Personal Finance

ABC Solutions


How to get 3 Lakh Personal Loan Instantly

Published On Apr/21/2024

Are you urgently in need of funds? If unexpected expenses have suddenly appeared, which can happen to anyone at any time, you can choose to fulfill your financial requirements with the help of personal loans. These are convenient solutions that allow you to borrow money and repay it gradually in line with your financial ability and convenience.

At Aditya Birla, we offer personal loans to meet your various financial requirements. Whether you need funds for home renovations, wedding expenses, debt consolidation, or other unforeseen needs, our personal loan suite is designed to cater to your individual circumstances.

How To Get 3 Lakh Personal Loan Instantly

Features and Benefits of a ₹3 Lakh Loan

1. 100% Paperless Process

One of the most appealing aspects of personal loans is the 100% paperless application process. This feature allows borrowers to apply for a loan from anywhere at any time. They just need their digital device, such as a phone, tablet, or laptop, and a secure Wi-Fi connection.

2. Instant Disbursal

For those in immediate need of funds, the instant disbursal feature of a ₹3 lakh personal loan is a lifesaver. Once approved, the loan amount can be credited to your account in a matter of minutes. This rapid transfer is ideal for urgent expenses like medical emergencies or unexpected travel.

3. Flexible Repayment Options

Flexibility in choosing the EMI (Equated Monthly Installment) option provides borrowers with the ability to manage their finances more effectively. Lenders offer various plans, allowing you to select an EMI that fits your budget without straining your monthly financial resources.

Know more about: What is an Equated Monthly Instalment (EMI)?

4. Attractive Interest Rates

Competitive interest rates are crucial in making a personal loan affordable. We at Aditya Birla Financial Limited offer attractive rates on a ₹3 lakh loan, ensuring that repaying the loan does not become a financial burden.

5. No Collateral Required

A ₹3 lakh personal loan is typically unsecured, meaning you do not need to pledge any asset as collateral. This is particularly beneficial for those who may not have assets to pledge or who do not want to risk their assets.

6. Minimal Documentation

Another benefit of these loans is the minimal documentation required. Most lenders need only basic documents such as identity proof, address proof, and income proof. This simplicity speeds up the approval process, making it easier to obtain the loan quickly.

Interest Rate on a ₹3 lakh Personal Loan

The interest rate on a ₹3 lakh personal loan can vary significantly depending on the lender and the borrower's credit profile.

Effective from March 1, 2024, ABFL has raised its Long-Term Reference Rate (LTRR) to 20.45% p.a., increasing the interest rate by 20 basis points for floating rate loans over 12 months, while keeping the spread/margin the same. Similarly, the Short-Term Reference Rate (STRR) has been increased to 19.45% p.a., also adjusting upwards by 20 basis points for floating rate loans of up to 12 months, with unchanged spreads/margins.

How to Apply for a ₹3 Lakh Personal Loan?

Applying for a ₹3 lakh personal loan is straightforward. Here’s a general step-by-step guide:.

  • Check Eligibility: Ensure you meet the eligibility criteria set by ABFL to avoid rejection.
  • Gather Documentation: Prepare the necessary documents, such as your ID, address proof, and income proof.
  • Apply Online: Visit our ABFL website and fill out the application form. Upload the required documents.
  • Loan Approval: Wait for the loan approval, which can be completed within minutes if all documents are in order.
  • Disbursal: Once approved, the loan amount will be disbursed directly to your bank account.

Read more about: How to apply for a Personal Loan online?

Eligibility Criteria

Salaried Individual

  • Age: Typically between 23 and 60 years.
  • Employment: Employed at a current organization for at least 6 months and should have a minimum of 2 years of overall work experience.
  • Income: Minimum income requirements vary by city but generally start around ₹15,000 per month.
  • Credit Score: A credit score of 650 or above is usually preferred by most lenders.

Securing a ₹3 lakh personal loan instantly is more feasible than ever, thanks to technological advancements in the banking sector. With the right preparation and understanding of the process, you can smoothly navigate your way to obtaining a quick personal loan, ensuring that you meet your financial needs without delay.