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₹10 Lakh Personal Loan

You may meet your financial requirements with ease by opting for a personal loan of ₹10 Lakhs on Bajaj Markets. Offered at competitive interest rates, this loan can be used for various purposes such as home renovation, medical needs, travel, and more.
Your Personal Loan EMI
₹ 15,174
Total Interest Amount
₹ 456,720
Principal Amount
₹ 10,00,000
Total Payable Amount
₹ 14,56,720
Loan Amount i
Interest Rate
- +
Min value reached
Max value reached
Tenure
Months drop-down-img
  • Years
- +
Min value reached
Max value reached
Instant Approval

You may instantly compare loan offers from multiple personal loan providers on Bajaj Markets.

...

It also allows you to assess the total interest and overall repayment amount, helping you plan your finances and budget more effectively.

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Overview

If you are looking to get urgent funds up to ₹10 Lakhs, then getting a personal loan from well-known lenders is a smart option. Personal loans are available without any collateral, and you can apply with minimal documentation. It also offers flexible repayment options.

For example, you borrowed ₹10 Lakhs at an interest rate of 10% p.a. for a tenure of 5 years. Your EMI will be ₹21,247, which attracts total interest of ₹2,74,822. 

Instead, if you opt for a shorter tenure of 3 years, your EMI will be ₹32,267, and the total interest paid will reduce to ₹1,61,618. 

This way, you can get the required loan, be it for a medical emergency, home repair, travel, wedding expenses or any other need. You can choose a comfortable amount within your budget and repay at your convenience. 

Compare ₹10 Lakh Personal Loan Interest Rates by Various Banks & NBFCs

Some renowned lenders who offer personal loans of ₹10 Lakhs on Bajaj Markets are listed below:

Available Offerings

Maximum Loan Amount

Maximum Tenure

Starting Interest Rates

Processing Fee

Bajaj Finance Personal Loan

₹55 Lakhs

96 months

10% p.a.

Up to 3.93% of the loan amount (Inclusive of applicable taxes)

Kotak Mahindra Bank Personal Loan

₹40 Lakhs

72 months

10.99% p.a.

Up to 1.50% of the loan amount + GST

L&T Finance Personal Loan

₹15 Lakhs

48 months

12% p.a.

Up to 3% of the loan amount + GST

SMFG India Credit Personal Loan

₹25 Lakhs

60 months

12% p.a.

Up to 6% of the loan amount

YES BANK Personal Loan

₹50 Lakhs

72 months

12.50% p.a.

1.15% to 2.75% of the loan amount

Muthoot Finance Personal Loan

₹10 Lakhs

60 months

14.50% p.a.

2% to 4% of the loan amount

Finnable Personal Loan

₹10 Lakhs

60 months

15.95% p.a.

Up to 3% of the loan amount

InCred Personal Loan

₹10 Lakhs

60 months

16% p.a.

Up to 5% of the sanctioned amount

Moneyview Personal Loan

₹10 Lakhs

60 months

16% p.a.

Starts from 2% of the approved loan amount

Disclaimer: The mentioned rates are subject to change at the lender’s discretion.

₹10 Lakh Personal Loan EMI for Different Tenures

Assume you took a ₹10 Lakh loan at an interest rate of 10% p.a. As per the chosen tenure, here is a computation of the EMI, interest charges, and total repayment amount, you may have to pay:

Tenure

EMI Amount

Interest Rate

Total Interest Payable

Total Repayment Cost

1 Year

₹ 87,915.70

10% p.a.

₹ 54,990

₹ 10,54,990

2 Years

₹ 46,144.74

10% p.a.

₹ 1,07,478

₹ 11,07,478

3 Years

₹32,267.00

₹ 1,61,618

₹ 1,61,618

₹ 11,61,618

4 Years

₹25,362.39

10% p.a.

₹ 2,17,404

₹ 12,17,404

5 Years

₹21,246.85

10% p.a.

₹ 2,74,822

₹ 12,74,822

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

Compare the EMIs across various tenures to create a strategy that enables you to balance the EMI amount with the total repayment costs.

₹10 Lakh Personal Loan: Fees and Charges

There are a few additional charges and fees applicable to the loan process, these are:

Fees and Charges

Details

Processing Fees

Up to 6% of the loan amount

Foreclosure Charges

Up to 6% of the amount

Part-payment Charges

Up to 20% of the amount

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

How to Calculate Your Personal Loan EMI

You can calculate your personal loan EMI using the formula:

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

Where:

  • P = Principal loan amount

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

  • N = Loan tenure in months

For example, taking a personal loan of ₹10 Lakhs at an interest rate of 10% p.a. for 5 years results in an EMI of ₹21,247. The total interest paid will be ₹2,74,822, making the total amount payable ₹12,74,822.

Eligibility & Documents for a Personal Loan of ₹10 Lakhs

If you are planning to apply for a personal loan of ₹10 lakhs, here are the eligibility criteria 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. Should have a monthly income of at least ₹10,000

  5. A minimum of 1 year of continuous work experience is required

  6. The recommended CIBIL score for ₹10 Lakh personal loan would typically be 750 or higher. Keep a regular check of your CIBIL score online to track your eligibility.

