3 Lakh Personal Loan

Banks and financial institutes in India offer personal loans to those who require monetary support in emergencies. In addition, you can utilize a personal loan for medical purposes, waiting purposes, or other emergency requirements that you may have.

Emergencies come without warning and create a troublesome situation for many. In these scenarios, personal loans come into the picture. A 3 lakh loan can serve multiple purposes and help you manage your expenses in emergencies.

Several banks offer loan schemes at low interest rates to those who are in urgent need of financial support. Not many documents are required for a 3 lakh loan. This is one factor that makes personal loans feasible for many in emergencies across the country.

If you require a 3 lakh personal loan urgently, make sure you do sufficient research first and then choose a suitable scheme for you as per your affordability and requirements.

Multiple banks and financial institutes offer eligible applicants personal loans for emergency purposes. Your 3 lakh personal loan EMI will be higher if you choose a shorter tenure of 2 years-3 years. If you go for a longer tenure of up to 5 years, your EMI will be much lower.

You can use the money to consolidate debts, pay off credit card bills, and other EMIs. One of the most common reasons to apply for a personal loan remains to be medical bills in the country. You can utilise your 3 lakh loan to pay your medical expenses.

Medical emergencies emerge without a warning which may be quite expensive for several factors. To apply for a 3 lakh personal loan online, visit the official website of your preferred bank and fill in all the details properly.

There are different banks with different personal loan eligibility criteria. However, several common factors are considered when bank officials check your eligibility as a borrower before granting you a personal loan.

If you want a 3 lakh instant loan for an emergency, first, go through the eligibility criteria of your preferred bank property before applying for a loan.

The major factors that you need to keep in mind before applying for a 3 lakh loan include:

• Credit Score: If you want to apply for a 3 lakh personal loan, you should have a credit score of at least 650 and above. Many banks prefer those who have a decent credit score of 700 and above.
• Age: although eligibility criteria may differ from one bank to the other when it comes to the age criteria, most banks follow the same terms and regulations for personal loans. You must be 21 years old to apply for a personal loan of up to 3 lakh. The maximum age to apply for personal loans remains 65 years. Several Indian banks also offer personal loans to those who are over 18 but have not hit 21 yet.
• Occupation: If you want to get a 3 lakh loan for 3 years or the same amount for a longer tenure, you have to prove the fact that you are an ideal borrower by providing your stable income details to the bank. Generally, salaried people have a stable income compared to self-employed people. This is one of the major reasons why many banks are more likely to grant personal loans to salaried individuals only.
• Income: To apply for a 3 lakh personal loan, you must have a minimum stable monthly income of 25,000 on average. This is mostly applicable to salaried people in the country. Self-employed people need to provide their bank statements and balance sheets of profit and loss details to prove their credibility as potential borrowers.

Before you apply for a 3 lakh loan for 5 years or a different tenure, make sure you go through all the necessary documents that you need to provide to the bank when you apply for a personal loan.

Different banks may require different documents when it comes to personal loans. There are several common documents required for personal loans by all banks. Although you do not need to have a long list of documents for a 3 lakh personal loan, some basic documents need to be provided to the bank.

The major documents to keep while applying for a personal loan include:

• KYC Documents: To apply for a loan up to 3 lakh, you need to provide basic KYC documents to the banks such as your identity proof – PAN card, passport, Aadhaar card, voter card, driving license, to name a few. ^{{Link aadhar to mobile number}}
• Income Proof: Providing your income proof is necessary when you apply for a 3 lakh loan. Your bank statements for the last six months as well as year income tax returns Asha necessary. You must keep Form 16 while applying for a loan.
• Self-employed people may be asked to provide their profits and loss balance sheets along with bank statements.
• Address proof: You need to provide your address proof- utility bills, including electricity bills/ water bills/ passport.
• Photographs: All applicants are required to carry 2-3 passport-size photographs while applying for a loan of 3 lakhs.

These are the basic documents that all applicants must have during the application procedure. If you want to get a 3 lakh loan without documents, the best option is to borrow it from someone you know personally.

3 lakh interest rates differ from one bank to the other based on several factors. It is important to go through all the interest rates offered by other contemporary banks and financial institutes before applying for a personal loan to determine whether you are choosing the right scheme.

3 lakh personal loan EMI for 5 years depends directly on the current interest rate that is offered by your preferred bank. Go through the chart to compare and understand the differences between the interest rates offered by the leading banks in India at the moment.

Apart from these banks, Kotak Bank, Corporation Bank, Bajaj Finserv, and Punjab National Bank are some of the other banks that offer 3 lakh personal loans. Your EMI will differ based on the interest rate. For instance, in SBI, 3 lakh personal loan EMI SBI for three years remains around 9,711/- for an average interest rate of 10.30%. If you get a loan from the Canara Bank, an interest rate of 10.95% onwards will be applied for the same principal amount. 

The 3 lakh loan interest will determine your monthly payable rates. If you want to get a 3 lakh loan without interest, search for lenders who provide personal loans at minimum interest rates. You can also approach a lender that you know personally to avoid paying interest rates with your loan.

Before applying for a personal loan, make sure you use the 3 lakhs personal loan EMI calculator to calculate your monthly installments beforehand. It will help you manage your finances well during your repayment tenure.

To apply for a 3 lakh loan online,

• First, make sure you go through all the different interest rates that are offered by banks so that you can choose the best scheme for yourself.
• Visit the official page of your preferred bank and click on the option ‘apply online’.
• You submit your phone number for Federation purposes.
• Fill in the necessary details such as your name, personal details, income details, KYC documents, and other details.
• After entering all the necessary details successfully, submit the form. Be patient and wait for the bank to get in touch with you.
• After your loan is approved, 3 lakh will be transferred into your bank account by the lender.

You can also apply for a 3 lakh personal loan offline by visiting your nearest bank branch and applying through the DSAs.