10 Lakh Personal Loan Eligibility | Best Way To Get 10 Lakh Loan Faster. – If you are looking to apply for a personal loan, it is important that you understand the eligibility criteria and requirements. One of the most popular personal loan options these days is a 10 lakh personal loan. But what does it take to be eligible to avail such a large amount? This article will explore the eligibility criteria and other factors that go into securing a 10 lakh personal loan. We’ll look at your employment history, credit score, income, age and other factors that can have an impact on your ability to get such a large loan. Read on for more information!
What is a personal loan?
A personal loan is a type of unsecured loan, which means that it is not backed by any collateral. Personal loans are typically used for expenses such as home improvements, medical bills, or unexpected expenses. You can generally borrow anywhere from $1,000 to $100,000 with a personal loan, and terms usually range from one to seven years.
Who is eligible for a personal loan?
To be eligible for a personal loan, you must:
1 – Be at least 21 years old
2 – Be a Indian citizen or permanent resident
3 – Have a regular income of at least 3,0000 per month
4 – Not have any outstanding loans or credit card debts
5 – Your Credit Score Must be 700+
|Bank||Interest Rates||Processing Fees|
|Allahabad Bank||10.50% to 12.99%||1.60% of the Loan Amount|
|Andhra Bank||11.55% to 13.05%||As offered by the lender|
|Axis Bank||10.75% to 24%||1.50% to 2.00 % + GST|
|Bajaj Finserv||Starting from 12.99%||Up to 3.99% of the loan amount|
|Bank of Baroda||11.35% to 16.35%||2% of the loan amount|
|Bank of India||Starting from 13.10%||One time @ 2.00% of loan amount|
|Bank of Maharashtra||Starting from 12.5%||1.00% of the Loan Amount|
|Canara Bank||13.00% to 16.50%||0.5% of the Loan Amount|
|Central Bank||MCLR (12M) + 3.00%||Rs 500 + S.T|
|Citibank||Starting from 9.99%||Upto 2.75% of loan amount|
|Corporation Bank||12.95% to 13.95%||1.50% of the loan amount|
|Federal Bank||Starting from 11.49%||0.50% of loan amount|
|Fullerton India||Starting from 13%||Upto 6.5% of the loan amount|
|HDFC Bank||10.25% to 21.50%||Up to 2.50% of the loan amount|
|HSBC Bank||9.75% to 17.84%||Up to 1% of the disbursed loan amount|
|ICICI Bank||10.50% to 19.25%||Up to 2.25% per annum of loan amount|
|IDBI Bank||Starting from 12%||1% of the Loan Amount|
|IDFC First||Starting from 10.5%||Up to 2% of the loan amount|
|Indian Bank||Starting from 14.20%||0.51% on the Loan Amount|
|IndusInd Bank||Starting from 10.75%||Upto 2.5% of the loan amount plus tax|
|Kotak Mahindra Bank||10.29% to 19.99%||Up to 2.5% of the loan amount + GST|
|Faircent finance||16.50%||As applicable by the lender|
|Punjab National Bank||Starts from 12%||1.80% of the loan amount|
|RBL Bank||Starting from 12%||4% of the loan amount|
|Standard Chartered Bank||Starting from 11.99%||Upto 3% of the loan amount|
|State Bank of India||Starting from 11%||1% of the loan amount|
|Syndicate Bank||13.25% to 13.65%||0.50% of the loan amount|
|TATA Capital||Starting from 10.25%||Up to 2.5% of the loan amount + GST|
|I2i finance ltd||Starting from 18.00%||1% of the loan amount|
|Union Bank of India||Starting from 14.40%||0.50% of the total Loan|
|Yes Bank||Starting from 10.75%||Up to 2.50% of the loan amount|
What are the benefits of a personal loan?
When it comes to availing a personal loan, the first thought that strikes the mind is – what are the benefits of taking a personal loan? Well, personal loans come with a plethora of benefits that can be extremely helpful in times of financial need. Some of the key benefits of taking a personal loan are as follows:
1. Personal loans can be used for various purposes – be it for funding your child’s education, consolidating your debts, or going on that dream vacation. There are no restrictions on how you can use the loan amount, which makes personal loans very flexible.
2. Personal loans offer competitive interest rates start from 9.49% To 24.00% as compared to other types of loans such as credit card loans and car loans. This makes personal loans an attractive proposition for borrowers looking for affordable financing options.
3. Personal loans come with fixed repayment tenures with 1 years to 5 years, which helps borrowers plan their finances in a better way and also repay the loan amount easily. This is in contrast to other types of loans such as credit card debts which have variable repayment tenures and can often become unmanageable if not paid off on time.
4. Personal loans offer quick and easy access to funds. In most cases, the loan amount is disbursed within a 24 hours , which makes personal loans ideal for meeting urgent financial requirements.
5. Personal loan applications can be easily processed online, which makes availing a personal loan a hassle-free experience.
1. How to apply for a personal loan?
If you are looking to take out a personal loan, there are a few things you need to know before applying. Here is a step-by-step guide on how to apply for a personal loan:
1. Check your eligibility: The first step is to check if you are eligible for a personal loan. There are many factors that will be considered when assessing your eligibility, such as your income, employment history, and credit history.
2. Compare interest rates and terms: Once you have checked your eligibility, it is time to compare interest rates and terms from different lenders. This will help you find the best deal for your personal loan.
3. Choose a repayment plan: Personal loans come with different repayment plans. You need to choose the one that suits your financial needs and ability to repay the loan.
4. Apply for the loan: The final step is to fill out an application form and submit it to the lender of your choice. Be sure to provide accurate information so that your application can be processed quickly. or Just visit www.paisapaid.com
10 Lakh Personal Loan Eligibility
To be eligible for a personal loan of Rs.10 lakh, you must:
1 Be at least 21 years old
2 Have a regular source of income
3 Have a good credit history
4 Be a resident of India
Taking a loan of 10 lakh can give you immense financial support when needed. Whether it is for personal use or business purposes, this loan amount can meet most of your requirements. However, before taking the loan, make sure that you understand the eligibility criteria and other terms and conditions associated with the loan so that you do not end up in any trouble later on. Always remember to compare different lenders to get the lowest interest rate and best repayment policies available.