Apply ₹8 Lakh Personal Loan Online with Instant Approval

What is an ₹8 Lakh Personal Loan?

This loan provides a one-time payout, repaid in instalments over a fixed period. No collateral is involved. The lender evaluates income stability, credit behaviour, and existing obligations before approval.

Key details at a glance:

• Loan Amount: ₹8,00,000
• Interest Rate: Starting from 10.49% p.a.
• Tenure: Up to 8 years
• Eligible Profiles: Salaried and self-employed
• Preferred Credit Score: 700+
• Disbursal: Often within a few working days

Interest rates, charges, and eligibility are indicative and may vary by lender and applicant profile.

Benefits of an ₹8 Lakh Personal Loan

A personal loan of ₹8 lakh offers flexibility, predictable costs, and quick access to funds without collateral, making it suitable for a wide range of financial needs.

Feature	Explanation
No restrictions on usage	Rs 8 lakh personal loan is available for your discretion. There is no requirement to declare, document, or justify how the funds are spent.
Predictable Interest costs	Personal loans of ₹8 lakh are repaid in fixed instalments. This keeps the monthly outgo stable and makes financial planning easier.
Tenure that adjusts to cash flow	Longer tenures lower the monthly burden, while shorter tenures reduce overall interest. The choice depends on income stability and comfort.
Streamlined Digital Processing	Application submission, document verification, and status tracking are handled online. This reduces physical paperwork and shortens approval and disbursal timelines.
Unsecured by design	No property, gold, or third-party guarantee is required at any stage of the loan.
Charges disclosed upfront	Reputed lenders clearly outline processing fees, penalties, and other charges before loan acceptance.
Simple documentation	Typically, only basic KYC, proof of income, and bank statements are required.
Flexible repayment formats	Select lenders offer standard EMIs as well as flexi structures with partial interest-only options.
Available across professions	Both salaried and self-employed applicants can access this loan if they meet the age, income, and credit benchmarks.

What is the Eligibility Criteria for ₹8 Lakh Personal Loan?

Eligibility for a personal loan of ₹8 lakh is assessed using standard lending benchmarks like:

• Age between 21 and 60 years
• Indian residency
• Salaried employment or self-employment with a steady income
• Minimum income of ₹20,000+
• Credit score of at least 700
• Consistent repayment history

Note: Final eligibility may differ slightly based on lender policy.

What Documents are Required for a Personal Loan of ₹8 Lakh?

The documentation process is straightforward and largely standard across lenders:

• Identity Proof: PAN card, Aadhaar, Passport, Voter ID, or Driving Licence
• Address Proof: Aadhaar, Passport, utility bill, or registered rental agreement
• Income Proof: Salary slips or bank statements from the last 3-6 months
• Employment Proof: Employee ID or business-related documents

Top Banks and NBFCs Offering Rs 8 Lakh Personal 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:

Bank	Interest Rate
SBI	10.05% – 15.05%
HDFC Bank	10.9% – 24%
ICICI Bank	10.45% – 16.5%
Axis Bank	9.5% – 21.55%
Kotak Mahindra Bank	10.99%
Bajaj Finserv	10% – 31%

What is the EMI for an ₹8 Lakh Personal Loan?

Monthly instalments for an ₹8 lakh personal loan depend on the interest rate and tenure. As tenure increases, EMIs decrease, but total interest on the loan increases.

EMI at the interest rate of 10.5% p.a.

Tenure	EMI
2 years	₹37,101
3 years	₹26,002
5 years	₹17,195
7 years	₹13,489

EMI Formula: EMI = P × [r(1+r)ⁿ] / [(1+r)ⁿ – 1]

Where,

• P is the principal,
• r is the monthly rate, and
• n is the tenure in months.

Exact numbers vary by lender. An EMI calculator provides more accurate estimates. For more accurate figures, use our Personal Loan EMI Calculator. Get quick and personalised results.

₹8 Lakh Personal Loan Interest Rates, Fees & Charges

Interest rates for a personal loan of ₹8 lakh usually begin at 10.49% p.a., depending on credit profile and income stability.

• Processing Fee: 1%-5% of the loan amount plus GST
• Prepayment Charges: Up to 3%, if applicable
• Other Charges: Late payment fees, cheque bounce penalties, per lender terms

Personal loan Interest rates, charges, and eligibility are indicative and may vary by lender and applicant profile.

When does a personal loan of ₹8 lakh make sense?

This loan amount is usually considered appropriate when:

• EMIs remain within 35-40% of the monthly income
• The credit score has improved to 750 or above
• Expenses are time-bound
• Keeps personal savings intact for other priorities

A personal loan of this size is suitable when it addresses pressing expenses efficiently, without compromising long-term financial plans.

How to get a low interest rate on a personal loan of ₹8 lakh?

Here are some practical ways to secure a lower interest rate on an ₹8 lakh personal loan:

• Maintain disciplined credit behaviour
• Compare different lender offers before applying
• Choose shorter tenures when income allows
• Ensure income records are clean and consistent
• Check pre-approved offers from existing banks
• Negotiate when the credit profile is strong. Even small rate differences matter over longer tenures.

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. Compare personal loans of Rs 8 Lakhs in your city to get the best deal.