An instant 3 lakh personal loan will cover unexpected expenses or help you pursue your dreams. With quick approvals, flexible repayment options, and competitive interest rates, you can get an unsecured 3 lakh personal loan with no end-use restriction. Bridge the gap between you and your goals with a 3 lakh personal loan without documents.
3 Lakh Personal Loan Interest Rates & Charges
The versatility of a personal loan allows you to get a 3 lakh personal loan for any emergency or purpose. But, banks and NBFCs offer a personal loans at different interest rates and charges. Below is a general overview of 3 lakh loan interest per annum, along with the applicable fees.
| Interest Rate | 9.9% p.a |
| Processing Fee | Up to 2% + other charges |
| Foreclosure fees | 0% - 5% |
Eligibility Criteria for a 3 Lakh Personal Loan
The eligibility criteria are an important part of the loan application process. To attain a personal loan of 3 lakhs, you need to meet the following eligibility criteria:
| Age | 21 - 65 years |
|---|---|
| Citizenship | Indian |
| Occupation | Salaried or Self-employed |
| Income | ₹25,000 |
| Credit score | 650 or 700 above |
A Bank-Wise Comparison for a Personal Loan of 3 Lakh
Every bank and every NBFC offers different interest rates for a 3 lakh personal loan. Whether you take a 3 lakh loan for 5 years or a 3 lakh loan for 2 years, the interest rate will depend on several factors. It would be best to compare different lenders to get an interest rate that best suits your situation. Below is a table showing the different rates offered by lenders:
| Banks / NBFC | Interest rate |
|---|---|
| HDFC Bank | 10.50% p.a onwards |
| State Bank of India | 11.00% p.a onwards |
| Axis Bank | 10.49% p.a onwards |
| Kotak Mahindra Bank | 10.99% p.a onwards |
| Canara Bank | 10.65% p.a onwards |
| Navi | 9.9% p.a onwards |
| Tata Capital | 10.99% p.a onwards |
| Bajaj Finserv | 11.00% p.a onwards |
| L&T Finance | 12.00% p.a onwards |
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Note: The above mentioned rates are subject to change with the finance market and differ marginally with respect to individual banks.EMI Calculator for a Personal Loan of ₹3 Lakhs
The EMI is a crucial part of repayment that you need to be aware of. Understanding how much EMI you can afford will help ease your financial stress. Enter, interest rate and the tenure to check your EMI.
| Monthly EMI | ₹86 |
| Principal Amount | ₹1,000 |
| Total Interest | ₹32 |
| Total Amount | ₹1,032.00 |
You can calculate EMI using the personal loan EMI calculator or the formula.
EMI = P x R x (1+R)^N/ [((1+R)^N) - 1]
where,
- E = monthly instalment.
- P = principal amount.
- R = rate of interest.
- N = tenure in years.
Calculating 3 Lakh Personal Loan EMI for 1 to 5 Years
Planning before taking a 3 lakh personal loan is beneficial. It will help you align your goals with your financial situation. To know the 3 lakh personal loan EMI for 3 years and 5 years, please refer to the table below:
| Loan Amount | Tenure | Interest Rate (p.a.) | EMI amount |
|---|---|---|---|
| ₹ 3 Lakhs | 1 year | 10.50% p.a | ₹ 26,444.58 |
| ₹ 3 Lakhs | 2 years | 10.50% p.a | ₹ 13,912.81 |
| ₹ 3 Lakhs | 3 years | 10.50% p.a | ₹ 9,750.73 |
| ₹ 3 Lakhs | 4 years | 10.50% p.a | ₹ 7681.01 |
| ₹ 3 Lakhs | 5 years | 10.50% p.a | ₹ 6,448.17 |
Documents Required for 3 Lakh Personal Loan
Providing correct documentation is important to get your loan application accepted. While some banks and NBFCs offer a 3 lakh personal loan without documents, most banks will ask for minimal documentation, such as:
| Identity Proof | PAN card, Aadhaar card, Passport, Voter’s ID or Driver’s licence |
| Address Proof | Aadhaar card, Rental agreement or Utility bills. |
| Income Proof | Salary slips for the last 3 months or IT returns. |
| Proof of Employment | Employment letter, Salary slips, Form 16 |
| Bank Statements | Bank statements for the past 6 months. |
| Photographs | 2 passport size photographs. |
Can I get a 3 lakh personal loan without salary slip?
Yes, getting a 3 lakh personal loan without a salary slip is possible if you are a self-employed individual with a good credit score. However, you will need to provide other documents, such as bank statements, to show that you have the financial capability to repay the loan.
Features & Benefits of ₹ 3 Lakh Personal Loan
A 3 lakh personal loan has various features and benefits, making it an attractive financial option for borrowers. The key features and benefits are:
- Flexible usage: With a personal loan of Rs.3 lakhs, you can utilise the loan amount for various purposes, such as medical emergencies, home improvement, educational expenses, or debt consolidation.
- Quick approval: These loans have a fast and simple loan approval process, allowing you to access funds quickly.
- No collateral: A 3 lakh personal loan is usually unsecured, no security is required to get a quick 3 lakh personal loan.
- Easy documentation: To help aid a straightforward process, minimal documentation is necessary for this type of loan.
- Flexible repayment tenure: Lenders typically offer flexible tenure of up to 60 months, giving you the flexibility to repay the loan at your own pace.
- Builds credit score: Timely repayment of the loan will improve your credit score, further enhancing your options for choosing a loan of desired amount.
Steps to Apply for Instant 3 Lakh Personal Loan Online with Buddy Loan
Now you can apply for a personal loan of 2 lakhs with Buddy loan in just 4 steps:
Step 1 - Visit - buddyloan.com or Download & install Buddy Loan app
Step 2 - Fill out the application form, including the loan amount, the tenure months, and contact details.
Step 3 - Fill out the following personal details where required:
- Email Address
- employment type: Salaried/ self-employed
- Company Type
- Industry Type
- Current Company Name
- Company Address
- Year of Employment
- Net Income
- Mode of Salary
- PAN Card Details
- Full Name (As Per Pan Card)
- Current Address with PIN Code
- Mobile Number
Step 4 - Cross verify the given information and submit the application.Upload the details & wait for the loan confirmation.
Ready to take next step ?
| Also Check Other Instant Personal Loan Options | |
|---|---|
| 50,000 Personal Loan | 1 Lakh Personal Loan |
| 2 Lakh Personal Loan | 5 Lakh Personal Loan |
| 10 Lakh Personal Loan | 15 Lakh Personal Loan |
| 20 Lakh Personal Loan | 30 Lakh Personal Loan |
| 50 Lakh Personal Loan | Small Cash Loans |
Frequently Asked Questions On 3 lakh personal loan
Lenders will not give out a loan without income proof. However, some lenders may give loans with higher interest rates and strict loan terms.
A 3 lakh loan EMI for 5 years will depend on your lender, interest rate, and other factors.
No, getting a 3 lakh personal loan without documents will be challenging as documents help determine the credibility of the borrower.
You can get a personal loan of 3 lakhs by applying for it on Buddy Loan website: www.buddyloan.comor by downloading the Buddy Loan App to best suit a lender as per you eligibility.
The monthly interest rate of 3 lakh rupees will depend on the lender, your credit history, tenure, and other factors.
Yes, as long as you provide other documents to support your repayment capability.
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