How to Get a 10 Lakh Personal Loan with Low Interest Rates

You can get a Rs 10 lakh personal loan at best interest rates if your current credit score is above the range of 750-800. Personal loan interest rates vary on the basis of income levels, existing EMIs, repayment behaviour, credit score, age of the applicant, stability of income, etc.

Personal loans can be very helpful to meet monetary shortfalls as you can utilise the money for a wedding, house repairs, a vacation, medical emergency, temporary job losses, relocation to a new state or country, debt consolidation, etc.

Rs 10 lakh personal loan at low interest rates

1. Customers with a good credit profile and undisturbed repayment history can get the best interest rates for Rs 10 lakh personal loan.
2. Given the unsecured nature of personal loans, the interest rates will always remain higher as compared to loan against property, loan against gold, loan against FD, etc.
3. Individuals who are eligible for Rs 10 lakh personal loan can negotiate the interest rates with banks or NBFCs.
4. You should never miss low interest rate personal loan deals as such limited-period offers can significantly lower the cost of capital, while effectively reducing the total interest liability and the applicable taxes.
5. In 2025, many banks and NBFCs are offering a Rs 10 lakh personal loan with minimal documentations, digital KYCs and faster disbursals.
6. In order to get a personal loan at lower interest rates, you should try to maintain your credit score in prime range, comfortably above 750.

Rs 10 lakh personal loan EMI

The EMIs for Rs 10 lakh personal loan for various repayment tenures and different personal loan interest rates can be checked from the table below:

 

Rs 10 Lakh Personal Loan EMI
Tenure		3 years	4 years	5 years
EMIs (in Rs)	At 10% p.a.	32,267	25,363	21,247
	At 11% p.a.	32,739	25,846	21,742
	At 12% p.a.	33,214	26,334	22,244
	At 13% p.a.	33,694	26,827	22,753
	At 14% p.a.	34,178	27,326	23,268
	At 15% p.a.	34,665	27,831	23,790

 

1. Personal loan EMIs may differ from this table if there is any change in the interest rate offered by the bank or NBFC.
2. It is always advisable to check the resultant EMIs for the desired amount of personal loan before getting an approval.
3. This way you can gauge whether the upcoming repayment schedule aligns well with your pocket or not.
4. Personal loan EMIs should always remain well within your repaying capacity and should be large enough to minimise your overall interest liability.

Benefits of Rs 10 lakh personal loan

1. Personal loans can be very helpful in emergencies when you’re not in a position to arrange funds by any other means as a large number of banks and NBFCs are offering quick personal loans at low interest rates.
2. The proceeds of personal loan can be utilised for various reasons and requirements including home renovation, medical emergencies, wedding expenses, travel/honeymoon expenses, relocation to a different city/state/country, higher education of child, temporary job losses, and several other unplanned expenses.
3. Personal loans provide you funding in a lump sum alongside a predetermined repayment schedule. This helps you to plan your personal finances well in advance while utilising the loan amount as judiciously as possible.
4. Personal loans are best suited for individuals who can’t provide collateral. This credit facility is designed to benefit the needy. Nowadays, people sitting in remotest locations can also qualify for a personal loan irrespective of the fact that a particular branch of bank or NBFC exists physically or not.

Eligibility criteria for Rs 10 lakh personal loan

• Rs 10 lakh personal loan eligibility includes basic components such as credit score, age of the applicant, existing loans, current status of job, stability of earnings, etc.
• All resident Indians can qualify for Rs 10 lakh personal loan if they possess a credit score above 750 and have enough disposable income to service the EMIs for the tenure of their choosing.
• Please refer to the personal loan EMI table to check monthly repayments for Rs 10 lakh personal loan for various tenures and interest rates.

Documents required for Rs 10 lakh personal loan

• As a personal loan applicant, you are required to submit basic documents including a proof of identity and proof of address.
• For these Aadhaar is the best document, while you can alternatively submit a copy of voter ID card, driving licence, electricity bill, passport, etc.
• Over and above this, bank statements are required. Salaried customers can submit the pay slips while self-employed professionals are required to submit the statement of P&L account or statement certifying the turnover.

The post How to Get a 10 Lakh Personal Loan with Low Interest Rates appeared first on Daily Excelsior.

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