A Personal Loan is an instant solution to most financial emergencies and requirements. A ₹10 lakh personal loan can be utilised for funding medical expenses, wedding expenses, business expenses, higher education either inland or abroad, expensive gadgets, investment in a property, repairs and renovations for the existing house etc. The purpose for which the personal loan can be availed is exhaustive. You can check the Personal Loan Eligibility Criteria, the required documents and apply for a ₹10 Lakh Loan online and get the approval within no time. Decide the loan tenure to avail it at an affordable EMI using the EMI calculator.
Every financial institution will have laid down eligibility norms to qualify for a personal loan. The general eligibility criteria for a ₹10 lakh Personal Loan are given below.
Additional Info: Check 10 Lakh Loan EMI for 5 & 10 yrs of top banks.
In order to establish your identity and know your whereabouts as also to ensure that you have the repayment capacity, the following documents are insisted upon for a ₹10 lakh personal loan.
Address Proof: Aadhar Card, Voter’s ID Card, Driving Licence, Utility bills, property tax Paid Receipt (anyone)
Photo ID Proof: Pan Card, Aadhar Card, Passport, Driving Licence, Voter’s ID Card (anyone),
Income Proof: Latest Salary Slips, Form 16, IT Returns, and Bank Account Statement for the last six months of the Salary Account has to be submitted by salaried individuals.
Audited financial statements like the Balance Sheet, Profit and Loss Account for the last two years, ITRs of the last two years along with income computation and Bank Statement for the last1 year of the operative account have to be submitted by the self-employed.
Business Proof: GST Returns, Shops and Establishment Act Licence, Memorandum of Association, Articles of Association, Partnership Deed etc., to be submitted by the self-employed.
Additional Reading: Check Personal Loan for Women & their Interest Rates.
The interest rates for a personal loan of ₹10 lakh differs from bank to bank. Have a look at the comparative interest rates of some of the top lenders in the market.
| Name of the lender | Interest rate |
|---|---|
| Navi | 9.99% |
| Axis Bank | 12% to 21% |
| Punjab National Bank | 9.80% |
| Bank of Baroda | 9.20% onwards |
| Bajaj Finserv | 13% onwards |
| Citibank | 9.99% onwards |
| HDFC Bank | 10.25% to 16% |
| Indian Bank | 9.40% onwards |
| Fullerton India | 11.99% onwards |
| ICICI Bank | 10.50% onwards |
EMI for the instant cash loan of ₹10 lakh can be easily calculated using the Personal Loan EMI Calculator that will be available on the official websites of the respective financial institution. EMI calculation is done using the formula
EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1] where the variables are R, N and P.
R is the rate of interest.
N is the tenure
P is the loan amount.
You can try various combinations with the variables to arrive at an affordable EMI.
| Name of the lender | Interest rate | 10 lakh Loan EMI for 5 years | EMI for 10 Years |
| Axis Bank | 12% to 21% | ₹ 22,244 | ₹ 14,347 |
| Punjab National Bank | 8.95% | ₹ 20,734 | ₹ 12,641 |
| Bank of Baroda | 10.50% onwards | ₹ 21,494 | ₹ 13,493 |
| Bajaj Finserv | 13% onwards | 22,753 | ₹ 14,931 |
| Citibank | 9.99% onwards | ₹ 21,242 | ₹ 13,210 |
| HDFC Bank | 10.50% to 21% | ₹ 21,494 | ₹ 13,493 |
| Indian Bank | 9.05% onwards | ₹ 20,783 | ₹ 12,695 |
| Fullerton India | 11.99% onwards | ₹ 22,239 | ₹ 14,341 |
| ICICI Bank | 10.50% onwards | ₹ 21,494 | ₹ 13,493 |
Additional Reading: How to get personal loan in Hyderabad?
