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ā¹8 Lakh Personal Loan
A ā¹8 lakh personal loan helps cover expenses like home renovations, weddings, medical bills, or vacations. Offered by banks and NBFCs, it comes with a higher loan amount and flexible repayment terms. The interest rates are generally lower, and the paperwork is minimal. Eligibility varies by lender.
HIGHLIGHTS
- Amount: ā¹8 lakh for various expenses.
- Interest Rates: Staring from 10.49%Ā p.a.
- Tenure: Up to 8 years.
- Eligibility: Indian citizen, salaried/self-employed, 21-60 years, min. income ā¹20,000, credit score 700.
- Documents: ID proof, address proof, income proof, bank statements.
- Benefits: Instant disbursal, higher loan amount, affordable rates, flexible tenure.
- Personalized Personal Loan solutions
- Expert guidance
- Application assistance
- Credit score discussion
- Personal Loan Interest rate comparison
Table of Content
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Reviewed ByInterest of ā¹8 lakh Personal Loan
Numerous lenders offer their customers ā¹8 lakh personal loan online. It makes it difficult for the borrower to make a decision. Therefore, we have curated a list of a few top lenders and the ā¹8 lakh loan interest rate they offer.
| Bank/Financial Institution | Interest Rate |
|---|---|
| Axis Bank | 10.49% |
| IndusInd Bank | 10.25% |
| IDFC FIRST Bank | 10.49% |
| HDFC Bank | 10.5% |
| ICICI Bank | 10.5% |
| Kotak Mahindra Bank | 12.00% |
| Tata Capital Financial Services LTD | 10.99% |
| Bajaj Finserv | 11% |
| Federal Bank | 10.49% |
| L&T Finance | 12% |
| Aditya Birla Finance Limited | 13% |
Eligibility Criteria & Documents Required
Apply for an ā¹8 lakhs personal loan with easily, ensure you meet the lenderās eligibility criteria and have the necessary documents ready for a smooth application process.
Check Eligibility Criteria & DocumentsĀ for instant loan approval.
| Eligibility Criteria | Details | Documents Required | Examples |
|---|---|---|---|
| Citizenship | Be an Indian citizen | Identity Proof | Aadhaar card, Passport, PAN card, etc. |
| Employment Status | Be a salaried individual or self-employed | Address Proof | Utility bills, Rental agreements, etc. |
| Age | Fall in the age group of 21 to 60 years | Income Proof | Salary slips (for salaried), ITR (for self-employed), etc. |
| Minimum Monthly Income | ā¹20,000 | Bank Statements | Last 6 months |
| Work Experience | 2 years (salaried) and 3 years (self-employed) | ||
| Credit Score | 700 or above |
How much is 8 lakh EMI per month for Various Repayment Tenures?
Hereās a table showing the approximate EMI for a loan amount of ā¹8 lakh at an interest rate of around 10% for various tenures:
| Tenure | EMI (Approximate) |
|---|---|
| 1 Year (12 Months) | ā¹70,945 |
| 2 Years (24 Months) | ā¹37,463 |
| 3 Years (36 Months) | ā¹26,051 |
| 5 Years (60 Months) | ā¹16,257 |
| 7 Years (84 Months) | ā¹11,421 |
| 10 Years (120 Months) | ā¹8,845 |
| 15 Years (180 Months) | ā¹6,419 |
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Fees and Charges of ā¹8 Lakh Personal Loan
Lenders charge a certain fee to the borrowers to smoothly carry out the process of the ā¹8 lakh personal loan online. The fees and charges may vary from one lender to another. However, a list has been curated mentioning a few top lenders and their fees for personal loan upto ā¹8 lakhs.
| Lender | Processing Charges | Pre-payment Charges | Late Payment Charges |
|---|---|---|---|
| HDFC Bank | Up to 2.5% (ā¹1,999 ā ā¹25,000) | 2-4% of outstanding principal | 2% per month |
| Kotak Mahindra Bank | Up to 2.5% + GST | 5% after 12 months | 3% per month |
| State Bank of India | Nil to 1% | 3% for specific loans | ā¹500 + tax per EMI |
| Yes Bank | Up to 2.5% (min ā¹999 + tax) | 2-4% of outstanding principal | 24% p.a. |
| Union Bank of India | 0.5% (min ā¹500 + GST) | ā | ā |
| Bank of Baroda | 2% (ā¹1,000 ā ā¹10,000) | ā | 2% on overdue amount |
| IndusInd Bank | Up to 2.5% + tax | 4% after 6-12 EMIs | ā¹450 + tax |
| Bank of India | 2% (ā¹1,000 ā ā¹10,000) | Nil for floating, 0.65% for fixed | ā |
| Dena Bank | 1% | Nil | ā |
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How to Apply for an 8 Lakh Personal Loan?
