A ₹3 lakh personal loan is a common ticket for medical bills, education top-ups and consolidating card debt. Most lenders approve it for net incomes above ₹30,000 a month with a clean repayment record.
EMI on a ₹3 Lakh personal loan
At an indicative rate of 11.5% a year, here is what a ₹3 Lakh loan costs across the tenures lenders commonly offer. The longer tenure always shows the smaller EMI and the larger total cost.
| Tenure | Monthly EMI | Total interest | Total payable |
|---|---|---|---|
| 2 years | ₹14,052 | ₹37,250 | ₹3,37,250 |
| 3 years | ₹9,893 | ₹56,141 | ₹3,56,141 |
| 4 years | ₹7,827 | ₹75,682 | ₹3,75,682 |
| 5 years | ₹6,598 | ₹95,867 | ₹3,95,867 |
| 6 years | ₹5,787 | ₹1,16,689 | ₹4,16,689 |
| 7 years | ₹5,216 | ₹1,38,139 | ₹4,38,139 |
Change the rate and tenure to your own numbers in the personal loan EMI calculator.
What income do you need?
Lenders cap total EMIs at roughly 50% of net monthly income. On a 3-year tenure the EMI is ₹9,893, which implies a net income of about ₹19,786 a month with no other loans running. If you already pay other EMIs, add those to the requirement.
Eligibility
- Aged 21 to 60, salaried or self-employed with documented income
- Net monthly income above ₹20,000, higher in metro cities
- Credit score of 750 or above for the best rates; 700+ for approval
- At least 6 months with your current employer, or 2 years of business vintage
Documents
- PAN and Aadhaar
- Last 3 months salary slips, or 2 years of ITR if self-employed
- Last 6 months bank statements