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Personal Loan on ₹10 Lakh
Starting at Lowest Interest Rate
Easy Documentation | Fast Approval | 100% Online Process
A personal loan is an unsecured type of loan that you can borrow from a bank and NBFC for any personal purpose like repairing your home, wedding function, medical emergency, travel education etc. Unlike a home loan and a car loan a personal loan does not require any collateral or security and you can use the loan amount at your discretion.
If you are prepared to apply for a personal loan of 10 lakh personal loan, you need to fulfill specific criteria in order to be eligible and give the lender some basic documents. In this article we will guide you through the process of applying for a 10 lakh personal loan.
Features and Benefits of ₹10 Lakh Personal Loan
Unsecured loan
Flexible loan amount
Competitive Interest Rate
Flexible Repayment Tenure
Quick and Easy Approval
Multipurpose Loan
A personal loan of 10 lakh can offer you several benefits such as:
- Quick and easy approval: You can apply for a personal loan online or offline and get instant approval based on your eligibility and credit score. The loan amount can be disbursed to your bank account within a few hours or days depending on the lender.
- Flexible tenure and repayment: You can choose a loan tenure from 12 to 60 months depending on your repayment capability. You can also opt for a flexible repayment option to suit your cash flow and budget.
- Competitive interest rate: You can get a personal loan at a competitive interest rate starting from 10.50% per annum depending on your credit score income loan amount and tenure. You can also compare the interest rates and other charges of different lenders online and choose the best offer for yourself.
- Minimal documentation: You can apply for a personal loan with minimal documentation such as your identity proof address proof income proof bank statement and photograph. Some lenders may also offer you a pre-approved personal loan based on your existing relationship with them without requiring any additional documents.
- No restriction on fund usage: You can use the personal loan amount for your required purpose. You do not have to disclose the end-use of the loan to the lender or submit any proof of the same.
₹10 Lakh Personal Loan Interest Rates & Charges of Different Banks/NBFC
The interest rate for 10 lakh personal loan varies from lender to lender and depends on your credit score, income, loan amount, and tenure.
Bank/NBFC | Interest Rate | Processing Fee | Tenure |
10.50% to 25.00% | Up to 2.50% | 3 to 72 months | |
10.50% to 16.00% | Up to 2.50% | 12 to 84 months | |
Bajaj Finserv | 10.99% to 16.00% | Up to 3.99% | 12 to 60 months |
11.99% to 36.00% | Up to 6.00% | 12 to 60 months | |
IndusInd Bank | 11.00% to 16.00% | Up to 2.50% | 12 to 60 months |
Kotak Mahindra Bank | 10.50% to 17.99% | Up to 2.50% | 12 to 60 months |
Standard Chartered Bank | 10.99% to 19.00% | Up to 3.00% | 12 to 60 months |
Central Bank of India | 9.35% to 10.20% | Nil | 12 to 48 months |
Tata Capital | 10.99% to 19.00% | Up to 2.50% | 12 to 72 months |
IDFC First Bank | 10.75% to 32.00% | Up to 3.50% | 12 to 60 months |
Notice: These rates are tentative and could change at any time. Always confirm with the lender before submitting an application.
₹10 Lakh Personal Loan EMI for 5 Years
Bank Name | EMI |
Rs. 21,674 | |
Rs. 21,598 | |
Rs. 21,497 | |
Rs. 21,674 | |
Rs. 21,922 |
₹10 Lakh Personal Loan EMI Calculator
You can use this calculator to find out the EMI for a 10 Lakh personal loan. Just enter the loan amount, interest rate, and tenure, and click on the calculate button.
