₹85,000 Personal Loan

An ₹85,000 personal loan is an ideal solution for meeting immediate personal expenses without pledging any security or collateral. It provides the flexibility of unrestricted end use for a wide range of personal requirements.

For example, choosing a ₹85,000 personal loan with a 3-year tenure at 10% interest per annum results in an EMI of approximately ₹2,742. Over the loan period, the total interest payable comes to around ₹13,737.

Opting for a 1-year tenure increases the EMI to about ₹7,472, while reducing the total interest to approximately ₹4,674.

With simple eligibility criteria, minimal documentation, and quick disbursal, this personal loan allows access to timely funds without affecting existing savings.

Many lending partners on Bajaj Markets offer personal loans of ₹85,000 with competitive interest rates and flexible repayment options. Compare multiple lenders, review their loan terms, and select the offer that best meets your financial needs. 

Here is the table:

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

When you take a personal loan of ₹85,000 at an interest rate of 10% per annum, your EMI, total interest, and overall repayment amount will depend on the selected tenure. 

The table below provides a detailed breakdown of different repayment periods:

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

You will also incur some additional fees when getting an instant personal loan. Here are the details:

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

Here is how you can calculate your Personal Loan EMI:

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

Where:

• P = Principal loan amount

• R = Monthly interest rate

• N = Loan tenure in months

For example, you have taken an instant personal loan of ₹85,000 from Bajaj Markets. The interest rate is 10% per annum, with a loan tenure of 70 months. Using the formula, the EMI amounts to ₹1,607. The total interest will be ₹27,532, making the total repayment to be ₹1,12,532.

If you are planning to apply for a personal loan of ₹85,000, here are the eligibility conditions you need to meet:

1. You must be an Indian citizen.
2. Both salaried and self-employed individuals are eligible.
3. You should be 18 years or above.
4. Must have a minimum monthly income of ₹10,000.
5. A minimum of 1 year of continuous work experience is required.
6. CIBIL score for a personal loan of ₹85,000 is ideally 600 or above. However, if you’re unsure, you can check your CIBIL score online in under a minute.

Here is a list of documents you will need to submit when applying for the loan:

Follow these simple steps to apply for a personal loan online through both Bajaj Markets website and App:

1. Start your online loan application by clicking on Apply Now
2. Choose your profession from the dropdown list
3. Enter your mobile number and PIN code
4. Read and accept the terms and conditions
5. Click on ‘Proceed’ to continue
6. On the next page, provide the following details:
   • Net monthly income
   • Employer category
   • PAN
   • Full name (as per PAN card)
   • Date of birth
   • Employer or company name
   • Email address
   • Gender
   • Salary credit method (Bank or Cash)
7. Click on ‘Submit’ once all fields are filled
8. Based on your eligibility, available loan offers will be displayed
9. Select your preferred option
10. Fill in additional details as requested, (if required)
11. You’ll then be redirected to the lender’s website to complete further steps such as KYC, e-mandate, and disbursal.

Note: This process is applicable only for salaried individuals. If you select self-employed in the profession drop down, you will be redirected to another page, where you will have to fill details like monthly turnover and more. Please follow the instructions as prompted. 

The table below illustrates the EMI breakdown for an ₹85,000 loan at 10% per annum over a 6-month tenure. The interest component reduces over time, while a larger share is allocated towards repaying the principal, gradually lowering the outstanding balance.

Disclaimer: These are approximate values and are meant for illustration only. For actual EMI values, reach out to the lender.

Your CIBIL score, ranging from 300 to 900, reflects your creditworthiness and financial reliability. A personal loan can impact your score in the following ways:

• Pre-approval Impact

When applying for a personal loan, the lender carries out a detailed review of your credit report. This inquiry is recorded and may cause a slight temporary dip in your credit score.

• Post-approval Impact

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

You can use a personal loan of ₹85,000 for various financial needs, providing flexibility and ease in managing expenses. Here are some common purposes:

• Home Renovation

Upgrading a kitchen, repainting walls, or repairing structural damages requires significant funds. A personal loan facilitates these home improvements, enhancing living spaces, increasing property value, and allowing expenses to be managed without disrupting monthly budgets.

• Travel

Planning an international or domestic trip involves expenses like airfare, accommodation, sightseeing, and shopping. A personal loan of ₹85,000 provides the financial backing to embark on these journeys while managing repayments through structured EMIs.

• Relocation Costs

Relocation involves costs such as hiring movers, transportation, and security deposits. This loan offers financial aid, ensuring a smooth transition while covering relocation expenses without immediate financial strain.

• Medical Bills

Medical emergencies often demand immediate funds. These loans can cover hospital bills, doctor’s fees, medications, or surgeries. When medical insurance is insufficient, borrowing ensures prompt treatment without added financial pressure, providing access to the best possible care.

• Substantial Purchases

Acquiring essential items like furniture, electronic gadgets, or home appliances can strain personal finances. A personal loan offers the flexibility to make these purchases immediately and spread repayments over time through affordable EMIs.

• Debt Consolidation

Managing multiple high-interest loans can be overwhelming. A personal loan of ₹85,000 helps combine these debts into a single EMI, simplifying repayment and reducing overall interest costs. It streamlines financial management and ensures timely payments.

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.