How to Get A 3 Lakh Personal Loan?

Whether you’re upgrading your home, paying off debts, or saving for education or marriage, a personal loan of Rs. 3 lakhs is the appropriate option to finance your major expenses.

These short-term personal loans are quite handy for covering greater bills and expenses. These personal loans offer affordable personal loan interest rate. They also feature quick payments as well as a flexible and easy long repayment tenure of up to 60 months. Furthermore, you only need to furnish a few documents, making the application procedure for a quick Rs. 3 lakh personal loan instantly and easily

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How can you obtain a personal loan?

The following is how a personal loan works:

  • You submit a personal loan application with the relevant papers to a lender, who then reviews and approves it.
  • Next, the funds are remitted to your bank account.
  • After then, you must repay the loan in monthly EMIs until the loan term is ended and the entire amount, including interest, is repaid.

How to Apply for a 3 lakh Personal Loan?

Checking Eligibility

Visit your lender’s website or use any applicable application to see if you qualify for a personal loan. It will only take a few minutes for you to learn if you are eligible for a personal loan and what your estimated personal loan amount will be based on your eligibility.

Choose a Loan Program.

Choose the proper loan amount and repayment period from a number of options based on your eligibility. You may also use a Personal loan EMI calculator on the lender’s website to calculate your EMIs in advance based on the loan amount and payback term you want.

Fill the online application form carefully

You must fill out your personal information either online or in person at the branch.

Documents Uploading

Process or finish your KYC verification online. Attach all the required papers, including identification, residence, and proof of income carefully without any error.

Authentication of Documents

After you upload your papers, the lender will authenticate it. Your loan application will be granted verification once the lender has checked your application form.

Take out a loan

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The time it takes for your loan to be disbursed varies depending on your lender, however, following successful document verification, the loan money is typically credited to your wallet within 24-48 hours.

How to qualify for a personal loan?

  • The applicant must be between 22 and 58 years old.
  • For a salaried employee, monthly income of Rs 15,000 is needed. However, if you are self employed, you should have monthly earnings of Rs 25,000. Moreover, it depends on the lender. 
  • The applicant should have worked in the same role for the last six months.
  • You should have a work experience of minimum one year to take a loan.
  • In order to get a hassle free personal loan, you’ll need a CIBIL number of 750.

Paperwork Requirements

  • Passports, voter identity cards, Pan cards, and driver’s licenses as proof of ID.
  • Proof of Residence/ living/ Address – Rent agreement or Aadhar Card
  • Bank statements from the previous six months, as well as proof of income and wage slips
  • You must have a certificate of employment for a duration of one year.

In conclusion

If you have the appropriate papers and a high CIBIL score, getting a 3 lakh personal loan is not difficult. You can also use a personal loan EMI calculator to calculate your EMIs ahead of time and adjust them based on your repayment capacity.