Personal Loan for 3 Years

A personal loan with a 3-year tenure strikes a balance between affordability and repayment flexibility. It provides sufficient time to manage your repayments while keeping EMIs manageable. Whether it’s for planned expenses like higher education or unexpected needs such as medical emergencies, a 3-year personal loan is a reliable financial solution.

Here’s a table showing the interest rates and charges applicable to a personal loan for 3 years offered by various lenders on Bajaj Markets:

An EMI calculator is a helpful tool that allows you to estimate your monthly instalments for a 3-year personal loan. By entering details such as the loan amount, tenure, and interest rate, you can quickly determine your EMIs and the overall cost of the loan.

Here’s how you can use the EMI calculator:

1. Enter the loan amount you wish to borrow in the EMI calculator (e.g., ₹2 Lakhs)

2. Set the repayment tenure to "3 years" or "36 months”

3. Provide the applicable interest rate (e.g., 12% p.a.)

4. View the calculated EMI, along with details of the total interest payable and the overall loan cost

5. Experiment with different loan amounts, interest rates, and tenures to find a repayment plan that suits your budget

Here is the eligibility criteria required for you to be able to apply for a personal loan:

• You must be an Indian citizen to apply for the loan

• Both salaried and self-employed individuals can apply

• The minimum age to be eligible is 18 years

• A monthly income of at least ₹10,000 is required

• You should have a minimum work experience of 1 year

• A CIBIL score of 600 or above is generally needed for approval

Eligibility criteria can vary between lenders, so it is recommended to confirm the specific requirements with your selected lender before proceeding with the application.

When applying for a 3-year personal loan, you may need to provide the following:

• Identity Proof (Any one):

  • PAN Card

  • Aadhaar Card

  • Voter ID

  • Passport

  • Driving Licence

• Address Proof (Any one):

  • Voter ID

  • Aadhaar Card

  • Passport

  • Driving Licence

  • Electricity Bill

  • Telephone Bill

• Income Proof:

  • Bank statements or salary slips from the past three months

• Photographs:

  • Two recent passport-sized photos

Since these requirements may differ between lenders, it is advisable to check with your chosen lender for the complete list of required documents and eligibility criteria before applying.

Follow these simple steps to apply for a 3-year personal loan online:

1. Click on the ‘Check Offers’ button to begin your application

2. Fill in the required personal details in the online application form

3. Specify the loan amount and select a repayment tenure of 3 years

4. Submit the completed form for verification

5. A representative will contact you to guide you through the next steps in the process