3 Lakh Personal Loan

Below are the top banks, NBFCs, and online lenders that offer personal loans of 3 lakh loan along with their loan interest rates:

The table given below shows the monthly Rs. 3 Lakh Personal Loan EMI at a 10% p.a. interest rate, for different loan tenures ranging from 1 to 5 years.

Here's the EMI calculation for a 3 Lakh Personal Loan EMI for 5 years, 4 years, 3 years, 2 years and 1 year, in a tabular format:

Calculating the EMI for a personal loan up to Rs. 3 Lakhs involves a specific formula. The EMI depends on the loan amount (principal), applicable interest rate, and repayment tenure.

Here's a breakdown of how EMI for a 3 Lakh Personal Loan is calculated, using the formula:

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

• P is the principal amount (the loan amount), which is Rs. 3,00,000 in this case.
• N is the tenure of the loan in months. For instance, a 5 years tenure would be 60 months.
• R is the monthly interest rate. If the annual rate of interest is 10%, then the 3 lakh loan interest per month will be 10%/12.

For example, if you take a personal loan up to 3 lakhs at a 10% p.a. interest rate for different tenures, the EMI calculation would be as follows:

• EMI for a 1-year tenure will be Rs. 26,375 
• EMI for a 2-year tenure will be Rs. 13,843 
• EMI for a 3-year tenure will be Rs. 9,680 
• EMI for a 4-year tenure will be Rs. 7,609
• EMI for a 5 lakh loan for 5 years will be Rs. 6,374 

This calculation can be done more easily and instantly using the 3 Lakh Loan EMI Calculator. This easy-to-use free online tool gives you accurate EMI calculations without any errors.

A personal loan of Rs. 3 Lakhs can be used to fund various financial needs. Some of the common uses of a 3 lakh personal loan are mentioned below:

• Travel: A personal loan of 3 lakhs can help you fund your dream vacation. A travel loan of Rs. 3 lakh can cover flight/train tickets, hotel booking, and other expenses, allowing you to enjoy your trip with minimal financial stress.
• Wedding: A marriage loan of Rs. 3,00,000 can cover a wedding cost to some extent, depending on your requirements. A wedding loan can provide financial aid for venue booking, catering, shopping, photography, or other expenses, ensuring a memorable wedding.
• Medical expenses: Medical emergencies like an accident or any unforeseen illness can occur at any time. An emergency loan of Rs. 3 Lakhs can provide you with much-needed funds to cover medication, checkups and treatment bills, ensuring timely care.
• Home improvement: If you wish to refurbish your home, a short-term personal loan of Rs. 3 Lakhs can be used for some essential renovations and repairs, increasing the market value of your property.
• Rent payment: Getting a Rs. 3 lakh loan can be helpful when you need immediate funds for an upfront deposit for a rented space or even to cover the rent payment for a few months, making your transition affordable.
• Gadget/ home appliance purchase: Purchasing an air conditioner, fridge, high-end smartphone, or any other gadget/ home appliance to upgrade your lifestyle can be easily done with a personal loan of Rs. 3,00,000.
• Educational expenses: An instant loan of 300000 can be used to meet educational expenses like payment of school/ college/ tuition fees, purchasing study material/ uniforms, etc.

Below are the basic eligibility criteria for a personal loan 3 lakh:

• Age: At least 21 years
• Citizenship: Resident Indian 
• Occupation: Salaried/ self-employed 
• Income: Minimum Rs. 15,000 per month
• CIBIL score: 700 or above

Documents Required for Salaried

• Identity proof: Aadhar Card/ PAN Card/ Driving License/ Passport/ Voter ID
• Address proof: Aadhaar Card/ Ration Card/ Passport/ Voter ID/ Utility Bills (not older than 3 months) 
• Income documents: Bank statements for the past 6 months, last 3 months’ salary slips, and ITR/Form 16

Documents Required for Self-employed

• Identity proof: Aadhar Card/ PAN Card/ Driving License/ Passport/ Voter ID
• Address proof: Aadhaar Card/ Ration Card/ Passport/ Voter ID/ Utility Bills (not older than 3 months) 
• Income documents: Bank statements for the past 3 months, ITR for the last 2 years 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

If you need 3 Lakhs urgently, here is how you can apply for the loan instantly, all you need to do is fill out an online application form.

• Open the personal loan page and select your preferred lending partner.
• Click on the ‘Apply Now’ button.
• Complete the online application by providing some basic personal, professional, and financial details.
• After the initial pre-assessment of your personal loan eligibility, you will be prompted to upload some necessary documents.
• Once the details are verified successfully, you will get a loan approval from the chosen lender and the sanctioned loan amount will be disbursed to your bank account shortly.