Apply a ₹10,00,000 Personal Loan with Bankstore
When it comes to major expenses like home renovation, medical bills, or debt consolidation, a personal loan of ₹10,00,000 can provide the financial boost you need. You can quickly and easily connect with different banks and NBFCs to find loan options with Bankstore's online platform.
Our unsecured personal loan is frequently approved in a matter of hours or days and doesn't require any collateral. Additionally, managing your budget is made easy with fixed monthly EMIs, and processing fees are typically very minimal, ranging from 1%-3% of the loan amount.
In contrast to many direct lenders, Bankstore prioritises openness while providing hassle-free conditions and affordable rates. We highlight advantages like "Quick Disbursal" and "No Collateral" because of our entirely digital process. However, since personal loan rates can vary greatly, it's always a good idea to compare lenders using websites like Bankstore or Paisabazaar.
According to a recent report, rates with major banks start at about 10.50% p.a.. Even though Bankstore gets you some of the best rates, it's a good idea to compare rates to make sure you're getting the best offer.
Top Features of the Loan
1. Fast Disbursal
Thanks to Bankstore's partnerships and digital application, you can frequently receive funds quickly, sometimes even in a single day. Customers who have been pre-approved can get their money almost immediately.
2. Unsecured Loan
Bankstore expressly states that this loan is "unsecured" and requires no collateral. You merely guarantee your earnings and creditworthiness.
3. Competitive Rates
Rates as low as approximately 10% to 11% per annum are possible, depending on your profile. Borrowers with higher credit risk might pay rates as high as about 22–24%.
4. Flexible Repayment
Select a term that works for you, usually one to five years. Your EMI is reduced with a longer term, at the cost of more total interest.
5. Low Fees
Processing fees are usually just 1–3% of the loan. Bankstore discloses all charges upfront, so you know the exact fee.
Other advantages of our platform include EMI calculators and customer service to help you. A quick, digital, and secure borrowing option, a ₹10,00,000 loan from Bankstore offers clear fees and customised EMI plans.
What is a ₹50,000 Personal Loan ₹
₹50,000 Personal Loan Requirement
Imagine your car breaks down, or your child’s school fees are due tomorrow. For such urgent needs, a personal loan of ₹50,000 is intended. Since it's an unsecured loan, you are not required to pledge any assets, such as gold or real estate. Medical emergencies, home repairs, vacations, or even the consolidation of high-interest credit card debt are all possible uses for the money.
The loan's fixed amount makes repayments manageable, and Bankstore allows you to apply online and receive funds in your account in as little as one day, making it the perfect choice for people who need a ₹50,000 personal loan immediately.
The flexibility of this loan is a major perk. In contrast to a mortgage or auto loan, you are free to use the funds however you see fit, provided that it is for personal purposes. Additionally, most borrowers can afford the EMIs due to the relatively small loan amount, especially when combined with the appropriate tenure.
Eligibility Criteria for Flexi Personal Loan
Check if you meet the simple eligibility criteria to get your loan approved:
Age Requirement
Applicants must be between 21 to 60 years old.
Monthly Income
Minimum ₹ 35,000 (Salary in Account)
Nationality
Must be an Indian citizen
Employment Type
Salaried and self-employed both eligible
Documents Needed
- PAN Card
- Aadhar Card
- Income Proof(6 Month Latest Bank Statement & 3 Months Salary Slip)
- Utility Bill
How to Compare Other Lenders
Even though Bankstore offers a lot of convenience, it's wise to borrow money according to general best practices. Always compare offers from different lenders. Use online marketplaces or EMI calculators to view total costs.
Examine the fine print regarding fees and interest. For instance, Kotak and Axis Bank might have different fee schedules. Examine the terms of the loan like tenure, prepayment penalties, etc. Some banks permit longer terms or do not charge foreclosure fees.
In practice:
Transparency: Make use of websites that clearly state fees.
Interest Range: In India, personal loan rates typically range from 10.5% to 24% annually. Your credit profile determines your final rate.
Collateral Requirements: Most personal loans do not require the pledge of any assets.
Loan Amount and Use: Make sure ₹10,00,000 is sufficient for your needs.
Eligibility Criteria for ₹10,00,000 Loan
To qualify for a ₹10,00,000 personal loan, applicants usually must meet standard eligibility criteria:
Age: 21–60 years
Employment: Salaried or stable self-employed
Work Experience: 1–2 years total, with 1 year in current job
Income: ₹25,000+ monthly (higher for self-employed)
Credit Score: Preferably 750+; 650+ may be accepted
Residency: Indian resident with proof of stable address
Interest Rates and Repayment Options
A ₹50,000 personal loan's interest rate can vary from 10% to 24% annually, contingent on your income, credit score, and the terms of the financial company. We partner with the best at Bankstore that provide competitive rates for borrowers with good credit. Your monthly EMI and the total amount of interest paid are impacted by the repayment period, which can be anywhere from nine months to seven years.
Make smart borrowing decisions in India! Use our easy EMI calculator to estimate your monthly payments for various loans. Plan your budget effectively and avoid surprises.
Your EMI Details
Loan EMI
₹ 0.00
Total Interest Payable
₹ 0.00
Total Payment
₹ 0.00
While a 7-year tenure reduces your EMI but raises the overall cost, a 5-year tenure results in higher monthly payments but less interest overall. Find a tenure that strikes a balance between cost and affordability by using our EMI calculator. You can prevent financial strain by using this tool to plan your repayments.
Documentation Checklist
Identity Proof: Aadhaar, PAN, passport, or voter ID
Address Proof: Utility bills, rental agreement, or bank statement
Income Proof: 3 months’ salary slips and 6 months’ bank statements (salaried); 2 years’ ITR for self-employed
Photographs: Passport-sized photos
Additional: Bankstore pre-approval letter or credit score (if available)
EMI Breakdown for ₹10,00,000 at 12% p.a.
1 year: ₹88,849 EMI, ₹66,187 Interest, ₹10,66,187 Total
2 years: ₹47,073 EMI, ₹1,29,753 Interest, ₹11,29,753 Total
3 years: ₹33,214 EMI, ₹1,95,718 Interest, ₹11,95,718 Total
5 years: ₹22,244 EMI, ₹3,34,667 Interest, ₹13,34,667 Total
Interest Rate Ranges and Factors
In India, personal loan interest rates vary based on several factors:
Credit Score: 750+ for lowest rates, under 650 may need co-applicant
Income Level: Higher and steady income reduces risk
Occupation: Salaried (especially government/PSU) often get better rates
Banking Relationship: Existing customers may get pre-approved deals
Loan-to-Income Ratio: Low DTI is favorable for approval
Tips for Fast Approval and Smart Repayment
Check Eligibility: Use online tools
Gather Documents: Keep them ready in digital format
Use Pre-Approved Offers: They have faster processing
Limit Credit Queries: Don’t apply everywhere at once
Set EMI Reminders: Or use auto-debit for score improvement
Avoid Missed Payments: It can drop score significantly
Prepay Smartly: Use bonuses or surplus funds
Consider Loan Insurance: Useful during unforeseen events
Keep Debts Low: Affects credit score and approval chances
FAQs
No verification required, but misuse for illegal activity breaches terms.
Yes, if you have a strong repayment track record and lender approval.
Low credit score, high current debt, unstable income, missing documents, or risky profession.