Personal Loan of Rs. 10 lakh

A Rs. 10 lakh personal loan can be a flexible financing option for:

Eligibility criteria for a Rs. 10 lakh loan, most banks and NBFCs generally require:

Here are the basic documents needed to apply for a Personal loan of Rs. 10 lakh:

Interest rates for Rs. 10 lakh personal loans in India typically start from 10.50% p.a. However, your final interest rate will depend on:

Note: A credit score of 800+ can help you secure the lowest personal interest rates. Maintaining a good credit score is essential to access better loan terms.

You can increase your chances of approval with these simple practices:

1. Maintain a high credit score (750+)
2. Avoid multiple loan applications at once
3. Choose a longer tenure to reduce EMI burden
4. Provide accurate income proof
5. Add a co-applicant (if needed) for better eligibility

Here’'s a sample EMI calculation for a loan of Rs. 10 lakh:

Use an online personal loan EMI calculator to plan better.

Your credit score may be greatly impacted by taking out a large loan, such as Rs. 10 lakh, in both positive and negative ways, based on how you handle it. Here's how:

Positive Impact

Timely EMI Payments = Boosted Score

If you pay your EMIs regularly and on-time, your credit history will become strong with a robust repayment track record.

Credit Mix Improvement

Availing a personal loan is a great way to diversify your credit profile, especially if you mostly use credit cards.

Demonstrates Creditworthiness

Responsibly handling a Rs. 10 lakh loan demonstrates your ability to manage large credit, which boosts lender confidence.

Negative Impact

Missed or Late EMIs = Lower Score

A single late payment can have a negative impact on your credit report and severely lower your score.

High Debt-to-Income Ratio

A large loan of Rs. 10 lakh raises your total outstanding debt. Your score may suffer if your income is out of proportion.

Hard Enquiries from Multiple Applications

Applying to many lenders at once triggers multiple credit checks, which may slightly lower your score.