A Rs. 8 lakhs personal loan can help you manage significant planned expenses or meet urgent financial needs without providing any collateral. You can use a personal loan of Rs. 8 lakhs for medical or emergency expenses, wedding costs, travel, home-related expenses, and other personal requirements.
With an SMFG India Credit Rs. 8 lakhs personal loan, you can repay the loan amount through a manageable Equated Monthly Instalment (EMI) over the selected tenure, subject to the applicable interest rate. As an unsecured loan, approval depends on the borrower's income, CIBIL score, employment profile, existing financial obligations, and overall eligibility.
Keep reading to discover the applicable interest rate and processing fees, eligibility criteria, documents required, and application process.
A personal loan for Rs. 8 lakhs may be suitable when you need substantial funds for a planned expense or an unexpected financial requirement. Depending on eligibility, it can be considered by:
Before applying, consider the repayment tenure and EMI to ensure the loan fits comfortably within your monthly budget.
The Rs. 8 lakhs personal loan features offered by SMFG India Credit give you the flexibility to arrange funds for different personal needs without providing collateral. You can also choose a repayment period that works with your monthly finances.
Explore the eligibility requirements and repayment tenure options for a Rs. 8 lakhs personal loan to understand whether it suits your financial needs.
The Rs. 8 lakhs personal loan eligibility criteria consider your age, income, employment type, credit score, work experience or business vintage, and overall repayment capacity. Your existing EMIs and Fixed Obligation to Income Ratio (FOIR) are also considered when assessing your ability to manage the loan.
|
Factors |
For Salaried Employees |
For Self-Employed Individuals |
|
Age |
Must be between 24 and 60 years |
Must be between 24 and 60 years |
|
Nationality |
Must be a resident Indian |
Must be a resident Indian |
|
Credit Score/CIBIL Score |
Must be 700 or above |
Must be 700 or above |
|
Work/Business Experience |
Minimum 6 months of work experience |
Business must be at least 3 years old |
|
Minimum Income |
The minimum salary required for a Rs. 8 lakhs personal loan is Rs. 25,001* per month |
Annual turnover must meet the minimum threshold applicable to the profession |
|
EMI/FOIR |
EMI should generally be a maximum of 65%–70% of monthly income |
EMI should generally be a maximum of 65% of monthly income |
To get an initial estimate of your eligibility for a Rs. 8 lakhs personal loan, use the personal loan eligibility calculator before proceeding with your application.
*Please note that this is only the basic Rs. 8 lakhs loan eligibility criteria. The final eligibility and loan approval will depend on several factors, including SMFG India Credit's policy at the time of loan application.
The documents required for a Rs. 8 lakhs personal loan vary slightly for salaried and self-employed applicants. Keeping the necessary KYC, income, and financial records ready can make verification easier. The Rs. 8 lakhs personal loan documents generally include the following:
|
Document Type |
Details for Salaried Employees |
Details for Self-Employed Individuals |
|
PAN Card |
|
|
|
Proof of Identity and Proof of Address (any one) |
|
|
|
Signature Proof (any one) |
|
|
|
Bank Statements |
|
|
|
Income Documents |
|
|
|
Business Proof (any one) |
|
|
For a Rs. 8 lakhs personal loan with a co-applicant, the co-applicant’s PAN, identity proof, address proof, and income proof must also be provided. This personal loan document checklist is indicative, and SMFG India Credit may request additional documents depending on the loan product, applicant profile, and policies at the time of application.
The Rs. 8 lakhs personal loan interest rate starts from 12.5%* p.a. The final rate may vary depending on your profile and SMFG India Credit's prevailing policies at the time of application.
Other Rs. 8 lakhs personal loan charges applicable may include:
|
Fees and Charges |
Amount Chargeable |
|
Personal Loan Interest Rate |
Starting from 12.5%* p.a. |
|
Personal Loan Processing Fee |
Up to 4% of the total loan amount + GST |
|
Late Payment Fee |
2% per month (24% per annum) on overdue amount calculated on a day-to-day basis, payable from the relevant due date till the date of actual payment |
|
Cheque/ECS/NACH Dishonour Charges (per dishonour of cheque/ECS/NACH per presentation) |
Rs. 500 + GST |
|
Loan Cancellation Charges (loan cancelled before the first EMI) |
Rs. 1,000 + GST |
|
Foreclosure Charges /Prepayment Charges |
2% to 7%* |
|
Loan Tenure |
Up to 60 months |
Review your final loan offer for the exact interest rate, fees, charges, and applicable taxes before proceeding.
