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Personal Loan

Which lender offers the cheapest personal loan (above ₹10 Lakh) in India?

Key Takeaways

You can get high-value personal loans of ₹10 lakh, based on factors like your monthly income, credit score and existing debt-to-income ratio.
The common factors affecting the cost of a personal loan include your income, employment stability and your existing debt-to-income ratio.
For a lower monthly EMI, you can choose to repay the loan over flexible repayment tenures, lasting up to 60 months.

17 Jul 2026 by Team FinFIRST

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When you find yourself in a financial fix, a personal loan can come to your rescue. Today, you can easily get high-value personal loans of ₹10 lakh and above by applying online and completing a quick e-KYC process. If you need a high-value loan, you should familiarise yourself with lenders offering low interest personal loans.

What are the benefits of using Account Aggregator with FIRSTmoney personal loan?

15 lakh personal loan EMI calculation India

Can you get a ₹15 lakh personal loan in India? Eligibility and EMI explained

Can you get a personal loan above ₹10 lakh?

Yes, you can easily get a personal loan above ₹10 lakh. To obtain such a high-value loan, you must choose the right lender and fulfil their eligibility criteria. Typically, you need to have a CIBIL score of 750 or above and a steady monthly income of at least ₹40,000 to ₹50,000. Final approval and offer depends on your income and overall creditworthiness.

What affects the cost of large personal loans?

Various factors affect the cost of high-amount personal loans, including:

Interest rate: This is the primary driver, affecting loan costs. It directly lowers or raises the monthly EMIs payable and the overall cost of the loan.

Loan repayment tenure: The tenure you choose affects the interest accumulated over time. Shorter tenures result in higher EMIs but lower loan costs and vice versa.

Loan-related charges: Specific loan-related charges such as the processing fees, prepayment/foreclosure charges, etc., also affect the effective cost of the loan.

Besides these charges, your personal credit profile such as your income, employment stability, credit score, etc., affect the interest rate offered by lenders.

What is 10 lakh loan EMI for 5 years: Sample calculations

Before obtaining a high-value personal loan of ₹10 lakhs , you must get a quick estimate of monthly EMIs payable, and the total cost of the loan.

Let’s understand while keeping the FIRSTmoney personal loan interest rates starting at 9.99% p.a.:

Tenure	Interest rate	Approximate Monthly EMI	Approximate Total Repayment	Approximate Total Interest Paid
9 months	9.99% p.a.	₹1,15,800	₹10,42,200	₹42,200
1 year (12 months)	9.99% p.a.	₹87,900	₹10,54,800	₹54,800
2 years (24 months)	9.99% p.a.	₹46,100	₹11,07,200	₹1,07,200
3 years (36 months)	9.99% p.a.	₹32,300	₹11,62,800	₹1,62,800
4 years (48 months)	9.99% p.a.	₹25,400	₹12,19,200	₹2,19,200
5 years (60 months)	9.99% p.a.	₹21,200	₹12,72,000	₹2,72,000

Starting at just 9.99% p.a., the IDFC FIRST Bank FIRSTmoney personal loan gives you the flexibility to repay your loan in affordable EMIs lasting from 9 to 60 months.

Low interest personal loans: What to compare beyond rates

While it is ideal to find a low-interest personal loan, you must also consider a few other factors when evaluating the loan offer:

Loan processing fees: This is an upfront charge, which can offset savings. Most lenders charge anywhere from 0% to 3.5% in processing fees. With FIRSTmoney, you can enjoy zero processing fee on select loan amounts.

Prepayment/foreclosure rules: It helps to choose a lender offering the flexibility to close the loan before the tenure ends. The prepayment/foreclosure charges levied also matter. Like the FIRSTmoney personal loan offers zero foreclosure charges with no lock-in period.

Tenure options: You should be able to choose a flexible, longer repayment tenure (up to 60 months) that allows you to reduce your monthly EMI burden.

Lender reputation and transparency: It is always better to choose a reputed lender, offering transparent loan terms and a reliable customer support network to address your queries.

Approval speed: It helps to select a lender who prioritises digital processes instead of lengthy paperwork. With a 100% digital process, FIRSTmoney personal loan can be disbursed in as little as 10 minutes, so you can get the funds instantly.

Common mistakes when borrowing large amounts

Ensure you avoid these mistakes when borrowing a high-value personal loan:

Ignoring repayment capacity: Do not overestimate your repayment capacity and borrow only as much as you can comfortably repay.

Choosing long tenures blindly: While lower tenures translate to lower EMIs, they can inflate the total cost of the loan.

Skipping the fine print: Ensure you read the fine print of the loan agreement so you are not caught off guard by hidden charges or penalties.

Not comparing lenders: Comparing different lenders and understanding their loan terms before applying, helps you get the best loan offer.

Conclusion

With personal loans, you can manage all kinds of expenses, from medical and financial emergencies to leisurely expenses like holiday planning and home renovation . You can apply for the loan online with zero paperwork. Once the lender approves your application, you can receive the funds directly in your bank account, within minutes to hours.

Frequently Asked Questions

What salary is needed for a ₹10 lakh loan?

You would typically need a minimum net (in-hand) monthly income ranging from ₹40,000 to ₹50,000 to obtain a ₹10 lakh personal loan. However, the monthly income requirement may be higher if you have existing debt. The exact salary you need also depends on factors such as your credit score and your debt-to-income ratio.

What is the EMI on a ₹10 lakh loan?

With IDFC FIRST Bank FIRSTmoney smart personal loan, available at the competitive interest rates starting at 9.99% p.a., your EMI on a ₹10 lakh loan for various tenures will be as follows:

Tenure	Approximate Monthly EMI
9 months	₹ 1,17,000
1 year (12 months)	₹ 88,100
2 years (24 months)	₹ 46,000
3 years (36 months)	₹ 33,000
4 years (48 months)	₹ 25,800
5 years (60 months)	₹ 21,500

Can I get a ₹15 lakh personal loan?

Yes, you can get a personal loan of ₹15 lakhs from IDFC FIRST Bank FIRSTmoney depending on whether you fulfil the eligibility criteria and lender policy.

Which lender offers cheap interest personal loans?

IDFC FIRST Bank is one of the reputed lenders in India offering low interest personal loans starting at just 9.99% p.a. through its FIRSTmoney offering. You can apply for the loan online and get up to ₹15 Lakhs in as little as 10 minutes.

How do lenders calculate eligibility for large loans?

Most lenders that offer high-value personal loans assess factors such as your net monthly income, employment status, credit score, repayment history, and existing debt to determine your eligibility. These factors help them accurately evaluate whether you can comfortably repay the loan.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.