Get a Personal Loan for Rs. 10 Lakh at Low-Interest Rates

What do you mean by a personal loan?

Personal loans are unsecured loans provided by commercial banks and are based on factors such as repayment capacity, employment history, income level, and credit history. 

A personal loan (a.k.a. consumer loan) is a multi-purpose loan that can be used to cover various urgent requirements.

Examples of personal loans:

  • Consolidation of debt: Personal loan is often acquired to fulfil different types of debts. 
  • Setting up a business: You must have faced the issue of finance while setting up your personal business. And if you are new to this sector, then getting a business loan won’t be an option for you. Thus, you can opt for a personal loan in this situation.
  • Improvements to the house: Though various housing loans are present for the renovation of houses, if you don’t want to keep any collateral or your condition doesn’t match with the requirements of the bank, then you can go for a personal loan option.
  • Purchases of automobiles: Automobiles have become very expensive, and if you want trendy features associated with them, then you have to spend hundreds and thousands of bucks for their purchasing. For buying such expensive automobiles, you can take personal loans.
  •  Automobile upkeep: Purchasing automobiles are not the only expanse it has; its maintenance is also very necessary. Sometimes, the upkeep expense is much higher than we expect. Thus, sometimes a personal loan is required if the automobile is not secured. 
  • Marriage: You must have gone through many big fat weddings around your surrounding or of any close ones. A lot of money is required for completing all the necessities of a wedding. People often go for a hefty amount of loans. Thus, they go for personal loans as a wedding loan is not provided by any bank. 
  • Expenses for medical treatment: A medical loan is a sort of personal loan that provides financial protection against medical bills that may arise in the event of an emergency. Medical loans could be used to cover costs such as hospitalizations, prescription drug costs, operations, heart surgery, radiotherapy, and other comparable procedures.
  • Veterinarian expenses: It’s unnerving to be confronted with an unexpected vet expense. Though pets are like family members, if you don’t have enough financial means to pay for certain of their medical procedures, you may find it difficult to do so. Many veterinarians will not undertake surgery or therapy unless they are paid in advance. That implies you may need to go outside the box when it comes to funding. Thus, to avoid such issues, you can apply for personal loans.  Here’s How To Avail of a Personal Loan At Lower Interest Rates

Banks who provide personal loans 

There are a lot of banks that provide personal loans at a low interest rate. Some of the banks are:

  • ICICI Bank: at 11.25% interest rate per annum
  • Axis Bank: at 16% – 24% interest rate per annum
  • HDFC Bank: 15.50% – 21.50% interest rate per annum
  • Kotak Mahindra Bank: 10.99% – 24% interest rate per annum
  • YES Bank: 10.75% interest rate per annum
  • Federal Bank: 10% – 27% interest rate per annum

These banks would provide you with personal loans at a low-interest rate. 

How to seek a personal loan of 10 lakhs?

STEP 1: Visit your bank and fill out the form for the personal loan.

STEP 2: Fill out all the necessary details required by the bank.

STEP 3: Select a loan amount and tenor that you require for approval.

STEP 4: Submit the required documents that your banks ask for verification.

STEP 5: Receive the money directly from your bank.

The requirements required for applying for a personal loan

Documents required for salary employee:

  • Identity proof
  • Residence proof
  • DOB proof
  • Utility bill (Not 3 months old)
  • 3 months Bank Statement
  • Last 3 month’s salary slip
  • 2 passport size photographs

Documents required for self-employed:

  • Document for KYC (Identity proof, address proof, DOB proof)
  • Residence proof
  • Utility Bill (not more than 3 months old)
  • Income proof
  • Last 6 months Bank Statement
  • Office Address Proof
  • Proof of residence ownership
  • Proof of business continuity 
  • 2 passport size photographs

You can apply for a personal loan at the bank of your choice and can get it at a low-interest rate, but you should carry the above-mentioned documents. You should also have a good credit score before applying for a personal loan from any bank. A good credit score is crucial for you to get any kind of loan from any bank. Now, you can easily apply 10 lakh personal loan.

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