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3 Lakh Personal Loan
A Rs. 3 lakh personal loan is a type of unsecured loan that allows individuals to borrow up to Rs. 3 lakhs from a lender without providing any collateral. Banks/NBFCs also pre-approve this loan to customers with a good credit history and credit behavior. Let us understand the offerings available for a Rs. 3 lakh loan in India, things to keep a note of, and more.Key Features of a Rs 3 Lakh Personal Loan
1. Unsecured Loan - A Rs. 3 lakh personal loan is an unsecured loan, which means that the borrower is not required to provide any collateral or security to obtain the loan.
2. Fixed Interest Rates - Personal loans come with fixed interest rates, which means that the borrower knows how much they need to pay every month towards the loan.
3. Flexible Repayment Options - The repayment tenure of a personal loan typically ranges from 6 months to 5 years, depending on the lender. This allows the borrower to choose a repayment period that is convenient for them.
4. Quick Disbursal - Once the loan is approved, the lender typically disburses the loan amount within 24-72 hours, making it an ideal option for individuals who need quick access to funds.
5. Minimal Documentation - Personal loans require minimal documentation, making the application process simple and hassle-free.
6. No Restrictions on Usage - Borrowers can use the loan amount for any purpose, such as paying off credit card bills, financing a wedding, or funding a home renovation project.
7. Prepayment and Foreclosure - Most lenders allow borrowers to prepay their personal loans without any penalty or charge. Borrowers can also choose to foreclose the loan if they have the funds to pay off the outstanding amount.
Leading Lenders for Rs 3 lakh Personal Loan
Below are the interest rates some lenders charge for Rs. 3 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 |
Documents Needed for Rs 3 Lakh Personal Loan
1. For Salaried
a. ID proof - Aadhar card, driving license, PAN cardb. Signature proof
c. Last 6 months’ bank records
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)
How to Apply for Rs 3 Lakh Personal Loans
1. Research and compare – Research different banks and financial institutions that offer personal loans in India. Compare their interest rates, fees, and other terms and conditions to find the one that suits your needs.
2. Check eligibility – Check the eligibility criteria of the lender you have chosen. Generally, lenders require borrowers to be Indian citizens or residents, aged between 21 to 60 years, with a stable income source and a good credit score.
3. Submit application – Once you have chosen a lender and checked your eligibility, submit an application for a personal loan. You can do this online or by visiting the lender’s branch office. Make sure you provide all the required documents and information accurately.
4. Verification and approval -The lender will verify your application and documents and may ask for additional information if required. They will approve your loan application and disburse the funds to your account if everything is in order.
5. Repayment – You will need to repay the loan amount in monthly installments (EMIs) over a specified period. Make sure you pay the EMIs on time to avoid late payment charges and penalties.
FAQs Of 3 Lakh Personal Loan
1. What is a personal loan?
A personal loan is a type of unsecured loan that can be used for any purpose, such as home improvement, debt consolidation, or unexpected expenses.
2. What is the interest rate for a personal loan?
The interest rate for a personal loan varies depending on the lender, your credit score, and other factors. It typically ranges from 9.99% to 24% per annum.
3. What are the different tenures available for a personal loan?
The tenure for a personal loan can range from 6 months to 7 years. Choose a tenure for which the EMI is comfortable for you to pay.
4. What should I check to become eligible for a personal loan?
The eligibility criteria for a personal loan vary from lender to lender. However, some common criteria include age, income, employment status, credit score, and credit history.
5. What documents do I need to apply for a personal loan?
Depending on the lender, personal loan documentation may vary. However, some common documents include identity proof, address proof, income proof, bank statements, and photographs.
6. How long does it take to get a personal loan?
The time taken to process a personal loan application may vary depending on the lender. However, it typically takes 1 to 7 working days for the loan amount to be disbursed.
7. What happens if I miss a personal loan repayment?
If you miss a personal loan repayment, you may be charged a late payment fee or penalty. This can also negatively impact your credit score and future loan applications.
8. Can I prepay a personal loan?
Yes, you can prepay a personal loan. There can be a prepayment penalty that you have to pay. However, some lenders may levy a prepayment penalty. It is important to check with the lender before prepaying the loan.
9. How do I apply for a personal loan?
A personal loan can be applied for either online or offline. To apply online, visit the lender's website and fill in the application form. To apply offline, visit the lender's branch office and fill in the application form.
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