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₹8 Lakh Personal Loan

A personal loan of ₹8 Lakhs is ideal for those looking to meet medium to large expenses without disturbing their savings. 

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Available on Bajaj Markets, this loan comes with no end-use restrictions, attractive interest rates starting from 10% p.a. and flexible repayment tenures of up to 96 months.

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Your Personal Loan EMI
₹ 26,571
Total Interest Amount
₹ 156,572
Principal Amount
₹ 8,00,000
Total Payable Amount
₹ 9,56,572
Loan Amount i
Interest Rate
- +
Min value reached
Max value reached
Tenure
Months drop-down-img
  • Years
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Min value reached
Max value reached
Instant Approval

The fast application process and instant disbursal ensure you get funds exactly when you need them. 

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You can also compare loan offers from multiple lending partners on Bajaj Markets. Check interest rates, total payable amounts, and EMIs for better financial planning.

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Overview

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.

Compare ₹8 Lakhs Personal Loan Interest Rates by Various Banks & NBFCs

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:

Lender

Max. Loan Amount

Min. Interest Rate

Max. Tenure

Processing Fee

Bajaj Finance

₹55 Lakhs

10.00% 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

SMFG India Credit

₹25 Lakhs

12.00% p.a.

60 months

0% to 6% of the loan amount

L&T Finance

₹15 Lakhs

12.00% p.a.

48 months

Up to 3% of the loan amount + GST

YES BANK

₹50 Lakhs

12.50%

72 months

1.15% to 2.75% of the loan amount

Muthoot Finance

₹10 Lakhs

14.50%

60 months

2% to 4% of the loan amount

Finnable

₹10 Lakhs

15.95%

60 months

Up to 3% of the loan amount

InCred

₹10 Lakhs

16%

60 months

2% to 5% of the sanctioned amount

moneyview

₹10 Lakhs

16% (1.33% p.m.)

60 months

Starts from 2% of the approved loan amount

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

₹8 Lakh Personal Loan EMI for Different 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:

Tenure

EMI Amount

Interest Rate

Total Interest Payable

Total Repayment Cost

₹8 Lakhs Loan for 1 year  

₹70,332

10% p.a. 

₹43,992

₹8,43,992

₹8 Lakhs Loan for 3 Years 

₹25,813

10% p.a. 

₹1,29,294

₹9,29,294

₹8 Lakhs Loan for 5 Years  

₹16,997

10% p.a. 

₹2,19,858

₹10,19,858

₹8 Lakhs Loan for 8 Years  

₹12,139

10% p.a. 

₹3,65,375

₹11,65,375

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

₹8 Lakh Personal Loan: Fees and Charges

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

Fees and Charges

Details

Processing Fees

Up to 6% of the loan amount

Foreclosure Fees

Up to 7% on the outstanding loan amount

Part-payment Charges

Up to 25% of principal outstanding

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

How to Calculate Your Personal Loan EMI

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.

Eligibility & Documents for a Personal Loan of ₹8 Lakhs

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

  • Must be an Indian citizen

  • Should be a salaried or self-employed individual

  • Minimum age of 18 years at the time of application

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

  • Must have at least 1 year of total work experience

  • A CIBIL score of 750 or above for better approval chances

 

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

Identity Proof (any one of the following):

  • PAN card

  • Aadhaar card

  • Voter ID

  • Passport

  • Driving licence

Address Proof (any one of the following):

  • Voter ID

  • Aadhaar card

  • Passport

  • Driving licence

  • Electricity bill

  • Telephone bill

Income Proof (any one of the following):

  • Bank statements

  • Salary slips for the last 3 months

How to Apply for a Personal Loan of ₹8 Lakhs

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

  • Click on ‘Instant Approval’ button in the calculator section

  • Fill the online application form with your basic details  .

  • Enter the loan amount and tenure 

  • Submit the application 

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

Amortisation Table for a Personal Loan of ₹8 Lakhs

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:

Month

Payable Amount

Principal

Interest

Balance

Month 1

₹1,37,249

₹1,30,582

₹6,667

₹6,69,418

Month 2

₹1,37,249

₹1,31,671

₹5,578

₹5,37,747

Month 3

₹1,37,249

₹1,32,768

₹4,481

₹4,04,979

Month 4

₹1,37,249

₹1,33,874

₹3,375

₹2,71,105

Month 5

₹1,37,249

₹1,34,990

₹2,259

₹1,36,115

Month 6

₹1,37,249

₹1,36,115

₹1,134

₹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

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.

Uses of a ₹8 Lakh Personal Loan

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.

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.

Frequently Asked Questions

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

You are usually required to have a monthly salary of at least ₹10,000 to be eligible for a ₹8 Lakhs loan. However, this requirement may vary from one lender to another.

Ideally, you are required to have a CIBIL score of 750 or more to qualify for a ₹8 Lakhs personal loan.

The EMI for a ₹8 Lakhs personal loan at an interest rate of 10% p.a. based on different tenures:

  • ₹8 Lakhs Loan for 1 year: ₹70,332

  • ₹8 Lakhs Loan for 3 years: ₹25,813

  • ₹8 Lakhs Loan for 5 years: ₹16,997

  • ₹8 Lakhs Loan for 8 years: ₹12,139

Personal loan tenures typically range from 12 to 96 months. The maximum repayment period varies, depending on the lender's policies.​

Personal loans are usually unsecured, meaning they don't require collateral or a guarantor. However, if your credit profile doesn't meet the lender's criteria, they might request a guarantor or collateral to mitigate their risk.

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