiness and financial reliability. Here's how a personal loan can impact your score:

Pre-Approval Impact

• When you apply for a personal loan, the lender performs a hard inquiry on your credit report. This inquiry is recorded and may cause a slight dip in your credit score temporarily.

Post-repayment Impact

• Making timely repayments improves your credit score by demonstrating responsible debt management. Consistent payments enhance your credit profile, increasing your chances of securing future credit at better terms.

A personal loan of ₹8 Lakhs can help you handle major expenses without disturbing your savings. It offers financial support for various planned and unplanned needs. Some of the uses are given below:

Wedding Expenses

Weddings can be expensive, with costs for the venue, catering, decorations, and photography. A personal loan helps you to plan your dream wedding without financial stress, covering everything from the venue to the honeymoon. You can also use it for guest accommodations, last-minute bookings, or other unforeseen wedding expenses

Home Renovation

Whether you want to remodel your home or fix broken fixtures, a personal loan can make it easier to upgrade your living space. Instead of delaying repairs due to a lack of funds, the loan allows you to make necessary improvements immediately.

Education Costs

Higher education is essential, but often comes with heavy costs for tuition, accommodation, books, and other related expenses. With an ₹8 Lakhs loan, you can ensure that your or your child’s education isn’t interrupted due to financial constraints.

Medical Emergencies

Health emergencies can arise unexpectedly, and the costs for hospitalisation, treatment, and medicine can be overwhelming. A personal loan ensures you have immediate access to funds, helping you cover these urgent medical expenses.

Travel Plans

If you are dreaming of a vacation, a personal loan can make it happen. Whether it's a family trip or international holiday, you can use the loan for flights, hotels and shopping. 

Debt Consolidation

Managing multiple loans and credit card bills can be stressful. A personal loan helps you pay them off, combining all debts into one simple EMI. This reduces your financial burden and helps you manage money better by avoiding multiple high-interest payments every month.

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.