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₹8 Lakh Personal Loan To Power Your Goals
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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
₹8 Lakh Personal Loan with FIRSTmoney
Today, there are multiple loan solutions through which you can meet all your diverse expenses. Whether it's funding a dream wedding, renovating your home, covering medical emergencies, or taking that long-awaited vacation, a personal loan of ₹8 lakh can cover these expenses without you having to dip into your savings. IDFC FIRST Bank offers FIRSTmoney smart personal loans, through which you can conveniently get a high loan amount of ₹8 lakh. The hassle-free and fully digital process ensures that you get the funds you need quickly and easily, without any tedious paperwork or long waiting times. You can apply for a ₹8 lakh personal loan to manage both planned and urgent financial needs efficiently.
FIRSTmoney smart personal loan is an industry-first borrowing solution committed to providing you with the seamless experience of instantly accessing funds. With a FIRSTmoney loan, you only pay EMIs on the withdrawn funds instead of the entire loan offer. With approved loan offers of up to ₹15 lakhs, you can meet your dynamic financial needs and prepay your dues without worrying about any foreclosure charges.
Benefits of a ₹8 lakh personal loan with FIRSTmoney
100% digital journey:
Experience a fully-digital loan process with zero paperwork. Customise your loan according to your financial requirements throughout the application. Simply scan the QR code and get started. This makes it easier to apply for a ₹8 lakh personal loan without paperwork.
Multiple on-demand loans, single application:
Access funds whenever you need without reapplying for a new loan. With FIRSTmoney, you can borrow exactly what you need from your pre-qualified loan offer and pay interest only on what you use.
Foreclosure benefits:
Want to foreclose your loan? With FIRSTmoney, you can repay your loan in full anytime without incurring foreclosure charges.
Flexible loan repayment options:
Choose a customisable EMI plan that suits your needs. Opt for a repayment tenure ranging from 9 months to 60 months, ensuring you repay your loan without financial stress.
Swift disbursal:
Skip the paperwork and get your loan in minutes! With FIRSTmoney, you can now instantly access up to ₹8 lakh through a fast, seamless, and completely online process.
Personal Loan Eligibility and Documentation
Eligibility criteria for a ₹8 lakh personal loan
Make sure you meet these criteria when applying for FIRSTmoney Smart Personal Loan by IDFC FIRST Bank –
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Documents required for a ₹8 Lakh personal loan
No digital uploads are needed. Have the following ready –
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How to apply for ₹8 lakh personal loan using FIRSTmoney?
Step 1
Click on ‘Apply Now’
Step 2
Provide basic registration details
Step 3
Select loan amount and set up EMI Plan
Step 4
Add your bank account where you want the funds to be credited
Step 5
Present PAN card during video KYC
Your monthly EMI projection for a ₹8 lakh personal loan
Planning to take a ₹8 lakh personal loan? Understanding your EMI beforehand can help you manage your monthly finances better. Use a personal loan EMI calculator to instantly check how your EMI changes based on the repayment tenure you choose.
The EMIs below are calculated for an ₹8 lakh personal loan at an interest rate of 9.99% per annum using the reducing balance method, which means interest is charged only on the outstanding loan amount after each repayment. This calculation method reduces your overall interest cost, helping you save more on loan repayments. Before you apply for an online ₹8 lakh personal loan, it is important to estimate your EMI for better planning. The following table shows how your EMI varies based on the tenure you select.
| Loan Amount | Interest Rate | Tenure | Approx EMI |
| ₹8,00,000 | 9.99% p.a. | 1 year | ₹70,369 |
| ₹8,00,000 | 9.99% p.a. | 2 years | ₹36,912 |
| ₹8,00,000 | 9.99% p.a. | 3 years | ₹25,810 |
| ₹8,00,000 | 9.99% p.a. | 4 years | ₹20,286 |
| ₹8,00,000 | 9.99% p.a. | 5 years | ₹16,994 |
What can you use a ₹8 Lakh Personal Loan for?
An ₹8 lakh personal loan offers you the flexibility to manage any personal expenses comfortably without disturbing your long-term savings.
Here are some common ways you can utilise it:
• Manage major medical treatments, hospitalisation, or emergency healthcare expenses.
• Plan weddings, including venue booking, catering, décor, and related costs.
• Fund international or domestic travel, covering flights, hotels, and experiences.
• Renovate or upgrade your home, including interiors, furnishings, or repairs.
