Your personal loan provides an immediate solution to most financial situations and needs. Such a 10 lakh personal loan can be used to cover medical bills, wedding expenses, company expenses, higher education fees (both domestic and international), pricey electronics, property investment, repairs and upgrades for an existing residence, and so on.
Here are the several banks/NBFCs that provide immediate personal loans of up to Rs. lakh online.
Let’s have a look…
Eligibility of Instant Personal Loan Online of Rs. 10 Lakh
Each financial institution will have specific qualifying criteria to qualify for a personal loan. The following are the standard eligibility conditions for a 10 lakh Personal Loan.
- A Native Indian
- In the age range of 21 to 60 years
- Salaried Person or self-employed having a monthly salary of at least INR 25,000.
- Display a CIBIL score of at least 700 points.
Benefits of Instant Personal Loan Online
Quick Approval: Because the entire loan procedure is digital, you stand to get the loan authorized in less time. If you are found to be qualified, the bank will deposit the loan amount into your Savings Account as soon as it is approved.
No restrictions on end-use: The INR 10 Lakh Personal Loan Amount can be used to pay for a variety of needs. The bank does not meddle or check how the loan money is used.
No paperwork: In today’s digital age, you may apply for paperless Personal Loans with little to no documents. You may finish the loan application process online by submitting scanned copies of your PAN, ID, and address proof, as well as the completed loan application form.
Easy Repayment: Personal loans include payback terms ranging from 12 to 60 months. You can select your chosen repayment period, which will be used by the bank to calculate the interest rate on your INR 10 Lakh Personal Loan EMIs.
Remember Some Points Before Apply
Credit Score: When you apply for credit, lenders will look at your credit score as well as your credit history. If your credit scores from CIBIL or any other credit agency are less than 700 for personal loans of Rs 10 lakh, your loan application is likely to be denied.
Income: Because a Rs 10 lakh personal loan has a significant EMI requirement, you must have substantial money and sufficient disposable income, which must be shown in your bank account.
Job growth: The security of your employment and the reputation of your employer is critical, especially if you are looking for a large personal loan. Banks and NBFCs favor reputable firms such as MNCs or PSUs since it lowers their credit risk.
Different Banks & NBFC Personal Loan Comparison
|Banks / NBFCs||Interest Rates (per annum)|
|Bank of Baroda||10.25% – 16.00%|
|HDFC||10.50% – 16.35%|
|Navi||12.00% – 30.00%|
|UCO Bank||10.05% – 10.45%|
|Lendbox||16.00% – 18.00%|
|MoneyTap||13.00% – 18.00%|
Personal Loan Documents Required
For Salaried Employed
- PAN card ID verification
- Proof of signature
- Address proof
- Form 16/ITR
- Bank statements over the previous 6 months
- Salary slips over the previous 3 months
- ITR for the previous two years, together with a balance sheet
- Trade License
- Pan Card
- 6 month Bank Statement
- Aadhaar Card