₹8 Lakh Personal Loan
The ₹8 lakh personal loan is a loan product made available to individuals by banks and Non-Banking Financial Companies (NBFCs) for a variety of objectives such as house improvement, wedding expenses, medical bills, vacation expenses, and so on. This loan typically has a higher loan amount and a longer repayment period than other loan products, allowing the borrower to repay the debt over several months or years. The ₹8 lakh loan interest is usually lower, and so is the paperwork required. The ₹8 lakhs personal loan eligibility requirements may vary based on the lender.
Purpose of a ₹8 Lakh Personal Loan
The instant personal loan ₹8 lakhs can be used for almost any type of spending, from financing a dream vacation to paying for a large wedding. It can also be used to consolidate high-interest debt, such as credit card debt, which can save money in the long term by removing many monthly payments and combining them into a single loan. The ₹8 lakh personal loan EMI will be suitable for people who need money for home improvements, weddings, automobile purchases, or medical bills. Personal loans can also be utilised to make major expenditures without draining other savings accounts. Because they are unsecured loans, ₹8 lakh loan interest rates are often lower than those of other types of finance.
What is the interest of ₹8 lakh Personal Loan?
Numerous lenders offer their customers ₹8 lakh personal loan online. It makes it difficult for the borrower to make a decision. Therefore, we have curated a list of a few top lenders and the ₹8 lakh loan interest rate they offer.
|Interest Rates (p.a.)
|Kotak Mahindra Bank
|11.49% - 14.49%
|12% - 36%
|12% - 36%
|Up to 29.95%
Note: The interest rate has been provided for the month of June 2023.
How much is 8 lakh EMI per month for Various Repayment Tenures?
Before taking a loan, it is necessary to know about the ₹8 lakh personal loan EMI for various repayment tenures. This will save you costs and help you choose the best repayment term to pay off your ₹8 lakh loan. Typically, a borrower can avail of ₹8 lakh loan for 8 years as repayment tenure. The ₹8 lakh personal loan EMI on different repayment tenures is given below.
Eligibility Criteria for an 8 Lakh Personal Loan
Before applying for a loan, borrowers must be aware of the ₹8 lakhs personal loan eligibility criteria. This will determine if they are eligible to get the instant personal loan ₹8 lakhs or not. 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
Documents Required for a ₹8 Lakh Personal Loan
The documents required by the lenders may differ for each lender. However, there are certain ₹8 lakh loan documents that each lender requires. These documents must be gathered before applying to ensure a smooth and hassle-free process. The ₹8 lakh loan documents are given below.
- Identity proof like an Aadhaar card, Passport, PAN card, etc
- Address proof like Utility bills, Rental agreements, etc
- Income proof like Salary slips for salaried, ITR for self-employed, etc
- Bank statements for the last 6 months
Fees and Charges of ₹8 Lakh Personal Loan
Lenders charge a certain fee to the borrowers to smoothly carry out the process of the ₹8 lakh personal loan online. The fees and charges may vary from one lender to another. However, a list has been curated mentioning a few top lenders and their fees for personal loan upto ₹8 lakhs.
|Late payment charges
|Up to 2.5% [Subject to a minimum of ₹1,999 and a maximum of ₹25,000]
|On the overdue principal or EMI - 2% per month
|Kotak Mahindra Bank
|Up to 2.5% p.a. + GST
|The lock-in period of 12 months, post 12 months - 5% charges for foreclosure + GST
|3% per month (compounded monthly)
|State Bank of India
|Nil to 1% of the loan amount - on the basis of the loan applied for
|3% for Xpress Power Loans, Xpress Credit group of loans, and Xpress Pension Loans
|For each EMI dishonoured - ₹500 + applicable tax
|Up to 2.5% of the loan amount [subject to a minimum of ₹999 + tax]
|24% p.a. on the outstanding amount from the date of default
|Union Bank of India
|0.5% of the loan amount [subject to a minimum of ₹500 + GST]
|Bank of Baroda
|2% of the loan amount + tax [subject to a minimum of ₹1,000 and a maximum of ₹10,000]
|2% on the overdue amount
|Up to 2.5% of the loan amount + tax
|₹450 + tax
|Bank of India
|2% of the loan amount + tax [subjected between ₹1000 - ₹10,000]
|1% of the loan amount
How to Apply for an 8 Lakh Personal Loan?
