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.) | |
HDFC Bank | 10.50% onwards | Apply Now |
SBI | 11.00%-15.00% | |
ICICI Bank | 10.75% onwards | Apply Now |
Axis Bank | 10.49% onwards | Apply Now |
Kotak Mahindra Bank | 10.99% onwards | Apply Now |
IndusInd Bank | 10.49% onwards | Apply Now |
IDFC First Bank | 10.49% onwards | Apply Now |
Bajaj Finserv | 11.00% onwards | Apply Now |
Tata Capital | 10.99% onwards | Apply Now |
Note: Rates as of 31st March 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 10.25% 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.

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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