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₹ 10 Lakh Personal Loan

Apply ₹ 10 Lakh Personal Loan Online

Last Updated 23rd May 2022

  • A ₹ 10 Lakh loan scheme can be used to cover a dream wedding, pay for home renovations or consolidate your pre-existing debts.
  • You can apply for a ₹ 10 Lakh loan through MyLoanCare’s website or app to select the best scheme by comparing the available loan options.
  • At MyLoanCare, you get a quick EMI calculator, relevant assistance from in-house agents and detailed charts assure a promising outcome.
Rate 10.25% p.a Check Current Rates
Profession Salaried employees and Self-employed professionals
Minimum Income
  • ₹ 5 Lakh gross annual receipts for self-employed
  • ₹ 25,000 per month for professionals
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Voucher

Get ₹ 10 Lakh Personal Loan Online

With personal loans, you can borrow a fixed amount and repay back in the form of monthly EMIs over a fixed period of time. A ₹ 10 Lakh personal loan will help you to arrange funds for medical emergencies, child’s education, home renovation or repayment of other debts. The personal loan interest rates vary from bank to bank based on their internal policies. Moreover, you can choose the repayment period as per your convenience and keep the EMI within your budget.

You can also check with the ₹ 10 Lakh personal loan EMI calculator to ascertain the most suitable EMI and tenure before proceeding further.

Eligibility Criteria for Personal Loan Of ₹ 10 Lakh

Banks in India abide by their own pre-scheduled eligibility criteria while approving or rejecting a personal loan request. The following points will help you get an idea of those pre-requisites for a ₹ 10 Lakh loan:

  • Age: Age acts as an essential factor while applying for personal loans. Though there are certain banks that offer a ₹ 10 Lakh loan scheme to applicants above 23 years of age, most of them prefer applicants of age between 23 to 65 years.
  • Monthly Income: Banks in India have set different income criteria for a personal loan of ₹ 10 Lakh. Generally, a person needs to earn ₹ 25,000 per annum which can vary from bank to bank.
  • Ongoing Loans: In case you are already paying monthly EMIs for any other loan, your eligibility criteria will be questioned by the banks. It is always advisable to clear out the previous dues before making an application for a ₹ 10 Lakh personal loan.
  • Cibil Score: Your Cibil Score will work as a first impression for the lender. The higher it is, the greater are the chances to get approval for the required loan amount with fewer hassles. A cibil score of 650 and above is required.

Best Interest Rates for ₹ 10 Lakh Personal Loan

Bank Name Interest rates
Karur Vysya Bank 8.70%
PNB 8.95%
SBI 9.60%
Bank of Maharashtra 9.85%
Indian Overseas Bank 10.00%

Documents Required for ₹ 10 Lakh Personal Loan

Here is a detailed list of the documents that are required while applying for a ₹ 10 Lakh personal loan:

  • Two passport-sized photographs.
  • Documents related to identity proof like Driving License, Voters ID card, Passport, Pan Card(any one out of these).
  • Original papers of leave and license agreement, passport or recent utility bill can be produced as proof of residence.
  • Bank statements of the salary account (last 3 months).
  • Salary slips of the last 3 months.
  • A copy of the trade license and RBI authorised registration certificate, for self-employed applicants.

₹ 10 Lakh Personal Loan EMI Calculator

EMI for ₹ 10 Lakh personal loan can be easily calculated using the EMI calculator available on MyLoanCare’s website. You need to enter the required loan amount, rate of interest and tenure to get an accurate sum. The table mentioned here offers a comprehensive overview of the monthly amount payable for ₹ 10 Lakh personal loan EMI for 5 years:

Bank Interest rate charged EMI per month for 5 years in Rs
Karur Vysya Bank
8.70% ₹ 20,613
8.95% ₹ 20,734
9.60% ₹ 21,051
Bank of Maharashtra
9.85% ₹ 21,173
Indian Overseas Bank
10.00% ₹ 21,247
10.25% ₹ 21,370
10.25% ₹ 21,370
Kotak Bank
10.45% ₹ 21,469
Axis Bank
10.49% ₹ 21,489
IndusInd Bank
10.49% ₹ 21,489

How to Apply for ₹ 10 Lakh Personal Loan?

