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3 Lakh Personal Loan

Are you looking for a small loan to meet your urgent financial needs? Opt for a convenient and quick 3 lakh Personal loan, just perfect for short term requirements of funds. Read on to find out about the 3 lakh personal loan EMI and how you can get a 3 lakh loan on aadhar card through us. 

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Get 3 Lakh Personal Urgently

Banks and financial institutes in India offer personal loans to those who require monetary support in emergencies. In addition, you can utilise a personal loan for medical purposes, waiting purposes, or other emergency requirements that you may have.

Emergencies come without warning and create a troublesome situation for many. In these scenarios, personal loans come into the picture. A 3 lakh loan can serve multiple purposes and help you manage your expenses in emergencies.
Several banks of her personal loan schemes at low-interest rates to those who are in urgent need of financial support. Not many documents are required for a 3 lakh loan. This is one factor that makes personal loans feasible for many in emergencies across the country.

Apply for ₹ 3 Lakh Personal Loan Online

If you require a 3 lakh personal loan urgently, make sure you do sufficient research first and then choose a suitable scheme for you as per your affordability and requirements.

Multiple banks and financial institutes offer eligible applicants personal loans for emergency purposes. Your 3 lakh personal loan EMI will be higher if you choose a shorter tenure of 2 years-3 years. If you go for a longer tenure of up to 5 years, your EMI will be much lower.

You can use the money to consolidate debts, pay off credit card bills, and other EMIs. One of the most common reasons to apply for a personal loan remains to be medical bills in the country. You can utilise your 3 lakh loan to pay your medical expenses.

Medical emergencies emerge without a warning which may be quite expensive for several factors. In order to apply for a 3 lakh personal loan online, visit the official website of your preferred bank and fill in all the details properly.

Eligibility Criteria for Obtaining Rs. 3 Lakhs Personal Loan

There are different banks with different personal loans eligibility criteria. However, several common factors are considered when bank officials check your eligibility as a borrower before granting you a personal loan.

If you want a 3 lakh instant loan for an emergency, first, go through the eligibility criteria of your preferred bank property before applying for a loan.

The major factors that you need to keep in mind before applying for a 3 lakh loan include:

  • Credit Score: If you want to apply for a 3 lakh personal loan, you should have a credit score of at least 650 and above. Many banks prefer those who have a decent credit score of 700 and above.
  • Age: although eligibility criteria may differ from one bank to the other, when it comes to the age criteria, most banks follow the same terms and regulations for personal loans. You must be 21 years to apply for a personal loan of up to 3 lakh. The maximum age to apply for personal loans remains 65 years. Several Indian banks also offer personal loans to those who are over 18 but have not hit 21 yet.
  • Occupation: If you want to get a 3 lakh loan for 3 years or the same amount for a longer tenure, you have to prove the fact that you are an ideal borrower by providing your stable-income details to the bank. Generally, salaried people have a stable income compared to self-employed people. This is one of the major reasons why many banks are more likely to grant personal loans to salaried individuals only.
  • Income: In order to apply for a 3 lakh personal loan, you must have a minimum stable monthly income of 25,000 on average. This is mostly applicable for salaried people in the country. Self-employed people need to provide their bank statements and balance sheets of profit and loss details in order to prove their credibility as potential borrowers.

Documents Required for 3 lakh Personal Loan

Before you apply for a 3 lakh loan for 5 years or a different tenure, make sure you go through all the necessary documents that you need to provide to the bank when you apply for a personal loan.

Different banks may require different documents when it comes to personal loans. There are several common documents required for personal loan by all banks. Although you do not need to have a long list of documents for a 3 lakh personal loan, some basic documents need to be provided to the bank. 

The major documents to keep while applying for a personal loan include:

  • KYC Documents: In order to apply for a loan up to 3 lakh, you need to provide basic KYC documents to the banks such as your identity proof – pan card, passport, Aadhaar card, voter card, driving license, to name a few. {Link aadhar to mobile number
  • Income Proof: Providing your income proof is necessary when you apply for a 3 lakh loan. Your bank statements for the last six months as well as year income tax returns Asha necessary. You must keep form 16 while applying for a loan.
  • Self-employed people may be asked to provide their profits and loss balance sheets along with bank statements.
  • Address proof: You need to provide your address proof- utility bills, including electricity bills/ water bills/ passport.
  • Photographs: All applicants are required to carry 2-3 passport size photographs while applying for a loan of 3 lakhs.

These are the basic documents that all applicants must-have during the application procedure. If you want to get a 3 lakh loan without documents, the best option is to borrow it from someone you know personally.

Additional Info: Also know about Debt Consolidation loan.

Top 5 Banks for Rs. 3 Lakh Personal Loan

3 lakh interest rates differ from one bank to the other based on several factors. It is important to go through all the interest rates offered by other contemporary banks and financial institutes before applying for a personal loan to determine you are choosing the right scheme.

3 lakh personal loan EMI for 5 years depends directly on the current interest rate that is offered by your preferred bank. Go through the chart to compare and understand the differences between the interest rates offered by the leading banks in India at the moment.

Bank NamesInterest Rates for Personal Loans
Navi9.9%
HDFC Bank10.50%
ICICI Bank10.50%
State Bank of India9.60%-15.65%
Canara Bank12.40%

Apart from these banks, Kotak Bank, Corporation Bank, Bajaj Finserv, and Punjab National Bank are some of the other banks that offer 3 lakh personal loans. Your EMI will differ based on the interest rate. For instance, in SBI, 3 lakh personal loan EMI SBI for three years remains around 9,711/- for an average interest rate of 10.50%. If you get a loan from the Canara Bank, an interest rate of 12.40% onwards will be applied for the same principal amount. 

