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₹3 Lakh Personal Loan
Avail instant loan approval with flexible repayment and multiple on-demand loans.
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3 Lakh Personal Loan EMI Calculator
Your EMI will be
₹5,072/month*
Total Interest Payable
₹43,435
Total Amount Payable
₹2,43,435
Check your eligibility
Personal loan calculator is only for illustration purposes. For actual calculations refer to your Repayment Schedule & Loan Agreement.*T&C Apply. **For select loan amounts
Apply for a ₹3 Lakh Personal Loan
Finding a suitable loan option can be a lifesaver when you urgently need funds. But with traditional lending methods marred by extensive paperwork and lengthy approval times, securing a high ₹3 lakh personal loan can seem daunting. This where FIRSTmoney steps in to revolutionise your borrowing experience. With FIRSTmoney, you can apply for a personal loan of ₹3 lakh instantly and effortlessly. The 100% digital process ensures a seamless journey from right from submitting your application to the loan disbursal, allowing you to meet your financial needs without any hassles.
How does a FIRSTmoney Smart Personal Loan Work?
The FIRSTmoney smart personal loan is a one-of-a-kind loan solution that offers the flexibility to access a loans of up to ₹15 lakhs instantly with a completely digital process and a competitive interest rate. What makes it unique is the zero-foreclosure charge that allows you to prepay your borrowed sum anytime without additional costs. As an individual with a good credit profile, you can conveniently apply for a ₹3 lakh personal loan online and meet your needs without any financial stress.
Benefits of a ₹3 lakh Personal Loan with FIRSTmoney
100% Digital Journey
Apply anytime, anywhere! No physical paperwork, no queues! With FIRSTmoney, your personal loan process is entirely digital. Click on “Apply Now”, complete the process online, and customise the loan as per your requirement. It’s fast, simple, and tailored for today’s lifestyle.
Zero Foreclosure Penalty
Pay early, save more. FIRSTmoney lets you foreclose your personal loan without any extra charges. So, whenever you have extra funds before the term ends, close your loan at zero cost.
Loan Amount Flexibility
Choose an amount what suits your needs and monthly budget. FIRSTmoney gives you the freedom to repay your personal loan over any duration between 9 to 60 months. You stay in control of how fast or slow you want to repay your loan.
Low Interest Rates
Keep your personal loan affordable from day one. FIRSTmoney offers highly competitive interest rates starting at 9.99% p.a., helping you manage repayments easily and save more over time.
Instant Approval & Quick Disbursal
FIRSTmoney’s 100% digital process ensures instant approvals and quick disbursals (within 10 minutes), so you don’t have to wait for days to get funds. It’s money at your fingertips right when you need it.
Multiple On-Demand Loans
Your needs can change, and your personal loan should keep up. With FIRSTmoney, you can access additional funds whenever required with without restarting your application.
₹3 lakh personal loan Eligibility and Documentation
Eligibility
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Documents
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What is the EMI for a ₹3 Lakh personal loan
The EMI for a ₹3 lakh personal loan at IDFC FIRST Bank is calculated using the reducing balance method. In this method, the interest is calculated only the outstanding balance, rather than the original loan amount. This ensures you pay less interest over time.
To calculate the EMI for a ₹3 lakh personal loan, the reducing balance calculation method is commonly employed. This technique determines interest based on the remaining loan balance. While the EMI remains constant throughout repayment, the portion allotted to principal repayment grows while the interest component diminishes over time.
| Loan Amount (Rs.) | Interest Rate (p.a) | Tenure | Approx EMI (Rs.) |
| ₹3,00,000 | 9.99% | 9 months | ₹34,736 |
| ₹3,00,000 | 9.99% | 1 year | ₹26,373 |
| ₹3,00,000 | 9.99% | 2 years | ₹13,842 |
| ₹3,00,000 | 9.99% | 3 years | ₹9,679 |
| ₹3,00,000 | 9.99% | 4 years | ₹7,607 |
| ₹3,00,000 | 9.99% | 5 years | ₹6,373 |
How to apply for ₹3 lakh personal loan using FIRSTmoney
Step 1
Start by scanning the QR code or clicking loan from your smartphone.
Step 2
Register using your mobile number and confirm basic/personal details to check your eligibility.
Step 3
Choose your loan preferences, including the tenure and repayment terms.
Step 4
Link your bank account where you wish the funds to be disbursed.
Step 5
Complete the video KYC verification process with your physical PAN card.
Interest rates for a ₹3 Lakh personal loan start @9.99% p.a.
Visit the Fees and Charges section to know more.
Frequently asked questions
What is the interest rate for a ₹3 lakh personal loan with FIRSTmoney?
The interest rate for a ₹3 lakh personal loan with FIRSTmoney varies based on your credit score, income, and overall financial profile. Generally, the interest rates range from 10% to 20% per annum. FIRSTmoney loans include a minimum interest rate of 9.99% per annum. The exact rate will be provided after evaluating your loan application.
How long does it take for the loan amount to be disbursed?
With FIRSTmoney’s 100% digital process, the loan approval and disbursal are swift. Typically, once your application is approved and the necessary documents are verified, the loan amount is disbursed to your bank account instantly.
Can I foreclose my loan before the tenure ends?
Yes, FIRSTmoney offers the benefit of zero foreclosure charges. You can choose to pay off your loan in full before the tenure ends, allowing you to save on interest costs.
What is the maximum tenure for repaying a ₹3 lakh personal loan?
The repayment tenure for a personal loan of ₹3 lakh with FIRSTmoney ranges from 9 months to 60 months. You can choose a tenure that best suits your financial situation and repayment capacity.
Is a guarantor required to apply for a ₹3 lakh personal loan?
No, a guarantor is not required for a personal loan of ₹3 lakh with FIRSTmoney. The loan is provided based on your creditworthiness, income, and employment stability. The process is simple and hassle-free without the need for a guarantor or collateral.
Choose your personal loan amount with FIRSTmoney
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