A personal loan helps you take care of sudden monetary emergencies seamlessly. You can get a detailed idea of the ₹ 10 Lakh personal loan EMI for 5 years on MyLoanCare. Here you will get to find a plethora of guided solutions like:

  • Detailed charts comparing loan interest rates charged by individual banks.
  • Accurate EMI calculator.
  • Guided solutions against generated queries.

Here is a step-by-step guide that will help you secure a personal loan upto ₹ 10 Lakh in an organised way:

  • Step 1: You can either visit the official website of MyLoanCare or download the Android App to fill in all the necessary personal details like name, income, number, existing loan if any and residential address.
  • Step 2: A representative from MyLoanCare will get back to you to confirm the submitted details. He/she will also offer relevant suggestions on the suitable loan amounts that you can opt for as per your CIBIL score, income and documents submitted.
  • Step 3: If you fulfil the eligibility criteria to get the loan, the representative will set a document pickup appointment with the selected bank. A representative from the bank will contact you to proceed with the loan approval process. You can also utilise MyLoanCare’s website to update relevant documents online.
  • Step 4: Once done with the verification process, the bank will send you a loan sanction letter comprising all the loan related details like tenure, ₹ 10 Lakh personal loan EMI amount and other available benefits, in case the loan gets approved.
  • Step 5: The sanctioned loan amount will get credited to your bank account.

Personal Loan on Different Amount


Which bank is best for a Personal Loan of ₹ 10 Lakh

Karur Vysya Bank, PNB and SBI are the best banks for ₹ 10 Lakh personal loans based on interest rate of 8.70%, 8.95% and 9.60%. On the basis of customer service, HDFC Bank offers the best customer service to ₹ 10 Lakh personal loan borrowers. However, you must compare loan schemes of different banks to shortlist the best personal loan offer for you.

Can I get Lowest Interest Rate on a ₹ 10 Lakh Personal Loan?

Yes, you can avail of the lowest interest rate on ₹ 10 Lakh Personal Loan by making comparisons among available interest rates and tenure. Currently the lowest interest rate on ₹ 10 Lakh personal loan is 10.25%.

Can I avail ₹ 10 Lakh Loan without Income Proof?

A ₹ 10 Lakh loan without income proof is possible only when you have a high CIBIL score or you are applying with a co-applicant.

What is the interest rate for SBI ₹ 10 Lakh Loan?

SBI personal loan of ₹ 10 Lakh is available at an interest rate of 9.60%. This however may vary across personal loan schemes and borrower type, as their are specialized rates of some categories such as female borrowers, senior citizens, etc.

What are the factors that can affect ₹ 10 Lakh Personal Loan EMI?

A good CIBIL score of above 650, steady monthly income of minimum ₹ 25,000 and the job sector with which you are associated act as the determining factors for a ₹ 10 Lakh personal loan. Salaried individual get a loan at lower interest rate in comparison to self employed. Thereby, the EMI could be lower if you are salaried. Apart, loan amount, tenure and interest rate impact the ₹ 10 Lakh personal loan EMI.

What will be the EMI for ₹ 10 Lakh Personal Loan?

The EMI charged for a ₹ 10 Lakh is different for every bank, as it is dependent on a variety of factors like loan tenure and age of the applicant. You can use the EMI calculator available on MyLoanCare’s website to get an idea of EMI amount for different tenures. As per the top five banks that offer lowest personal loan rate, EMI for ₹ 10 Lakh personal loan for five year will be as follows:

Karur Vysya Bank₹ 20,613
PNB₹ 20,734
SBI₹ 21,051
Bank of Maharashtra₹ 21,173
Indian Overseas Bank₹ 21,247

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