The Rs. 8 lakhs personal loan EMI is the fixed amount you repay each month. The EMI for a Rs. 8 lakhs personal loan depends mainly on the loan amount, interest rate, and repayment tenure. A longer tenure can lower the monthly EMI, but may increase the total interest paid over the loan term.
Rs. 8 lakhs loan EMI = [P × R × (1 + R)ⁿ] ÷ [(1 + R)ⁿ − 1]
Here, P is the Rs. 8 lakhs principal, R is the applicable monthly interest rate, and n is the tenure in months.
Use the Rs. 8 lakhs personal loan EMI calculator to know the EMI for different rates and tenures.
The Rs. 8 lakhs loan EMI table below shows indicative repayments at an interest rate of 12.5%* p.a. across different tenure options. It can help you compare the monthly EMI, total interest, and total payable before deciding on a suitable repayment schedule.
For example, the Rs. 8 lakhs loan EMI for 3 years is approximately Rs. 26,571, while the Rs. 8 lakhs personal loan EMI for 5 years drops to around Rs. 17,796.
|
Tenure |
Approx. EMI |
Total Interest |
Total Payable |
|
12 months |
Rs. 71,079 |
Rs. 52,948 |
Rs. 8,52,948 |
|
24 months |
Rs. 37,659 |
Rs. 1,03,811 |
Rs. 9,03,811 |
|
36 months |
Rs. 26,571 |
Rs. 1,56,572 |
Rs. 9,56,572 |
|
48 months |
Rs. 21,067 |
Rs. 2,11,219 |
Rs. 10,11,219 |
|
60 months |
Rs. 17,796 |
Rs. 2,67,733 |
Rs. 10,67,733 |
Disclaimer: These are approximate EMI calculations; actual numbers may vary depending on the final interest rates and terms offered.
Applying for an online Rs. 8 lakhs personal loan with SMFG India Credit involves only a few straightforward steps.
Check your eligibility online and proceed with your Rs. 8 lakhs personal loan application when you are ready.
The factors affecting a personal loan interest rate can vary from one applicant to another, which is why the rate offered may differ even for the same loan amount. Some important personal loan rate factors include:
Maintaining timely repayments, stable income, and manageable financial obligations can help strengthen your profile when applying.
The flexibility to use the funds for different requirements is one of the key personal loan advantages. Depending on your needs, the amount can help cover a major planned expense or an unexpected financial requirement.
Common Rs. 8 lakhs personal loan uses include:
Whatever the purpose, consider your repayment capacity and borrow only the amount you can comfortably repay.
An SMFG India Credit personal loan comes with a straightforward borrowing process and repayment structures suited to different financial needs.
Ready to proceed? Apply for a personal loan with SMFG India Credit online today.
Before you apply, check personal loan eligibility to get a clearer idea of the loan amount you may qualify for, the likely EMI, and the documents you may need. Your Rs. 8 lakhs loan eligibility is assessed using details such as your salary, employment profile, existing financial obligations, and credit score from CICs such as the Credit Information Bureau (India) Limited (CIBIL). An eligibility calculator can help you make an initial assessment and plan your borrowing accordingly.
Check your eligibility today and proceed with the online application for a Rs. 8 lakhs personal loan.
* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.
Salaried and self-employed individuals who meet the applicable age, income, work experience, and credit score requirements can apply for personal loans of up to Rs. 8 lakhs with a reputed lender or a Non-Banking Financial Company (NBFC).
You can apply online by providing your basic personal, employment, income, and financial details. SMFG India Credit will assess your application and documents before approving and disbursing the loan.
Your monthly EMI depends on the interest rate and repayment tenure. For example, at 12%* p.a., an Rs. 8 lakhs personal loan for 60 months would have an approximate EMI of Rs. 17,796.
Income documents are generally required to assess your repayment capacity. Depending on your employment profile, you may need to provide bank statements, ITRs, Form 16, or other applicable documents when applying for an Rs. 8 lakhs loan.
You can take our personal loan for a variety of reasons.
Wedding Expenses
Higher Studies
Exotic Vacations
Hobbies
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