Meta Title: EMI for Personal Loan of Rs 10 Lakh

Meta Description: A personal loan obtained from a bank or NBFC can be

used for any purpose, such as paying wedding expenditures, organising
vacations, repaying credit card bills, and so on. Personal loans are often
collateral-free, which allows for greater flexibility and simpler payment
options. Credit card bills may be less expensive with this form of financing.

Introduction: Loan individuals can easily obtain Personal Loans of up to

Rs. 10 Lakhs (or possibly up to Rs. 50 Lakhs depending on other
requirements) from well-known banks and NBFCs. Many elements influence
the lender's loan sanctioning decision, and it is best to be informed of the
eligibility requirements, the application process, the EMI amount, and the
term in advance so that the loan amount is disbursed quickly and without
complications.
Personal loans are available from banks and NBFCs in amounts ranging
from Rs 10,000 to Rs 40 lakh. If you are looking for a Personal Loan of Rs
10 lakh, your chances of getting it are primarily determined by your monthly
income, existing loan repayment obligations, and EMI/NMI ratio, which is
the proportion of your net monthly income spent on servicing your existing
EMIs as well as the EMI of the new loan. It is important to note that lenders
typically prefer to issue personal loans to applicants with an EMI/NMI ratio
of up to 50-55%. Other factors influencing loan approval include your credit
score, occupation, and employer profile.
Points to note before applying for a Personal Loan of Rs 10 lakh
When you request a large personal loan with a high-interest rate, the lender
Bank or NBFC will closely examine the eligibility conditions:
 Credit Score: Lenders look at your credit score and history when you
apply for any type of credit. If your credit score from CIBIL or any
other credit bureau is less than 750, your loan application for a
personal loan of Rs 10 lakh is likely to be rejected.
 Income: Because an Rs. 10 lakh personal loan has a significant EMI
obligation, you must have a substantial salary and appropriate
disposable money, which must be reflected in your bank statement (s).
 Employment: Your work stability and your employer's reputation are
critical, especially if you are looking for a large personal loan. Banks
and NBFCs prefer reputable firms such as MNCs or PSUs since it
lowers their credit risk. Your employment history is also taken into
account, so if you have recently started your professional career or
have an inconsistent job history, lenders are likely to reject your loan
application.
 Debt obligations: Lenders consider the amount of debt you currently
have and if there is enough room for you to take out a new loan and
repay it properly. The Fixed Obligation to Income Ratio, or FOIR,
 measures this repayment capability. An existing high FOIR can reduce
your chances of getting your loan application accepted for a personal
loan of Rs 10 lakh.
Personal Loan Interest Rates
Because a personal loan of Rs 10 lakh would have large EMI responsibilities,
you must examine offers from all Banks and NBFCs available to you and
choose the best and most-suited one to lower the interest cost.
Interest Rates on Personal Loans Offered by Various Banks/NBFCs in India.

Banks/NBFCs Interest Rates(p.a.)

HDFC Bank 11.00% onwards

SBI 10.55%-15.05%

ICICI Bank 10.75% onwards

Axis Bank 10.49% onwards

Kotak Mahindra Bank 10.99% onwards

IndusInd Bank 10.49% onwards

IDFC First Bank 10.49% onwards

Bajaj Finserv 13.00% onwards

Tata Capital 10.99% onwards

EMI for Personal Loan of Rs 10 lakh for Tenures of 1-5 years

Loan Amount (Rs) Tenure (years) Interest Rate (p.a.) EMI (Rs)

10 lakhs 1 11% 88,382

 10 lakhs 2 11% 46,608

 10 lakhs 3 11% 32,739

 10 lakhs 4 11% 25,846

 10 lakhs 5 11% 21,742

Features of a Personal Loan

Most banks/NBFCs provide personal loan interest rates starting at
10.25% p.a. and onwards. Personal loans at lower interest rates may be
available from several PSU banks.
• Loan terms are typically up to 5 years, although certain lenders may
extend them to 7 years.
• Processing fees typically vary from 2% to 4%. Some lenders reduce
processing fees during holiday promotions.
• The loan amount can only be used to cover personal needs, not for
speculative purposes.
Eligibility for Personal Loan of Rs 10 Lakh
 Nationality: Indian
 Age: 21 years (loan application) and 67 years (loan maturity)
 Minimum Monthly Income: Rs 15,000 p.m.
 The loan amount is offered to salaried (working in a private limited
company or public sector undertaking) and self-employed individuals
with at least 1 year of work experience.
 Applicants with CIBIL scores of 750 and above are more likely to avail
personal loan of Rs 10 lakh at lower interest rates.
Documents Required for Personal Loan
 PAN card
 ID proof
 Signature proof
 Address proof
 ITR/Form 16
 Bank statements for the past 6 months
 Last 3 months’ salary slips
For Self-employed
  ITR for the last 2 years along with P&L account, balance sheet and
income computation for the last 2 years
 Form 26 AS, Income Tax Challan or TDS certificate (Form 16A) for
income tax declared
 Business Proof
FAQs
1. How can I get an Rs. 10 Lakh instant personal loan?
Fill out the application form and submit the required papers to apply for an
Rs. 10 Lakh quick personal loan online. Alternatively, you can go to your
nearest bank location and apply for a personal loan right now. You must
meet the eligibility requirements for a personal loan for your application to
be handled as quickly as possible.
2. What is the monthly EMI for Rs. 10 Lakhs personal loan?
The monthly EMI for an Rs. 10 Lakh Personal Loan is determined by the
loan applicant's chosen tenor and the rate of interest offered by the bank or
NBFC. Most banks' websites have free loan calculators that you can use to
determine your Rs. 10 Lakh Personal Loan EMI.
3. Can I get Rs. 10 Lakh loan without collateral?
Without guaranteeing security, you can simply obtain a personal loan. Such
loans are approved based on the applicant's credit score, payment history,
and current earnings.