Personal Loan of Rs. 6 lakh for 7 years

Read on to know your eligibility, required documents, flexible loan options, interest rates, and personal loan application process.
Personal Loan
3 min
08-April-2024

A personal loan is a financial tool typically offered by banks, credit unions, or online lenders to individuals for various purposes, such as covering unexpected expenses or financing large purchases. Unlike specific-purpose loans like auto or mortgage loans, personal loans can be used at the borrower's discretion. They usually involve fixed interest rates and fixed monthly payments over a predetermined period, ranging from a few months to several years. Eligibility criteria often include credit score, income, and employment history. Borrowers should assess their financial situation carefully and understand the terms before committing to a personal loan to avoid potential financial strain.

What are the eligibility criteria for a personal loan of Rs. 6 lakh?

Personal loan eligibility criteria vary among different lenders. However, if you opt for a Bajaj Finserv Personal Loan, you need to meet the straightforward eligibility conditions outlined 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 Rs. 6 lakh personal loan for 7 years?

Following are the documents required while applying for our personal loan:

  • 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 Rs. 6 lakh personal loan EMI for 7 years?

To calculate the Equated Monthly Instalment (EMI) for a personal loan using our EMI calculator, follow these steps:

  1. Input the loan amount: Enter the total amount you wish to borrow from the lender.
  2. Input the interest rate: Provide the annual interest rate charged by the lender on the loan.
  3. Input the loan tenure: Enter the duration for which you intend to repay the loan, usually in months.
  4. Our personal loan EMI calculator will process the information and display the monthly instalment amount you need to pay.

The formula used by the calculator to compute EMI is:

EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]

Where:

P = Loan amount

R = Monthly interest rate (annual rate divided by 12)

N = Loan tenure in months

EMI calculators are convenient tools that provide quick estimates, helping borrowers plan their finances effectively and make informed decisions regarding loan repayment.

Why choose Bajaj Finserv Personal Loan of Rs. 6 lakh for 7 years?

Choosing the Bajaj Finserv Personal Loan offers several advantages. Firstly, they provide competitive interest rates tailored to individual credit profiles, ensuring affordability. Our personal loan application process is swift and straightforward, often offering instant approval and disbursal within 24 hours*, making it convenient for urgent financial needs. Bajaj Finance Limited offers flexible repayment options, allowing borrowers to choose tenures that suit their financial capabilities. Moreover, we provide pre-approved offers to our existing customers, simplifying the borrowing process further. Additionally, Bajaj Finserv Personal Loans often come with minimal documentation requirements, reducing hassle. Our wide network of branches and online presence makes accessing our services convenient across the country. Overall, opting for Bajaj Finserv Personal Loan ensures transparency, efficiency, and customer-centric services, making it a preferred choice for many individuals seeking financial assistance.

In conclusion, Bajaj Finance Limited stands out as a preferred choice for personal loans due to its competitive personal loan interest rates, quick approval and disbursal process, flexible repayment options, and minimal documentation requirements. Their customer-centric approach, including pre-approved offers and widespread accessibility, adds further value to their services. By prioritising transparency, efficiency, and convenience, Bajaj Finserv Personal Loan ensures a seamless borrowing experience for individuals, meeting diverse financial needs effectively.

Apply now and get the best deal on our personal loan today.

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*Terms and conditions apply