₹80,000 Personal Loan

An ₹80,000 personal loan is a practical option for managing short-term financial needs without pledging any security. The loan offers flexible repayment options and competitive interest rates. You can choose a repayment tenure of up to 72 months, which ensures convenient EMIs as per your financial comfort.

For example, an ₹80,000 personal loan with a 6-year tenure at 10.99% interest per annum results in an EMI of approximately ₹1,482. Over the entire loan tenure, the total interest payable amounts to around ₹26,708. Choosing a 1-year tenure increases the EMI to approximately ₹7,033, while reducing the total interest payable to about ₹4,399.

With minimal documentation and straightforward eligibility criteria, you can access the required funds on time without disrupting your savings.

Various banks and financial institutions offer ₹80,000 personal loans at Bajaj Markets without requiring collateral. Review their maximum tenure and interest rates in the table below to identify the most suitable option for you: 

Taking a personal loan of ₹80,000 at a 10.99% annual interest rate means your repayment amount will depend on the chosen loan tenure. Here is what it could look like:

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

You can calculate your Personal Loan EMI with the following formula.

EMI = [P x R x (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 ₹80,000 with an interest rate of 10% per annum for 50 months. The EMI will be ₹1,963. The total interest paid will amount to around ₹18,149, and the total repayment will be around ₹98,149.

Before applying for a personal loan of ₹80,000, it’s important to ensure that you meet the lender's minimum eligibility criteria. Fulfilling these conditions makes the loan process smoother and quicker.

1. You should be an Indian citizen

2. You should be salaried or self-employed

3. Your minimum age must be 18 years or older

4. You must have a minimum monthly income of ₹10,000

5. You should have at least 1 year of work experience

6. A CIBIL score of 600 or above is required

To successfully apply for a personal loan of ₹80,000, you also need to submit certain valid documents. These help lenders verify your identity, address, income, and creditworthiness.

Follow these simple steps to apply for a personal loan online:

1. Click on ‘Apply for a personal loan’

2. Fill in your basic personal information in the online form

3. Specify the loan amount and your preferred repayment tenure

4. Submit the form for verification

A representative will then contact you to assist with the next steps in processing your application.

Suppose you take a loan of ₹80,000 at an interest rate of 10% and a tenure of 6 months. Here is the amortisation breakdown:

Personal loans can impact your CIBIL score and financial profile in different ways. Here is how:

• Pre-approval Impact

When you apply for a personal loan, the issuer checks your credit report. This is known as a hard inquiry, which can lower your CIBIL score for a short period. 

• Post-approval Impact

Repaying your loan on time can positively affect your CIBIL score. It demonstrates financial responsibility and effective money management, making it easier to secure loans in the future.

A personal loan of up to ₹80,000 can help you manage various expenses, whether urgent or planned. Here is how you can use it:

• Unplanned Travel

Sudden trips often require immediate funds. A personal loan enables you to cover travel expenses, including tickets, accommodation, and other necessities.

• Home Renovation

Renovation projects can quickly exceed planned budgets. A personal loan provides the financial support that you need for home repairs, upgrades, or redecoration.

• Medical Emergencies

Unexpected health issues can be costly, and insurance may not cover everything. A personal loan of ₹80,000 ensures you do not have to deplete your savings.

• Education Expenses

School and college fees, along with costs for books and courses, can be substantial. A personal loan ensures educational expenses are managed without financial strain.

• Wedding Expenses

Weddings can be expensive. A personal loan helps cover costs such as catering, decorations, and attire, easing financial pressure.

• Relocation

Moving to a new place involves numerous expenses. A personal loan can assist with shifting costs, rent deposits, and other relocation-related expenses.

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.