₹8 Lakh Personal Loan

Key Features & Benefits of an ₹8 Lakh Personal Loan

1. Multi-Purpose Usage
   Use the loan for home improvements, wedding costs, medical bills, travel, or paying off debt. Choose what matters most to you.

2. Attractive Interest Rates
   Interest rates start at 9.9% to 10.5% per year. This is a cheaper choice than credit cards and other unsecured loans.

3. Flexible Tenure Options
   Repay over 1 to 8 years—choose a term that fits your budget and comfort level.

4. Quick Approvals & Disbursals
   Many lenders offer instant or same-day approvals, especially for pre-approved or eligible customers.

5. Minimal Paperwork
   Only essential documents such as identification, address verification, income evidence, and bank statements are needed.

6. No Collateral Needed
   This is an unsecured loan—no need to mortgage property or bring a guarantor.

7. EMI Flexibility
   Select between fixed or decreasing EMIs. Certain lenders also provide interest-only EMIs through Flexi loan alternatives.

8. Transparent Charges
   Banks and NBFCs reveal all fees in advance, there are no concealed charges throughout the loan period.

9. Fully Online Process
   Apply, upload documents, and track your loan digitally with ease.

10. Open to All Professions
    Available for both salaried and self-employed individuals meeting basic eligibility (age, income, credit score)

Eligibility Criteria

Following are the Eligibility Criteria for Rs 8 Lakh Personal Loan

• Get 8 Lakh Personal Loan Online at Lowest Interest Rate
• Age: 21 to 60 years (some lenders allow up to 80 at loan maturity)
• Income: ₹15,000–₹25,000 monthly, varies by lender
• Credit Score: 685 or above preferred
• Employment: Open to both salaried and self-employed individuals

Documents Required

To apply for a personal loan of ₹8 lakh, you will typically need to provide the following documents:

• ID Proof: Aadhaar, PAN, Passport, Voter ID, or Driving License
• Address Proof: Aadhaar, Passport, utility bill, etc.
• Income Proof: Salary slips or bank statements (last 3 months)
• Employment Proof: Employee ID (for salaried applicants)

Top Banks and NBFCs Offering Rs 8 Lakh Loan

If you’re planning to take a personal loan of ₹8 lakh, you have plenty of trusted banks and NBFCs to choose from. These lenders offer competitive interest rates, flexible repayment options, and quick, hassle-free applications. Here are some of the top lenders:

EMI Calculator for ₹8 Lakh Personal Loan

Easily estimate your monthly EMI based on the interest rate and loan tenure.

Example Calculations:

Formula Used:
EMI = ₹8,00,000 × [r(1+r)^n] / [(1+r)^n – 1]
Where r is the monthly interest rate and n is the number of months.

Want exact figures? Use our Personal Loan EMI Calculator for quick and personalized results.

8 Lakh Personal loan Interest Rates Fees & Charges

The best interest rates for an ₹8 lakh personal loan in India start at about 9.9% to 10.5% per year. These rates depend on the lender, your credit score, and your eligibility. However, the final rate you get will depend on your credit score, income, and the lender’s terms.

• Processing Fee: 1%–5% of the loan amount plus GST, depending on the lender.
• Prepayment Charges: Around 3% on prepaid amount.
• Other Charges: Late payment, cheque bounce, etc., as per lender policies.

Tips to Get the Lowest Interest Rate on ₹8 Lakh Personal Loan

• Maintain a High Credit Score – Aim for 750+ to unlock better rates.
• Compare Multiple Lenders – Always check offers from various banks and NBFCs.
• Choose a Shorter Tenure – Shorter repayment terms often come with lower interest rates.
• Show Stable Income – Lenders prefer applicants with consistent income and job history.
• Apply with a Co-Applicant – Improves eligibility and can fetch better rates.
• Check Pre-Approved Offers – Banks may offer exclusive deals to existing customers.
• Negotiate if You Have a Strong Profile – A good credit and income record gives you bargaining power.

Choose Personal Loans by Other Amount Options

Looking for a specific loan amount? Whether you need ₹10,000 or ₹20 lakh, find personal loan options tailored to your financial needs. Choose an amount to get started:

Check ₹8 Lakh Personal Loan Offers in Your City

Finding the best Rs 8 lakh personal loan offer depends on your city, as banks and NBFCs may have location-specific deals, eligibility criteria, and processing times. Check ₹8 lakh personal loan options available in your city to get the best deal.