Want a ₹10 Lakh Personal Loan? Here’s How to Get It!

Unexpected expenses can arise at any time, and securing a personal loan is often the best way to manage financial needs without pledging collateral. Whether it is for medical bills, home renovation, or debt consolidation, understanding how to get a personal loan can help you access funds with ease.

If you are looking for a ₹10 lakh personal loan, here is everything you need to know about the eligibility criteria and documents required for a personal loan to get the best deal.

Eligibility Criteria for a ₹10 Lakh Personal Loan

Before applying, ensure you meet the eligibility criteria for a personal loan, as these factors influence approval chances and interest rates:

• Nationality: Must be an Indian citizen.
• Age requirement: Minimum age of 21 years at application, maximum 67 years at loan maturity.
• Income: A minimum monthly income of ₹15,000 is required.
• Employment type: Salaried employees (private or public sector) and self-employed individuals with at least one year of work experience are eligible.
• Credit score: A score of 750 or above improves approval chances and secures lower interest rates.

Note: These criteria vary between lenders, so checking with your preferred financial institution for specific terms is advisable.

Documents Required for a ₹10 Lakh Personal Loan

Proper documentation speeds up loan processing. Below are the documents required for a personal loan, based on employment type.

For Salaried Employees

• PAN card
• ID proof (Aadhaar, Passport, Voter ID, etc.)
• Signature proof
• Address proof
• ITR/Form 16
• Bank statements (last 6 months)
• Salary slips (last 3 months)

For Self-Employed Individuals

• ITR for the last 2 years
• Profit and Loss statement, balance sheet, and income computation (last 2 years)
• Form 26AS, Income Tax Challan, or TDS certificate (Form 16A)
• Business proof (registration certificate, GST certificate, etc.)

Factors Affecting Your ₹10 Lakh Personal Loan Application

Even if you meet the eligibility criteria for a personal loan, certain financial aspects determine loan approval:

• Credit score: A score of 750+ ensures quicker approval and competitive interest rates. A lower score may result in rejection or higher rates.
• Income stability: A steady source of income increases approval chances.
• Occupation: Working in a reputed company or having a stable business history strengthens loan eligibility.
• Debt-to-Income Ratio: Ideally, this should be below 30%. A higher ratio suggests financial strain, reducing approval chances.

Conclusion

A personal loan is a convenient financial tool, but it comes with higher interest rates compared to secured loans. Before applying, assess your repayment capability to avoid defaults that can harm your credit score. Research different lenders to find the best terms, and ensure you meet the required eligibility criteria for a personal loan while preparing the documents required for a personal loan to improve approval chances.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.