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10 Lakh Personal Loan

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.

Table of Contents: 10 lakh Personal Loan
10 Lakh Personal Loan Eligibility

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.

  • Age: The age of the applicant should be between 18 years to 60 years for salaried individuals and between 18 years to 65 years for the self-employed. The minimum age at the time of applying for the loan varies from lender to lender and could be anywhere between 18 years to 23 years.
  • Minimum income: The minimum income stipulated by each lender varies. Some of the lenders stipulate the income as per the city of residence. It could vary from Rs. 10000/- to Rs. 25000/- per month for salaried individuals and annual income of Rs. 1.20 lakhs to Rs 3 lakhs for the self-employed.
  • Credit Score: Applicants with credit scores of 700 to 750 and above will qualify for the loan.
  • Debt to Income Ratio: A desirable debt to income ratio would be between 40% to 50% of the net income.
  • Work Experience: A minimum work experience of 1 to 2 years in the current employment for salaried individuals and a minimum business existence of 2 to 3 years for the self-employed. Work experience stipulation is only to ensure the stability of income.

Additional Info: Check 10 Lakh Loan EMI for 5 & 10 yrs of top banks.

Documents required for 10 lakh Personal Loan

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.

₹10 Lakh Personal Loan 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 lenderInterest rate
Axis Bank12% to 21%
Punjab National Bank9.80%
Bank of Baroda9.20% onwards
Bajaj Finserv13% onwards
Citibank9.99% onwards
HDFC Bank10.25%  to 16%
Indian Bank9.40% onwards
Fullerton India11.99% onwards
ICICI Bank10.50% onwards
₹10 Lakh Personal Loan EMI Calculation
  • 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.

    10 Lakh Personal Loan EMI for 5 Years & 10 Years
    Name of the lenderInterest rate10 lakh Loan EMI for 5 yearsEMI for 10 Years
    Axis Bank12% to 21%₹ 22,244₹ 14,347
    Punjab National Bank8.95%₹ 20,734₹ 12,641
    Bank of Baroda10.50% onwards₹ 21,494₹ 13,493
    Bajaj Finserv13% onwards22,753₹ 14,931
    Citibank9.99% onwards₹ 21,242₹ 13,210
    HDFC Bank10.50%  to 21%₹ 21,494₹ 13,493
    Indian Bank9.05% onwards₹ 20,783₹ 12,695
    Fullerton India11.99% onwards₹ 22,239₹ 14,341
    ICICI Bank10.50% onwards₹ 21,494₹ 13,493

    Additional Reading: How to get personal loan in Hyderabad?

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10 Lakh Personal Loan FAQs

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