A personal loan can be used for anything. A medical emergency has occurred suddenly? 3 lakhs in cash are needed urgently? Are you seeking a personal loan with the lowest APR of ₹3 lakh? You can fix such financial issues with the aid of a 3 Lakh Personal Loan.
If you can afford to pay monthly EMIs, a personal loan is a solution to all your short-term financial problems. We will discuss how you can get a 3 lakh personal loan in detail. So, if you want to learn more about it, read on.
What is a personal loan?
A personal loan is a loan that you can get with less paperwork and no collateral if you need money quickly.
This loan is for whatever reasonable financial purpose you may have. You are obligated to pay back the loan in accordance with the terms established by the bank. A personal loan is similar to any other loan in this sense. Typically, the loan spans anywhere from a few months to several years of convenient equal monthly payments.
What is a personal loan used for?
The money from a personal loan can be put toward anything you would like. It can be a trip, a new piece of tech, medical bills, house repairs, a wedding, college tuition, etc.
How do personal loans work?
Getting a personal loan is similar to getting any other type of loan. You fill out a loan application and submit the required paperwork. The bank then evaluates your application and credit history before extending an offer. If you decide to take the offer, the money will be deposited into your bank account. You will be free to spend it however you like.
The loan must be repaid in equal monthly instalments (EMI). Its amount is determined by the loan’s principal, the loan’s term, and the interest rate.
What could be the EMI for a 3 lakh personal loan?
Rs. 3 Lakh Personal Loan EMI for 1-5 Years Tenure
Personal loans of Rs 3,000,000 at an interest rate of 11.99% have the following annualized payments. Rs 26,653, for 1, Rs 14,121 for 2, Rs 9,963 for 3, Rs 7,899 for 4, and Rs 6,672 for 5 years.
In addition to the loan terms we’ve described here, you may now use an online personal loan EMI calculator. You can precisely determine your EMI for any loan term with its help.
|Loan Amount (Rs)
|Interest Rate (p.a.)
|Rs 3 Lakhs
|Rs 3 Lakhs
|Rs 3 Lakhs
|Rs 3 Lakhs
|Rs 3 Lakhs
Documents required for 3 lakh personal loan
The documents required for a 3 lakh personal loan to be approved are given below.
- Complete the application form, which must be signed after it is completed.
- A picture taken during the last 6 months. Provide identifying information by presenting a valid government-issued ID such as a passport, voter ID, driver’s license, or PAN card.
- In order to verify your address, present one of the following: a driver’s license, passport, bank passbook, or statement.
- Make your case for financial stability by submitting any of the following. Those who are salaried should bring three months’ worth of pay stubs and/or bank statements. Business owners and sole proprietors must submit profit and loss accounts and bank statements. Forms 1040 are needed for both W-2 employees and sole proprietors.
- Form 16 is also necessary for salaried personnel.
How to Apply for 3 lakh personal loan
You can apply for a personal loan in a few easy steps. Instructions for submitting an application are given below.
- Submission of applications is possible over the Internet. To apply, just fill out the online form and hit ‘submit’. 3 lakh personal loan applications are now accepted via document upload.
- Arrange for a company executive to pick you up at a time and place that suits your needs. It is imperative that all paperwork be signed before being sent electronically.
- Fullerton India will check all submitted documents for accuracy.
- Everything you put in your personal loan application form will be verified. Fullerton India will look at your credit history to decide whether or not to provide you with a loan.
- Once your loan is authorised, you will receive an email containing a loan sanction letter and an agreement. It will have the terms and conditions of your loan.
- After they receive the signed agreement, the funds will be transferred to your designated bank account within 24 to 48 business hours.
A personal loan is a quick fix for any short-term need. But it is important to consider everything carefully before taking a loan. In this article, we tried to cover everything you need to get a loan. We also shared a table that describes the loan amount over years for a 3 lakh personal loan.
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