Personal Loan of 12 Lakh

Personal loans are an efficient approach to achieving your financial objectives. You may attain your goals without breaking the bank with the help of a personal loan. Individuals seeking huge sums of money might consider an instant personal loan ₹12 lakhs. It gives you quick access to the finances you need for large purchases, pays unexpected bills, consolidates debt, and more. With a ₹12 lakh personal loan, you can use the loan amount as you like. Furthermore, the loan has flexible payback terms, low interest rates, and other advantages.

Why Do You Need a ₹12 Lakh Loan?

Borrowing a ₹12 lakh loan is a huge Decemberision that should be made carefully. A ₹12 lakh personal loan could be required for a variety of reasons, including the acquisition of machinery and equipment to expand a business, the purchase of a new or existing property, the payment of medical expenditures, the financing of a wedding, the buying of a vacation, the payment of unanticipated expenses, debt consolidation, or the repayment of current loans among others. With rising real estate prices, personal loan upto ₹12 lakhs might help with the down payment. Finally, a loan of this amount could assist individuals in making critical investments in their lives, potentially boosting their security and improving their quality of life.

Eligibility Criteria to Get a Personal Loan of ₹12 Lakh

Each lender has set a few ₹12 lakhs personal loan eligibility criteria for individuals to pass through. This ensures that the right people are applying for the ₹12 lakh personal loan online or offline and that the lender’s money is safe. The ₹12 lakhs personal loan eligibility criteria are given below. It must be noted that the criteria may differ from lender to lender. A borrower must:

• Be an Indian citizen
• Be a salaried individual or self-employed
• Fall in the age group of 21 to 60 years
• Have a minimum monthly income of ₹20,000
• Have a minimum working experience of 2 years and 3 years as a salaried individual and self-employed, respectively.
• Have a credit score of 700 or above

₹12 Lakh Personal Loan Interest Rates & Charges

Each lender charges an interest rate on the sanctioned loan amount to be paid by the lender over the loan amount and tenure. The processing fee and the ₹12 lakh loan interest rate of various banks and Non-Banking Financial Companies (NBFCs) are given below.

Bank	Processing Fee	Interest Rate (p.a.)
HDFC Bank	Up to 2.50%	10.5% p.a. – 21.00% p.a.
ICICI Bank	Up to 2.50%	10.75% p.a. – 19.00% p.a.
Yes Bank	Up to 6.50%	10% p.a. onwards – 24% p.a.
Citibank	Up to 3%	10.50% p.a. – 16.49% p.a.
Kotak Mahindra Bank	Up to 3%	10.99% and above
Axis Bank	1.5% -2% of the loan amount	12% p.a.- 21% p.a.
IndusInd Bank	3% onwards	10.49% p.a. – 26.5% p.a.
HSBC Bank	Up to 2%	9.75% p.a. – 16.00% p.a.
IDFC First Bank	Up to 3.5%	10.49% p.a. onwards
Tata Capital	Up to 2.75%	10.99% onwards
Aditya Birla Capital	Up to 2%	14% p.a. – 26% p.a.
State Bank of India	Up to 1.50%	10.65% p.a. – 13.65% p.a.
Bank of Baroda	Up to 2%	10.50% p.a. – 12.50% p.a.
Federal Bank	Up to 3%	10.49% p.a. – 17.99% p.a.
IIFL	2% – 4%	11.75% p.a. – 34% p.a.
Bank of India	Up to 1%	8.75% p.a. – 13.75% p.a.
Fullerton India	Up to 6%	11.99% p.a. – 36% p.a.
IDBI Bank	Contact the bank	10.25% p.a. – 13.00% p.a.
Karur Vysya Bank	0.30% onwards	9.95% p.a. – 12.95% p.a.
South Indian Bank	Up to 2%	12.85% p.a. – 20.35% p.a.
RBL Bank	Up to 3.5%	14% p.a. – 23% p.a.
Punjab National Bank	Up to 1%	10.15% p.a. onwards
Bank of Maharashtra	Up to 1%	9.25% p.a. onwards

Note: The interest rates and charges have been provided for the month of June 2023.

₹12 Lakh Personal Loan EMI Calculation

The Equated Monthly Instalment (EMI) calculator is a useful tool that simplifies the process of calculating your monthly instalment for a personal loan. Rather than manually crunching figures with complex algorithms, you can use the ₹12 lakh personal loan EMI online calculator, available on financial websites or through banking institutions.

To calculate the ₹12 lakh personal loan EMI, we must consider the loan amount, interest rate, and loan period. The formula employed by the calculator is given below. The same can be used to carry out the calculations manually.

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Here, ‘P’ depicts the principal loan amount, ‘R’ depicts the rate of interest monthly, and ’N’ depicts the loan tenure in months.

