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.