Financial demands can occur suddenly, whether for house renovations, medical situations, or pursuing personal goals. In such cases, a personal loan can be a realistic option.
If you are considering borrowing a substantial amount like Rs. 10 lakh for a longer tenure of 7 years, careful planning and understanding of the process are essential. Here is a comprehensive guide to help you navigate the process of securing a personal loan of Rs. 10 lakh for 7 years.
How to get a personal loan of Rs. 10 lakh for 7 years?
Bajaj Finance offers personal loans of up to Rs. 55 lakh, with straightforward eligibility requirements. You can easily secure a personal loan of Rs. 10 lakh for 7 years by fulfilling the required personal loan eligibility calculator and submitting required documents.
How to use a Rs. 10 lakh personal loan for different needs
A Rs. 10 lakh personal loan can help you meet various financial needs, from home renovations to medical emergencies. By choosing a Rs. 10 lakh personal loan EMI for 7 years, you can spread repayments conveniently. Understanding how to utilise the loan effectively ensures financial stability and better management of your expenses.
Home renovation
Upgrade your home with modern interiors, essential repairs, or extensions. A Rs. 10 lakh loan EMI for 7 years allows you to manage costs efficiently while enhancing your property's value.
Higher education
Finance tuition fees, study materials, and living expenses for higher education in India or abroad without financial strain. Long-term repayment makes education funding more accessible.
Medical emergencies
Cover unexpected hospital bills, treatments, and post-care expenses. Instant loan disbursal ensures quick access to funds for urgent medical needs.
Debt consolidation
Repay existing loans or credit card dues to streamline finances. Opting for structured EMIs helps maintain a better credit score while reducing financial stress.
Business expansion
Invest in equipment, infrastructure, or operational costs for business growth. A personal loan provides flexible financing without collateral requirements.
Features of Rs. 10 Lakh Personal Loan for 7 Years
A Rs. 10 lakh personal loan provides flexible financing without collateral requirements, making it an ideal choice for various financial needs. With a repayment tenure of 7 years, borrowers can enjoy affordable EMIs while managing their expenses effectively.
Key Features:
No collateral needed – Avail funds without pledging assets.
Flexible tenure – Repay comfortably over 7 years with structured EMI plans.
Competitive interest rates – Starting from 10%
Quick disbursal – Funds are credited within a few hours or days.
Multi-purpose usage – Suitable for home renovation, education, medical emergencies, and more.
What are the requirements to be eligible for a personal loan?
Personal loan eligibility requirements vary between lenders. However, if you apply for a Bajaj Finance Personal Loan, you must meet the simple eligibility requirements listed below.
- 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.
What documents are required for a personal loan?
When applying for a personal loan, make sure to have all of the relevant documentation ready to guarantee a smooth personal loan process. Bajaj Finance Personal Loan requires you to submit the following basic documents:
- 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
- Utility bill of electricity and piped gas
How to calculate Rs. 10 lakh loan EMIs for 7 years?
Manually calculating your EMIs can be complicated, time-consuming, and prone to errors. An online EMI calculator is thought to be the best tool for simplifying the procedure and getting accurate results quickly. This online calculator not only delivers instant results, but it also helps with financial planning by providing prior information about your EMI amount. You can use the personal loan EMI calculator on the Bajaj Finance website to easily calculate your EMIs with a few clicks. Simply enter your loan amount, interest rate, and repayment tenure to instantly receive your loan EMI information.
How can I apply for a personal loan of Rs. 10 lakh for 7 years?
The procedure of obtaining a personal loan from Bajaj Finance is simple and can be done online. You can apply for a Rs. 10 lakh personal loan for 7 years by following the steps given below:
- Visit the personal loan page and click 'APPLY.'
- Enter your 10-digit mobile number and verify it with OTP.
- Complete the application form by providing essential details.
- Click 'PROCEED' to proceed to the loan selection page.
- Enter the desired loan amount and choose from the various personal loan options: Term, Flexi Term, or Flexi Hybrid.
- Select your preferred payback period from the available options, which range from 12 months to 96 months and proceed by clicking 'PROCEED.'
- Complete the required KYC requirements and submit your application.
Take advantage of benefits such as fast disbursal and a hassle-free online application with a Bajaj Finance Personal Loan. All you have to do is fulfil the eligibility requirements and submit all the required paperwork to receive a loan amount within 24 hours* of approval and manage your costs without delay.
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