Features & Benefits of ₹8 Lakh Personal Loan
Borrowers can acquire personal loan upto ₹8 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 ₹8 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 ₹8 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 ₹2 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.
Eligibility Criteria & Documents Required
Apply for an ₹8 lakhs personal loan with easily, ensure you meet the lender's eligibility criteria and have the necessary documents ready for a smooth application process.
Check Eligibility Criteria & Documents 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 | ₹20,000 | Bank Statements | Last 6 months |
| Work Experience | 2 years (salaried) and 3 years (self-employed) | ||
| Credit Score | 700 or above |
Interest of ₹8 lakh Personal Loan
Numerous lenders offer their customers ₹8 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 ₹8 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% |
Fees and Charges of ₹8 Lakh Personal Loan
Lenders charge a certain fee to the borrowers to smoothly carry out the process of the ₹8 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 ₹8 lakhs.
| Lender | Processing Charges | Pre-payment Charges | Late Payment Charges |
|---|---|---|---|
| HDFC Bank | Up to 2.5% (₹1,999 - ₹25,000) | 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 | ₹500 + tax per EMI |
| Yes Bank | Up to 2.5% (min ₹999 + tax) | 2-4% of outstanding principal | 24% p.a. |
| Union Bank of India | 0.5% (min ₹500 + GST) | - | - |
| Bank of Baroda | 2% (₹1,000 - ₹10,000) | - | 2% on overdue amount |
| IndusInd Bank | Up to 2.5% + tax | 4% after 6-12 EMIs | ₹450 + tax |
| Bank of India | 2% (₹1,000 - ₹10,000) | Nil for floating, 0.65% for fixed | - |
| Dena Bank | 1% | Nil | - |
How much is 8 lakh EMI per month for Various Repayment Tenures?
Here's a table showing the approximate EMI for a loan amount of ₹8 lakh at an interest rate of around 10% for various tenures:
| Tenure | EMI (Approximate) |
|---|---|
| 1 Year (12 Months) | ₹70,945 |
| 2 Years (24 Months) | ₹37,463 |
| 3 Years (36 Months) | ₹26,051 |
| 5 Years (60 Months) | ₹16,257 |
| 7 Years (84 Months) | ₹11,421 |
| 10 Years (120 Months) | ₹8,845 |
| 15 Years (180 Months) | ₹6,419 |
How to Apply for an 8 Lakh Personal Loan?
For people in need of financial assistance, an ₹8 Lakh Personal Loan might be a valuable and practical solution. To apply for ₹8 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 ₹8 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 lender's ₹8 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 lender's 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 ₹8 lakh personal loan online through their official website or mobile app. Navigate to the loan application part of the lender's 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 lender's 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 lender's repayment conditions and timeline. Make regular monthly repayments as specified to avoid penalties and keep a clean credit history.