Personal loans offer a convenient financial solution for various needs, from consolidating debt to financing major expenses. Among the many options available, a Rs. 10 lakh personal loan is a popular choice for those seeking substantial funding with flexible repayment terms. This article explores what a personal loan is, details about a Rs. 10 lakh personal loan from Bajaj Finserv, how to calculate your EMI, eligibility criteria, required documents, and key considerations when applying.
What is a personal loan?
A personal loan is an unsecured loan that provides a lump sum of money to individuals for personal use. Unlike secured loans, personal loan do not require collateral, making them accessible to a wide range of borrowers. The borrowed amount is repaid over a fixed period through equated monthly instalments (EMIs). Personal loans are typically used for various purposes, including medical emergencies, home renovations, and major purchases.
Features and benefits of personal loan for Rs. 10 lakhs for 5 years
Bajaj Finance is a leading financial services provider offering personal loans tailored to meet diverse financial needs. A Rs. 10 lakh personal loan from Bajaj Finance comes with several attractive features:
- Competitive interest rates: Bajaj Finance provides competitive interest rates, ensuring affordable EMI payments.
- Flexible repayment tenure: Borrowers can choose from various repayment tenures, often ranging from 12 months to 96 months.
- Quick disbursement: The loan approval and disbursement process is streamlined for efficiency, enabling quick access to funds.
- Minimal documentation: Bajaj Finance offers a simplified documentation process, making it easier to secure a loan.
- No collateral required: Being an unsecured loan, no collateral is needed, making it accessible even without assets.
How to calculate EMI of Rs. 10 lakh personal loan
To calculate the EMI for a Rs. 10 lakh personal loan, use an EMI calculator by entering the loan amount, interest rate, and repayment tenure. For example, with a Rs. 10 lakh loan at a 10% annual interest rate for 5 years, input these values into the calculator to know your monthly EMI.
The formula used to calculate EMIs is:
EMI = P × r × (1 + r)ⁿ / [(1 + r)ⁿ − 1]
Where:
- P is the principal amount (₹10,00,000)
- r is the monthly interest rate (10% ÷ 12 = 0.00833)
- n is the number of monthly instalments (5 years × 12 = 60)
Using this formula, your EMI would be approximately Rs. 21,247 per month.
Eligibility criteria for a Rs. 10 lakh personal loan
To qualify for a Bajaj Finance Personal Loan, you must meet five simple criteria related to age, employment, income, and credit score. Whether you're planning to apply for a Rs. 10 lakh loan EMI for 5 years or checking the Rs. 10 lakh personal loan EMI for 5 years, meeting the basic eligibility is the first step.
- Nationality: India
- Age: 21 years to 80 years* *.
- Employed with: Public, private, or MNC.
- CIBIL score: 685 or higher.
- Monthly salary: Starting Rs. 25,001, based on the city you live in.
*You should be 80 years* * or younger, at the end of the loan tenure.
Documents required for a Rs. 10 lakh personal loan
The documentation requirements for a personal loan can vary from lender to lender. Below are the documents that are required to be submitted when applying for a Bajaj Finance Personal Loan:
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- Piped gas bill
- Pension order
- Letter of Allotment of Accommodation Issued by Employer
- Property / Municipal tax receipt
- Utility bill
- Real-time image / photograph
- Ration card
Reasons to choose a Rs. 10 lakh personal loan for 5 years
A Rs. 10 lakh personal loan EMI for 5 years offers affordable monthly repayments, making it easier to manage large expenses without financial strain. With fixed EMIs and flexible usage, a Rs. 10 lakh personal loan EMI for 5 years ensures convenience, long-term affordability, and a smooth borrowing experience.
How to apply for a Rs. 10 lakh personal loan for 5 years
When applying for a Rs. 10 lakh personal loan, consider the following:
- Click on ‘APPLY’ at the top of this page to open our online personal loan application form.
- Enter your 10-digit mobile number and the OTP sent to your phone.
- Fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
- Now, click on ‘PROCEED’ to visit the loan selection page.
- Enter the loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
- Choose the repayment tenure – you can select tenure options of 12 months to 96 months and click on ‘PROCEED’.
- Complete your KYC and submit your application.
Our representative will guide you on the next steps. The loan amount will be transferred to your bank account on the successful verification of your documents.
Also read: How to check credit score
Conclusion
A Rs. 10 lakh personal loan can be an effective way to meet significant financial needs, offering flexibility and convenience. Understanding how to calculate your EMI, meeting personal loan eligibility criteria, and preparing the necessary documents are crucial steps in securing this loan.
By keeping these considerations in mind and selecting a reputable lender, you can manage your finances effectively and achieve your financial goals with ease.
