Personal Loan for 8 Years

A personal loan could be a practical solution to meet various financial requirements, such as managing unexpected expenses or funding life goals. On Bajaj Markets, lenders offer personal loans with attractive features, including loan amounts of up to ₹50 Lakhs to cover your needs comprehensively. 

You can repay the loan over a flexible tenure of up to 96 months (8 years), ensuring affordability and ease of repayment. With interest rates starting at 9.99% p.a., these loans are designed to be budget-friendly. The application process is seamless, requiring minimal documentation and offering quick disbursal.

Here is an overview of the interest rates and charges for 8-year personal loans offered by various lenders on Bajaj Markets:

A Personal Loan EMI Calculator is an online tool that estimates the monthly instalments (EMIs) based on the loan amount, interest rate, and repayment tenure. It is user-friendly and helps borrowers plan their repayments effectively. Here are the steps to use an EMI calculator:

1. Enter the loan amount you wish to borrow

2. Input the applicable interest rate (e.g., 9.99% p.a.)

3. Select the repayment tenure, such as 96 months (8 years)

4. Click ‘Calculate’ to view the EMI amount along with other details, such as the total interest payable, principal amount, and the total payable amount

Example

If you borrow ₹20 Lakhs at an interest rate of 9.99% p.a. for an 8-year tenure, the calculator will show:

• EMI: ₹31,867

• Total Interest Payable: ₹10,59,259

• Total Amount Payable (Principal + Interest): ₹30,59,259

This example demonstrates how the calculator helps you understand repayment obligations clearly, ensuring better financial planning.

Meeting the eligibility criteria is essential when applying for a personal loan. Here are the key requirements you need to fulfil:

• Applicants must be Indian citizens

• Individuals should be salaried or self-employed

• The minimum age to apply is 18 years

• Monthly income must be at least ₹10,000

• A minimum work experience of 1 year is required

• A CIBIL score of 600 or above is necessary for approval

Submitting the correct documents is crucial for a hassle-free personal loan application process. Here are the documents you may need to provide:

Identity Proof (Any one of the following)

• PAN Card

• Aadhaar Card

• Voter ID

• Passport

• Driving License

Address Proof (Any one of the following)

• Voter ID

• Aadhaar Card

• Passport

• Driving License

• Electricity Bill

• Telephone Bill

Income Proof

• Bank statements or salary slips for the last 3 months

Photographs

• Two recent passport-size photographs

Applying for a personal loan is simple and convenient. Here are the steps you need to follow:

1. Click on the ‘Check Eligibility’ option

2. Fill in your basic personal details in the online application form

3. Enter the desired loan amount and select your preferred repayment tenure

4. Submit the form for verification

A representative will contact you to assist with the next steps of your application.