• Consolidate high-interest debts into a single manageable EMI for better financial planning.
Do’s and Don’ts for ₹8 lakh Personal Loan
Do's
- Understand loan terms clearly before applying
- Choose a repayment tenure on the basis of your income
- Maintain timely EMI payments
- Check eligibility before applying
- Use digital-first loans for faster approvals
- Keep track of your CIBIL score
Don’ts
- Do not calculate eligibility only on the basis of EMI
- Do not overestimate your loan affordability
- Avoid incomplete or incorrect applications
- Do not borrow without a repayment plan
Things to know about ₹8 lakh Personal Loan
Eligibility Criteria
To apply for ₹8 lakh personal loans, applicants need a stable income, a minimum salary of ₹10,000, and a CIBIL score of 710 or above.
Processing fees & charges
Loan costs include interest and applicable charges. FIRSTmoney ensures transparency so that borrowers clearly understand the total cost.
Interest rates
₹8 lakh loan interest rates directly affect EMI and repayment amount. Get competitive rates starting from 9.99% p.a. with FIRSTmoney.
Easy loan comparison
Comparing loan options based on rates and tenure helps in selecting suitable terms. FIRSTmoney provides clear information for easy comparison.
Better financial planning
Flexible repayment tenure up to 60 months allows you to structure EMIs efficiently and manage finances without affecting monthly commitments.
Tips to smartly use your ₹8 lakh Personal Loan
Tip 1
Plan your loan with a clear purpose
Define the exact requirement before borrowing to ensure disciplined usage and avoid unnecessary financial burden.
Tip 2
Choose an affordable EMI amount
Select a repayment plan that fits comfortably within your income without affecting essential expenses.
Tip 3
Maintain repayment consistency
Timely EMI payments help you maintain a strong credit profile and prevent penalties.
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Interest Rates & Charges for Personal Loan
Interest Rates & Charges for Personal Loan
Low Interest Rate
Interest rate starts from 9.99% p.a., calculated on a reducing balance basis.
Processing Fee
Processing fees 0% to 3.5% of loan amount (incl. GST) (0 processing fee is available on select loan amounts)
[View fees & charges]
Flexible Loan Tenure
Tenure options: 9–60 months
Frequently Asked Questions
How do I apply for a FIRSTmoney loan?
Applying for a FIRSTmoney loan is simple and completely digital. Follow these steps:
1. Scan the QR code or click the loan link from your smartphone.
2. Register using your mobile number and fill in your personal details.
3. Select your loan amount and repayment terms.
4. Link your bank account for disbursement.
5. Complete the video KYC verification with your Aadhaar card number and physical PAN card.
What are the eligibility criteria for a personal loan of ₹8 lakh?
To qualify for a FIRSTmoney loan of ₹8 lakh, you must:
• Be between 21 and 60 years old.
• Have a good credit score, typically 710 and above.
• Be a salaried/self-employed individual with a stable income.
Can self-employed individuals apply for a ₹8 lakh personal loan?
Yes, self-employed individuals with a stable income and a good credit score of above 710 can apply for an ₹8 lakh personal loan with FIRSTmoney.
Choose your personal loan amount with FIRSTmoney
Different Types of Personal Loan for you
Travel Loan
Why wait for the perfect time for vacation? With a FIRSTmoney smart personal loan, you can enjoy flexible terms and attractive rates while booking premium accommodations and unique experiences. Complete the process entirely online and get your travel plans confirmed instantly, without touching your hard-earned savings.
Emergency Loan
Financial emergencies don’t have to derail your life. With a FIRSTmoney smart personal loan, you can access emergency funds without dipping into your savings or liquidating investments. Explore how our emergency loan ensures financial stability during critical times.
Wedding Loan
Your wedding is one of life’s biggest milestones. Make it memorable without compromising your finances. With a FIRSTmoney smart personal loan, you can cover all wedding expenses easily at affordable costs while keeping your investments intact.
Medical Loan
Unexpected medical expenses can strain your savings. A FIRSTmoney smart personal loan provides instant funds, so you can explore all treatment options without compromise. From specialist consultations to alternative therapies, get financial support when you need it the most at affordable rates.
Home Improvement Loan
Thinking about renovating your home and worried about the expenses? A home renovation loan can make your dream home a reality without financial stress. Enjoy the freedom to upgrade your space while keeping your savings intact.
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