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Rs 3 Lakh Personal Loan

Home Personal Loan Rs. 3 Lakh Loan

You can get a Rs 3 lakh personal loan on Paisabazaar from leading banks and NBFCs, at an interest rate starting from as low as 10.50% p.a. Access end-to-end digital process along with expert advise to avail personal loans with flexible repayment tenure and added benefits.

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Updated: 15-04-2025 05:51:13 AM

The loan amount can be availed for various purposes, such as travelling, shopping, paying bills, home renovation, debt consolidation, as well as for the purchase of consumer durable products, including laptops, smartphones, home appliances, sports equipment, etc

Applicants should be well aware of their eligibility before applying for a Rs. 3 lakh personal loan, and should compare various offers available to them before choosing the most-suited one.

Applicants may also check for pre-approved loans offered on Paisabazaar by lending banks and NBFCs and avail the related benefits of zero documentation and quicker disbursal.

Applicants who are New-to-Credit (with no credit history) can also avail personal loan of Rs. 3 lakh, by checking with Banks where they have their salary account, savings account or fixed deposits. In case they are unable to get a personal loan, they can consider various secured options, such as loan against fixed deposit, gold loan etc.

Key Features & Benefits

Some of the key features and benefits are listed below for you to check and have a basic idea while you plan to apply for a personal loan online:

  • Instant approval and disbursal
  • End-to-end digital process
  • Instant cash and no documentation via pre-approved personal loans
  • Interest rate: 10.50% p.a. onwards
  • Loan Amount: Rs. 10,000 – Rs. 40 lakh
  • Processing Fee: Up to 4% of the sanctioned loan amount
  • Repayment tenure: Up to 5 years, may exceed as per requirements
  • Hassle-free documentation processes

Personal Loan Interest rates

Most of the financial institutions offer personal loans at an interest rate of 10.50% p.a. onwards with repayment tenure up to 6 years. To avail personal loan for Rs. 3 lakh, applicants can check and compare loan products from various banks, Non-banking Financial Companies (NBFCs), Micro Finance Institutions (MFIs) offering personal loans on Paisabazaar.

Check Out Pre-Approved Personal Loan Deals on Paisabazaar

LendersInterest Rates (p.a.)
Aditya Birla Capital12.99% onwards
Federal Bank12.00% onwards
Axis Bank14.00% onwards
SMFG India Credit14.00% onwards
IndusInd Bank15.00% onwards
Piramal Finance16.00% onwards
Tata Capital18.00% onwards
Hero Fincorp20.00% onwards

Rs. 3 lakh personal loan: EMI as per tenure

Further mentioned is a tabular representation of the EMI calculation for Rs. 3 lakh loan for repayment tenure of 1-5 year for the fair understanding of the approximate EMIs, and total payable interest rate and loan amount for specific tenure. The interest rate is kept standard @10.50% p.a. however; it may change as per the loan product you select from the respective lender.

 

Principal Amount (Rs.)

 3 lakh 3 lakh 3 lakh 3 lakh 3 lakh
Tenure 1 Year 2 Year 3 Year 4 Year 5 Year
Assumed Interest Rate 10.50% 10.50% 10.50% 10.50% 10.50%
EMI (Rs.) 26,445 13,913 9,751 7,681 6,448
Interest Amount (Rs.) 17,335 33,907 51.026 68,689 86,890
Total Amount Payable (Rs.) 3,17,335 3,33,907 3,51,026 3,68,689 3,86,890

Note: The exact personal loan EMI is determined by the lender and will be specified in the loan agreement based on the interest rate, loan amount, and loan tenure.

EMI Calculator

Prospective personal loan applicants can use the personal loan EMI calculator given below to calculate the EMI and interest cost payable for Rs. 3 lakh personal loan or any other amount for required repayment tenures.

EMI Calculator
₹
%
Year(s)
EMI Calculator

Monthly EMI ₹ 15,622

Total Amount Payble ₹ 5,62,395(Principal + interest)

Principal Amount ₹ 5,00,000

Total Interest Payble ₹ 62,395

Eligibility Criteria

For a Rs. 3 lakh loan, the basic eligibility criteria as defined by the lending institutions is as follows:

  • Applicant should be within the age of 18 years to 60 years
  • The minimum net monthly salary of the applicant should be Rs. 15,000
  • Loan is primarily applicable to salaried applicants
  • Credit score of 750 or above is preferred by the lenders

Applicants should be well aware of their eligibility before applying for a personal loan with any bank or NBFC, as the criteria shall differ from one and another.

Fees & Charges

Particulars Charges
Processing Fees 0.50% to 4% of the sanctioned loan amount
Loan Cancellation Charges Rs. 3000 (Approx.) – As per lender
Penal Charges Usually @ 2% per month; 24% p.a.
Prepayment/Part-prepayment/Foreclosure Charges Nil – Floating

Usually around 2% – 5% on the principal outstanding – Fixed
Stamp Duty Charges As per actuals
Legal Charges As per actuals

Note: The above-mentioned fees and charges are basic in nature and shall vary from lender to lender.

Documents required for Salaried Applicant

  • KYC of the applicant (Aadhaar card, Voter ID, Driving License)
  • Identity Proof: PAN card, Aadhaar card, Passport, Voter ID, Driving License
  • Address Proof: Voter ID, Passport, Aadhaar Card, Utility Bills
  • Income Documents: Last 3 months’ salary slips, last 6 months’ bank statement, Form 16
  • Proof of employment: Employee ID card,
Get Personal Loan of Different Amounts
Rs 5 Lakh Personal Loan Rs 2 Lakh Personal Loan
Rs 3 Lakh Personal Loan Rs 10 Lakh Personal Loan
Rs 15 Lakh Personal Loan Rs 50000 Personal Loan

 

FAQs

Can I get personal loan of Rs 3 lakh?

Your chances of availing personal loan of Rs. 3 lakh would depend on the eligibility conditions set by the lenders approached by you. Some of the factors considered by lenders while evaluating loan applications include your age, credit score, monthly income, employment, employer’s profile, existing loan repayment obligation, etc.

Can I get Rs 3 lakh personal loan without salary slip?

Applicants who do not have latest salary slips can also apply for personal loans. In such cases, lenders usually ask for recent bank statements and ITR of the applicants to estimate their loan repayment capacity.

Can I get a personal loan of Rs 3 lakh without income proof?

Banks and NBFCs do require income proofs of their personal loan applicants to evaluate their repayment capacity and creditworthiness. In case the applicant lacks valid income proofs, banks and NBFCs ask for their financial statements to determine their repayment capacity based on their cash flows. Many lenders offering pre-approved personal loans do not require income proof documents from their eligible applicants.

Is Rs. 3 lakh personal loan available without collateral?

Yes, you can avail Rs. 3 lakh personal loan without collateral as it is an unsecured loan and you are not required to provide any collateral or security with the bank.

What is the EMI for a 3 lakh personal loan for 2 years?

The EMI for Rs. 3 lakh personal loan for 2 years is 13,913, assuming the interest rate of 10.50% p.a. The interest amount sums out to be 33,907 and total amount payable is Rs. 3,33,907 respectively.

What is the EMI for a Rs. 3 lakh personal loan for 5 years?

The EMI for Rs. 3 lakh personal loan for 5 years is 6,448, assuming the interest rate of 10.50% p.a. The interest amount sums out to be 86,890 and total amount payable is Rs. 3,86,890 respectively.

 

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