10 Lakh Personal Loan
A 10-lakh personal loan is an appealing credit option. As many banks are presently offering digital applications, you can apply and secure the necessary funds without visiting bank branches. Moreover, there’s no need to pledge any collateral. Moreover, most banks nowadays ensure that eligible applicants can expect fund disbursement within a day or two, further enriching the overall appeal of this borrower-friendly personal finance. It is ultimately recognised as a multi-purpose personal loan. I.e., you are allowed to apply any of your personal needs, and banks are typically ready to sanction your loan application in a jiffy. Let's scroll down to know more about this 10 lakh loan.
Why Need a 10 Lakh Personal Loan?
There could be many reasons why someone would need a 10 lakh personal loan. However, the following are some of the popular reasons people find ideal in applying for a 10 lakh personal loan online:
- To renovate or expand your home.
- To consolidate multiple debts into a single loan.
- To cover medical emergencies or costly treatments.
- To buy a new car or repair an existing one.
- To finance a startup or upgrade an existing business.
- To organise a wedding or cover other family-related expenses.
- To pay for higher education or studies abroad.
10 Lakh Loan Interest Rates & Charges
A 10 lakh loan interest rate and other pertinent charges may vary based on your creditworthiness, chosen lender, loan tenure, etc. Some of the common information about a 10 lakh personal loan, including interest rates and other associated fees, is as follows:
This is a percentage of the principal amount that a lender charges for lending money. This interest is typically required to be paid as part of your EMIs, along with the principal amount. The average personal loan interest rate is approximately 11.50% per annum.
This is a one-time fee charged by the lender for processing the loan application. It covers the costs incurred by the bank in managing the paperwork, administration, and other pertinent expenses associated with your application. This fee is usually a percentage of the loan amount, typically ranging from 0.5% to 3%.
Prepayment or foreclosure fee
This is a fee charged by the lender if the borrower decides to repay the loan before the predetermined tenure ends. It is usually a percentage of the outstanding loan amount, ranging from 0% to 5%.
Late payment fee
This is a penalty charged by the lender for not paying the monthly instalment (EMI) of a personal loan on time. It can typically be a flat fee or a percentage of the unpaid EMI, ranging from 2% to 3% per annum.
Bounce or cheque return fee
This is a fee charged by the lender if the borrower’s cheque or ECS mandate gets bounced or returned due to insufficient funds or other reasons. It is usually a fixed amount, ranging from Rs. 200 to Rs. 500.
Comparison of Interest Rates Offered by Various Banks for Personal Loans of 10 Lakh List of Bank
Let’s examine the interest rates offered by the leading banks in India for a 10 Lakh personal loan online:
|10.50% p.a. onwards
|Up to Rs 4999 + taxes
|10.65% p.a. onwards
|Up to 2.50% of the loan amount + taxes
|10.49% p.a. onwards
|Up to 2.00% of the loan amount + taxes
|11.15% p.a. onwards
|Up to 1.50% of the loan amount + taxes
|10.99% p.a. onwards
|Up to 3.00% of the loan amount + taxes
|11.00% p.a. onwards
|Up to 3.93% of the loan amount + taxes
|10.99% p.a. onwards
|up to 5.5% of the loan amount + taxes
|10.49% p.a. onwards
|Up to 3.00% of the loan amount + taxes
|11.49% p.a. onwards
|Up to 2.25% of the loan amount + taxes
|10.15% p.a. onwards
|1% of the loan amount + taxes
Eligibility Criteria for 10 Lakh Personal Loan
Here are the common eligibility criteria for a Rs 10 Lakh loan:
- Age: You must be aged somewhere between 21 and 60 years.
- Income: You must have a regular source of income, either as a salaried or self-employed individual.
- Credit Score: You must have a positive credit history and a good CIBIL score of at least 650 or above.
- Employment: You must have stable and continuous employment or business for at least 2 to 3 years.
- Residence: You should be a resident of India and have a valid ID and address proof.
