Are you in a financial crunch and need a huge amount, like a 3 Lakh personal loan but want to further plan your monthly payments (EMI)? Having a proper idea about your EMI payments is important, even having a concern about obtaining the funds at the last minute. Hence that’s where the article is planning to guide you through! This article aims to better understand how to avail of a 3 Lakh personal loan and calculate a 3 Lakh personal loan EMI.
Now a very valid question might arise in your mind: why personal loans?
Personal loans are intrinsically aimed to assist you in handling urgent financial emergencies. You can apply for an unsecured loan with minimal paperwork, no collateral, lower interest rates, and flexible repayment options. Availing 3 lakhs personal loan is a convenient option compared to other financial products. And to experience a hassle-free personal loan, consider Buddy Loan! Buddy Loan helps you avail of your desired loan amount under the most trusted lenders in the country to assist you in getting a quick 3 lakh personal loan with minimal documentation. If you plan to take an instant safe, hassle-free personal loan. Apply For Loan Online!
However, before you make any abrupt decision, you must know what you’re signing up for. That’s why it’s crucial to clearly understand your 3 lakhs personal loan EMI, including the repayment tenure. So, let’s start with the basics of “what is an EMI?” an EMI calculator determines the best repayment period, along with interest rates. Read further to know how to calculate your 3 lakhs personal loan EMI with an easy way to apply for 3 Lakh personal loans.
What is an EMI?
Equated Monthly Installment is the fixed amount a borrower has to pay each month to repay a loan. The EMI incorporates the principal amount borrowed along with interest on the loan. Hence a calculation based on the loan amount, interest rate, and repayment tenure.
Now that you know the basics about EMI, let’s dive further to learn how it works!
How Does an EMI Calculation Work?
Borrowers usually make equated monthly instalments (EMIs) after availing of the loans like student loans, vehicle loans, and home mortgages. EMI payment should be initiated on the same day every month at a fixed amount. A borrower should be able to pay off the loan at the end of the loan term if EMIs are paid as scheduled.
EMIs can differ from their variable payment plans as they may require borrowers to pay monthly fixed payments. And for lenders, a benefit of EMI is a predictable income stream from loan interest. Eventually, this helps the borrowers budget more effectively, as they will have an idea of how much they might have to pay each month.
Hence, now that you know the easiest way an EMI calculator works, you can read the next section on how to calculate 3 lakh personal loan EMI in easy steps.
How to Calculate 3 Lakh Personal Loan EMI In Easy Steps
Let’s understand ways to calculate your 3 lakhs personal loan EMI in the following easy procedure:
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The loan amount:
Determining the loan amount is the first and foremost way to borrow, which in this case, is 3 lakhs personal loan
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Evaluate interest rate:
The interest rate on the personal loan you availed of will directly impact your EMI. Hence you can either find the current interest rate offered by lenders and then compare them to find the best option.
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Choose the repayment tenure:
The repayment tenure is known to be the time frame under which you will repay your loan. The longer the tenure, the lower your EMI is anticipated, but you will have to pay more interest in the long run.
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Utilizing an EMI calculator:
After you have the loan amount, interest rate, and repayment tenure, you can use an EMI calculator to determine what you will pay monthly.
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Review the results:
The EMI calculator will provide a detailed breakdown of your monthly payments, including the principal and interest components. Review the results to make any necessary adjustments before finding a repayment plan that works for you.
Calculating your 3 lakh personal loan EMI is a straightforward process that can be done in a few simple steps.
Also Read: Personal Loan Interest Rates of All Banks and NBFCs
Having learned how to calculate 3 lakh personal loan EMI, we will examine another crucial aspect of personal loans – why you should opt for a personal loan for your expenses. In contrast, you opt to take a 3 Lakh personal loan.
Why 3 Lakh personal loan?
Financial crises can occur at any moment without any prior notice. So, you can be pre-prepared all the time. Hence, a personal loan can come to your financial rescue when you are in such a crisis and find yourself in the middle of a big dilemma.
Still sceptical? Personal loans are designed to provide instant loans with flexible tenure periods and affordable interest rates! When you need a huge amount, like 3 Lakhs, then availing personal loan can be the best option. Then read the following section to learn more about its benefits and features! Also, you can to learn more:
Also Read: Get 5 Lakh Instant Personal Loan Approval In Just 24 hours Buddy Loan
Personal Loan Features And Benefits
Here are the answers to you all your ways and reasons you should go for a 3 lakh personal loan:
Online Personal Loan!
