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 significant features of the 3 lakh personal loan EMI. EMI stands for equated monthly installment meaning it is the amount you will have to pay every month until you repay the total loan amount. The amount of EMI differs based on the amount of loan taken, term, and the interest rate offered by the lender.
Assume that you avail a loan of 3 lakhs for a period of 5 years with an interest rate of 12%, the rough EMI for 3 lakhs would be roughly 6800. Online EMI calculators as made available by lenders can be used to approximate what will be paid each month in varied loan terms and interest rates.
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
If you need immediate money, it is a good idea to take 3 lakh personal loans. But be aware of how your repayment will be, from the first detail, for the method of calculating 3 lakh individual debt EMI. Then you can use it in an emergency without compromising on the long -term economic well -being by preparing it and taking proper care.
