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Need financial assistance to meet your goals or handle unexpected expenses? A loan for ₹ 10 Lakh can be the ideal solution. Whether you’re planning a wedding, renovating your home, managing medical emergencies, or consolidating debts, Personal Loans offer a quick and hassle-free way to get funds. Whether you need funds urgently or are planning for a big expense, a ₹ 10 Lakh loan can address your needs without requiring collateral.
An EMI calculator is a simple tool that helps you plan your loan repayment effectively. With a ₹ 10 Lakh Personal Loan, you can use the EMI calculator to understand how much you’ll need to pay every month based on the interest rate and loan tenure.
A Personal Loan for ₹ 10 Lakh comes with several benefits, making it a popular choice among borrowers:
1. Address Urgent Needs:
If you’re thinking, “I need 10 Lakh urgently,” this loan can provide immediate funds without lengthy approval processes.
2. Flexible Usage:
You can use the funds for any purpose, such as medical bills, home improvements, or education.
3. Affordable Repayments:
Manageable EMIs spread over a tenure of your choice make repayments stress-free.
4. No Collateral Required:
Most Personal Loans don’t need you to pledge assets, making them accessible to a wide audience.
Here are some highlights of opting for a ₹ 10 Lakh Personal Loan:
1. Quick Approval:
Get your loan approved quickly.
2. Competitive Interest Rates:
Affordable rates start as low as 11% per annum*.
3. Flexible Tenure:
You can repay over 72 months.
4. No Collateral:
Enjoy unsecured loans without risking your assets.
5. Easy Documentation:
Submit minimal paperwork for a seamless application process.
| Type | Criteria |
|---|---|
| Residency | Indian resident |
| Age requirement | 21 to 58 years |
| Profession | Salaried or self-employed individuals |
| Document Type | Required Document & Checks |
|---|---|
| Identity Proof | Passport | PAN Card | Driver License | Voter ID | Aadhaar Card |
| Address Proof | Utility bill of any service provider not more than 2 months old (Electricity, Telephone,Post-paid Mobile Phone, Piped Gas, Water Bill) | Passport | Voter ID Card | Driving License |
| Income Proof | Income proofs vary for different professionals across salaried and self employed. |
Please find the easy detailed list of required documents here
| Type | Document |
|---|---|
| Salaried | Last 3 month's salary slips / Form 16 / Last 3 month's bank statement reflecting salary credits / Salary Certificate |
| Self Employed | Latest Income Tax Return (ITR) |
| Bank Statement | Last 3 month's statement is mandatory |
| Residence Ownership Proof | Not mandatory |
| Type | Interest Rate and Charges |
|---|---|
| Loan Processing Fees (non-refundable): | Upto 3%* of Loan Amount + applicable taxes |
| EMI Dishonour/ Bounce Charges: | As shown in the table below |
| *A bounce charge is a charge for (i) dishonour of any repayment instrument; or (ii) non-payment of instalment(s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate | |
| Sanctioned Loan Amount | Charges |
| < ₹ 5 Lakh | ₹ 500 |
| ₹ 5 Lakh - ₹ 30 Lakh | ₹ 1000 |
| Late Payment Charges (LPC)/ Penal Charges: | 2% (p.m.) on EMI overdue + applicable taxes |
| *LPC revised from 3% to 2% per month on overdue EMI w.e.f. 4th Dec'23 | |
| *Taxes applicable on LPC w.e.f. 1st Apr'24 | |
| Part Payment Charges: | Up to 5% of pre-paid amount + applicable taxes |
| Foreclosure Charges: | 5% of POS (Principal Outstanding) + applicable taxes |
| Legal/ Recovery Charges: | As per actuals |
| Duplicate NOC Charges: | First 3 paper copies - free of cost |
| From 4th Paper copy - ₹250 + applicable taxes | |
| Repayment Swap charges (per swap): | ₹500 + applicable taxes (applicable only for branch walk-ins) |
| Loan Cancellation Charge: | Nil - for 3 days from date of disbursal |
| From 4th day - 5%+ applicable taxes (on the outstanding loan amount) | |
| Document Charges: | Nil for Statement of Account (SOA), Repayment Schedule, Foreclosure Letter, Welcome Kit |
| Annual Maintainance Charges (AMC): | Nil |
*Terms & Conditions Apply. All actual charges will be as per Key Fact Statement (KFS) shared by the company.
| Loan Amount (₹) | Interest Rate (%) | Tenure (Years) | EMI (₹) |
|---|---|---|---|
| ₹ 10,00,000 | 11% | 1 Year | ₹ 88,382 |
| 2 Years | ₹ 46,608 | ||
| 3 Years | ₹ 32,739 | ||
| 4 Years | ₹ 25,846 | ||
| 5 Years | ₹ 21,742 |
This tool helps you make informed decisions and ensures you’re financially prepared to handle your loan repayments.
Apply for Personal Loan with these steps
1. Apply online in just few minutes
Select Personal Loan and click the 'Apply Now' button to start your seamless digital loan journey
2. Fill in your details
Enter your personal details, such as income details, current address, and more, to instantly check your loan eligibility
3. Get your customised offer
Explore personalised loan offers to match your needs. You may also get an options to enhance your offer
4. Set up E-mandate
Securely provide your bank details to easily register for an E-mandate, ensuring smooth loan repayments
5. Complete KYC
Verify your identity easily and securely with a quick KYC process from the comfort of your home
6. Get loan disbursement
Get your loan disbursement directly in your bank account, ensuring fast and seamless access to funds
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