Let us understand the ₹12 lakh personal loan EMI calculation with the help of an example. Here, the EMI for the ₹12 lakh loan for 12 years has been calculated using the EMI calculator available on the Urban Money platform.

Loan amount (P) = ₹12,00,000
Interest rate (R) = 10% per annum = 0.008% per month

Loan tenure (N) = 12 years = 144 months

EMI = [12,00,000 x 0.008 x (1+0.008)^144] / [(1+0.008)^144-1]

EMI = ₹14,341.

What Will Be the ₹12 Lakh Personal Loan EMI for 5 Years?

When a borrower applies for a 12 lakh personal loan online or offline, they are required to repay the loan in monthly instalments. This ₹12 lakh personal loan EMI for five years with a 10% p.a. interest rate is elaborated in the table below.

Year	Principal	Interest	Total Payment	Balance
June 2023	₹ 15,496	₹ 10,000	₹ 25,496	₹ 11,84,504
July 2023	₹ 15,626	₹ 9,871	₹ 25,496	₹ 11,68,878
August 2023	₹ 15,756	₹ 9,741	₹ 25,496	₹ 11,53,122
September 2023	₹ 15,887	₹ 9,609	₹ 25,496	₹ 11,37,235
October 2023	₹ 16,019	₹ 9,477	₹ 25,496	₹ 11,21,216
November 2023	₹ 16,153	₹ 9,343	₹ 25,496	₹ 11,05,063
December 2023	₹ 16,288	₹ 9,209	₹ 25,496	₹ 10,88,775
January 2024	₹ 16,423	₹ 9,073	₹ 25,496	₹ 10,72,352
February 2024	₹ 16,560	₹ 8,936	₹ 25,496	₹ 10,55,791
March 2024	₹ 16,698	₹ 8,798	₹ 25,496	₹ 10,39,093
April 2024	₹ 16,837	₹ 8,659	₹ 25,496	₹ 10,22,256
May 2024	₹ 16,978	₹ 8,519	₹ 25,496	₹ 10,05,278
June 2024	₹ 17,119	₹ 8,377	₹ 25,496	₹ 9,88,159
July 2024	₹ 17,262	₹ 8,235	₹ 25,496	₹ 9,70,897
August 2024	₹ 17,406	₹ 8,091	₹ 25,496	₹ 9,53,492
September 2024	₹ 17,551	₹ 7,946	₹ 25,496	₹ 9,35,941
October 2024	₹ 17,697	₹ 7,800	₹ 25,496	₹ 9,18,244
November 2024	₹ 17,844	₹ 7,652	₹ 25,496	₹ 9,00,400
December 2024	₹ 17,993	₹ 7,503	₹ 25,496	₹ 8,82,407
January 2025	₹ 18,143	₹ 7,353	₹ 25,496	₹ 8,64,263
February 2025	₹ 18,294	₹ 7,202	₹ 25,496	₹ 8,45,969
March 2025	₹ 18,447	₹ 7,050	₹ 25,496	₹ 8,27,522
April 2025	₹ 18,600	₹ 6,896	₹ 25,496	₹ 8,08,922
May 2025	₹ 18,755	₹ 6,741	₹ 25,496	₹ 7,90,167
June 2025	₹ 18,912	₹ 6,585	₹ 25,496	₹ 7,71,255
July 2025	₹ 19,069	₹ 6,427	₹ 25,496	₹ 7,52,186
August 2025	₹ 19,228	₹ 6,268	₹ 25,496	₹ 7,32,957
September 2025	₹ 19,388	₹ 6,108	₹ 25,496	₹ 7,13,569
October 2025	₹ 19,550	₹ 5,946	₹ 25,496	₹ 6,94,019
November 2025	₹ 19,713	₹ 5,783	₹ 25,496	₹ 6,74,306
December 2025	₹ 19,877	₹ 5,619	₹ 25,496	₹ 6,54,429
January 2026	₹ 20,043	₹ 5,454	₹ 25,496	₹ 6,34,386
February 2026	₹ 20,210	₹ 5,287	₹ 25,496	₹ 6,14,176
March 2026	₹ 20,378	₹ 5,118	₹ 25,496	₹ 5,93,797
April 2026	₹ 20,548	₹ 4,948	₹ 25,496	₹ 5,73,249
May 2026	₹ 20,719	₹ 4,777	₹ 25,496	₹ 5,52,530
June 2026	₹ 20,892	₹ 4,604	₹ 25,496	₹ 5,31,638
July 2026	₹ 21,066	₹ 4,430	₹ 25,496	₹ 5,10,572
August 2026	₹ 21,242	₹ 4,255	₹ 25,496	₹ 4,89,330
September 2026	₹ 21,419	₹ 4,078	₹ 25,496	₹ 4,67,911
October 2026	₹ 21,597	₹ 3,899	₹ 25,496	₹ 4,46,314
November 2026	₹ 21,777	₹ 3,719	₹ 25,496	₹ 4,24,537
December 2026	₹ 21,959	₹ 3,538	₹ 25,496	₹ 4,02,578
January 2027	₹ 22,142	₹ 3,355	₹ 25,496	₹ 3,80,437
February 2027	₹ 22,326	₹ 3,170	₹ 25,496	₹ 3,58,111
March 2027	₹ 22,512	₹ 2,984	₹ 25,496	₹ 3,35,598
April 2027	₹ 22,700	₹ 2,797	₹ 25,496	₹ 3,12,899
May 2027	₹ 22,889	₹ 2,607	₹ 25,496	₹ 2,90,010
June 2027	₹ 23,080	₹ 2,417	₹ 25,496	₹ 2,66,930
July 2027	₹ 23,272	₹ 2,224	₹ 25,496	₹ 2,43,658
August 2027	₹ 23,466	₹ 2,030	₹ 25,496	₹ 2,20,192
September 2027	₹ 23,662	₹ 1,835	₹ 25,496	₹ 1,96,530
October 2027	₹ 23,859	₹ 1,638	₹ 25,496	₹ 1,72,672
November 2027	₹ 24,058	₹ 1,439	₹ 25,496	₹ 1,48,614
December 2027	₹ 24,258	₹ 1,238	₹ 25,496	₹ 1,24,356
January 2028	₹ 24,460	₹ 1,036	₹ 25,496	₹ 99,896
February 2028	₹ 24,664	₹ 832	₹ 25,496	₹ 75,232
March 2028	₹ 24,870	₹ 627	₹ 25,496	₹ 50,363
April 2028	₹ 25,077	₹ 420	₹ 25,496	₹ 25,286
May 2028	₹ 25,286	₹ 211	₹ 25,496	₹ 0

