Get a Personal Loan of Rs.3 lakh

If you need a Rs. 3 lakh loan urgently, you can now avail of it instantly through Finnable’s personal loan app. There are various benefits of availing of a Rs. 3 lakh personal loan from Finnable:

  • Being an unsecured loan, you do not need to pledge any security or collateral.
  • The entire process is online. This means that you do not need to visit an office or branch to apply for a loan.
  • You can apply for a personal loan of Rs. 3 lakh just by submitting 4 documents.
  • Finnable disburses the loan amount within 6 hours of document verification directly into your bank account.

Any salaried individual can apply for a 3 lakh personal loan through Finnable.

3 Lakh Personal Loan Interest Rates

Personal loan interest rates are the additional charges levied by lenders on the principal amount borrowed. They represent the cost of borrowing and significantly impact the total amount that needs to be repaid over the loan tenure. Interest rates can be fixed or floating (also known as variable), depending on the lender’s policies.  

Several factors influence the interest rates on a 3 lakh personal loan. Understanding these factors can help borrowers make informed decisions and negotiate better terms:   

1. Credit Score

A credit score is a numerical representation of a borrower’s creditworthiness. Lenders consider credit scores as a key indicator of the borrower’s ability to repay the loan. Individuals with higher credit scores are often offered more favorable interest rates, as they are considered lower risk borrowers. 

2. Income and Employment Stability

Lenders assess the borrower’s income and employment stability to gauge their repayment capacity. Borrowers with stable jobs and higher incomes are more likely to receive lower interest rates as they are perceived as having a higher ability to repay the loan. 

3. Loan Tenure

The loan tenure, or the repayment period, can also influence interest rates. Shorter tenures may attract slightly lower interest rates compared to longer tenures. However, shorter tenures might lead to higher EMIs, so borrowers must strike a balance between affordable EMIs and overall interest costs. 

4. Relationship with the Lender

Existing customers of a bank or financial institution may be eligible for special offers and discounts, including lower interest rates, as a reward for their loyalty. 

5. Market Conditions

Economic factors and market conditions also play a role in determining interest rates. Lenders may adjust their rates based on prevailing economic conditions, inflation, and the overall lending landscape.

Eligibility for Personal Loan of Rs.3 lakh

The personal loan eligibility criteria at Finnable to avail of personal loan include:

  • Citizenship: Any Indian citizen can apply for an instant loan.
  • Age: At the time of application, you have to be a minimum of 21 years of age. The maximum age limit is 45 years.
  • Employment: Since it is a personal loan for the salaried, you will need to be employed in a government organization or a private company for at least 3 months.
  • Tenure: You will also need to have a minimum work tenure of at least 6 months to apply for a personal loan.
  • Income: Your minimum income per month should be at least Rs. 20,000/- if you live in a Tier-I city. If you are a Tier-II applicant, your minimum income should be Rs. 15,000/- per month.
  • Credit receipt: This income should not be received in cash and should be directly credited into your bank account.

Essential Documents Required for a Personal Loan of 3 Lakhs

If you’re considering applying for a personal loan of Rs. 3 lakh from Finnable, understanding the necessary documentation is crucial to ensure a smooth and hassle-free application process. The following essential documents are required for a personal loan of 3 lakh:  

Identity Proof

  • Aadhaar Card
  • Passport
  • Voter ID Card
  • Driving License
  • PAN Card

Address Proof

  • Aadhaar Card
  • Passport
  • Voter ID Card
  • Utility bills (electricity, water, gas, etc.)
  • Bank account statement

Income Proof

  • Salary slips for the last 3 to 6 months (for salaried individuals)
  • Bank statements for the last 6 months (for self-employed individuals)
  • Income Tax Returns (ITR) for the last 2 to 3 years (for self-employed individuals)

Employment Proof

  • Employment certificate or offer letter (for salaried individuals)
  • Business continuity proof (for self-employed individuals)
  • Passport-size photographs

Other Documents

Any additional documents specific to your case or the type of loan being applied for. For example, if the loan is secured against an asset, Finnable may request relevant asset documents.

How to apply for a Rs.3 lakh Loan?

You can now apply for a Rs. 3 lakh personal loan through Finnable’s personal loan app. It’s a simple 3-step process:

  • Step 1: Download the personal loan app and create your profile. Your profile will include all your personal and professional details.
  • Choose the type of loan you are looking for. Enter the amount that you need and then set your terms.
  • Upload the required documents. 

The documents will be verified by Finnable and if everything is in order, the amount will be credited into your bank account within 6 hours.

Upgrade your life!

Apply for a loan at Finnable and live limitlessly

FAQs About 3 Lakh Loan

At the time of applying for a 3-lakh loan, you will need to attach the following documents:

  1. Your PAN card is a mandatory document.

  2. Along with your PAN card, you also need to submit your Aadhar card as you can avail of a 3-lakh loan on your Aadhar card.

  3. Your 1-months salary slip.

  4. Bank statement for 3 months.

Your repayment of the loan will be done through EMIs or equated monthly installments. Before you avail personal loan, use the personal loan EMI calculator to get an idea about the EMI amount. Once finalized, you will need to fill out an e-mandate registration form and provide authorization to the lender to debit the EMI amount from your account, until the end of the personal loan tenure.

Finnable’s personal loan tenure starts at 6 months up to 5 years. So you have the option to have a Rs. 3 lakh loan for 6 months, a 3 lakh loan for 3 years, or a 3 lakh loan for 5 years.

Yes, you can avail of an instant loan for a low CIBIL score.

The different types of Personal loans available at Finnable include:

  • Vehicle loan

  • Marriage loan

  • Shopping loan

  • Education loan

  • Medical Loan

  • Ashirwad Loan

  • M Power loan

  • Travel loan