Points to note before applying for a Personal Loan of Rs 10 lakh
When you apply for a large personal loan of high amounts, the lender Bank or NBFC will take a close look at the eligibility factors –
- Credit Score: When you apply for any kind of credit, lenders look at your credit score report and your credit history. For personal loans of Rs 10 lakh, if your credit score from CIBIL or any other credit bureau is less than 750, your loan application is likely to get rejected
- Income: Since a Rs 10 lakh personal loan will come at a high EMI obligation, you need to have high income and adequate disposable income, which needs to reflect in your bank statement(s).
- Employment: Your job stability and the reputation of your employer is key, especially when you are applying for a personal loan of a high amount. Banks and NBFCs prefer reputed organizations like MNCs or PSUs as it reduces their credit risk. Your employment record is also considered; so if you have just begun your professional journey or have an unstable job history, there are high chances that lenders may reject your personal loan application.
- Debt obligations: For any kind of loan, lenders look at the amount of debt you currently have and evaluate if there would be adequate room for you to take a new loan and repay it responsibly. This repayment capability is measured through Fixed Obligation to Income Ratio or FOIR. For taking a personal loan of Rs 10 lakh, an already high FOIR can adversely impact your chances of getting your loan application approved.

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Personal Loan Interest Rates
Since a personal loan of Rs 10 lakh will come with significant EMI obligations, it’s important that you compare offers from all Banks and NBFCs available to you and select the best and most-suited one, to reduce the interest cost.
Comparison of Interest Rates on Personal Loans Offered by Various Banks/NBFCs in India
Banks/NBFCs | Interest Rates(p.a.) | |
Axis Bank | 10.49% onwards | Apply Now |
IndusInd Bank | 10.49% onwards | Apply Now |
IDFC First Bank | 10.49% onwards | Apply Now |
HDFC Bank | 10.50% onwards | Apply Now |
ICICI Bank | 10.65% onwards | Apply Now |
Kotak Mahindra Bank | 10.99% onwards | Apply Now |
Tata Capital | 10.99% onwards | Apply Now |
Bajaj Finserv | 11.00% onwards | Apply Now |
Federal Bank | 11.49% onwards | Apply Now |
DMI Finance | 12.00% - 40.00% | Apply Now |
L&T Finance | 12.00% onwards | Apply Now |
Kreditbee | 12.25% - 30.00% | Apply Now |
MoneyTap | 13.00% onwards | Apply Now |
Piramal Finance | 12.99% onwards | Apply Now |
Aditya Birla | 13.00% onwards | Apply Now |
Moneyview | 15.96% onwards | Apply Now |
Cashe | 27.00% onwards | Apply Now |
Note: Rates as of 28th November 2023

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EMI for Personal Loan of Rs 10 lakh for Tenures of 1-5 years
Loan Amount (Rs) | Tenure (years) | Interest Rate (p.a.) | EMI (Rs) |
10 lakh | 1 | 11% | 88,382 |
10 lakh | 2 | 11% | 46,608 |
10 lakh | 3 | 11% | 32,739 |
10 lakh | 4 | 11% | 25,846 |
10 lakh | 5 | 11% | 21,742 |
EMI Calculator for Rs 10 lakh Personal Loan
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395

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Features of a Personal Loan
- The personal loan interest rates offered by most banks/NBFC usually start from 10.49% p.a. onwards. Some PSU banks might offer personal loans at lower interest rates.
- The loan tenure is generally up to 5 years, but can also go up to 7 years for some lenders
- The processing fee usually ranges up to 4%. Processing fee waivers are also provided by some lenders during festive offers
- The loan amount can be used only to meet personal requirements, except for speculative purposes.
Eligibility for Personal Loan of Rs 10 Lakh
- Nationality: Indian
- Age: 21 years (loan application) and 67 years (loan maturity)
- Minimum Monthly Income: Rs 15,000 p.m.
- The loan amount is offered to salaried (working in private limited company or public sector undertaking) and self-employed individuals with at least 1 year of work experience.
- Applicants with CIBIL score of 750 and above are more likely to avail personal loan of Rs 10 lakh at lower interest rates.

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Documents Required for Personal Loan
- PAN card
- ID proof
- Signature proof
- Address proof
- ITR/Form 16
- Bank statements for past 6 months
- Last 3 months’ salary slips
For Self-employed
- ITR for last 2 years along with P&L account, balance sheet and income computation for last 2 years
- Form 26 AS, Income Tax Challan or TDS certificate (Form 16A) for income tax declared
- Business Proof
FAQ
1. What is the EMI of Rs 10 lakh personal loan?
Ans. EMI of a personal loan depends on the loan amount, interest rate and loan tenure for which the loan has been offered. The current personal loan interest rates charged by private sector lenders start from 10.49% p.a. onwards with some PSUs offering lower interest rates. The following table shows the EMI of personal loan Rs 10 lakh for various interest rates and loan tenure of 5 years.
Interest Rates (p.a.) | Loan Amount (Rs) | Loan Tenure (years) | EMI (Rs) |
10.49% | 10 lakh | 5 | 21,489 |
11% | 10 lakh | 5 | 21,742 |
12% | 10 lakh | 5 | 22,244 |
13% | 10 lakh | 5 | 22,753 |
14% | 10 lakh | 5 | 23,268 |
2. What is the minimum salary requirement for availing Rs 10 lakh personal loan?
Ans. Lenders usually offer personal loans to applicants having minimum monthly income of Rs 15,000. However, the minimum salary requirement for availing Rs 10 lakh personal loan would be higher and would depend on the repayment capacity of the borrower, which in turn is decided on the basis of one’s monthly income, existing expenses (including EMI obligations), age and tenure of the proposed personal loan. Applicants can use the online personal loan eligibility calculator of various lenders to check their eligibility for availing a personal loan of Rs 10 lakh on the basis of their repayment capacity.
3. Can I get personal loan of Rs 10 lakh without collateral?
Ans. As personal loans are mostly unsecured in nature, applicants can avail 10 lakh personal loan without any collateral, provided they have the required loan eligibility.
4. What is the interest rate levied on a personal loan of Rs 10 lakh?
Ans. Personal loan interest rates offered by banks and NBFCs vary across lenders. The current interest rates offered by personal loan lenders start from 10.49% p.a. onwards. However, the interest rates offered to each eligible applicant would depend on the lenders’ cost funds, margin, etc. as well as the credit score, monthly income, occupation profile, employer’s profile, etc. the personal loan applicant.