Rs. 6 Lakh Loan

A Rs. 6 lakh loan can be useful for various needs, such as business expansion, medical emergencies, or personal expenses. Borrowers in India can access these loans through banks, NBFCs, or by leveraging investments like mutual funds, and shares. Choosing the right loan type depends on factors like interest rates, tenure, and eligibility.

Loans against investments are often more affordable than personal loans, as they come with lower interest rates and flexible repayment options. Lenders also offer quick processing and minimal documentation for such secured loans. Understanding the different types of loans available and their eligibility criteria can help you secure the best option.

This guide explains the six best ways to get a Rs. 6 lakh loan, eligibility requirements, required documents, the application process, and EMI calculations. Read on to explore the benefits of loans against investments and how they can help you meet financial goals.

6 ways to get Rs. 6 lakh loans

Loan product	Interest rate	Loan tenure	Details and application link
ESOP Financing	Up to 15% p.a.	Up to 36 months	Learn more and apply for ESOP Financing
Loan Against Bonds	Up to20% per annum	Up to 36 months	Learn more and apply for Loan Against Bonds
Loan Against Insurance Policy	Up to 24% p.a.(In case of lock-in policies, compounding interest will be chargedIn case of lock-in free policies, simple interest will be charged)	Up to 96 months	Learn more and apply for Loan Against Insurance Policy
Loan Against Mutual Funds	8-15% per annum	Up to 36 months	Learn more and apply for Loan Against Mutual Funds
Loan Against Shares	8-15% per annum	Up to 36 months	Learn more and apply for Loan Against Shares

Eligibility criteria for a Rs. 6 lakh loan

To qualify for a Rs. 1 crore loan, applicants must meet eligibility and conditions as required for the loan variant. The following may or may not include all of them-

• Age: 18 to 65 years
• Income: Stable income source from salary, business, or investments
• Employment status: Salaried or self-employed professionals/business owners
• Asset ownership: Existing investments in bonds, shares, or insurance

Lenders may have additional criteria depending on the loan type and security offered. This is based on Bajaj Finance loan against securities.

Documents required for Rs. 6 lakh loan

Applying for a high-value loan requires specific documents. These generally differ by loan variant and:

Official Valid Documents (OVDs) for KYC:

• Identity proof: Aadhaar, PAN, Passport, driving license or Voter ID
• Address proof: Utility bills, Driving license, passport or Aadhaar card

Other documents:

• Income proof: Salary slips, IT returns, or business financial statements
• Bank statements: Last six months’ statements
• Investment proof: Ownership documents for shares, bonds, mutual funds, or insurance policies
• Loan application form: Completed and signed form as per lender’s requirement

Additional documents may be needed based on the type of loan applied for.

How to apply for a Rs. 6 lakh loan?

Applying for a Rs. 6 lakh loan is simple. Follow these steps:

1. Check eligibility – Verify the lender’s eligibility criteria based on your income, credit score, and existing debts.
2. Choose the right loan type – Decide between a personal loan, secured loan, or loan against investments.
3. Compare interest rates – Compare loan offers from different lenders to find the best interest rate and tenure.
4. Gather required documents – Keep your KYC documents, income proof, and investment records ready.
5. Apply online or offline – Submit your application through the lender’s website or visit a branch for in-person processing.
6. Verification and approval – The lender will review your documents, credit score, and investment value.
7. Loan disbursal – Upon approval, the amount is disbursed to your bank account within a few hours to a few days.
8. Loan to Value (LTV) - Lenders offer 50% to 90% of the investment’s value as a loan, ensuring substantial borrowing capacity.

Choosing a secured loan against investments can help you get faster approval with lower interest rates.

Benefits of Rs. 6 lakh loans against investments

Loans against investments offer several advantages over traditional personal loans.

• Lower interest rates – Since these loans are secured, they come with lower interest rates compared to unsecured loans.
• No need to liquidate assets – Borrowers can get funds without selling their investments, allowing them to retain long-term returns.
• Flexible repayment options – Lenders provide multiple repayment choices, including bullet payments and EMIs.
• Quick processing – Since securities act as collateral, these loans are processed faster with minimal documentation.
• Higher loan amounts – Loan amounts depend on the investment value, often going up to 80-90% of the asset’s market value.
• No impact on credit score – Since investments back the loan, lenders are more lenient with credit scores.

Choosing a loan against investments can help you save on interest and access funds quickly.

Conclusion

A Rs. 6 lakh loan can be easily obtained through banks, NBFCs, or by leveraging investments. Loans against securities like shares, and mutual funds offer lower interest rates and faster approvals. Understanding the eligibility criteria, required documents, and repayment options can help borrowers choose the best loan.

Comparing interest rates and EMI calculations is crucial before applying. Secured loans against investments are ideal for borrowers looking for cost-effective financing. Whether you need funds for personal or business needs, choosing the right loan type ensures a smooth borrowing experience.

Explore Loan Against securities by Bajaj Finance Limited.