Personal Loan of ₹9 Lakhs

A personal loan of ₹9 Lakhs is a practical option when you need immediate funds for planned expenses or unexpected financial requirements. With no end-use restrictions, the loan can be used for purposes such as weddings, medical treatments, or debt consolidation.

For example, a ₹9 Lakh loan with a 7-year tenure at an interest rate of 10% per annum would lead to an approximate EMI of ₹14,941, with a total interest outflow of about ₹3,55,049.

Opting for a shorter tenure of 5 years would raise the EMI to ₹19,122 but lower the total interest payable to nearly ₹2,47,340.

This loan type offers quick disbursal, simple documentation, and adaptable repayment options. You can choose an EMI plan that aligns with your monthly income and repay the loan without straining your long-term financial goals.

The platform provides access to high-value loans from leading issuers such as Kotak Mahindra Bank, InCred, L&T Finance, and more. Compare personal loan interest rates and other details to identify the most suitable option for you:

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

The repayment period plays a crucial role in determining your monthly EMI payments. Refer to the table below for a clear understanding, assuming you have taken a personal loan of ₹9 Lakhs at a 10% annual interest rate:  

Different lenders have various charges associated with personal loans. Take a look at the table below to understand them better:

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:

• EMI = Equated Monthly Instalment

• P = Loan amount

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

• N = Loan tenure in months

For example, borrowing ₹9 Lakhs on Bajaj Markets at a 10% annual interest rate for 50 months results in an EMI of ₹22,083. The total interest paid will be ₹2,04,174, making the total repayment amount ₹11,04,174.

To qualify for a personal loan of ₹9 Lakhs, you generally need to meet these criteria:

• Be at least 18 years old

• Be salaried or self-employed

• Have a steady income of at least ₹10,000 per month

• Possess a minimum of 1 year of work experience

• Maintain a CIBIL score of around 750 or higher

Additionally, make sure to keep these documents ready for a hassle-free loan application:

Income Proof (any one)

• Bank statements

• Salary slips

Address Proof (any one)

• Aadhaar card

• Voter ID

• Passport

• Utility bills

• Driving licence

Identity Proof (any one)

• Aadhaar card

• Voter ID

• PAN card

• Driving licence

• Passport

The eligibility and document requirements can differ between lenders. Check with your chosen lender for the exact list before applying.

Follow these simple steps to apply for a personal loan:

• Step 1: Click on the ‘Apply for Personal Loan’ option

• Step 2: Enter your basic details in the application form

• Step 3: Choose your desired loan amount and repayment tenure

• Step 4: Submit the form for verification

Once submitted, a representative from the lender will contact you with further instructions to proceed.

Review the table below to see the amount payable on the ₹9 Lakh loan. The calculation is based on an interest rate of 10% and a tenure of 6 months. Here is the amortisation breakdown:

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

CIBIL scores range from 300 to 900, and a score above 750 indicates that you are a responsible borrower. Personal loans can affect your credit score in several ways, such as:

• Pre-approval Impact

A hard inquiry occurs when a lender reviews your complete credit report from a credit bureau to evaluate your creditworthiness during loan verification. Although the impact is typically small and temporary, it may lower your credit score by a few points.

• Post-approval Impact

Paying EMIs on time improves your credit score. It reflects responsible financial management, enhancing your chances of securing loans in the future.

A personal loan of up to ₹9 Lakhs can help you manage various expenses, whether unexpected or planned. Here is how you can use it:

• Wedding Planning

Make your special day unforgettable with grand arrangements, premium catering, and other wedding-related costs. A personal loan helps you manage expenses efficiently, allowing you to focus on celebrating.

• Business Needs

Maintain cash flow, cover invoice delays, or support daily operations with a personal loan. Access up to ₹9 Lakhs to keep your business running smoothly.

• Travel Plans

Plan spontaneous getaways or long-awaited holidays with ease. A personal loan covers flights, accommodation, and other expenses, ensuring a stress-free travel experience.

• Home Renovation or Moving

Whether upgrading your home, purchasing new furniture, or relocating to a new city, a personal loan provides the necessary funds to manage these transitions smoothly.

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.