A personal loan of ₹10 lakh can be a game-changer whether you're planning a wedding, consolidating debt, funding a dream vacation, or covering unexpected medical expenses. With easy online application processes and minimal documentation, getting a personal loan up to ₹10 lakh is more accessible than ever.
In this guide, we’ll guide you through everything you need to know about getting a ₹10 lakh personal loan, including EMI options, eligibility, and interest rates.
What Is a ₹10 Lakh Personal Loan?
A ₹10 lakh personal loan is an unsecured loan offered by banks and NBFCs that doesn’t require any collateral. It provides financial support for personal needs, and the repayment period usually ranges from 1 to 5 years.
₹10 Lakh Personal Loan EMI: What to Expect?
Your 10 lakh personal loan EMI (Equated Monthly Installment) depends on the interest rate and loan tenure. Here’s a quick example:
-
Loan Amount: ₹10,00,000
-
Interest Rate: 11% per annum
-
Tenure: 5 years
Estimated EMI: ₹21,742/month (approximately)
Use an online EMI calculator to find the best EMI for your budget. Always aim to choose a tenure that balances EMI affordability and total interest payout.
₹10 Lakh Personal Loan Eligibility Criteria
Eligibility for a 10 lakh personal loan may vary by lender, but here are common criteria:
-
Age: 21 to 60 years
-
Income: Minimum ₹25,000–₹50,000 per month (varies by city/lender)
-
Employment: Salaried or self-employed with a stable income
-
Credit Score: 700 or above preferred
-
Work Experience: At least 1–2 years
Pro tip: A higher credit score not only improves your chances of approval but may also fetch you a lower 10 lakh personal loan interest rate.
What Is the Interest Rate for ₹10 Lakh Personal Loan?
The 10 lakh personal loan interest rate typically ranges from 10% to 24% per annum, depending on:
-
Your credit score
-
Employment type
-
Loan tenure
-
Lender policies
Always compare rates from multiple lenders before applying. Even a 1% lower rate can save you thousands over the loan term.
Documents Required
To apply for a personal loan up to 10 lakh, you’ll usually need:
-
PAN card & Aadhar card
-
Income proof (salary slips, bank statements)
-
Address proof
-
Employment details
Most lenders now offer 100% digital application processes, reducing paperwork and approval time.
Conclusion
Getting a ₹10 lakh personal loan in 2025 is quick, hassle-free, and can be tailored to your financial comfort. Check your eligibility, compare interest rates, and use EMI calculators before you apply. Always borrow responsibly and ensure timely repayments to maintain a healthy credit profile.
Comments
0 comment