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Home Blog Cash Loan ₹3 Lakh Personal Loan EMI

₹3 Lakh Personal Loan EMI: Monthly Payment, Calculation and Interest in 2026

Published : October 28, 2025, 12:26 AM

Updated : December 22, 2025, 9:44 PM

Author : krishnanunni

Cash Loan

Personal Loan

1304 views

Summary

A ₹3 lakh personal loan helps cover major expenses such as wedding costs, home upgrades, or emergency needs without financial strain. Interest rates usually range between 11% and 23% p.a., with repayment terms of 1 to 5 years and EMIs starting from around ₹6,600. Lenders may charge up to 3.5% as processing fees and 2%–5% for prepayment. With NoBroker Insta Cash, applicants enjoy quick approval, easy online application, and fast disbursal directly to their account.

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A ₹3 lakh personal loan is a popular borrowing option for salaried and self-employed individuals. The 3 lakh personal loan EMI depends on factors such as interest rate, repayment tenure, and the lender’s terms. Whether you need instant funds or prefer structured repayment, a ₹3 lakh personal loan, also called a cash loan service, ensures quick approval, minimal documentation, and flexible EMI options directly to your bank account.

₹3 Lakh Personal Loan Summary- Quick Info

Before we dive into the specifics, here is a consolidated summary of the key financial parameters you will typically encounter when applying for a ₹3 lakh personal loan. [1][2][3][4][5][6][7][8][9]

Feature	Approximate Details
Loan Amount	₹3,00,000
Average Interest Rate	11.5% to 24% per annum
Tenure	12 to 60 months (1 to 5 years)
Lowest EMI (approx.)	₹6,599 (for a 5-year tenure at 11.5% p.a.)
Total Interest (avg.)	Varies significantly based on the chosen rate and tenure
Processing Fee	Up to 3.5% of the loan amount + GST
Prepayment Charges	2% to 5% on the outstanding principal balance

What is a ₹3 Lakh Personal Loan EMI?

EMI, an acronym for Equated Monthly Instalment, is the fixed amount you pay back to the lender every month until your loan is fully repaid. For a 3 lakh personal loan, this monthly payment is calculated to ensure that the entire principal and interest are paid off over a pre-agreed period, known as the loan tenure. The EMI rates depend on the loan tenure and the interest rate.

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₹3 Lakh Personal Loan EMI for Different Tenures

The repayment tenure you select is a critical decision that directly impacts your monthly budget and the overall cost of your loan. A longer tenure will lower your EMI, making the payments more affordable each month, but it also means you will pay more in total interest. Conversely, a shorter tenure increases the EMI but saves you significant interest costs over the loan's lifetime. [1]

Tenure	Interest Rate (p.a.)	Approx. EMI (₹)	Total Interest (₹)	Total Payment (₹)
1 Year (12 months)	12.5%	₹26,726	₹20,712	₹3,20,712
2 Years (24 months)	12.5%	₹14,195	₹40,680	₹3,40,680
3 Years (36 months)	12.5%	₹10,041	₹61,476	₹3,61,476
4 Years (48 months)	12.5%	₹7,974	₹82,752	₹3,82,752
5 Years (60 months)	12.5%	₹6,746	₹1,04,760	₹4,04,760
10 Years (120 months)*	12.5%	₹4,360	₹2,23,200	₹5,23,200

Note: Personal loans are typically considered short-to-medium term financing. Therefore, tenures longer than 5 or 7 years, such as a 3 lakh personal loan EMI for 10 years, are not commonly offered by most financial institutions. While these extended tenures result in a lower EMI, the total interest paid over the duration is substantially higher, making them a less economical choice.

EMI Calculation Formula for ₹3 Lakh Personal Loan

While it's easiest to use an online 3 lakh loan emi calculator, understanding the formula used to compute your EMI can provide a clearer insight into your loan's structure. This mathematical equation ensures your payment remains fixed throughout the loan period.

The standard formula is: [1]

EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]

Where:

P = Principal amount (₹3,00,000)
R = Monthly interest rate (annual rate ÷ 12 ÷ 100)
N = Tenure in months

₹3 Lakh Personal Loan EMI at Top Banks (2026)

It is always recommended to compare the offerings from various banks and NBFCs to find the most favourable terms for your financial situation. Below is a comparative table of the approximate EMIs for a ₹3 lakh personal loan from India's leading financial institutions, calculated for a standard 5-year tenure.

Bank/NBFC	Interest Rate (p.a.)	Tenure (in years)	Approx. EMI (₹)
State Bank of India (SBI) [2]	10.05% onwards	5	₹6,381
HDFC Bank [3]	9.99% onwards	5	₹6,373
ICICI Bank [4]	10.60% onwards	5	₹6,463
Axis Bank [5]	9.99% onwards	5	₹6,373
Kotak Mahindra Bank [6]	9.98% onwards	5	₹6,371
Bajaj Finserv [7]	16.00% onwards	5	₹7,299
Tata Capital [8]	11.50% onwards	5	₹6,599

Disclaimer: The interest rates mentioned are indicative starting points and are subject to change based on the lender's policies and the applicant's financial profile.

What are the Eligibility criteria for a ₹3 Lakh Personal Loan?

