A personal loan of Rs. 10 Lakhs can help you sail through any financial crunch in life. Whether it is a sudden travel plan, a wedding in the house, house renovation or repair work, a medical emergency or any kind of financial emergency, a personal loan can be your friend in need who will never say no. You can repay Rs. 10 Lakh personal loan EMI for 5 years or even for more tenure (in some cases).
There are numerous banks and other financial institutions that offer personal loans of Rs. 10 Lakhs and a higher amount to fulfil all your financial needs.
Here’s everything you should know about availing of a Rs. 10 Lakh loan for 5 years or more.
Key Benefits of Rs. 10 Lakhs Personal Loan
The main benefits of availing of a personal loan of Rs. 10 Lakhs are as follows:
You can get a loan of Rs. 10 Lakh instantly through online lending platforms.
As personal loans are unsecured loans, you do not need to pledge any collateral to obtain them.
The loan can be used for various purposes like wedding vacation, home renovation, medical emergency, etc.
The eligibility criteria and documentation required for personal loans are minimal and quite easier than secured loans.
The 10 Lakh loan interest per month is highly affordable and can be repaid in EMIs along with the principal amount.
Why You Should Apply for Rs. 10 Lakhs Personal Loan?
You can apply for a Rs. 10 Lakhs Loan for various reasons including the ones given below:
Vacation: You can get a personal loan of 10 Lakh for travel and go to your dream destination. The loan covers all your travel expenses including visa and passport, airfares, local transportation costs, hotel accommodations, meals, sports activities, adventures, and so on.
Home renovation & repairs: If you wanted to give your house a new makeover or waiting for some repairs for a long time, a personal loan of 10 Lakhs can be a great tool to fund all your home improvement and repair needs. The amount can be used for paint, repair work, remodelling, buying new equipment, furniture shopping, and so on.
Wedding: You can use a Personal Loan for Wedding related expenses in your family like venue booking, accommodation of guests, gifts, shopping for clothes and jewellery, catering, and so on.
Medical emergency: Medical emergencies can occur at any time. Many times, the insurance money is not enough to cover big medical treatments and expensive checkups. Personal loans can help you cover such unexpected medical emergencies instantly. These loans are instant and easy to avail of, making them a perfect choice during medical emergencies.
Debt consolidation: If you have multiple running EMIs and credit card bills, opting for a debt consolidation loan (which is a kind of personal loan) to conclude all your obligations under a single loan is a great idea. It is a great way to pay a single EMI for all your debts each month.
Balance transfer: You can transfer your high-interest loan to a new lender at a low-interest rate. This facility is called a Personal Loan Balance Transfer. It is offered by most banks and NBFCs. It helps in reducing the interest rate on the ongoing loan or changing the tenure of the loan.
Eligibility Criteria for Rs. 10 Lakhs Personal Loan
If you want to apply for a personal loan of Rs. 10 Lakhs, you will have to meet the following eligibility criteria:
Age: To acquire a loan of Rs. 10 Lakhs, you must be aged at least 21 years old when applying for the loan and not beyond 60 years when the loan matures. If you are self-employed the age criteria are 25 to 65 years.
Occupation: Personal loans can be availed of by salaried as well as self-employed individuals. However, many lenders offer personal loans to only salaried individuals due to their job and income stability. Usually, the interest rate on a Personal Loan for Self-Employed is higher than salaried applicants.
Income: The minimum income requirement for salaried applicants for a Rs. 10 Lakh loan is usually Rs. 25,000 per month or above. For self-employed applicants, an annual income of Rs. 5 Lakhs is necessary to be eligible for the loan.
CIBIL score: CIBIL score shows your creditworthiness to the lender as it is the summary of your past repayment behaviour. Most lenders require you to have a credit score of 750 or more to be eligible for a personal loan of Rs. 10 Lakhs. However, some NBFCs may also provide personal loans with a credit score of below 750. The interest rates for such loans will be higher as the risk associated with borrowers having a low CIBIL score is higher for lenders.
Documents Required for Rs. 10 Lakh Loan
Once you meet the eligibility criteria mentioned above, you will be required to submit the following documents along with the duly filled in and signed loan application form and recent passport size photographs:
KYC documents: The KYC or identity proof documents include any photo identity document issued by the government of India like a passport, PAN Card, voter ID card, Aadhar Card, driving license, etc.
Residence proof: The residence proof includes aadhar card, driving license, passport, voter ID card, etc.
Income proof for salaried applicants: Last 2 months’ salary slips or salary certificate issued by the current employer, Form 16, ITR of last 2 years, and bank statements of salary account for the past 6 months.
Income proof for self-employed applicants: Self-employed persons must submit their GSR registration certificate, trade license, and last 2 years ITR and financial statements as income proof.
How to Calculate Rs. 10 Lakh Personal Loan EMI?
You can use the Rs. 10 Lakh loan EMI calculator to calculate the EMI for the loan for different interest rates and tenures. Follow the steps given below for EMI calculation:
Open the Personal Loan EMI Calculator available online.
Enter the required loan amount (i.e. Rs. 10 Lakhs in this case).
Enter the interest rate as levied by the lender.
Enter the required tenure to get the instant result for EMI of Rs. 10 Lakh personal loan for 10 years tenure with a complete amortisation schedule.
How to Apply for Rs. 10 Lakh Personal Loan?
Applying for a Rs. 10 Lakh loan is easy with online lending platforms. Following the steps mentioned below to apply for the loan through our portal:
Visit MyMoneyMantra and go to the personal loan page.
Select the desired product.
Fill in the online application form by keying in all the required details like your name, contact number, email id, income, required loan amount, repayment tenure, etc.
Submit all the required documents like your KYC documents, income proof, residence proof, etc.
On approval by the lender, the sanctioned loan amount will be credited to your bank account within a few hours.
10 Lakh Personal Loan EMI for 5 Years
Following is the table for Rs. 10 lac personal loan EMI for 5 years’ tenure for top banks and NBFCs: