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.
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.
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
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
| 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% |
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 |
Apart from interest rates, lenders may also levy various fees and charges, such as:
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:
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.
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.
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.
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.
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.
Yes, personal loans are unsecured loans, meaning you do not need to provide any collateral. Approval is based on your creditworthiness and income profile.
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.
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.
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.
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.
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.
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