How to get a personal loan of Rs. 10 lakh for 5 years

Read our detailed guide to know how to get quick funds by fulfilling the eligibility criteria and submitting the required documents.
Personal loan
5 min read
5 February 2024

Personal loans stand out as a perfect option for individuals seeking quick access to funds. This financial option provides you with a lump-sum amount that you can repay over a fixed period of time. Lenders usually assess your eligibility for a personal loan based on factors like credit score, employment history, and income. You can use these funds for expenses such as medical emergencies, education, home renovations and more.

How to get a personal loan of Rs. 10 lakh for 5 years?

Bajaj Finance offers high-value personal loans that come with simple eligibility criteria and a long repayment tenure of up to 96 months. You can simply meet the required eligibility criteria and submit the required criteria to get a personal loan of Rs. 10 lakh for 5 years.

What are the eligibility criteria for a personal loan?

The eligibility parameters of a personal loan differ from lender to lender. However, if you choose Bajaj Finance Personal Loan, you need to fulfil these simple eligibility criteria mentioned below.

  • Nationality: India
  • Age: 21 years to 80 years*.
  • Employed with: Public, private, or MNC.
  • CIBIL Score: 685 or higher.
  • Monthly salary: Starting Rs. 25,001, based on the city you live in.

*You should be 80 years* or younger, at the end of the loan tenure.

What are the documents required for a personal loan?

It is important to keep all the personal loan documents ready to avoid any last-minute rejection. Bajaj Finance Personal Loan comes with minimal documentation, and you need to submit just these documents.

  • KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
  • PAN card
  • Employee ID card
  • Salary slips of the last 3 months
  • Bank account statements of the previous 3 months
  • Utility bill of electricity and piped gas

How to calculate EMIs for a personal loan of Rs. 10 lakh for tenure of 5 years

Your personal loan EMIs depend on multiple factors such as loan amount, interest rate, and repayment tenure. Calculating your personal loan EMIs manually is a complicated task and might result in errors. To simplify your task of calculating EMIs and get instant results, you can use an online personal loan EMI calculator. This online calculator not only gives you instant results but also helps you manage your finances as you know your EMI amount in advance. You can use the personal loan EMI calculator on the website of Bajaj Finance and calculate your EMIs in just a few clicks. All you have to do is enter your loan amount, interest rate, and repayment tenure (in months) and get your loan EMI instantly.

How to apply for a personal loan of Rs. 10 lakh for 5 years

Bajaj Finance Personal Loan comes with an easy online application process. You can follow these simple steps to apply for a Rs. 10 lakh personal loan for 5 years:

  • Navigate to the personal loan page and select 'APPLY.'
  • Input your 10-digit mobile number and verify with OTP.
  • Complete the application form by providing your fundamental details.
  • Click on 'PROCEED' to move to the loan selection page.
  • Specify the desired loan amount and choose from the available personal loan variants – Term, Flexi Term, and Flexi Hybrid.
  • Choose your preferred repayment tenure from the range of options - 6 months to 96 months and proceed by clicking 'PROCEED.'
  • Fulfil the KYC requirements and submit your application.

Bajaj Finance Limited provides a smooth and expedited process with instant disbursal, ensuring swift access to funds. Obtain funds with minimal documentation and receive the required amount within 24 hours* of approval. Apply now to secure the most favourable terms for our personal loan offering.

Apply for our Personal Loan.

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*Terms and conditions apply