₹10 Lakh Personal Loan EMI for Up to 20 Years
The EMI for a 10 lakh personal loan depends on the interest rate, and tenure are as Follow:
Bank/NBFC | Interest Rate | 5 Years | 10 Years | 20 Years |
Central Bank of India | 9.35% | ₹21,598 | ₹10,629 | ₹8,291 |
State Bank of India | 9.50% | ₹21,674 | ₹10,714 | ₹8,405 |
Bank of India | 9.50% | ₹21,674 | ₹10,714 | ₹8,405 |
9.35% | ₹21,598 | ₹10,629 | ₹8,291 | |
HSBC | 9.35% | ₹21,598 | ₹10,629 | ₹8,291 |
HDFC Bank | 10.50% | ₹21,497 | ₹11,398 | ₹9,247 |
ICICI Bank | 10.50% | ₹21,497 | ₹11,398 | ₹9,247 |
Bajaj Finserv | 10.99% | ₹22,299 | ₹11,774 | ₹9,583 |
Fullerton India | 11.99% | ₹22,264 | ₹12,587 | ₹10,330 |
IndusInd Bank | 11.00% | ₹21,850 | ₹11,850 | ₹9,683 |
Eligibility Criteria to Apply for a 10 lakh loan
Age
Income
Employment
Credit Score
Criteria | Eligibility for Salaried Employees | Eligibility for Self-Employed |
Resident Indian | Yes | Yes |
Age | 21 – 60 years | 21 – 65 years |
Employment | Public/Private sector companies, salaried doctors | Self-employed professionals/non-professionals, business owners |
Income | Minimum Rs 15,000 per month | Minimum Rs 2 lakh per annum |
Credit score | 650 and above | 650 and above |
Business vintage | NA | Minimum 3 years |
Documents Required for ₹10 Lakh Personal Loan
Identity proof
Address proof
Photograph
Income proof
Bank statement
| Documents | Salaried Employees | Self-Employed |
|---|---|---|
Application form | Yes | Yes |
ID proof | Aadhaar/PAN/Passport/Voter ID/Driving License | Aadhaar/PAN/Passport/Voter ID/Driving License |
Address proof | Aadhaar/Passport/Voter ID/Driving License/Utility bill/Rent agreement | Aadhaar/Passport/Voter ID/Driving License/Utility bill/Rent agreement |
Income proof | Salary slips/Bank statements/ITR | Bank statements/ITR/Audited financials |
Photographs | Yes | Yes |
How to Apply for ₹10 Lakh Personal Loan
If you want to apply for a personal loan of 10 Lakh rupees then you can apply here to get your required amount. To apply for a personal loan you need to follow below simple steps:
Step:1 Compare: You should compare the interest rates, fees, features, and benefits of different lenders and choose the one that suits your needs and budget.
Step:2 : Check eligibility: You should check your eligibility for the loan amount and tenure that you want and see if you meet the lender’s criteria.
Step 3 : Apply online: You can visit the lender’s website or app and fill the online application form with your personal, professional, and financial details. You can also upload the required documents and submit the form.
Step 4 : Get approval: You will get an instant approval or rejection based on your eligibility and credit score. If approved, you will get a loan offer with the loan amount, interest rate, and tenure.
Step 5 : Accept the offer: You can accept the loan offer and sign the loan agreement online or offline. You may also need to provide a post-dated cheque or an ECS mandate for the repayment of the loan.
Step 6 Get disbursal: You will get the loan amount credited to your bank account within 24 hours* of approval.
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How Much Salary is required for Getting 10 lakh personal loan?
The salary requirement for a 10 lakh personal loan may be different from multiple lenders, but it is usually around 50000 per month. Salary requirements may also depend on other factors such as your credit score loan amount tenure debt-to-income ratio etc. Therefore it is advisable to check the eligibility criteria of the lender before applying for the loan.
Conclusion
Applying for a 10 lakh personal loan can be a convenient way to meet your financial needs. You will get quick approval, flexible repayment options, competitive interest rates and minimal documentation requirements.
To be eligible for a 10 lakh loan you should meet certain eligibility criteria. You should also be ready with the required documents for upload. You can apply for this loan online or offline but before applying for the loan, compare offers from different lenders.
Keep in mind that the salary requirement for a 10 lakh personal loan is usually around 50,000 per month but It’s essential to research and choose the best option that suits your financial situation.
FAQs
To get a 50 lakh personal loan typically your salary should be around 50,000 rupees per month. But normally salary requirements may be different from multiple lenders and other factors like your credit score, loan tenure, and debt-to-income ratio.
To borrow 50 lakh rupees you can use our article guide. In this borrowing process you should compare loan offers from different lenders, fill out an application form, provide the necessary documents and meet some eligibility criteria. The loan application can be submitted either online or offline, depending on your preference and the lender’s procedures.
The article provides an interest rate comparison for 50 lakh personal loans from various banks and NBFCs. This will give you the specific monthly EMI amount for a 50,000 rupee loan based on your chosen parameters.
You can choose a loan tenure ranging from 12 to 60 months, depending on your repayment capability and preferences. The article advises selecting a tenure that suits your budget.
Bank Personal Loan Eligibility Criteria
Bank Personal Loan Interest Rate
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