Mandatory Documents
Duly filled loan application form Passport-size photograph (coloured)
Apply for a ₹3 Lakh Personal Loan
- Loan up to ₹3 Lakhs
- Minimum Salary Required ₹15K
- Instant Approval
Personal Loan EMI Calculator
Apply for 3 Lakh Personal Loan
Achieve your dreams effortlessly with Hero FinCorp ₹3 lahks personal loan. Whether it's for education, home renovation, or unforeseen expenses, our customizable loan option offers the financial assistance you require. Benefit from competitive interest rates, flexible repayment terms, and a straightforward application process that guarantees rapid approval. At Hero FinCorp, we understand your aspirations and are committed to aiding your progress. Take a significant step today and turn your dreams into reality.
EMI for Personal Loan of Rs 3 lakh for Tenures of 1-5 years
While looking for a 3 Lakh Personal Loan, you can choose a repayment loan tenure of up to 60 months (five years). The 3 Lakh Personal Loan EMI will majorly depend on your tenure. To choose a suitable EMI for Rs 3 Lakh Personal Loan, an EMI Calculator can be an ideal solution.
The Personal Loan EMI calculator will calculate the EMI amount for various loan terms and help you select the best tenure with budget-friendly EMIs. For instance, if you borrow an instant loan of 3 Lakh at an interest rate of 11%, your EMIs for different loan terms would be as follows:
| Loan Term | EMI Amount |
|---|---|
| 3 Lakh Loan for 1 Year | Rs 26,514* |
| 3 Lakh Loan for 2 Years | Rs 13,982* |
| 3 Lakh Loan for 3 Years | Rs 9,822* |
| 3 Lakh Loan for 4 Years | Rs 7,754* |
| 3 Lakh Loan for 5 Years | Rs 6,523* |
Disclaimer: The EMI calculations provided are approximations, and actual figures may differ.
For a 3 Lakh loan, the EMI calculator will calculate the EMIs based on the repayment tenure you choose and the interest on 3 Lakh loan. Per month installment has a portion of the principal and applicable interest rate. Higher interest rate means bigger EMIs, shorter loan tenure means bigger EMIs, and longer loan tenure means smaller EMIs. So, make your decision accordingly.
Documents Required For Rs. 3 Lakh Personal Loan
At Hero FinCorp, we support a 100% digital loan process with zero paperwork and no branch visits. Documentation requirements are different for salaried and self-employed individuals. Here is a brief overview:
Identity Proof
Driver’s licence, passport, PAN card, or Aadhaar card
Address Proof
Driver’s licence, passport, Aadhaar card, ration card, or utility bill
Ownership Proof
Residence ownership proof, like electricity bills, maintenance bills, or property documents
Income Proof
Last six months' salary slips, the previous six months' salary account statement, and Form 16 Job continuity proof, like an appointment letter from the current employer or experience certificate from the previous employer
Mandatory Documents
Duly filled loan application form Passport-size photograph (coloured)
Identity Proof
Driver’s licence, passport, PAN card, or Aadhaar card
Address Proof
Driver’s licence, passport, Aadhaar card, ration card, or utility bill Office address proof, like maintenance bills, utility bills, property documents, or rent agreement
Ownership Proof
Business existence proof, like a copy of tax registration, shop establishment proof, or company registration certificate
Income Proof
Last six months' bank statements and ITR for the previous two consecutive years
Eligibility Criteria For Rs 3 Lakh Personal Loan
At Hero FinCorp, we have a simple eligibility criterion that anyone can fulfil to qualify for Rs 3 Lakh loan for 5 years tenure. However, check these conditions before applying and ensure you are eligible to avoid rejection:
Age
Age - You must be between the ages of 21 and 58.
Citizenship
At Hero FinCorp, we offer 3 Lakh loan facilities to Indian citizens only.
Work Experience
An applicant must have a minimum experience of 6 months if they are salaried, and if self-employed, the business should be in existence for at least 2 years.
Monthly Income
You must earn at least Rs 15,000 monthly to qualify for a 3 Lakh Personal Loan at Hero FinCorp.
How to Apply for Rs 3 Lakh Personal Loan?
