In today’s fast-paced world, financial emergencies can arise at any time, prompting the need for immediate funds. Whether it’s for medical expenses, business needs, or any other urgent requirement, a ₹10 lakh personal loan can provide the necessary financial support. This guide will walk you through the steps to get a ₹10 lakh personal loan quickly, covering eligibility, interest rates, required documents, and more.
Why Opt for a Personal Loan?
Personal loans are a popular choice due to their flexibility, lack of collateral requirement, and quick disbursal process. Here’s why opting for a personal loan makes sense:
No Collateral Required: Personal loans are unsecured, meaning you don’t need to pledge any assets.
Flexible Use: The loan amount can be used for any purpose, from medical emergencies to business investments.
Quick Processing: Most banks and NBFCs offer instant approval and disbursal, especially if you apply online.
Eligibility Criteria for a ₹10 Lakh Personal Loan
The first step in securing a personal loan is understanding the eligibility criteria. While these may vary from lender to lender, the following are the general requirements:
Age: 21 to 60 years
Employment Status: Salaried individuals, self-employed professionals, and business owners
Income: Minimum monthly income of ₹25,000 (may vary based on the lender)
Credit Score: A good credit score (usually 750 or above) enhances approval chances
Employment Tenure: At least 1-2 years of work experience, with a minimum of 6 months with the current employer
Documents Required for a ₹10 Lakh Personal Loan
To expedite the loan approval process, ensure you have the following documents ready:
Identity Proof: Aadhaar card, PAN card, passport, or driving license
Address Proof: Utility bills, rent agreement, or passport
Income Proof: Latest salary slips, bank statements (last 3-6 months), and ITR (for self-employed)
Employment Proof: Offer letter or employment certificate
Photographs: Passport-sized photos
Interest Rates on a ₹10 Lakh Personal Loan
| Institution | Interest Rate (Per Annum) |
| Banks | |
| State Bank of India (SBI) | 9.60% to 13.85% |
| HDFC Bank | 10.50% to 17.00% |
| ICICI Bank | 10.75% to 18.50% |
| Axis Bank | 10.25% to 17.50% |
| NBFCs | |
| Bajaj Finserv | 12.99% to 18.00% |
| Tata Capital | 11.25% to 19.00% |
| Fullerton India | 11.99% to 25.00% |
| Muthoot Finance | 14.00% to 26.00% |
EMI Tenure Options
The EMI tenure is another critical aspect of personal loans. The tenure determines your monthly installment and overall interest payout. Here’s what you need to know:
| Tenure | Interest Rate | EMI (Approx.) | Total Interest Payable | Total Amount Payable |
| 1 Year | 10% | ₹87,916 | ₹54,992 | ₹10,54,992 |
| 1 Year | 15% | ₹90,567 | ₹86,800 | ₹10,86,800 |
| 1 Year | 20% | ₹93,017 | ₹1,16,204 | ₹11,16,204 |
| 2 Years | 10% | ₹46,140 | ₹1,06,751 | ₹11,06,751 |
| 2 Years | 15% | ₹48,438 | ₹1,62,529 | ₹11,62,529 |
| 2 Years | 20% | ₹50,750 | ₹2,16,000 | ₹12,16,000 |
| 3 Years | 10% | ₹32,267 | ₹1,61,625 | ₹11,61,625 |
| 3 Years | 15% | ₹34,675 | ₹2,47,319 | ₹12,47,319 |
| 3 Years | 20% | ₹37,152 | ₹3,30,464 | ₹13,30,464 |
| 4 Years | 10% | ₹25,364 | ₹2,16,469 | ₹12,16,469 |
| 4 Years | 15% | ₹27,942 | ₹3,32,293 | ₹13,32,293 |
| 4 Years | 20% | ₹30,586 | ₹4,45,100 | ₹14,45,100 |
| 5 Years | 10% | ₹21,247 | ₹2,71,296 | ₹12,71,296 |
| 5 Years | 15% | ₹24,000 | ₹4,18,640 | ₹14,18,640 |
| 5 Years | 20% | ₹26,499 | ₹5,62,702 | ₹15,62,702 |
Fees and Charges
Apart from interest rates, lenders may also levy various fees and charges, such as:
- Processing Fee: 1% to 3% of the loan amount
- Prepayment Charges: 2% to 5% if you decide to prepay your loan
- Late Payment Penalty: 2% to 3% on the overdue amount
- Loan Foreclosure Charges: Applicable if you foreclose the loan before tenure ends
How to Apply for a ₹10 Lakh Personal Loan on Fincover
Fincover simplifies the personal loan application process, offering an easy online platform to compare and apply for loans from various banks and NBFCs. Here’s how you can apply:
- Visit Fincover’s Website: Go to the official Fincover website and navigate to the personal loans section.
