10 Lakh Personal Loan
A personal loan is an instant solution to most financial emergencies and requirements. A ₹10 lakh Personal Loan can be utilised for funding medical expenses, wedding expenses, business expenses, higher education abroad, expensive gadgets, investment in a property, repairs, and renovations for the existing house, etc. The purpose for which the personal loan can be availed is exhaustive. You can check the personal loan eligibility criteria, and the required documents and apply for a ₹10 Lakh Loan online and get the approval within no time. Decide the loan tenure to avail it at an affordable EMI using the EMI calculator.
₹10 Lakh Personal Loan Interest Rates
The interest rates for a personal loan of ₹10 lakh differ from bank to bank. Have a look at the comparative interest rates of some of the top lenders in the market.
| Name of the lender | Interest rate |
|---|---|
| Navi | 9.9% |
| Punjab National Bank | 11.40% |
| Bank of Baroda | 11.10% onwards |
| Bajaj Finserv | 14.50% onwards |
| HDFC Bank | 10.75% |
| Indian Bank | 10% onwards |
| Fullerton India | 11.99% onwards |
| ICICI Bank | 10.80% onwards |
10 Lakh Personal Loan Eligibility
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.
Documents Required for 10 lakh Personal Loan
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: The latest Salary Slips, Form 16, IT Returns, and Bank Account Statements 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 last 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.
₹10 Lakh Personal Loan EMI Calculation
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
| Name of the lender | Interest Rate | 10 lakh Loan EMI for 5 years | EMI for 10 Years |
|---|---|---|---|
| Axis Bank | 12% to 21% | ₹ 22,244 | ₹ 14,347 |
| Punjab National Bank | 8.95% | ₹ 20,734 | ₹ 12,641 |
| Bank of Baroda | 10.50% onwards | ₹ 21,494 | ₹ 13,493 |
| Bajaj Finserv | 13% onwards | 22,753 | ₹ 14,931 |
| Citibank | 9.99% onwards | ₹ 21,242 | ₹ 13,210 |
| HDFC Bank | 10.50% to 21% | ₹ 21,494 | ₹ 13,493 |
| Indian Bank | 9.05% onwards | ₹ 20,783 | ₹ 12,695 |
| Fullerton India | 11.99% onwards | ₹ 22,239 | ₹ 14,341 |
| ICICI Bank | 10.50% onwards | ₹ 21,494 | ₹ 13,493 |
10 Lakh Personal Loan FAQs
To choose the best bank for a personal Loan of ₹10 Lakh, you should compare the prevailing personal interest rates of various banks. Punjab National Bank, CitiBank and Indian Bank are offering ₹ 10 Lakh personal loans at interest rates as low as 8.95% to 9.99%. You should also check for the application and documentation process and also compare other charges like processing charges and prepayment charges, and then decide on the deal that is best suited for you.
You can get a personal loan of ₹10 lakh immediately by approaching banks or NBFCs that provide instant personal loans. ICICI Bank, Bajaj Finserv, IDFC First Bank, SBI, Fullerton, and HDFC Bank are some of the financial institutions that offer instant personal loans. All you have to do is apply online through their official websites by filling in an online application and uploading the required documents. If you comply with the eligibility criteria, the loan will be approved instantly, and the amount will be credited to your account within minutes.
SBI, ICICI Bank, Citi Bank, HSBC Bank, and HDFC Bank (to name some) provide pre-approved personal loan facilities to select customers. Log in to Internet banking and check if you are eligible for a pre-approved personal loan. If you are eligible, you can place a request for the urgent personal loan amount required, and the amount will get instantly credited to your bank account.
Yes. You can get the lowest Interest Rate on a personal loan of ₹10 Lakh if
- Your credit utilisation ratio is less than 50%
- If your CIBIL score is at 750 and above
- If you have a good mix of secured and unsecured loans
- Your Debt to Income Ratio is at the lowest.
- Your track record with your existing banker is satisfactory.
Yes, you can apply for a 10 lakh personal loan from L&T Finance without providing income proof.
The rate of interest for SBI ₹ 10 Lakh Loan is 11.35% and upwards.
The factors that affect the ₹10 Lakh Personal Loan EMI are CIBIL score, employment type, and income. The rate of interest will be lower if you have a stable income and a good CIBIL score. Salaried individuals get a personal loan at a lower interest rate in comparison to the self-employed. With a lower rate of interest, your EMI also will be lower.
You can avail of ₹10 lakh personal loan without documents with your existing bank if you have maintained a good relationship with the bank, have serviced the existing loans promptly and have maintained a good credit score.