To qualify for a personal loan of ₹3 lakh, you must meet the lender's specific eligibility criteria, which are established to assess your repayment capability and overall financial health. [9]

You must be between 21 and 60 years of age, an Indian citizen, and a salaried/self-employed individual with a minimum monthly income and records to prove it, such as bank statements and salary slips.
To demonstrate financial stability, one must have a stable employment history, generally with at least two years of total work experience.
A strong credit score, ideally 750 or above, is crucial for loan approval and for securing a favourable interest rate.

What are the Documents Required for a ₹3 Lakh Personal Loan?

Having the correct documentation prepared in advance can significantly streamline the loan application and approval process, ensuring you receive the funds when needed. [9]

A government-issued document to verify your identity and address, such as your PAN Card, Aadhaar Card, Passport, or Voter ID Card.
Your latest 3 to 6 months' salary slips, your bank statements showing salary credits, and your most recent Form 16 document.
Audited financial statements for the past two years, recent business bank statements, and your official Income Tax Returns.
One or two recent passport-sized photographs

How to Apply for a ₹3 Lakh Personal Loan or Cash Loan Online via NoBroker Insta Cash

Digital platforms have made the loan application process simpler and more efficient, eliminating the need for lengthy paperwork and branch visits. You can apply for an instant ₹3 lakh cash loan online through NoBroker Insta Cash and benefit from quick approval, minimal documentation, and an instant transfer.[9]

Step 1: Visit the NoBroker Insta Cash platform online. Enter your basic personal details to perform a quick eligibility check and receive an instant, pre-approved loan offer.
Step 2: Once you receive your offer, you can select the precise loan amount you need and choose a repayment tenure that is most comfortable for your budget and financial goals.
Step 3: Next, complete your Know Your Customer (KYC) verification digitally. You will need to upload basic documents like your PAN card and address proof through their secure online portal.
Step 4: The final step is to provide your bank account details and set up the auto-debit facility. Once your application is approved, the loan amount is disbursed directly to your account.

Why Choose NoBroker Insta Cash Over Traditional Personal Loans?

When considering your borrowing options, NoBroker Insta Cash presents a modern, convenient, and fully digital alternative to traditional bank loans' often complicated and slow processes.

100% digital process
Minimal documentation
Instant approval
Transparent EMI and interest
Trusted by thousands of users
High availability

Cash Loan vs Personal Loan: Key Differences

While the terms are often used interchangeably, it is important to understand the distinctions between a quick digital cash loan and a traditional personal loan.

Feature	Cash Loan (NoBroker Insta Cash)	Personal Loan (Bank/NBFC)
Processing Time	Within minutes to 24 hours	2–7 business days
Loan Amount	₹10,000 – ₹3,00,000	₹50,000 – ₹40,00,000
Tenure	Up to 24 months	1–5 years
Documents Required	Basic KYC + income proof	Multiple docs & verification
Disbursal Mode	Instant to bank account	Post-verification
Eligibility	Salaried/self-employed	Primarily salaried
Purpose	Short-term needs, emergencies	Long-term financial planning
Best For	Urgent funds, quick access	Planned large expenses

Get Instant ₹3 Lakh Cash Loan via NoBroker Insta Cash

When you need fast access to funds without lengthy paperwork, NoBroker Insta Cash is the smart and convenient solution. It provides a 100% online loan process, allowing you to apply for a ₹3 lakh personal loan and receive instant approval with minimal documentation. Funds are disbursed quickly, ensuring that your financial needs are met without delay. The service offers complete transparency in interest rates and EMI terms, giving you control and peace of mind. With NoBroker Insta Cash, managing your 3 lakh personal loan EMI becomes simple, efficient, and stress-free, making it a better choice than traditional bank loans.

Frequently Asked Questions

Q: What will be the EMI for a ₹3 Lakh loan for 3 years?

Ans: The ₹3 lakh loan for 3 years EMI, assuming an average interest rate of 12.5% p.a., would be approximately ₹10,041. The final EMI can be higher or lower depending on the rate your lender offers.

Q: Which bank gives the lowest EMI for a ₹3 Lakh personal loan?

Ans: Banks with the lowest starting interest rates, such as Kotak Mahindra Bank or HDFC Bank, will typically offer the lowest EMI. It is always best to compare current rates from multiple lenders before deciding.

Q: Can I get a ₹3 Lakh personal loan without a salary slip?

Ans: While it can be challenging, some modern lenders and fintech platforms may consider your application without a salary slip if you can provide strong alternative income proofs, such as bank statements, ITRs, or audited financials.

Q: What happens if I miss an EMI payment?

Ans: Missing an EMI payment will typically result in a late payment fee and additional penal interest charges. It will also be reported to credit bureaus, negatively impacting your credit score and future borrowing capacity.

Q: How to check my ₹3 Lakh loan EMI schedule online?

Ans: Most lenders provide access to an online portal or a mobile banking application. You can log in to your loan account to view your complete amortization schedule, which details each payment's principal and interest breakup.

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krishnanunni,Author

Krishnan grew up in the libraries of Thiruvananthapuram. As an engineer turned writer, Krishnan is fascinated by the stories told by cities through their buildings, culture and music. His blogs are aimed at breaking down the most relevant and actionable insights on the Indian realty sector.

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