Personal Loan of Rs. 3 Lakh

Most Banks and NBFCs offer personal loans of Rs 3 lakh at interest rates starting from 10.25% p.a. onwards. Lenders usually offer personal loans after considering the minimum monthly income, repayment history, EMI/NMI ratio, credit score, job profile, employer’s profile, etc. of applicants. Some lenders also offer pre-approved instant personal loans to its existing customers.

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Interest Rates offered by Different Lenders on Rs 3 lakh Personal Loan

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EMI for Personal Loan of Rs 3 lakh for Tenures of 1-5 years

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Factors considered by lenders for evaluating Rs 3 lakh Personal Loans

Minimum Monthly Income

Banks/NBFCs usually offer personal loans to applicants having monthly income of at least Rs 15,000.

EMI/NMI Ratio

The EMI/NMI ratio of the applicant should be around 50-55% for the loan to get approved. This ratio includes the existing EMIs as well as the EMI of the proposed personal loan. Lower EMI/NMI ratio results in adequate disposable income which, in turn, increases the chances of timely loan repayments.

Credit Score

Applicants with credit scores of 750 and above usually have higher chances of availing personal loans at lower interest rates. However, some lenders offer personal loans to applicants having lower credit scores. Such applicants are usually charged higher interest rates.

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Job profile

Personal loan applicants employed with private sector companies and public sector undertakings, and self-employed individuals with at least 1 year of business vintage are usually eligible for availing personal loans. Lenders tend to consider the applicants with higher job stability and income certainty.

Age

Most lenders have set minimum age criteria of 21 years for personal loan applicants. The maximum age criteria of the applicants at the time of loan maturity is around 67 years. Indian residents can apply for personal loans.

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Features of Personal Loan

• Personal loans are usually offered at interest rates starting from 10.25% p.a. onwards. Some PSU banks might offer personal loans at lower interest rates.
• The loan tenure is usually up to 5 years. However, some banks might offer personal loans for up to 7 years.
• The loan proceeds are used for personal purposes, except for speculation.
• The applicants are not required to submit any collateral to the banks/NBFC.
• The processing charges usually go up to 4%.

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Documents Required for Loan Application

For Salaried

• ID proof: PAN card, Aadhar card, driving license,
• Signature proof
• Bank statements for past 6 months
• Address proof
• Last 3 months’ salary slips
• ITR/Form 16

For Self-employed

• ITR for last 2 years along with P&L account, balance sheet and income computation for last 2 years
• Business Proof
• Form 26 AS, Income Tax Challan or TDS certificate (Form 16A) for income tax declared