Know All About: How To Get 10 Lakh Personal Loan

Get a 10 Lakh Loan without any collateral

Key Takeaways

A Personal Loan lets you finance any expenses that otherwise would exhaust your savings.
With Personal Loans, you do not need to pledge any collateral.
Banks approve Personal Loans and disburse loan amounts in the shortest timeframes.
Personal Loan tenures are flexible, and you can repay the loan with Equated Monthly Instalments.
You can utilise your sanctioned Personal Loan amount to fund any expenses with no restrictions on end usage.

Do you need a business loan for starting a new business? Want to fund your fairy-tale dream wedding or simply consolidate and pay off your existing debts? If you are reluctant to borrow money from family and friends and wondering, ‘I need 10 Lakhs urgently’ – where can I get it? The answer is through Personal Loans. Yes, you can easily apply for a Personal Loan to fund all kinds of expenses. Here is all you need to know about getting an INR 10 Lakh Personal Loan.

How To Get 10 Lakh Personal Loan

Collateral-free and unsecured, Personal Loans lets you borrow money to fund various expenses. You can apply for the 10 Lakh Personal loan through the website of the lending bank and complete the loan application online within minutes. Most banks offer online, paperless personal loan with speedy disbursals.

Features and Benefits

Paperless and clutter-free

In this digital age, you can apply for hassle-free and paperless Personal Loans that require little to no documentation. You can complete the loan application process online by providing scanned copies of your PAN, ID and address proof along with the duly filled loan application form.

Flexible Repayment

Personal Loans repayment tenures range from 12 months to 60 months. You can choose your preferred repayment tenure, based on which the bank determines the interest rate on your INR 10 Lakh Personal Loan EMIs.

No Hidden Costs

Get transparent access to all charges, including processing fees, Personal Loan interest rates and costs associated with late payments, prepayments and more. You can find all details in the terms and conditions section of the loan application form.

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Speedy Approval

Since the entire loan process is digital, you stand to get the loan approved within shorter timeframes. If you are deemed eligible, the bank will disburse the loan amount into your Savings Account immediately upon approval. For pre-approved customers, the bank disburses the loan amount within hours.

No Restrictions on End-use

You can use the INR 10 Lakh Personal loan Amount to fund all kinds of expenses. The bank does not intervene or investigate how you use the loan amount.

Freelook Period

Some banks also allow you to cancel the loan within 48 hours, even after disbursing sums into your Savings Account. This facility is known as the free-look period, wherein the bank reveres the transaction from your bank account. However, you stand to lose the loan processing fee.

Eligibility Criteria

To secure a 10 Lakh Personal Loan, you Should Be
A Resident Indian
In the 21 to 60 years age group
Salaried or Self Employed with a minimum monthly income of INR 20,000
Show a good CIBIL score of over 600 points

Conclusion

By securing a 10 lakh Personal Loan, you can finance all sorts of expenses. Check the potential EMI amount against your loan with help from a Personal Loan EMI Calculator.

Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page.

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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.