The first and foremost convenience you get is an easy application process to get an instant 3 Lakh personal loan. The applicant will be provided a flexible tenure period of about over the tenure to 5 years to pay off their 3 Lakh personal loan EMI.
Collateral Free
Personal loans are provided without asking for any collateral as security, along with minimal documentation. A personal loan is often called an unsecured loan as the applicant does not have to submit collateral as surety for applying for an instant loan. However, in that case, the applicant should have a record of a better credit score. A good credit score will eventually decide if you are availing of a personal loan at a lower interest rate.
Flexible Loan Tenures
The applicant can borrow up to Rs. 3 Lakhs as much as you need and then repay the loan through the EMI options over a tenure of up to 5 years. However, it also depends on the applicant’s credit score.
Quick Personal Loan Approval
Now applying for instant loans is not at all difficult and time-consuming anymore. As an applicant, if you have fulfilled the basic eligibility criteria alone, you stand a chance for a quick approval rate, with the necessary documents and ensuring they are up to date. Following that, your loan is sanctioned within 48 hours of submission, and the disbursement time is less than expected.
Also Read: Buddy Loan The Best Lender for an Instant Personal Loan
Now, if you plan to avail yourself of a quick 3 Lakh personal loan.
How To Apply For A 3 Lakh Personal Loan Online?
While you plan to avail yourself of a quick personal loan up to Rs 3 Lakhs, you can follow the steps below for a quick overview of how to apply for a quick personal loan. Also, you can apply for a quick loan online for better convenience, and most importantly, your information remains highly confidential.
Steps To Apply For a Personal Loan with Buddy Loan
1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
5: Enter your work details (Including company name, years of service and Designation)
6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
7: Provide your communication address, and income details and Click the ‘Submit’ button.
Hence, this is why opting for a personal loan can only be convenient for you. However, there are ways you can avail of a personal loan, that is through your aadhar card. Read the next section to know more.
3 Lakhs Loan On Aadhar Card
A 3 lakh loan on an Aadhar card is a way to avail of a personal loan available to individuals who have linked their dedicated Aadhaar card to their bank account. The loan is disbursed based on the borrower’s credit score and financial stability, as determined by the bank or financial institution. Availing of a loan with the help of an Aadhar card is a hassle-free and quick option for those in need of funds. With the ease of availing it using just an Aadhaar card, this loan can be a lifesaver for those facing unexpected financial situations.
Also Read: Get a Personal Loan of 50,000 on Aadhaar Card with Buddy Loan
However, here are a few key points you should consider when taking this type of loan:
Eligibility:
Ensure that you have fulfilled the eligibility criteria like the minimum and maximum age criteria, required documentation, and other terms and conditions set by the lender. However, you can also refer to the table below for a better understanding.
| Age – The age should be 18 to 65 years. However, it can differ from bank to bank. |
| Income – It should be a minimum of 12000 monthly |
| Minimum job experience – 1 to 2 months of experience |
| Credit Score – Your credit score should be more than or equivalent to 750 |
| Employment status – Employed or Self-employed. It would help if you worked in a recognized organization. |
Interest Rates:
Compare interest rates from different lenders to get the best deal. A higher interest rate will increase your monthly repayment amount and the overall cost of the loan. Also, you can refer to the table below to have a better understanding of the interest rate provided by top NBFCs.
| NBFCs | Interest Rate (p.a.) | Processing Fee | |
| Muthoot Finance | 14% onwards | Up to 3.5% | Apply now |
| Tata Capital | 10.99% onwards | Up to 2.75% | Apply now |
| Bajaj Finserv | 11% onwards | Up to 3.93% | Apply now |
| StashFin | 11.99% onwards | Up to 10% | Apply now |
| Faircent | 14.1% onwards | Up to 8% | Apply now |
| Kredit Bee | 12.24%-29.88% | Up to 6% | Apply now |
| Navi | 9.9% – 45% | Nil | Apply now |
| Money Tap | 13% onwards | Apply now | |
| Dhani | 13.99% onwards | 3% onwards | Apply now |
| Money View | 15.96% | Starting from 2% | Apply now |
| PaySense | 16.80%-32.20% | Up to 2.5% | Apply now |
| Fibe | 18% onwards | 2% | Apply now |
| Home Credit | 24% onwards | Up to 5% | Apply now |
| CASHe | 30.42% onwards | Up to 3% or Rs 1,200 | Apply now |
| HDB Financial Services | Up to 36% | Up to 3% | Apply now |
Note: The above-mentioned interest rates are subject to change
Repayment Tenure:
The loan repayment tenure determines the duration in which you will have to make the loan payments. Choose a tenure you are comfortable with and ensure that your monthly repayments are within your budget and do not exceed that. Also, the table below will help you know the tenure by taking the amount of 3 Lakh as an example; Hence follow the table to know the for a 3 Lakh personal loan EMI.
