MyLoanCare is a FREE of cost service for borrowers Apply Online

Get Cashback of Upto ₹ 1,000* on Personal Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Personal Loan of ₹ 3 Lakh

Apply Personal Loan of ₹ 3 Lakh Online

Last Updated 05th Dec 2021

  • Banks and NBFCs offer ₹3 lakh personal loan online at a competitive interest rate.
  • Personal loans are available with minimal documentation like identity proof, address and income proof.
Interest Rate10.25% Check Offers
ProfessionSalaried employees and Self-employed professionals
Age18 to 65 years
Processing FeeUp to 3% of the loan amount
Required CIBIL Score650 and above
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Get ₹ 3 Lakh Personal Loan Online

A personal loan is an unsecured loan with no-end usage restriction that is available online as well as offline. You can take a ₹ 3 lakh personal loan for any purpose like renovating a house, paying medical bills, planning a vacation or paying off the debts. The personal loan online is disbursed quickly; it takes 24 hours to 72 hours for loan approval if all the documents submitted are correct. Currently, the lowest interest rate on personal loan is 10.25% pa for maximum 84 months. To calculate ₹ 3 lakh personal loan emi, you can use the MyLoanCare personal loan emi calculator.

Eligibility Criteria to get Personal Loan of ₹ 3 Lakh Online

To apply for a ₹3 lakh personal loan, you must fulfil the following eligibility criteria:-

  • You must be an Indian citizen living in India.
  • A salaried employed should be between age 18 years- 65 years and self-employed should be between age 21 years- 65 years
  • You must be earning more than ₹ 12,500as your minimum salary
  • A self employee must earn at least ₹ 12,500
  • If you are a salaried professional, then you must have work experience of more than three years and if you are self-employed then business age should be more than three years.
  • It would help if you have a credit score above 650.

Interest Rates & Processing Fee for ₹ 3 Lakh Personal Loan

BankInterest RateProcessing Fee
Syndicate Bank
Compare
12.40%0.5%, Min Rs. 500
Corporation Bank
Compare
8.90%1.5%, Min Rs. 500
Canara Bank
Compare
12.40%0.50%
Cashe
Compare
33.00%1.50%-2% of loan amount, upto Rs. 1200

3 Lakh Personal Loan EMI with Different Tenors

The ₹3 lakh personal loan EMI is different for every tenure and interest rate. The emi is dependent on various factors like interest rate, tenure and loan amount. We have done an EMI calculation for loan amount ₹3 lakh for different tenures of one, three and five years at the lowest personal loan interest rate of 10.25% pa.

₹50 lakh Home Loan EMI For 5 years

Loan AmountInterest RateEMI
EMI when Tenor is 1 year ₹ 3 Lakh10.25% pa₹ 26,410
EMI when Tenor is 3 year₹ 3 Lakh10.25% pa₹ 9,715
EMI when Tenor is 5 year₹ 3 Lakh10.25% pa₹ 6,411

Documents Required to Apply Personal Loan of ₹ 3 Lakh

To get a personal loan you must submit the following documents:

  • Application form with passport size photos
  • Identity Proof - PAN Card, Aadhaar Card, Voter ID Card, Driving license
  • Address Proof - Passport, Voter Id Card, Electricity/Telephone bill(last three months) or Driving license
  • Income Proof - Last three months salary slip, and form 16, Last six months bank statement (Salaried)
  • Bank account statements of last six months, balance sheet, P&L statement/previous year ITR (self-employed)
  • Business proof (only for self-employed): Trade license, registration certificate by RBI, a copy of the partnership deed and documents related to Sales tax, VAT and Service tax

Steps to Apply Personal Loan of ₹ 3 Lakh

Availing ₹3 lakh personal loan is easy because you have multiple channels to do so. You can apply by visiting the bank’s official website or walking to the nearest bank branch. Also, you can apply with MyLoanCare by following these steps:-

  • Step 1: Log in to the official website of MyLoanCare
  • Step 2: Fill in required information in personal loan form like name, income, phone number, residence
  • Step 3: Click on ‘Get Quote’
  • Step 4: Enter the OTP
  • Step 5: Click on ‘Submit’
  • Step 6: Now, fill in more information about existing loans, why you need a loan, Are you paying current EMI’s etc.
  • Step 7: Further, you will be redirected to the offers page, displaying offers as per your eligibility.
  • Step 8: To help with the further process, the MyLoanCare executive will call you.

FAQs

Which bank is best for a Personal Loan of ₹ 3 Lakh?

Best banks to avail personal loans of ₹ 3 Lakh are ICICI Bank, Kotak Bank, HDFC Bank. Currently, these banks are charging the lowest interest rate of 10.25%, 10.25%, 10.25% respectively. IIFL can also be your option because it provides the best customer service for a ₹ 3 Lakh personal loan rating of 4.8/5.

Can I get a Personal loan of ₹ 3 Lakh without collateral?

Yes, you can get a personal loan of ₹ 3 lakh without collateral because a personal loan is an unsecured financing option. An unsecured loan is a type of loan where you are not asked to pledge your asset as collateral. Instead, you get a loan after considering your credit history.

What are the factors that affect EMI of ₹ 3 Lakh Personal Loan?

Loan amount, interest rate, and loan tenure affect the EMI of a personal loan. To calculate the EMI, you can use a ₹3 lakhs personal loan emi calculator. It will help you decide the tenure because shorter tenure means higher EMI, and longer tenure means less.

What is the interest rate for HDFC ₹ 3 Lakh Loan?

HDFC personal loan ₹3 lakhs interest rate starts from 10.25% and goes up to 22.00%. However, the rate for salaried and self-employed varies as they are dependent on various other factors.


Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.50%. Cashback of up to ₹ 1,000

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000.

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.00% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 6.90%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 7.05%.

    Invest Now
Personal Loan News - Dec 2021
  • 2021-12-02 : Indian Bank Fraud of Over Rs. 33 Crores to RBI
    Indian Bank has reported fraud of Rs. 33 Crores regarding the two of its accounts that turned into Non Performing Assets.
  • 2021-12-02 : Kreditbee Announces Partnership for Cardless EMI
    The Fintech lending firm Kreditbee has announced a partnership with Mswipe to offer a digital mode of payment, Cardless EMI, at leading retail stores.
  • 2021-11-26 : SBI Waivers Processing Fee on Personal Loans
    State Bank of India has waivered the processing fees on personal loans. The bank is charging an interest rate of 9.60%.
  • 2021-11-25 : EPFO Makes Crucial Announcement Regarding EPF Transfer
    As per the latest update, EPFO has approved a centralized IT system that will automatically transfer the old PF amount to the new EPF account in a job change.
  • 2021-11-23 : RBI Reports Jump in Digital Loan Disbursement
    As per the Reserve Bank of India, the overall volume of digital loan disbursement by banks and non-banking financial institutions has increased 12 fold between 2017 to 2020. As a result, the number has increased to Rs. 1.42 Lakh crores.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
Loader
Please wait while your information is being processed...