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 in 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, 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 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.

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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: 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.

₹10 Lakh Personal Loan Interest Rates

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.

Name of the lenderInterest rate
Punjab National Bank11.40%
Bank of Baroda11.10% onwards
Bajaj Finserv11% onwards
HDFC Bank10.75%
Indian Bank10% onwards
Fullerton India11.99% onwards
ICICI Bank10.80% onwards

₹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 lenderInterest rate10 lakh Loan EMI for 5 yearsEMI for 10 Years
Axis Bank12% to 21%₹ 22,244₹ 14,347
Punjab National Bank8.95%₹ 20,734₹ 12,641
Bank of Baroda10.50% onwards₹ 21,494₹ 13,493
Bajaj Finserv13% onwards22,753₹ 14,931
Citibank9.99% onwards₹ 21,242₹ 13,210
HDFC Bank10.50%  to 21%₹ 21,494₹ 13,493
Indian Bank9.05% onwards₹ 20,783₹ 12,695
Fullerton India11.99% onwards₹ 22,239₹ 14,341
ICICI Bank10.50% onwards₹ 21,494₹ 13,493

Looking for Best Personal Loan Offer?

Fill the form by clicking on Apply Now Button and compare latest Interest Rate of all Banks/NFBCs for Instant and Quick Personal Loan Disbursal.

10 Lakh Personal Loan FAQs

✅ Which bank is best for a Personal Loan of ₹10 Lakh?


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.

✅ How to get ₹10 Lakhs immediately?


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.

✅ Can I get Lowest Interest Rate on a ₹10 Lakh Personal Loan?


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.

✅Can I avail ₹10 Lakh Loan without Income Proof?


Yes, you can apply for a 10 lakh personal loan from L&T Finance without providing income proof.

✅ What is the interest rate for SBI ₹10 Lakh Loan?


The rate of interest for SBI ₹ 10 Lakh Loan is 11.15% and upwards.

✅ What are the factors that can affect ₹10 Lakh Personal Loan EMI?


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.

✅ Can I avail ₹10 lakh Loan without Documents?


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.