- Check Eligibility: Use the eligibility calculator to check if you qualify for a ₹10 lakh loan.
- Compare Offers: Compare interest rates, EMI options, and other terms from multiple lenders.
- Submit Application: Fill out the online application form with your personal, employment, and financial details.
- Upload Documents: Upload the required documents for verification.
- Approval and Disbursal: Once approved, the loan amount will be disbursed to your bank account, often within 24-48 hours.
FAQs
- What is the minimum eligibility criteria for a ₹10 lakh personal loan?
To be eligible for a ₹10 lakh personal loan, you typically need to be between 21-60 years old, have a stable income (minimum ₹25,000 per month for salaried employees or ₹2-3 lakhs annually for self-employed individuals), and maintain a credit score of 700 or above. Lenders also look for stable employment or business history.
- What interest rates can I expect on a ₹10 lakh personal loan?
Interest rates for a ₹10 lakh personal loan typically range from 9.60% to 26.00% per annum, depending on the lender, your credit score, and your income profile. Banks usually offer lower interest rates compared to NBFCs.
- How long does it take to get a ₹10 lakh personal loan approved?
The approval time can vary, but many lenders offer instant approval if you meet all the criteria. The loan disbursement process can take anywhere from a few hours to 2-3 business days, depending on the lender and your documentation.
- Can I apply for a ₹10 lakh personal loan online?
Yes, most banks and NBFCs offer online application processes. You can fill out the application form, upload your documents, and receive approval without visiting a branch.
- What documents are required for a ₹10 lakh personal loan?
The basic documents required include identity proof (Aadhaar, PAN), address proof (utility bills, rental agreement), income proof (salary slips, bank statements, ITRs), and employment/business proof. Lenders may also require additional documents based on your profile.
- Can I get a ₹10 lakh personal loan without collateral?
Yes, personal loans are unsecured loans, meaning you do not need to provide any collateral. Approval is based on your creditworthiness and income profile.
- What is the EMI for a ₹10 lakh personal loan?
The EMI for a ₹10 lakh personal loan depends on the interest rate and tenure. For example, with a 10% interest rate, the EMI for a 5-year tenure would be around ₹21,247 per month.
- Can I prepay or foreclose my ₹10 lakh personal loan?
Yes, most lenders allow prepayment or foreclosure of the loan. However, some may charge a prepayment penalty ranging from 1% to 5% of the outstanding amount.
- What is the processing fee for a ₹10 lakh personal loan?
Processing fees typically range from 1% to 2.5% of the loan amount, depending on the lender. Some lenders might offer discounts or waive the processing fee during promotional periods.
- Is my credit score affected by applying for a ₹10 lakh personal loan?
Yes, applying for a personal loan results in a hard inquiry on your credit report, which may temporarily lower your credit score. However, consistently paying your EMIs on time can improve your credit score over time.
Conclusion
Securing a ₹10 lakh personal loan immediately is possible with the right preparation and understanding of the process. By meeting the eligibility criteria, choosing the right lender, and being aware of the associated costs, you can ensure a smooth and quick loan approval process. Use platforms like Fincover to compare and find the best loan offers tailored to your needs.
