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 either inland or 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 now check for the eligibility criteria and the required documents and apply for a ₹10 lakh personal loan online and get the approval within no time. Before applying for the loan, you should decide on the loan tenure so as to arrive at an affordable EMI using the EMI calculator.
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.
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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.
Additional Reading: How to get personal loan in Chennai?
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.
|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|
Additional Reading: How to get personal loan in Hyderabad?
Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.99% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.
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, HDFC Bank are some of the financial institutions that offer instant personal loans. All you have to do is to 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, 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
Yes. You can avail ₹ 10 Lakh instant cash loan without Income Proof if you have a good credit score and you provide collateral security.
The rate of interest for SBI ₹ 10 Lakh Loan is 9.60% 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.
The EMI for a personal loan of ₹10 Lakh will depend on the loan tenure and the rate of interest. The EMI for a tenure of 3 years at the lowest interest rate is as follows:
|Name of the bank||Interest Rate||EMI|
|Punjab National Bank||8.95||31776|
You can avail ₹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.