For people in need of financial assistance, an ₹8 Lakh Personal Loan might be a valuable and practical solution. To apply for ₹8 lakh personal loan online, follow the below-mentioned steps.
Research and Compare Lenders
Investigate various lenders, such as banks, NBFCs, and Internet lending platforms. Compare their ₹8 lakh loan interest rates, loan periods, eligibility criteria, processing fees, and customer ratings to find the best alternative for your needs.
Examine the lender's ₹8 lakhs personal loan eligibility conditions. This often includes age, income, work stability, credit score, and documentation requirements. Before submitting your application, be sure you meet the lender's requirements.
Gather Required Documents
Prepare the relevant documents, which may include identification proof, address proof, income proof, employment data, and any other documents specified by the lender.
Many lenders allow you to apply for a ₹8 lakh personal loan online through their official website or mobile app. Navigate to the loan application part of the lender's website and accurately fill out the required information. Provide the required papers in the format specified.
The lender will begin the verification procedure once you submit the online application. This may entail checking your documentation, income, and work information, as well as completing a credit check.
Loan Approval and Disbursement
The lender will send you an approval notification if your application is approved. According to the lender's procedures, the loan money will be released to your selected bank account or provided as a demand draft or cheque.
Get acquainted with the lender's repayment conditions and timeline. Make regular monthly repayments as specified to avoid penalties and keep a clean credit history.
Features & Benefits of ₹8 Lakh Personal Loan
Borrowers can acquire personal loan upto ₹8 lakhs in funding to address unforeseen needs or consolidate existing debt. This loan product is developed with features and benefits to assist borrowers with receiving the funds they require when they desire it, without having to worry about meeting onerous standards. The following are the features and benefits of an ₹8 Lakh Personal Loan:
- This loan amount can be disbursed immediately, sparing you the inconvenience of applying multiple times.
- With a higher sum of money accessible, you can buy a new automobile, go on a vacation, or even renovate your home. You no longer need to be concerned about shortages because this loan amount will cover them.
- Personal loan upto ₹8 lakhs may be provided at cheaper interest rates than other types of loans. This makes them more affordable and allows you to repay the loan faster.
- In a particular fiscal year, interest paid on a personal loan up to ₹2 lahks is deductible from income tax. The tax deduction is determined by the purpose of the loan and the tax assessee category.
- You can set the loan tenure based on your repayment capacity and spread the loan expense over time.
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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)
How long is the repayment tenure for a ₹8 lakh personal loan?
₹8 Lakh Personal Loan repayment terms are often flexible, allowing borrowers to select a monthly payment schedule that fits within their budget.
What are the risks of taking an ₹8 lakh personal loan?
A hard credit check is required for ₹8 lakh personal loans, which can reduce your credit score by up to five points. In addition to queries, failing to pay your loan on time may reduce your credit score after it is reported to the three major credit bureaus.
Is collateral required for a ₹8 lakh personal loan?
No, collateral is not required for an ₹8 Lakh Personal Loan. Because the loan does not demand collateral, it is an excellent choice for those who do not own a big asset such as a house or car.
Can self-employed individuals apply for a ₹8 lakh personal loan?
Yes, self-employed individuals can apply for a ₹8 lakh personal loan.
Can I get a ₹8 lakh personal loan without a bank account?
No, you cannot get a ₹8 lakh personal loan without a bank account. Since your loan is disbursed in your bank account, therefore, the account is important when applying for the loan.
What are some alternatives to a ₹8 lakh personal loan?
The alternatives to a ₹8 lakh personal loan are secured loans, home equity loans, credit card loans, and loans against fixed deposits.
How does a ₹8 lakh personal loan impact my credit score?
Applying for a ₹8 lakh personal loan, like applying for any other loan, mortgage, or credit card, can cause a minor drop in your credit score. This is due to lenders performing a hard inquiry on your credit, and each time a hard inquiry is performed, it appears on your credit report, lowering your credit score slightly.
What happens if I default on the repayment of a ₹8 lakh personal loan?
If you default on the repayment of a ₹8 lakh personal loan, you will be liable to late fees.
How long does it take to get approval for a ₹8 lakh personal loan?
The approval process for an ₹8 Lakh Personal Loan is frequently swift, allowing consumers to receive funds in a matter of days.