₹10,000 Personal Loan – How to Apply, Interest Rate and Eligibility
There are times when expenses for a month are a little higher than regular. It can be due to emergencies or out-of-budget sudden expenditures. A ₹10,000 personal loan can come in handy in such situations.
In this blog, we have covered everything you need to know regarding ₹10,000 loan, including interest rates, eligibility criteria and documents required, among others .
Feature and Benefits of a ₹10,000 Loan
Following are the features and benefits of ₹10,000 personal loan with Navi:
1. 100% Paperless Process
Lenders like Navi offer urgent cash loan in 1 hour without documents. This saves borrowers from unnecessary paperwork.
2. Instant Disbursal
If you have shared correct personal details with your lender, you can get your money directly credited to your account within minutes. Personal loans usually have a simple loan journey – from loan application to disbursal.
3. Flexible EMI Options
Repayment tenure can range anywhere between 3 months and 7 years. Select your preferred loan tenure and repay the loan as per your convenience.
4. Attractive Interest Rates
Borrowers with a CIBIL score of 650 or above can get personal loans with lower-than-advertised interest rates. Also, customers with a pre-approved loan offer can enjoy lower interest rates.
5. No Collateral Required
Personal loans are unsecured loans, as in, you don’t have to pledge collateral or guarantor.
6. Minimal Documentation
Though you cannot get a personal loan without documents, today, you can get a personal loan with a few generic documents like PAN and Aadhaar.
How to Apply for a ₹10,000 Personal Loan?
Follow the steps given below to apply for ₹10,000 personal instant loan:
- Go to the the website or download the personal loan app from Play Store or App Store.
- Check your loan eligibility by filling in some details such as name, address and PAN details.
- Check the interest rate offered and enter your preferred loan amount and repayment tenure.
- Submit or upload the necessary documents and complete your KYC process.
- Link your bank account. After successful verification, the loan amount will be directly disbursed to your account. Set up an auto debit to make your loan repayments on time.
Documents Required
These are the only documents that you will require to avail a personal loan via Navi:
- PAN Card
- 3-6 months bank statements or salary slips
- Aadhaar Card
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Eligibility Criteria
Here are the eligibility criteria for self-employed and salaried individuals to apply for a ₹10,000 personal loan with Navi:
Salaried Individual
| Factors | Eligibility Criteria |
| Age | Between 18 and 65 years |
| Credit Score | 650 or above |
| Employment Stability | Must be employed in a reputed company for a minimum of 6 months |
| Employment Duration | A minimum of 1 year |
Self-employed Individual
| Factors | Eligibility Criteria |
| Age | Between 18 and 65 years |
| Credit Score | 650 or above |
| Prior Relationship with the Lender | A minimum of 6 months (to be verified from the lender) |
| Business Turnover | A minimum of ₹15 lakh |
| Profit after Tax Deduction | A minimum of ₹2 lakh |
Interest Rate on a ₹10,000 Personal Loan
Refer to the table below to get an idea of ₹10,000 personal loan fees and charges:
| Interest Rate | 8% p.a. – 36% p.a. |
| Processing Fee | 0% – 4% of the loan amount |
| Loan Amount | Up to ₹40 lakh |
| Loan Tenure | Up to 84 months |
| Prepayment Charges | 0% to 4% |
Please note that the table is for educational purposes only. Navi doesn’t take any responsibility for the accuracy of the data presented in the table.
How to Calculate your Personal Loan EMI on ₹10000 Loan?
You can calculate your EMI manually by using the following formula:
EMI = P × r × (1 + r)n/((1 + r)n – 1)
Here, P refers to the loan amount, r is the interest rate, and n is tenure or the number of months.
However, manual calculations can leave room for errors and are extremely time consuming. A better alternative would be using an online personal loan EMI calculator. All you need to do is enter the principal amount, loan tenure and interest rate to get accurate results within minutes.
Let’s understand this with an example. Suppose you have taken a loan of ₹10,000 at an interest rate of 12% p.a. for 1 year.
Upon using an EMI calculator, the EMI on your ₹10,000 loan would be ₹888.
Calculate Your Personal Loan EMI
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Years)
Years
Monthly EMI
0
Total Interest
Total Amount
Various Types of Personal Loan
Here are the different types of personal loans:
1. Marriage Loan
Are you thinking about canceling your destination wedding due to shortage of funds? You can instead apply for instant personal loan for marriage and enjoy your wedding stress-free.
2. Travel Loan
Shortage of funds shouldn’t interfere with your bucket list. Apply for instant personal loan for travel and book your tickets to your favourite destination today!
3. Car Loan
Now get the car you need without having to wait with a personal loan. Apply for instant personal loan for car and repay your loan in easy EMIs.
4. Bike Loan
Need a bike immediately and don’t have the time to wait for the lengthy bike loan approval process? An excellent alternative would be getting a personal loan for two wheeler to arrange funds.
5. Second Hand Bike Loan
Planning to buy a second hand bike? Apply for a personal loan for second hand bike today and get your own two-wheeler.
6. Used Car Loan
If you are falling short of funds to buy a car, go for a second hand car. Get 100% financing with a personal loan for used car.
Final Word
Getting an instant loan of ₹10,000 online is not that difficult provided you meet the concerned lender’s eligibility criteria. However, make sure that you have the capacity to repay the loan within the specified tenure.
Navi offers an instant cash loan of up to ₹20 lakh at attractive interest rates, starting from 9.9%. You can use Navi’s online EMI Calculator to calculate your monthly repayment obligations.
FAQs
An EMI calculator uses the following formula to compute repayment instalments:
EMI = P × r × (1 + r)n/((1 + r)n – 1)
Here, E is EMI, P is the loan amount, r is the monthly rate of interest and n is the loan tenure in months.
An EMI calculator is easily available online, offering accurate results within seconds. You just need to enter your loan amount, loan tenure and interest rate in the required fields to get the EMI amount. The tool will help you compare the loan costs for different interest rates and tenures.
Since an instant personal loan is a type of unsecured loan, you do not need to pledge any asset as security. The loan approval will depend on your creditworthiness and income. Such loans can be used for the purpose of weddings, festivals, vacations and home renovation.
A fixed interest rate is the interest rate that remains constant across the repayment tenure, regardless of the variations in the repo rates by the Reserve Bank of India. This means that the EMI composition is the same throughout the period.
A floating interest rate is a rate that changes over the loan tenure, with periodic variations in the RBI’s repo rates. A lender adds a margin (extra rate) to the repo rate to compute this variable rate of interest.
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