| Loan Amount (Rs) | Interest Rate (p.a.) | Tenure (years) | EMI (Rs) |
| Rs 3 Lakhs | 11.99% | 1 | 26,653 |
| 2 | 14,121 | ||
| 3 | 9,963 | ||
| 4 | 7,899 | ||
| 5 | 6,672 |
Note: The EMI calculations and the actual numbers may vary.
Documentation:
Keep all the basic documents handy as required by the lender, such as identity proof, address proof, bank statements, and income proof. The tables below mention the documents required for both employed and self-employed individuals.
For a salaried employee
| Identity proof – PAN card/ Adhaar Card/ Driving License, Passport. |
| Address proof – Aadhar Card/ Water bill/ Passport |
| Income proof – Salary slip for one monthBank statement for the past three months |
| Work Experience – Min 1 year |
For a self-employed individual
| Identity proof – PAN card/ Adhaar Card/ Driving License, Passport. |
| Address proof – Aadhar Card/ Water bill/ Passport |
| Income proof – Salary slip for one month-Bank statement for the past three months
-ITR returns for the past three months -Profit & Loss Statements for the last three years audited by C.A |
Consider all Options:
Consider all available options, including other types of loans, before choosing a 3 lakh loan on an Aadhaar card as it is a hassle-free hassle-free quick option. Make your decision only after you have done your research to meet your financial needs and goals.
Hence, please consider the abovementioned points before preparing yourself to get a 3 Lakh Personal loan.
Now, as you are considering a 3 lakh loan, it’s also essential to plan for the repayment of the loan. Knowing the EMI will help you understand the monthly instalment you will need to pay if you opt for a loan term.
Now let’s look at a theoretical example of a 3 lakh personal loan EMI with 5 years repayment tenure.
3 Lakh Personal Loan EMI For 5 Years
Suppose someone takes a 3 Lakh loan for 5 years at an interest rate of 12% p.a. In that case, the following is a theoretical calculation of the EMI: Follow the procedure and calculate your 3 Lakh personal loan EMI.
- Calculation of the monthly interest rate: The interest rate of 12% p.a. is first converted to a monthly rate. That is done by dividing the yearly interest rate by 12, which would be 12/12 = 1%.
- Calculation of the EMI: The EMI can be calculated using the formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where P = Loan amount (3 Lakhs)
R = Monthly interest rate (1%)
N = Loan repayment tenure in months (60 months)
Plugging in these values, we get:
EMI = [3,00,000 x 1% x (1 + 1%)^60] / [(1 + 1%)^60 – 1] = 6466.67
The EMI for a 3 Lakh loan for 5 years at an interest rate of 12% p.a. is approximately 6466.67 per month.
It’s important to note that this is a theoretical calculation, and the actual EMI may differ based on various factors, such as processing fees and lender policies.
To Conclude
Calculating the EMI for a personal loan is a crucial step in the loan repayment process. It helps you plan your monthly finances and ensure that you can make the repayments comfortably. Now reading the article will help to have a straightforward way to calculate the 3 Lakh personal loan EMI and all about 3 lakh personal loans. By understanding the concepts and using the formula provided, you can get a rough estimate of the EMI amount and efficiently plan your 3 Lakh personal loan journey!
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Frequently Asked Questions
Q. What factors affect the EMI of a personal loan?
A. The factors that affect the EMI of a personal loan include the loan amount, interest rate, and repayment tenure.
Q. What is the impact of loan tenure on EMI?
A. A longer loan tenure results in lower EMIs as the loan amount is spread over a longer period. However, this also means that the interest charges are higher as the loan is outstanding for a longer period.
Q. What is the impact of interest rates on EMI?
A. A higher interest rate results in higher EMIs as the interest component of the EMI is higher. Conversely, a lower interest rate results in lower EMIs.
Q. Is it necessary to consult a financial expert before taking a personal loan?
A. It is advisable to consult with a financial expert or the lender before taking a personal loan to get a more accurate picture of the EMI and other loan-related costs. That can help you make an informed decision and plan your loan repayment accordingly.
