A 3 lakh personal loan is an easy and unsecured loan where there is no need to pledge collaterals. It is among the best utilized loans, specifically for debt consolidation, financing a specific buy, or addressing an unexpected expense.
Whatever the case may be, lenders offer personal loans for varying tenures, ranging from 12 to 60 months, negotiable based on the financial conditions of the applicant. Naturally, the loan amount and tenure directly affect your monthly repayment EMI.
Considering EMI for 3 lakh Personal Loan
One of the key aspects of the 3 lakh personal loan EMI. EMI means equated monthly installment or it is that amount which you will have to pay each month till the repayment of the total amount of the loan. EMI varies depending upon the size of the loan availed, tenure, and the interest rate provided by the lender.
Suppose you take a loan of 3 lakhs for 5 years at an interest rate of 12%, the approximate EMI for 3 lakhs would be around 6800. On-line EMI calculators as provided by lenders can be used to estimate what would be paid every month in different loan terms and rates of interest.
How to Apply for a 3 Lakh Personal Loan
Now that you know this is the right personal loan for you, here’s how to go about applying for it:-
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Check Eligibility: Most lenders have a certain age limit, steady income, and very good credit score among other eligibility criteria.
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Compare Interest Rates: Various banks and financial institutions offer different interest rates. Always compare them and choose the best.
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Documents: Complete the application-needed documents namely ID, Address proof, Income proof, and credit score.
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Online or In-Branch: Most banks and lenders offer a simple online application method, which makes it easier and faster to apply for a loan.
Tips for Managing Your 3 Lakh Loan
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Choose the Right Tenure: While a long tenure reduces your monthly EMIs, the total principal paid towards a loan increases significantly. Match your loan repayment period to your earnings and reflect on the overall cost of borrowing at the end of the loan repayment period.
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Do Not Default: One missed payment can damage your credit report in terms of penalties. In case of any situation, set up your payment automatically.
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Think About Prepayment: Prepay, if you have excess cash left at the end of the month and have access to the loan, or simply close the loan before its full term, reducing interest payments and closing the loan sooner.
Conclusion
When you require instant funds, it’s better to apply for a 3 lakh personal loan. But just know how your repayment will go, from the very first point, for 3 lakh individual debt EMI calculation method. Then you may utilize it when in need, without sacrificing on long -term economic welfare by getting it prepared and taking sufficient care.
