Urgent basis instant loan available up to Rs. 10 lakh without collateral. The instant personal loan is hassle-free and available for your emergency expenses. Many lenders provide an instant loan of up to Rs. 10 lakh. However, the eligibility criteria are different. Before applying you should read the entire article.
Features of Instant Loan Up to 10 Lakh
- The instant personal loan interest rate is different from Bank to Bank. But the starting interest is 9% to 36% per annum.
- Experience a paperless personal loan process and less documentation.
- Enjoy a repayment tenure of up to 72 months with flexible EMI.
- Choose different Banks/NBFCs and compare interest rates.
- Lenders will not take any security for instant personal loans up to Rs. 10 lakh.
- Usually processing charges of up to 5% of the entire loan amount are taken by Banks.
Compare Instant Personal Loan Interest Rates for Salaried Person
| Banks/ NBFCs | Interest Rate (p.a.) | Loan Amount | Salary Required | |
| WeRize | 16% to 21% p.a. | Rs. 30,000 to Rs. 5 lakh | Rs. 12,000 | Apply Now |
| MoneyView | 1.33% per month | Rs. 5,000 to Rs. 5 lakh | Rs. 13,500 | Apply Now |
| Finnable | 16% to 22% p.a. | Rs. 50,000 to Rs.10 lakh | Rs. 15,000 | Apply Now |
| IDFC | 12.50% to 18% p.a. | Up To 10 lakh | Rs. 15,000 | Apply Now |
| PaySense | 1.4% to 2.3% per month | Rs. 50,000 to Rs. 7.5 lakh | Rs. 18,000 | Apply Now |
| Upward | 9% to 32% p.a. | Up To 5 lakh | Rs. 20,000 | Apply Now |
| Axis Bank | 10.49% to 22% | Up To 40 lakh | Rs. 25,000 | Apply Now |
| SMFG India Credit | 11.99% to 32% p.a. | Up To 25 lakh | Rs. 20,000 to Rs. 25,000 | Apply Now |
| Bandhan Bank | 10.50% to 18% p.a. | Up To 25 lakh | Rs. 20,000 | Apply Now |
| Piramal Finance | 12.99% p.a. | Up To 10 lakh | Rs. 25,000 | Apply Now |
Compare Instant Personal Loan Interest Rates for Self Employed
| Banks/ NBFCs | Interest Rate (p.a.) | Loan Amount | Tenure | |
| Faircent | 12% to 28% p.a. | Rs. 50,000 to Rs. 10 lakh | 1 year to 3 years | Apply Now |
| IIFL | 11.25% to 33.75% | Rs. 30,000 to Rs. 30 lakh | 1 year to 5 years | Apply Now |
| U GRO | 9% to 36% | Rs. 10 lakh to Rs. 50 lakh | 1 year to 7 years | Apply Now |
| Bandhan Bank | 10.60% to 17.26% | Rs. 1 lakh to Rs. 10 lakh | Up To 7 years | Apply Now |
| Neo Growth | 19% to 24% | Rs. 50,000 to Rs. 75 lakh | 1 year to 3 years | Apply Now |
| LendingKart | 12% to 46.5% | Rs. 50,000 to Rs. 2 crore | 1 year to 3 years | Apply Now |
| Poonawalla Fincorp | 15% to 28% | Rs. 1 lakh to Rs. 50 lakh | 1 year to 3 years | Apply Now |
Instant Loan Up to Rs. 10 Lakh Eligibility
The instant personal loan of Rs. 10 lakh is available with simple eligibility criteria:
Salaried Person
- The minimum monthly income is Rs. 12,000 for up to Rs. 5 lakh & Rs. 15,000 income need for up to Rs. 10 lakh loan.
- The customer must be an Indian resident.
- Your age is between 21 to 55 enough for a loan application.
- The salary credit statement is 6 months to 12 months (Depending on the Lender)
- The credit score is fair enough (-1 / 700+) required.
- Cash salary is not eligible for an instant personal loan.
Self Employed
- Citizenship should be Indian.
- The minimum maintained Bank balance must be Rs. 10,000 or more.
- Business vintage proof must required
- The CIBIL Score -1 or 700+ should be enough.
- Required age: 21 to 60 years
Documents for Instant Loan Up to 10 Lakh
Match all the documents listed for instant personal loan salaried & self-employed persona.
Salaried Person
- The salary account statement is 6 months to 12 months.
- The last 3 months’ latest salary slip
- Identity Documents: Pan Card
- Address Proof: Aadhaar Card / Voter Card / Passport
- Current Residential Proof: Electricity bill/gas bill/rent agreement
- Passport photocopy
Self Employed
- 12 months recent bank statement
- New and old trade license
- 2 years of Income Tax file
- Identity Documents: Pan Card
- Address Proof: Aadhaar Card / Voter Card / Passport
- Current Residential Proof: Electricity bill/gas bill/rent agreement
- Passport photo of Applicant
- Photo of House & Shop
Instant Loan Up to Rs. 10 Lakh EMI Calculator
It is easy to check the personal loan EMI through the EMI calculator. Let’s see the below example with loan tenure of Rs. 10 lakh through the example of the EMI calculator.
| Loan Amount | Duration | Interest Rate | Monthly EMI |
| 10 Lakh | 2 years | 10.49% p.a. | Rs. 46,371 |
| 10 Lakh | 3 years | 12.00% p.a. | Rs. 33,214 |
| 10 Lakh | 4 years | 12.65% p.a. | Rs. 26,654 |
| 10 Lakh | 5 years | 13.00% p.a. | Rs. 22,753 |
| 10 Lakh | 6 years | 13.65% p.a. | Rs. 20,419 |
Also Read: 3 Best Pay Later for Shopping
Factors Depend on Interest Rate for Instant Personal Loan
Some factors will depend on your personal loan interest rate. Lenders give interest rates based on customer records.
- Previous loan track and credit history
- Loan repayment time
- CIBIL Score
- Debt-to-income ratio
- Loan inquiry history
FAQs on Instant Loan Up to 10 Lakh
How much salary is required for a Rs. 10 lakh instant loan?
With a seamless process, you may get a Rs. 12,000 salary loan. But the minimum Rs. 15,000 net salary for a Rs. 10 lakh instant personal loan must be required.
What is the interest rate applicable for Rs. 10 lakh loan?
The applicable interest rate is 12% to 28% p.a. for a Rs. 10 lakh instant loan. It can vary from one bank to another.
May I take a Rs. 10 lakh loan without income proof?
The lender does not provide a Rs. 10 lakh loan without any income-proof documents. But if you have a pre-approved loan offer, it is possible to get the loan.