Personal Loan of Rs. 3 Lakh

Interest rates for a Rs. 3 lakh personal loan start at 10.50% p.a., with loan tenures of up to 5 years. We’ve provided a detailed EMI breakdown for a personal loan of Rs. 3 lakh at an interest rate of 11% p.a. across tenures ranging from 1 to 5 years.

EMI for a Rs. 3 lakh personal loan

Pro tip: If you are looking for smaller EMIs, opt for a longer tenure. However, keep in mind that a longer tenure will also increase the total interest paid on your loan.

Lenders also levy additional fees and charges apart from the interest rate on personal loans. Take a look at the common fees and charges levied by lenders:

You may be eligible for a personal loan of Rs. 3 lakh if you qualify for the following commonly accepted eligibility criteria:

Keeping these documents up to date and ready will help you smoothly navigate the application process of your personal loan of Rs. 3 lakh.

• Proof of Identity: Aadhaar Card, PAN Card, Passport, or Voter ID
• Proof of Address: Aadhaar Card, Utility Bill, or Passport
• For Salaried Applicants: Salary slips from the past 3 months
• For Self-Employed Applicants: Income Tax Returns for the last 1–2 years
• Bank Statements: Last 6 months’ statements
• Photographs: Recent passport-size photos

Apply for a loan of Rs. 3 lakh in these simple steps:

Step 1: Go to the Paisabazaar website or open the mobile app.

Step 2: Enter your mobile number in the form.

Step 3: Fill in your personal details.

Step 4: Verify your number by entering the OTP.

Step 5: Choose your desired loan amount and specify the purpose.

Browse, compare, and pick from a wide range of collateral-free personal loan offers on Paisabazaar quickly and conveniently.

New-to-Credit customers are individuals with no prior credit history. While traditional lenders hesitate to cater to such borrowers, many new-age lenders are actively providing loans to New-to-Credit (NTC) customers. Since New-to-Credit customers lack a credit score, fintechs assess their creditworthiness by reading alternative data. The alternative data assessment includes :

• Income and spending patterns through your bank account
• Job stability and employer type to assess risk
• Utility bill payments or rent history to understand reliability
• Digital footprints (like app usage or payment behavior) as part of the evaluation

Even without a credit score, a salaried professional with regular income and a record of timely bill payments may still qualify for a personal loan from a fintech lender.

A personal loan can help you with your instant cash needs, but choosing one should come with careful consideration. Listed below are some points to consider before taking a personal loan.

Choose Need over Eligibility

Avoid borrowing more just because you are eligible. Always borrow what you need. Choosing more than what you need will add to your debt and interest outgo.

Keep your Credit Score “Credit Ready”

Your credit score will tell your financial health story to borrowers. Hence, keeping it nice and clean is of utmost importance. A higher credit score (750+) can get you better interest rates. Clear any outstanding dues and check your credit report for errors before applying.

Check your free credit score now.

Browse and Borrow Smartly

Your personal loan will be a long-term financial commitment. Hence, it is pertinent to choose the one that does not become a financial burden in the long run. Don’t settle for the first offer. Use platforms like Paisabazaar to compare offers from multiple banks and NBFCs. Even a 1% lower rate can save you thousands over the loan tenure.

Gauge Beyond the Interest Rate

Look beyond the interest rate; always factor in:

1. Processing fee
2. Prepayment/foreclosure charges
3. Late payment penalties
4. GST on fees

EMIs Shouldn’t Pinch

Always calculate your EMI using an EMI calculator to see how it fits your budget.

This will help you from over-stretching. Your total EMIs (including other loans) should ideally be under 40–50% of your net monthly income.

Read the Fine Print

Take your time to understand all the terms and conditions, especially those related to:

• Prepayment and foreclosure
• Penalties on missed EMIs

Borrow from a Trusted Source

Prefer reputed banks or NBFCs or leading online platforms like Paisabazaar. Be cautious and do not fall prey to fraudulent websites. Be thorough while verifying the authenticity of any app or website.

Keep Repayment Plan Ready

It’s better to preplan your repayment to avoid defaults. Set up auto-debit if possible. Create a buffer for emergencies so that EMI payments aren't disrupted.