10 Lakh Personal Loan

Every financial institution will have laid down eligibility norms to qualify for a personal loan. The general eligibility criteria for a ₹10 lakh Personal Loan are given below.

• Age: The age of the applicant should be between 18 years to 60 years for salaried individuals and between 18 years to 65 years for the self-employed. The minimum age at the time of applying for the loan varies from lender to lender and could be anywhere between 18 years to 23 years.
• Minimum income: The minimum income stipulated by each lender varies. Some of the lenders stipulate the income as per the city of residence. It could vary from Rs. 10000/- to Rs. 25000/- per month for salaried individuals and annual income of Rs. 1.20 lakhs to Rs 3 lakhs for the self-employed.
• Credit Score: Applicants with credit score of 700 to 750 and above will qualify for the loan.
• Debt-to-Income Ratio: A desirable debt-to-income ratio would be between 40% to 50% of the net income.
• Work Experience: A minimum work experience of 1 to 2 years in the current employment for salaried individuals and a minimum business existence of 2 to 3 years for the self-employed. Work experience stipulation is only to ensure the stability of income.

In order to establish your identity and know your whereabouts as also to ensure that you have the repayment capacity, the following documents are insisted upon for a ₹10 lakh personal loan.

Address Proof: Aadhar Card, Voter’s ID Card, Driving Licence, Utility bills, property tax Paid Receipt (anyone)

Photo ID Proof: Pan Card, Aadhar Card, Passport, Driving Licence, Voter’s ID Card (anyone), 

Income Proof: Latest Salary Slips, Form 16, IT Returns, and Bank Account Statement for the last six months of the Salary Account has to be submitted by salaried individuals.

Audited financial statements like the Balance Sheet, Profit and Loss Account for the last two years, ITRs of the last two years along with income computation and Bank Statement for the last1 year of the operative account have to be submitted by the self-employed.

Business Proof: GST Returns, Shops and Establishment Act Licence, Memorandum of Association, Articles of Association, Partnership Deed etc., to be submitted by the self-employed.

The interest rates for a personal loan of ₹10 lakh differs from bank to bank. Have a look at the comparative interest rates of some of the top lenders in the market.

EMI for the instant cash loan of ₹10 lakh can be easily calculated using the Personal Loan EMI Calculator that will be available on the official websites of the respective financial institution. EMI calculation is done using the formula

EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1] where the variables are R, N and P.

• R is the rate of interest.
• N is the tenure
• P is the loan amount.

You can try various combinations with the variables to arrive at an affordable EMI.

10 Lakh Personal Loan EMI for 5 Years & 10 Years