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Applying for a Rs. 3 lakh personal loan is simple when you have the required documents ready. Your Aadhaar Card is an important KYC document used to verify your identity and address during the application process. Along with Aadhaar, you may need to provide your PAN card, income proof, and other documents based on the lender's requirements. Before applying, it is useful to understand the eligibility criteria, interest rates, repayment tenure, and application process so you can make an informed borrowing decision.
Features and benefits of a Rs. 3 lakh personal loan
A Rs. 3 lakh personal loan offers flexibility to manage a wide range of financial needs. Depending on the lender and your eligibility, you may benefit from:
- Loan amount from Rs. 40,000 to Rs. 55 lakh
- Interest rates ranging from 10% and 30.5% p.a.
- Flexible repayment tenure from 12 months to 108 MONTHS
- No collateral required
- Quick approval for eligible applicants
- Disbursal within 24 hours*
- Minimal documentation
- Option to use the loan for various personal expenses
Eligibility criteria for a Rs. 3 lakh personal loan
Eligibility requirements vary between lenders, but applicants generally need to meet the following criteria:
| Nationality | Indian |
| Age | 21 years to 80 years |
| Employed with | Public, private, or MNC. |
| CIBIL Score | 650 or higher. |
| Customer profile | Self-employed or Salaried |
*You should be 80 years or younger, at the end of the loan tenure.
Documents required
Keep these documents ready while applying:
When applying for a Rs. 3 lakh personal loan, your Aadhaar Card is used as a KYC document to verify your identity and address. Depending on the lender's requirements, you may also need to submit additional documents to complete the application. Keeping these documents ready can help speed up the verification process.
You may be asked to provide:
| Document Category | Accepted Options |
|---|---|
| KYC proof | Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card |
| Identity proof | PAN card, Real-time image / photograph |
| Employment proof | Employee ID card, Letter of Allotment of Accommodation Issued by Employer |
| Income proof | Salary slips — last 3 months, Bank account statements — last 3 months |
| Others | Pension order, Utility bill, Phone bill, Piped gas bill, Property / Municipal tax receipt |
Know more about the personal loan documents required during application.
Note: Submitting an Aadhaar Card does not guarantee loan approval. The lender also assesses your eligibility based on factors such as income, employment, repayment capacity, credit profile, and internal lending criteria.
How to apply for a Rs. 3 lakh personal loan using an Aadhaar Card
Follow these steps to apply online:
- Click on ‘CHECK ELIGIBILITY’ on this page.
- Enter your 10-digit mobile number and the OTP sent to your phone.
- Check if you have an offer. If not, fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
- Now, click on ‘PROCEED’ to visit the loan selection page.
- Enter the offer or loan amount that you need. Choose from our personal loan variants.
- Choose the repayment tenure and click on ‘PROCEED’.
- Complete your KYC and submit your application.
Our representative will contact you for further steps
Interest rates and repayment tenure
The interest rate on an online loan app in India varies depending on factors such as your credit profile, income, loan amount, and repayment tenure. Along with the interest rate, borrowers should also review the applicable fees and charges before applying. The table below highlights some of the common charges associated with a personal loan. For the complete schedule of charges, please refer to the existing personal loan interest rates, fees and charges page.
| Charges | Details |
| Interest rate | Usually ranges from 10% to 30.5% p.a. , depending on eligibility and lender policies |
| Processing fee | Up to 4.13% of the loan amount (inclusive of applicable taxes). |
| Loan tenure | Typically ranges from 12 months to 108 MONTHS |
| Bounce charges | Rs. 700 to Rs. 1,200/- per bounce |
| Prepayment/foreclosure charges | Up to 4.72% (Inclusive of applicable taxes) |
| Stamp duty (as per respective state) | Payable as per state laws and deducted upfront from loan amount |
Common uses of a Rs. 3 lakh personal loan
A Rs. 3 lakh personal loan can help you cover a variety of planned and unexpected expenses. Since it is an unsecured loan, you can use the funds for any legitimate personal purpose without providing collateral. Some common uses include:
- Medical emergencies: Cover hospital bills, surgeries, treatments, or other healthcare expenses when immediate funds are required.
- Wedding expenses: Manage costs related to venue bookings, catering, decorations, jewellery, clothing, or other wedding arrangements.
- Home renovation: Upgrade your home with repairs, painting, remodelling, furniture, or new appliances.
- Education expenses: Pay for tuition fees, professional courses, certification programmes, study materials, or other education-related costs.
- Travel and holidays: Finance domestic or international trips, including transport, accommodation, sightseeing, and other travel expenses.
The flexibility of a personal loan allows you to use the funds based on your financial needs, subject to the lender's terms and conditions.
Key offerings: 3 loan types
Personal loan interest rate and applicable charges
Type of fee | Applicable charges |
Rate of interest per annum | 10% to 30% p.a. |
Processing fees | Up to 3.93% of the loan amount (inclusive of applicable taxes). |
Flexi Facility Charge | Term Loan – Not applicable Flexi Loans –Up To Rs 1,999 To Up To Rs 18,999/- (Inclusive Of Applicable Taxes) |
Bounce charges | Rs. 700 to Rs. 1,200/- per bounce “Bounce charges” shall mean charges for (i) dishonor of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason. |
Part-prepayment charges | Full Pre-payment:
Part Pre-payment
|
Penal charge | Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
Stamp duty (as per respective state) | Payable as per state laws and deducted upfront from loan amount. |
Annual maintenance charges | Term Loan: Not applicable Flexi Term (Dropline) Loan: Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges.
Up to 0.472% (Inclusive Of Applicable Taxes) Of The Dropline Limit During Initial Tenure. Up to 0.295% (Inclusive Of Applicable Taxes) Of Dropline Limit During Subsequent Tenure |
| Credit guarantee scheme fee | Up to 1.18% p.a. (pro-rated daily till 31st March) (inclusive of all applicable taxes) of the loan amount |
| Credit guarantee scheme renewal fee | Up to 1.18% p.a. (inclusive of all applicable taxes) on the outstanding loan amount as on April 01 of the subsequent Financial Year. *Renewal Fee to be collected only for 3 subsequent financial years. **If the Remaining Tenure is less than 12 months, the CG Fee in subsequent years shall be charged prorated. |
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Disclaimer
Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.
For customer support, call Personal Loan IVR: 7757 000 000