Personal Loan of Rs. 8 lakh for 6 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 serves as a financial resource commonly extended by banks, credit unions, or online lenders to individuals, catering to diverse needs such as unexpected expenses or substantial purchases. Unlike loans earmarked for particular purposes like auto or mortgage loans, personal loans offer flexibility in usage at the borrower's discretion. Typically, they feature fixed interest rates and regular monthly payments spread over a predetermined duration, which can span from several months to years. Eligibility requirements typically entail factors such as credit score, income level, and employment history. Prior to committing to a personal loan, borrowers should carefully evaluate their financial standing and comprehend the terms involved to avert potential financial strain.

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

Personal loan eligibility criteria may vary among 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 6 years?

Following are the documents required while applying for our personal loan of Rs. 8 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 6 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 6 years?

Selecting the Bajaj Finserv Personal Loan presents numerous benefits. Firstly, they offer competitive interest rates customized to individual credit profiles, ensuring affordability. The personal loan application process is quick and straightforward, often resulting in instant approval and disbursal within a day, ideal for urgent financial needs. Bajaj Finance Limited provides flexible repayment options, enabling borrowers to select tenures that align with their financial capabilities. Additionally, we extend pre-approved offers to existing customers, streamlining the borrowing process further. Furthermore, Bajaj Finserv Personal Loans typically entail minimal documentation requirements, minimising hassle. With our extensive network of branches and online presence, accessing our services is convenient nationwide. In summary, choosing the Bajaj Finserv Personal Loan guarantees transparency, efficiency, and customer-centric services, making it the preferred option for many individuals in need of financial assistance.

To sum up, Bajaj Finance Limited emerges as the top pick for personal loans owing to its competitive interest rates, swift approval and disbursal procedures, adaptable repayment plans, and minimal paperwork demands. Their customer-focused strategies, such as pre-approved deals and extensive accessibility, enhance the appeal of their offerings. By emphasising transparency, efficacy, and convenience, Bajaj Finserv Personal Loan delivers a smooth borrowing journey for individuals, effectively addressing a variety of financial requirements.

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 6 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.
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