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
Banks/NBFCs | Interest Rates (per annum) | |
HDFC Bank | 10.50% – 21% | Apply Now |
SBI | 9.80%-13.80% | Apply Now |
PNB | 7.90% – 14.50% | Apply Now |
ICICI Bank | 10.50% onwards | Apply Now |
Axis Bank | 10.25% onwards | Apply Now |
Kotak Mahindra Bank | 10.99% onwards | Apply Now |
IndusInd Bank | 10.49% onwards | Apply Now |
IDFC First Bank | 10.49% – 25% | Apply Now |
Bajaj Finserv | 13.00% onwards | Apply Now |
Tata Capital | 10.99% onwards | Apply Now |

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Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
EMI for Personal Loan of Rs 3 lakh for Tenures of 1-5 years
Loan Amount (Rs) | Tenure (years) | Interest Rate (p.a.) | EMI (Rs) |
3 lakh | 1 | 11% | 26,514 |
3 lakh | 2 | 11% | 13,982 |
3 lakh | 3 | 11% | 9,822 |
3 lakh | 4 | 11% | 7,754 |
3 lakh | 5 | 11% | 6,523 |

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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.
Click here to know about eligibility criteria for applicants availing personal loan

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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