Applying for a 3 Lakh Loan at Hero FinCorp is straightforward, and you can do it online. These are the steps to follow:
- 1
Click on the 'Apply Now'' button
- 2
Enter your mobile number and verify the OTP sent to the entered mobile number.
- 3
Choose the loan amount that you need.
- 4
Verify your KYC details data to check income eligibility.
- 5
Click on 'Submit' to complete your application.
Features and Benefits of a ₹3 Lakh Loan
At Hero FinCorp, you can apply for a Personal Loan of up to 3 Lakh and repay it in easy EMIs spread across a maximum tenure of 60 months. Here are some features and benefits you must know:
High Loan Amount:
An instant 3 Lakh loan is sufficient to cover most urgent expenses, including home renovation, medical emergencies, last-minute wedding expenses, education costs, travel plans, etc. You are free to use your loan amount without any end-use restrictions.
Attractive Interest Rate:
Hero FinCorp offers competitive interest rates, ensuring affordable loans and financial ease. Get the lowest 3 lakh loan interest for manageable monthly payments. While interest is unavoidable, your rate depends on income, credit score, & financial commitments.
Collateral-Free:
Personal Loans are 100% collateral-free at Hero FinCorp, allowing you to borrow them without collateral, security, or guarantor. For example – if you apply for a Rs 3 Lakh loan for 2 years, your loan eligibility will solely be based on your income, DTI ratio, credit score, and repayment history.
Flexible Repayment Tenure:
We offer flexible repayment tenures on Personal Loans, allowing you to select a 3 Lakh Personal Loan EMI suitable to your budget. Use an EMI calculator for a 3 Lakh loan installment estimation and plan your repayment accordingly.
Instant Approval:
Once you apply for a 3 Lakh loan and get approval, your funds are instantly disbursed to your bank account. The approval takes a few minutes, and disbursal within 24 hours, depending on your eligibility and documentation.
Interest Rate on Rs 3 lakh Personal Loan
At Hero FinCorp, the repayment tenure and interest decide your 3 Lakh loan per month instalment. For example – If you apply for 3 Lakh loan for 5 years, the EMIs would be quite affordable compared to a repayment tenure of one year. We determine interest rates based on income, age, employment, work experience, credit score, DTI ratio, etc. Here is an outlook:
3 lakh personal loan Related Blogs
Personal Loan
Top 10 Things to Do in Phi Phi Islands That Will Make Your Trip Memorable! 03 Sep, 2024
Frequently Asked Questions (FAQs)
The steps to get a 3 Lakh Personal Loan are as follows:
Check eligibility
Apply online
Submit KYC details & documentation
Wait for verification & approval
Accept Loan offer
Get instant disbursal
Yes. If you have a high income and low financial obligations, you can get a Personal Loan without a CIBIL score.
You don't need to submit any paper documents to avail of a Personal Loan at Hero FinCorp. You can scan and upload the required documents online to complete the application process.
The 3 Lakh Personal Loan EMI for 5 years at a 11% interest rate would be Rs 6,523. If the interest rate increases or decreases, the EMI amount will change.
At a 11% interest rate, your EMI for Rs 3 Lakh Personal Loan would be Rs 13,982 for 2 years and Rs 9,822 for 3 years. The EMI amount will change with the interest rate.
Every loan comes at a borrowing cost. So, ideally, you cannot get a Rs 3 Lakh loan without interest. However, you can always get the lowest interest rate based on your creditworthiness.
Yes. If you have a stable job, regular income, high credit score, and low DTI ratio, you will get the lowest interest rate on Rs 3 Lakh Personal Loan from Hero FinCorp.
The mathematical formula to calculate 3 Lakh Personal Loan EMI is:
EMI = P x R x (1+R)^N / [(1+R)^N-1]
Here, P is the principal amount, R is the interest rate, and N is the number of months in the loan tenure. You can input the variables at the right places and perform the calculations to determine your 3 Lakh loan EMI. However, calculating the EMIs manually is a time-consuming process that you can avoid by using an EMI calculator. You just need to enter the loan details in an online tool and get results within a flash second.