10 Lakh Personal Loan Repayment Tenures
A typical personal loan features a repayment tenure ranging from 12 to 60 months. However, some lenders are extending this term up to 84 months, allowing you to choose the tenure that best suits your convenience. It's important to note, though, that extending the tenure reduces the EMI amount but increases the total interest cost. To determine the most suitable tenure for your loan amount and interest rate, you can use a personal loan EMI calculator, which is available on the official website of Urban Money.
How to Get a 10 Lakh Personal Loan?
You can easily apply for an instant personal loan of ₹10 Lakhs by following the steps given below:
- Visit the official website of Urban Money.
- Click on the “Loan” option, and then select “Personal Loan” from the horizontal menu bar on the home screen.
- You will be directed to a new page titled "Personal Loan," where you can find an array of lenders who offer 10 lakh personal loans.
- Choose the one that best suits your needs by clicking on the “Enquire Now” button.
- A short digital form will appear on your screen. Here, you need to enter your name, mobile number, and city.
- A 6-digit OTP will be sent to the entered mobile number.
- Add the OTP and click the “Submit” button.
- Within a day, our dedicated loan specialist will contact you regarding your chosen lender and guide you until the loan amount is credited to your bank account.
Documents Required for 10 Lakh Personal Loan
Following are the required documents you may need to submit along with a ₹10 Lakh loan application.
- Proof of Identity: PAN Card, Passport, Voter ID or Driving License.
- Proof of Address: Recent copy of Utility Bills, Passport, Driving License or Aadhaar Card.
- Proof of Income: Bank Statement for the last 6 months which shows your salary/income is credited.
- Proof of Employee: Salaried individuals should submit salary slips for the last 3 months, while self-employed individuals may provide documents demonstrating business continuity.
Features of 10 Lakh Personal Loan
Let’s take a look at a list of features you can expect from an instant personal loan of ₹10 Lakhs:
- Multi-purpose credit option
- Collateral-free finance
- Competitive interest rate\
- Flexible repayment term
- Online application process
- Quick approval and disbursal
Key Points Lenders Consider While Offering Personal Loans of Rs 10 Lakh
Here are some of the major factors you may keep your mind while applying for ₹10 Lakh personal loan online:
- Maintain a good credit score
- Reduce your debt-to-income ratio
- Present all your income sources
- Affix co-applicant
- Avoid multiple loan applications
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- Employee Provident Fund
- Systematic Investment Plan
- Fixed Deposit
- Mutual Funds
- Recurring Deposit
- Systematic Investment Plan (SIP)
- Employees Provident Fund (EPF)
- Public Provident Fund (PPF)
- Voluntary Provident Fund (VPF)
- National Pension Scheme (NPS)
- National Savings Certificate (NSC)
- Senior Citizen Saving Scheme
Top 10 AMC
Top 10 Banks
Frequently Asked Questions (FAQs)
What is a 10 Lakh personal loan?
A 10 Lakh personal loan is a collateral-free credit option that you can secure for any of your personal needs.
Do I need collateral to secure a 10 Lakh personal loan?
No, you do not require any collateral to secure a 10 Lakh personal loan.
How quickly can I get the 10 Lakh loan amount after approval?
Eligible applicants can typically expect fund disbursement within a day or two.
How does the interest rate work for a 10 Lakh personal loan?
The interest rates for a 10 Lakh personal loan offered by most banks/NBFCs usually start from 10.49% per annum onwards, depending on your creditworthiness and the lender you choose.
Can I prepay or foreclose the 10 Lakh personal loan?
Yes, you can, but you may incur a penalty fee, which is typically a percentage of the repaid or foreclosed amount.
How much credit score do I need for a 10 Lakh loan?
A credit score of 700 or above is considered ideal for a 10 Lakh loan.
Can I get a loan of ₹10 Lakh?
Yes, you can easily apply for a ₹10 Lakh personal loan via the official website of Urban Money.
How can I get a 10 Lakh loan immediately?
By applying for a personal loan through the Urban Money official website, eligible applicants can expect to receive the funds within one to two days.