For people in need of financial assistance, an ā¹8 Lakh Personal Loan might be a valuable and practical solution. To apply for ā¹8 lakh personal loan online, follow the below-mentioned steps.
Research and Compare Lenders
Investigate various lenders, such as banks, NBFCs, and Internet lending platforms. Compare their ā¹8 lakh loan interest rates, loan periods, eligibility criteria, processing fees, and customer ratings to find the best alternative for your needs.
Eligibility Criteria
Examine the lenderās ā¹8 lakhs personal loan eligibility conditions. This often includes age, income, work stability, credit score, and documentation requirements. Before submitting your application, be sure you meet the lenderās requirements.
Gather Required Documents
Prepare the relevant documents, which may include identification proof, address proof, income proof, employment data, and any other documents specified by the lender.
Online Application
Many lenders allow you to apply for a ā¹8 lakh personal loan online through their official website or mobile app. Navigate to the loan application part of the lenderās website and accurately fill out the required information. Provide the required papers in the format specified.
Verification Process
The lender will begin the verification procedure once you submit the online application. This may entail checking your documentation, income, and work information, as well as completing a credit check.
Loan Approval and Disbursement
The lender will send you an approval notification if your application is approved. According to the lenderās procedures, the loan money will be released to your selected bank account or provided as a demand draft or cheque.
Loan Repayment
Get acquainted with the lenderās repayment conditions and timeline. Make regular monthly repayments as specified to avoid penalties and keep a clean credit history.
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Features & Benefits of ā¹8 Lakh Personal Loan
Borrowers can acquire personal loan upto ā¹8 lakhs in funding to address unforeseen needs or consolidate existing debt. This loan product is developed with features and benefits to assist borrowers with receiving the funds they require when they desire it, without having to worry about meeting onerous standards. The following are the features and benefits of an ā¹8 Lakh Personal Loan:
- This loan amount can be disbursed immediately, sparing you the inconvenience of applying multiple times.
- With a higher sum of money accessible, you can buy a new automobile, go on a vacation, or even renovate your home. You no longer need to be concerned about shortages because this loan amount will cover them.
- Personal loan upto ā¹8 lakhs may be provided at cheaper interest rates than other types of loans. This makes them more affordable and allows you to repay the loan faster.
- In a particular fiscal year, interest paid on a personal loan up to ā¹2 lahks is deductible from income tax. The tax deduction is determined by the purpose of the loan and the tax assessee category.
- You can set the loan tenure based on your repayment capacity and spread the loan expense over time.
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Frequently Asked Questions (FAQs)
How long is the repayment tenure for a ā¹8 lakh personal loan?
ā¹8 Lakh Personal Loan repayment terms are often flexible, allowing borrowers to select a monthly payment schedule that fits within their budget.
What are the risks of taking an ā¹8 lakh personal loan?
A hard credit check is required for ā¹8 lakh personal loans, which can reduce your credit score by up to five points. In addition to queries, failing to pay your loan on time may reduce your credit score after it is reported to the three major credit bureaus.
Is collateral required for a ā¹8 lakh personal loan?
No, collateral is not required for an ā¹8 Lakh Personal Loan. Because the loan does not demand collateral, it is an excellent choice for those who do not own a big asset such as a house or car.
Can self-employed individuals apply for a ā¹8 lakh personal loan?
Yes, self-employed individuals can apply for a ā¹8 lakh personal loan.
Can I get a ā¹8 lakh personal loan without a bank account?
No, you cannot get a ā¹8 lakh personal loan without a bank account. Since your loan is disbursed in your bank account, therefore, the account is important when applying for the loan.
What are some alternatives to a ā¹8 lakh personal loan?
The alternatives to a ā¹8 lakh personal loan are secured loans, home equity loans, credit card loans, and loans against fixed deposits.
How does a ā¹8 lakh personal loan impact my credit score?
Applying for a ā¹8 lakh personal loan, like applying for any other loan, mortgage, or credit card, can cause a minor drop in your credit score. This is due to lenders performing a hard inquiry on your credit, and each time a hard inquiry is performed, it appears on your credit report, lowering your credit score slightly.
What happens if I default on the repayment of a ā¹8 lakh personal loan?
If you default on the repayment of a ā¹8 lakh personal loan, you will be liable to late fees.
How long does it take to get approval for a ā¹8 lakh personal loan?
The approval process for an ā¹8 Lakh Personal Loan is frequently swift, allowing consumers to receive funds in a matter of days.
