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10 Lakh Personal Loan
From Rs 10,000 to Rs 40 lakh, you can obtain personal loans from banks and NBFCs. The likelihood that you will be approved for a Personal Loan of Rs. 10 lakh will largely depend on your monthly income, existing loan repayment commitments, and your EMI/NMI ratio, which is the percentage of your net monthly income that is used to pay off both your existing EMIs and the EMI of the new loan. Keep in mind that lenders often favor approving personal loans to candidates with EMI/NMI ratios of up to 50–55%. Your credit score, employment history, and employer profile are additional criteria that could affect the loan acceptance procedure.Key Features of Rs. 10 Lakh Personal Loans
1. Loan amount – As the name suggests, a Rs. 10 lakh personal loan offers a loan amount of Rs. 10 lakh to eligible borrowers.
2. Interest rate – The interest rate on a personal loan can vary depending on the lender and the borrower’s creditworthiness. Generally, the interest rates on personal loans range from 9.99% per annum onwards.
3. Repayment tenure – The repayment tenure for a personal loan can range from 6 months to 84 months. You can choose the repayment tenure that suits your financial situation and repayment capacity.
4. Processing fee – Lenders may charge a processing fee starting from 1% to up to 5% of the loan amount for processing your loan application.
5. Prepayment and foreclosure charges – Some lenders may charge prepayment and foreclosure charges if you repay the loan amount before the end of the tenure.
6. Collateral – A personal loan is an unsecured loan, which means you do not need to provide any collateral or security to get the loan.
7. Eligibility criteria – To be eligible for a personal loan, you need to meet certain eligibility criteria set by the lender, such as age, income, and credit score.
Leading Lenders for Rs 10 lakh Personal Loan
Below are the interest rates some lenders charge for Rs. 10 lakh personal loans.
Lenders | Interest Rate |
|---|---|
10.50% onwards | |
10.75% onwards | |
11% onwards | |
10.99% onwards | |
10.49% onwards | |
10.49% onwards | |
10.99% onwards | |
11.99% onwards | |
Poonawalla Fincorp | 9.99% onwards |
Things to Note While Applying for Rs 10 Lakh Loan
Before applying for a personal loan of Rs 10 lakh, here are some points to consider -
1. Check your credit score - Your credit score will play a significant role in determining your loan eligibility and interest rates. Make sure to check your credit score and take steps to improve it if necessary.
2. Compare lenders - Research and compare different lenders' interest rates, fees, and repayment terms to find the best deal.
3. Evaluate your repayment capacity - Make sure to evaluate your repayment capacity by calculating your monthly income, expenses, and existing debts. This will help you determine whether you can afford to repay the loan on time.
4. Check eligibility criteria - Each lender will have different eligibility criteria, such as minimum income requirements, age limit, and employment status. Make sure to check if you meet the eligibility criteria before applying.
5. Consider the loan tenure - The loan tenure will determine the monthly installments you will have to pay. A longer tenure may result in lower monthly installments, but you will end up paying more interest over time.
6. Read the fine print - Before signing any loan agreement, make sure to read the terms and conditions carefully. Pay attention to any hidden fees or penalties that may apply.
7. Avoid multiple applications - Multiple loan applications can negatively impact your credit score. Therefore, it's important to avoid submitting multiple applications simultaneously.
By considering these points, you can make an informed decision when applying for a 10 lakh personal loan.
Documents Needed for Rs 10 Lakh Personal Loan
1. For Salaried
a. ID proof - Aadhar card, driving license, PAN cardb. Signature proof
c. Bank statements for the last 6 months
d. Address proof – Passport/Aadhaar Carde. Last 3 months’ salary slips
f. Form 16/ITR
2. For Self-employed
a. ITR for the past 2 years along with P&L account, balance sheet, and income computation for the last 2 yearsb. Business Proof
c. Form 26 AS, Income Tax Challan or TDS certificate (Form 16A)
FAQs Of 10 Lakh Personal Loan
1. What is a personal loan of 10 lakh?
A personal loan of 10 lakh is a loan that is typically offered by banks or financial institutions to individuals who require a lump sum amount of Rs. 10 lakh for various purposes, such as home renovation, medical expenses, education fees, wedding expenses, or debt consolidation.
2. What documents are required to apply for a personal loan of 10 lakh?
The documents required to apply for a personal loan of 10 lakh may vary from lender to lender. However, some common documents include proof of identity, proof of address, proof of income, bank statements, and employment or business-related documents.
3. How long does it take to process a personal loan of 10 lakh?
The time taken to process a personal loan of 10 lakh may vary from lender to lender. However, typically, it takes 2-7 working days for the loan to be approved and disbursed to the borrower's bank account.
4. What happens if I default on a personal loan of 10 lakh?
If you default on a personal loan of 10 lakh, the lender may impose penalties and charge additional interest on the outstanding amount. In severe cases, the lender may take legal action and seize the collateral if any provided by the borrower.
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