Personal Loan of Rs. 8 lakh for 3 years

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

A personal loan is a versatile financial product offered by banks, credit unions, or online lenders to individuals for various purposes, such as consolidating debt, covering unexpected expenses, or financing significant purchases. Unlike specific-purpose loans like auto or mortgage loans, personal loans provide flexibility in usage, allowing borrowers to allocate funds as needed. Typically, these loans involve fixed interest rates and regular monthly payments over a predetermined period, which can range from a few months to several years. Eligibility criteria often include factors such as credit score, income, and employment history. It's crucial for borrowers to assess their financial situation carefully and understand the terms before committing to a personal loan to ensure it aligns with their needs and financial capabilities. By doing so, individuals can effectively manage their finances and achieve their goals while minimising the risk of financial strain.

What are the eligibility criteria for a personal loan of Rs. 8 lakh?

Personal loan eligibility criteria are different for different lenders. However, if you want to apply for a Bajaj Finserv Personal Loan, you need to meet the simple 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. 8 lakh personal loan for 3 years?

Following are the documents required while applying for our personal loan of Rs. 7 lakh:

  • 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. 8 lakh personal loan EMI for 3 years?

To calculate the EMI for your personal loan you can use our EMI calculator by following the steps mentioned below:

  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 display the monthly instalment amount you need to pay for your loan


The formula used to compute EMI for personal loan 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. 8 lakh for 3 years?

Opting for a Bajaj Finserv Personal Loan of Rs. 8 lakh for 3 years offers several compelling advantages. Firstly, Bajaj Finserv provides competitive interest rates tailored to individual credit profiles, ensuring affordability throughout the repayment period. The three-year tenure allows for a shorter repayment duration, enabling borrowers to clear their debt faster and potentially save on interest costs. Additionally, the personal loan application process is swift and hassle-free, often providing instant approval and disbursal within 24 hours*, making it ideal for urgent financial needs. Bajaj Finance Limited offers flexible repayment options, allowing borrowers to manage their EMIs comfortably. Moreover, Bajaj Finserv Personal Loans typically entail minimal documentation requirements, reducing administrative hassle. With a wide network of branches and an online presence, accessing their services is convenient across the country. Overall, choosing a Bajaj Finserv Personal Loan of Rs. 8 lakh for 3 years ensures transparency, efficiency, and customer-centric services, making it a preferred choice for individuals seeking financial assistance.

In conclusion, selecting a Bajaj Finserv Personal Loan of Rs. 8 lakh for 3 years is a prudent choice due to its numerous benefits. With competitive personal loan interest rates, swift approval processes, and flexible repayment options, this loan option offers affordability and convenience. The shorter repayment duration allows borrowers to clear their debt quickly while potentially saving on interest costs. Additionally, Bajaj Finserv Personal Loan’s minimal documentation requirements and wide accessibility enhance the overall borrowing experience. By prioritising transparency, efficiency, and customer satisfaction, Bajaj Finserv ensures that individuals can effectively meet their financial needs with confidence. Overall, opting for this personal loan not only provides financial assistance but also peace of mind, making it an excellent option for those seeking reliable and efficient borrowing solutions.

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

Disclaimer

While care is taken to update the information, products, and services included in or available on our website and related platforms/ websites, there may be inadvertent inaccuracies or typographical errors or delays in updating the information. The material contained in this site, and on associated web pages, is for reference and general information purpose and the details mentioned in the respective product/ service document shall prevail in case of any inconsistency. Subscribers and users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/ service document and applicable terms and conditions. In case any inconsistencies are observed, please click on reach us.

*Terms and conditions apply

Frequently asked questions

How to apply for Rs. 8 lakh personal loan for 3 years?

You can apply for a Bajaj Finance Personal Loan by following these simple steps:

  • Visit the personal loan page and click on ‘APPLY’
  • Enter your 10-digit mobile number and OTP.
  • Fill in the application form with your basic details.
  • Now, click on ‘PROCEED’ to visit the loan selection page.
  • Enter the loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
  • Choose the repayment tenure – you can select tenure options of 6 months to 96 months and click on ‘PROCEED’.
  • Complete your KYC and submit your application.
What is the minimum salary for 8 lakh personal loan?

The minimum salary required to apply for our personal loan of Rs. 8 lakh is Rs. 25,001 and above.

How to calculate EMI for a 8 lakh loan over 3 years?

You can calculate personal loan EMIs using a personal loan EMI calculator.