The 3 lakh loan interest will determine your monthly payable rates. If you want to get a 3 lakh loan without interest, search for lenders who provide personal loans at minimum interest rates. You can also approach a lender that you know personally to avoid paying interest rates with your loan.

How to Apply for a ₹ 3 Lakh Personal Loan?

Before applying for a personal loan, make sure you use the 3 lakhs personal loan EMI calculator to calculate your monthly instalments beforehand. It will help you manage your finances well during your repayment tenure.

In order to apply for a 3 lakh loan online, 

  1. First, make sure you go through all the different interest rates that are offered by banks so that you can choose the best scheme for yourself.
  2. Visit the official page of your preferred bank and click on the option ‘apply online’.
  3. You after submitting your phone number for Federation purposes.
  4. Fill in the necessary details such as your name, personal details, income details, KYC documents, and other details.
  5. After entering all the necessary details successfully, submit the form. Be patient and wait for the bank to get in touch with you.
  6. After your loan is approved, 3 lakh will be transferred into your bank account by the lender.

You can also apply for a 3 lakh personal loan offline by visiting your nearest bank branch and applying through the DSAs.

Additional Info: Looking for 20 Lakh Personal Loan? Check Eligibility & Apply.

What to do with Rs. 3 Lakh Personal Loan?

You can utilise your 3 lakh loan in multiple ways. The most common ways that you can use your loan are listed below:

  • Marriages in India can be quite expensive considering all the catering bills, shopping charges, venue booking, and other bills that people have to pay. You can utilise the loan amount for covering your marriage expenses. 
  • You can use the 3 lakh personal loan for paying your medical bills in emergency situations.
  • You can use the loan of 3 lakh for home improvement purposes. Buying new furniture or repairing certain portions of your house can be quite costly.

How do I Calculate my ₹ 3 Lakh Personal Loan EMI?

If you want to calculate your personal loan 3 lakh EMI before applying for a personal loan, make sure you use an online Personal Loan EMI calculator for the same.

  • Find an online EMI calculator to calculate your monthly instalments.
  • Enter your principal amount, tenure, and the offered interest rate
  • After entering these details, your monthly instalment rate will show up on the screen.

Try different combinations before you make the final call.

Check Personal Loan for Different Amount

Navi Personal Loan @9.99% p.a

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.

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3 Lakh Personal Loan FAQs

Which bank is best for a Personal Loan of ₹ 3 Lakh?

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Several banks and financial institutes offer personal loans to eligible applicants. Leading banks that offer personal loans at affordable interest rates in India are State Bank of India, Kotak Bank, Canara Bank, Syndicate Bank, HDFC Bank, and ICICI Bank. Go through the current interest rates to determine which scheme will be the best for you.

I need 3 Lakhs urgently, how to get it?

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Firstly, go through all the different interest rates of contemporary time that are offered by the leading banks and choose a scheme that you are financially comfortable with. Calculate your EMI through an online calculator and visit the bank’s official website to apply for a 3 lakh personal loan. After your loan is approved, the money will be directly transferred into your bank account.

Can I get the lowest interest rate on a ₹ 3 Lakh Personal Loan?

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On average, the interest rate for personal loans remains around 10.50%. Kotak Mahindra Bank, State Bank of India, ICICI Bank, and HDFC Banks offer personal loans at low-interest rates. Check out different interest rates offered by banks in India and calculate your EMI beforehand to make sure you go for the lowest interest rate that you are comfortable with.

How to get a 3 Lakh loan without income proof?

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Although income proof is essential in determining whether or not you are eligible to get a 3 lakh loan, you can avoid it and apply for a personal loan. Submit your credit score while applying for the loan. Make sure you have a good credit score of 700 and above. However, if you do not have a decent credit score, apply with a co-applicant or borrow the money from a lender that you personally know.

What is the interest rate for SBI ₹ 3 Lakh Loan?

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State Bank offers an interest rate between 9.60%-15.65%. The rate depends on your credit score, income details, occupation, and other details. Those who have a good credit score of 750 or above are more likely to receive tax benefits from the bank post loan approvals. The interest rate also varies from one scheme to the other.

What are the factors that can affect ₹ 3 Lakh Personal Loan EMI?

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Major factors that affect your 3 lakh personal loan directly include your income details, occupation, credit score, other financial obligations, the tenure you select, and other details. For instance, if you choose a tenure of 5 years, your EMI will be much lower compared to the EMI for a tenure of 3 years or two years.

If you have other obligations such as debts, EMIs and bills to pay, it will affect your EMI and loan eligibility.

What will be the EMI for a ₹ 3 Lakh Personal Loan?

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The EMI for a 3 lakh loan for the tenure of 3 years will be around 9,715/- for an average interest rate of 10.50%.

For the same interest rate, your EMI will be around 6,448/- for a tenure of 5 years. For a longer tenure, your monthly instalments will be lower and vice versa.

Can I avail 3 Lakh loan without documents?

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You need to submit basic documents, including identity proof, income proof, and address proof, to your lender when you apply. However, if you want to get a 3 lakh loan without documents, it is best to look for lenders who provide loans with minimal documents. You can also consider taking the loan personally from someone you know who will not require any documents as proof.