A personal loan for 6 years is a popular option for individuals who need quick access to a larger amount while keeping their monthly repayments manageable. When you opt for a Rs. 10 lakh personal loan EMI for 6 years, the longer tenure helps spread the cost into smaller, more affordable instalments. This makes it easier to plan your monthly budget without putting pressure on your finances.
Lenders assess your eligibility for a personal loan for 6 years based on your credit score, income stability, and employment history. A good credit profile can also help you secure a better Rs. 10 lakh personal loan EMI for 6 years, ensuring lower interest outflow over time. The loan amount can be used for various needs such as medical emergencies, higher education, home renovation, wedding expenses, or travel plans.
Features and benefits of a personal loan of Rs. 10 lakh for 6 years
- Flexible repayment: Choosing a personal loan for 6 years allows you to spread the cost over time and avoid financial strain.
- No collateral needed: You do not need to pledge any asset or provide a guarantor to secure the loan.
- Quick approval and disbursal: Most lenders offer a fast and smooth process, so funds can be credited within a short time*.
- Minimal documentation: Only basic identity, income, address proof etc are required to apply.
- Multiple usage options: The loan amount can be used for personal needs such as medical expenses, education, home renovation, or travel.
How to get a personal loan of Rs. 10 lakh for 6 years?
Bajaj Finance offers a high-value personal loan with minimal eligibility requirements and a flexible repayment tenure of up to 96 months. You can easily apply for a loan of Rs. 10 lakh and repay it comfortably over 6 years by submitting the required documents and meeting the basic criteria.
Eligibility criteria for a Rs. 10 lakh personal loan
To apply for a personal loan up to Rs. 10 lakh, it’s essential to meet the basic criteria set by lenders. If you're considering a Bajaj Finance Personal Loan, the Rs. 10 lakhs personal loan eligibility is simple and hassle-free, making it easier to access the required funds quickly.
- Nationality: India
- Age: 21 years to 80 years.
- Employed with: Public, private, or MNC.
- CIBIL Score: 650 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.
Documents required for Rs. 10 lakh personal loan for 6 years
It is important to keep the required documents handy to avoid any rejections. The personal loan document requirement might differ from lender to lender. Bajaj Finance Personal Loan comes with minimal documents. All you have to do is submit 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 6 years
Calculating your EMI manually can be confusing, especially when interest and tenure are involved. To understand how much you will repay every month for a Rs. 10 lakh personal loan for 6 years, you can use the standard EMI formula:
EMI = P × R × (1 + R)ᴺ / [(1 + R)ᴺ – 1]
Where:
P = Loan amount (Rs. 10,00,000)
R = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
N = Total number of monthly instalments (6 years = 72 months)
For example, if the interest rate is 12% per annum, then:
R = 12 ÷ 12 ÷ 100 = 0.01
N = 72
Once these values are added to the formula, you get the final 10 lakh personal loan EMI for 6 years.
EMI comparison for different interest rates
Loan amount |
Tenure |
Interest rate |
Approx. EMI |
Rs. 10,00,000 |
6 years |
10% |
Rs. 18,600* |
Rs. 10,00,000 |
6 years |
12% |
Rs. 19,500* |
Rs. 10,00,000 |
6 years |
14% |
Rs. 20,500* |
*Indicative values for reference purpose only.
Although manual calculation is useful for understanding the formula, the easiest and fastest option is to use an online personal loan EMI calculator. Simply enter the loan amount, interest rate, and tenure, and the tool will instantly show your exact monthly EMI, total interest, and overall repayment amount.
This allows you to compare options and choose a personal loan for 6 years that best fits your financial planning.
Interest rate for Rs. 10 lakh personal loan for 6 Years
The personal loan interest rate for a Rs. 10 lakh loan depends on your credit profile and the lender’s terms. To know the exact Rs. 10 lakhs interest per month you’ll pay, review the detailed rates and charges. This information will help you plan your EMIs comfortably over a 6-year period.
How to apply for a personal loan of Rs. 10 lakh for 6 years
Bajaj Finance Limited offers funds that come with a simple online personal loan application process. If you are looking to apply for a Rs. 10 lakh personal loan for 6 years, follow these simple steps:
- Go to the personal loan page and select 'APPLY.'
- Enter your 10-digit mobile number and submit the OTP for verification.
- Fill in the application form by providing your basic details.
- Click on 'PROCEED' to move to the loan selection page.
- Mention the desired loan amount and select from the available personal loan variants – Term, Flexi Term, and Flexi Hybrid Term Loan.
- Select your preferred repayment tenure from the range of options -12 months to 96 months and proceed by clicking 'PROCEED.'
- Complete the KYC requirements and submit your application.
With its quick and easy application process and immediate disbursement, Bajaj Finance Limited provides quick access to funds. Submit the required documents and get the funds you need within 24 hours* of approval.
