10 Lakh Personal Loan

Below are the top lenders in India that offer Rs. 10 lakh personal loans along with their interest rates and other features: 

Here’s the EMI calculation for a ₹10 Lakh personal loan for 10 years at an interest rate of 10% p.a. in a tabular format:

10 Lakh Personal Loan EMI for 5 Years

Here's the 10 lakh loan EMI for 5 years calculation, including total interest and total repayment, for a ₹10 Lakh personal loan at a 10% interest rate:

This table details the monthly EMI, total interest, and total repayment for a ₹10 Lakh loan.

10 Lakh Personal Loan EMI for 10 Years

Here’s the EMI, total interest, and total repayment calculation for a ₹10 Lakh personal loan at a 10% interest rate over 10 years:

This table shows the monthly EMI, total interest payable, and total repayment amount for a ₹10 Lakh loan with a 10-year tenure at the given interest rate.

Banks use a special formula mentioned below to calculate the 10 lakh personal loan EMI i.e.:

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

Where,

• P = Principal loan amount
• N = Loan tenure in months
• R = Monthly interest rate

The EMI depends on the principal loan amount to be borrowed, 10 Lakh loan interest per month or annum, and repayment tenure.

For example, 10 Lakh personal loan EMI for 5 years at a 10% p.a. interest rate, the EMI will be Rs. 21,247. However, EMI for a personal loan of Rs. 10 Lakh for 7 years tenure at an interest rate of 11% p.a. will be Rs.17,122.

This calculation can be done quickly using the personal loan EMI calculator available online, which gives you exact EMI calculations without any errors.

Below are the basic eligibility criteria for a personal loan for 10 Lakhs:

• Age limit: Minimum 21 years
• Nationality: Indian resident 
• Occupation: Salaried or self-employed 
• Income: Minimum monthly income of Rs. 15,000
• CIBIL score: At least 700

The list of documents required to apply for a personal loan 10 lakh is mentioned below:

Documents for Salaried

• Identity and address proof: Aadhaar Card/ Driving License/ Passport/ PAN Card/ Voter ID/ Ration Card/ Utility Bills (not older than 3 months).
• Income proof: Last 6 months’ salary bank account statements, last 3 months’ salary slips, and ITR/Form 16.

Documents for Self-employed

• Identity and address proof: Aadhaar Card/ Driving License/ Passport/ PAN Card/ Voter ID/ Ration Card/ Utility Bills (not older than 3 months).
• Income proof: Last 3 years’ bank account statements, last 2 years' ITR along with P&L Account Statement, last 2 years' balance sheet, and income computation.
• Business proof: Form 26 AS, Income Tax Challan/ TDS certificate (Form 16A) for income tax declared.

• Competitive rates of interest start at 10% p.a.
• Collateral-free funding within a few hours.
• Flexible repayment tenure of up to 96 months.
• Hassle-free online application with instant disbursal.
• Freedom of using the funds for any purpose.
• Minimal easy documentation.

I need 10 Lakhs urgently - if you are thinking this, here are the easy steps to apply for a personal loan of Rs. 10 Lakhs online:

• Open the personal loan page and choose a lending partner based on your requirements. 
• Click the ‘Apply Now’ button and complete the online application by providing some basic details.
• After an initial assessment of your loan eligibility, you will be required to upload some documents for the loan.
• Once the details are verified, your loan request will be approved by the preferred lender and the sanctioned loan amount will be disbursed instantly to your bank account.