Documents for ₹12 Lakh Personal Loan

Certain ₹12 lakh loan documents must be provided by the borrower to ensure hassle-free processing of the loan. The documents required differ from one lender to another; however, the following ₹12 lakh loan documents are generally required.

• Identity proof like an Aadhaar card, Passport, PAN card, etc.
• Address proof like Utility bills, Rental agreement, etc
• Income proof like Salary slips for salaried, ITR for self-employed, etc
• Bank statements for the last 6 months.

How to Apply for a ₹12 Lakh Personal Loan?

To apply for ₹12 lakh personal loan online, follow the below-mentioned steps.

• Begin by investigating several lenders and their loan possibilities. To locate a loan that meets your needs, compare interest rates, payback terms, fees, and qualifying conditions.
• Examine the eligibility conditions established by the lenders. This often covers your age, salary, job stability, credit score, and existing financial responsibilities.
• Prepare any additional documents requested by the lender, such as identification evidence, address proof, income proof (salary slips, bank statements, income tax returns), and any other documents required by the lender.
• Fill out the application form supplied by the lender. Make certain that the information you submit is correct and full. Submit all required documentation with your application.
• The lender will verify the information and documents submitted. If everything is in order, your loan application will be processed, and the loan amount will be paid to your bank account upon approval.

Features & Benefits of ₹12 Lakh Personal Loan

A ₹12 lakh personal loan allows borrowers to borrow up to 12 lakhs in cash, either in one lump sum or in a series of instalments, depending on the lender’s payment terms. This form of loan is ideal for people who need money for a significant purchase, an emergency, or to pay off high-interest debt. Taking out an instant personal loan ₹12 lakhs is often the only method to address an unexpected financial requirement during difficult economic circumstances. The features and benefits of the ₹12 lakh personal loan are given below.

• This loan is suitable for customers who need money for large purchases such as a new home or a car because it offers a personal loan upto ₹12 lakhs.
• Borrowers can select from a variety of loan payback options, allowing them to select the period that is most convenient for them. 
• Borrowers can obtain a loan at a fairly set and acceptable rate with a low-interest rate, which is a highly useful element because it decreases the borrower’s financial burden. 
• A 12 lakh personal loan is typically considered an unsecured loan, which means no collateral is required.
• A 12 lakh personal loan might be used for debt consolidation if you have many obligations with higher interest rates. You can streamline your repayment process and potentially cut your overall interest expenses by consolidating your debts into a single loan.

Conclusion

With the emergence of online loan application platforms, obtaining a ₹12 lakh personal loan online in India has become easier. Understanding the procedures needed and following the recommendations offered will help a borrower traverse the application process efficiently. Remember to compare lenders, meet eligibility requirements, provide accurate information, and thoroughly read the loan agreement. Responsible borrowing and timely repayments will not only help you meet your financial obligations but will also help you maintain a healthy credit profile and meet the ₹12 lakhs personal loan eligibility. With these insights, you may confidently apply for an instant personal loan ₹12 lakhs and reach your financial objectives.