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.
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%|
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|
|Occupation||Salaried or Self-employed|
|Credit score||650 or 700 above|
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|
Read LessNote: The above mentioned rates are subject to change with the finance market and differ marginally with respect to individual banks.
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.
|Year||Month||Principal (A)||Interest (B)||EMI (A+B)||Balance||Loan Paid to Date (%)|
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]
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|
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.|
A 3 lakh personal loan has various features and benefits, making it an attractive financial option for borrowers. The key features and benefits are:
Now you can apply for a personal loan of 2 lakhs with Buddy loan in just 4 steps:
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:
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|
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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