Here is a list of documents you may need to submit when applying for a ₹10 Lakh personal loan:

Identity Proof (Any one of the following)

Address Proof (Any one of the following)

Income Proof (Any one of the following)

PAN Card

Aadhaar Card

Bank statements

Aadhaar Card

Voter ID

Salary slips for the last 3 months

Voter ID

Passport

 

Passport

Driving Licence

 

Driving Licence

Electricity Bill

 

 

Telephone Bill

 

How to Apply for a Personal Loan of ₹10 Lakhs

Follow these steps to apply for a personal loan online. 

  1. Click here to head to the webpage for the loan application

  2. Choose your profession from the drop down menu on the page

  3. Key in your contact number and PIN code of your residential address

  4. Review the terms and conditions carefully and accept them on the page

  5. Click the ‘Proceed’ button to progress further to the next step

  6. Type in your personal details and your employment credentials such as your full name, email ID, gender, PAN number, employer name and category, monthly income and mode of salary payment

  7. Click ‘Submit’ to have a look at the offers available

  8. Select your offer of choice, enter your preferred repayment tenure, and submit your loan application

Once done, the representative will reach out to you for further processing the application.

₹10 Lakhs Personal Loan Monthly Payment Plan

Here's the detailed 6-month Amortisation Schedule for a ₹10 Lakh personal loan at an interest rate of 10% per annum:

Month

EMI Amount

Principal Component

Interest Component

Total Payment

Outstanding Principal

1

₹1,71,561.20

₹1,61,227.20

₹10,334.00

₹1,71,561.20

₹8,38,772.80

2

₹1,71,561.20

₹1,62,358.89

₹9,202.31

₹1,71,561.20

₹6,76,413.91

3

₹1,71,561.20

₹1,63,493.47

₹8,067.73

₹1,71,561.20

₹5,12,920.44

4

₹1,71,561.20

₹1,64,631.91

₹6,929.29

₹1,71,561.20

₹3,48,288.53

5

₹1,71,561.20

₹1,65,774.25

₹5,786.95

₹1,71,561.20

₹1,82,514.28

6

₹1,71,561.20

₹1,66,920.48

₹4,640.72

₹1,71,561.20

₹0.00

Impact of Pre and Post-Personal Loan Approval on CIBIL Score

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

When a lender conducts a hard inquiry, they access your full credit report from a credit bureau to assess your creditworthiness during the loan approval process. While the effect on your credit score is generally minimal and short-term, it can cause a slight dip in your score.

Post-approval Impact

Consistently paying your EMIs on time can have a positive effect on your credit score. Timely payments demonstrate sound financial management, increasing your likelihood of obtaining loans in the future.

Uses of a ₹10 Lakh Personal Loan

A personal loan of ₹10 Lakhs can help you manage various financial needs efficiently. Here are some common ways to use the loan:

Medical Emergency

A personal loan of ₹10 Lakhs enables you to cover the financial costs of any medical procedure without depleting your savings.

Unexpected Travel

Whether the travel is planned or unplanned, the funds from a personal loan can be used to cover the expenses.

Home Renovation

For home renovations or major repairs, a personal loan provides a straightforward solution.

Relocation to a New City

Relocating to a new city can incur significant costs, but a personal loan allows you to spread these expenses over several months.

Wedding Expenses

To finance your dream wedding, a personal loan can provide the necessary funds. 

Other Instant Personal Loan Options

Disclaimer

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.

Frequently Asked Questions

How can I get an instant ₹10 Lakh personal loan?

You can easily apply for an instant ₹10 Lakh personal loan online by filling in the application form on Bajaj Markets. Also, submit the necessary documents through a completely digital process to avoid extensive paperwork. It is crucial to ensure that you fulfil the eligibility criteria for a personal loan so that your application is processed faster.

If the interest rate is set at 10% p.a., then depending on the tenure (12 to 60 months), the EMI may range between ₹87,915 and ₹21,247. The ₹10 Lakh personal loan EMI depends on the tenure and the rate of interest. Use a personal loan EMI calculator to check the amount based on the loan terms offered to you.

Interest rates starting from 10% p.a. are applicable on a ₹10 Lakh personal loan available on Bajaj Markets. The rate offered to you depends on your eligibility and the lender’s policies.

Yes, you can easily get a ₹10 Lakh loan without pledging collateral.

Many banks and financial institutions like Bajaj Finance Limited, YES BANK, Finnable, InCred, etc., offer ₹10 Lakh personal loans at a competitive rate. Loans from these and other lenders are available on Bajaj Markets, enabling you to compare and choose an option that best suits your needs.

If you are unable to pay your loan EMIs for a stipulated time period, then the lender issues a 60-day notice. Herein, you can pay back all pending dues and close the notice.

You may be asked to pay a late payment charge, which can be quite hefty. If the due amount is not repaid within the notice period, then the lender holds the right to take legal action against you.

No. You are required to submit some essential documents as proof of identity, address, and income to get a ₹10 Lakh loan.

A monthly income of ₹15,000 is required to be eligible for a personal loan of ₹10 Lakhs on Bajaj Markets.

The CIBIL score required for a personal loan of ₹10 Lakhs would ideally be at least 750.

The ideal way to get a ₹10 Lakh personal loan instantly would be to choose a lender that offers a hassle-free process right from the loan’s approval to its verification within minutes.

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