Personal Loan

What Could be the EMI for a 10 lakh Personal Loan?


Individuals can easily obtain a small personal loan online of up to Rs. 10 lakhs (or possibly up to Rs. 50 lakhs, depending on other requirements) from well-known banks and NBFCs. Many elements influence the lender’s loan sanctioning decision, and it is best to be informed of the eligibility requirements, the application process, the EMI amount, and the term in advance so that the loan amount is disbursed quickly and without complications.

Small personal loans online are available from banks and NBFCs in amounts ranging from Rs 10,000 to Rs 40 lakh. Your chances of obtaining a loan for Rs. 10 lakh depend largely on your monthly income, existing loan repayment commitments, and EMI/NMI ratio, which is the percentage of your net monthly income that is used to pay off both your current EMIs and the EMI of the new loan. It is crucial to remember that lenders typically prefer to grant small personal loans online to applicants with an EMI/NMI ratio of up to 50–55 percent. Your credit rating, profession, and employer profile are additional factors that affect loan approval. But what is a personal loan?

What is a Personal Loan?

You will be given an unsecured personal loan by financial institutions based on your employment history, profession, income level, ability to repay the loan, and credit history. A personal loan, which is also called a consumer loan, can help you pay for anything you need right away.
Points to Note Before Applying for a Small Personal Loan Online of Rs 10 Lakh

When we talk about personal loans and when you request a small personal loan online with a high-interest rate, the lender, whether a bank or an NBFC, will closely examine the eligibility conditions. Let us take a look at it.

Credit Score:

Lenders look at your credit score and history when you apply for any type of credit. If your credit score from CIBIL or any other credit bureau is less than 750, your loan application for a small Personal Loan online of Rs 10 lakh is likely to be rejected.


Because an Rs. 10 lakh small personal loan online has a significant EMI obligation, you must have a substantial salary and appropriate disposable income, which must be reflected in your bank statement(s).


Particularly if you’re looking for a sizable, small Personal Loan online, your employment stability and employer’s reputation are crucial. Reputable companies like MNCs or PSUs are preferred by banks and NBFCs since they reduce their credit risk. Your employment history is also taken into account, so if you have recently started your professional career or have an inconsistent job history, lenders are likely to reject your loan application.

Debt obligations:

Lenders consider the amount of debt you currently have and if there is enough room for you to take out a new loan and repay it properly. The Fixed Obligation to Income Ratio (FOIR), measures this repayment capability. An existing high FOIR can reduce your chances of getting your loan application accepted for a small Personal Loan online of Rs 10 lakh.

Small Personal Loan Online Interest Rates

Because the EMIs on a personal loan of Rs 10 lakh are so high, you should look at all the offers from banks and NBFCs and choose the best and most appropriate one to lower the interest cost.

Interest Rates on Loans Provided by Various Indian Banks and NBFCs

Banks/NBFCsInterest Rates(p.a.)
HDFC Bank11.00% onwards
ICICI Bank10.75% onwards
Axis Bank10.49% onwards
Kotak Mahindra Bank10.99% onwards
IndusInd Bank10.49% onwards
IDFC First Bank10.49% onwards
Bajaj Finserv13.00% onwards
Tata Capital10.99% onwards

For a personal loan of Rs. 10 lakh with a term of 1 to 5 years, the EMI is

Loan Amount (Rs)Tenure (years)Interest Rate (p.a.)EMI (Rs)
10 lakhs111%88,382
10 lakhs211%46,608
10 lakhs311%32,739
10 lakhs411%25,846
10 lakhs511%21,742

Features of a Personal Loan

Most banks and NBFCs provide personal loan interest rates starting at 10.25% p.a. and upwards. Personal loans at lower interest rates may be available from several PSU banks.

  • Loan terms are typically up to 5 years, although certain lenders may extend them to 7 years.
  • Processing fees typically vary from 2% to 4%. Some lenders reduce processing fees during holiday promotions.
  • The loan amount can only be used to cover personal needs, not for speculative purposes.

Eligibility for a Personal Loan of Rs 10 Lakh

  • Nationality: Indian
  • Age: 21 years (loan application) and 67 years (loan maturity)
  • 15,000 rupees per month is the minimum income
  • People who are self-employed or who work for private limited companies or public sector undertakings and have at least one year of work experience can get the loan amount
  • In order to qualify for a personal loan of Rs 10 lakh at lower interest rates, applicants must have a CIBIL score of 750 or higher

Documents Required for Personal Loan

  • PAN card
  • ID proof
  • Signature proof
  • Address proof
  • ITR/Form 16
  • Bank statements for the past six months
  • Last 3 months’ salary slips

For Self-employed

  • ITR for the previous two years, as well as the previous two years’ balance sheet, P&L account, and income calculation.
  • Form 26 AS, TDS certificate (Form 16A), or Income Tax Challan for income tax declared.
  • Business Proof


Individuals can now easily obtain a personal loan of up to Rs. 10 lakhs. This is a facility and service offered by banks and non-bank financial companies. The term in advance, i.e., the loan amount, is disbursed quickly and without complications.

Piramal Finance is an excellent financing solution for customers looking for low-interest personal loans. Visit Piramal Finance’s website to learn more about its offerings and services.