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 below displays monthly EMI amounts for a ₹3 Lakh personal loan at a 10% interest rate for different repayment periods. Notably, the 3 lakh personal loan EMI for 5 years is highly affordable for salaried and self-employed borrowers alike.

Calculating the EMI for a personal loan up to 3 lakh uses 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 

To simplify this, use a free 3 Lakh Loan EMI Calculator online to get precise results quickly.

A personal loan of 3 lakhs is extremely flexible and can be used for:

• Travel: Fund flight tickets, accommodations, or full holiday packages.
• Weddings: Pay for venue bookings, catering, shopping, and more.
• Medical emergencies: Cover hospital bills, medicines, and tests.
• Home renovation: Tackle minor or major repairs and upgrades.
• Rent or deposit: Ideal if you’re shifting homes and need upfront funds.
• Gadget purchases: Buy phones, laptops, appliances, and more.
• Education: Cover tuition fees, books, uniforms, etc.

To qualify for a personal loan up to 3 lakh, applicants generally need:

• 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

💡 Tip: Some lenders allow 3 lakh loan without documents by using bank statements or GST filings as alternate verification, making it easier to access funds quickly.

If you’re thinking, I need 3 lakh rupees urgently, here’s a step-by-step guide:

• 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.