"Apply for a ₹10 lakh personal loan online with My Mudra. Get quick approval, easy processing, and fast disbursal, no paperwork hassle!"
Published: 9 February 2024
Updated: 26 April 2025
Financial needs can come up at any time, whether it's for a wedding, education, medical expenses, or a business opportunity. If you're looking for a 10 lakh personal loan, you’ll be happy to know that getting it online is now faster and easier than ever. With just a few simple steps, you can apply for a loan, choose flexible repayment options, and get the funds you need without any long waiting hours.
In this guide, we'll help you understand everything about getting a 10 lakh loan online, how much EMI you’ll pay, and what factors you should consider before applying.
Personal loans are one of the best ways to manage urgent financial needs because they are unsecured, meaning you don’t need to pledge any asset. Whether you need 10 lakhs urgently or are planning for future expenses, a personal loan gives you the flexibility to use the money for any purpose.
Some common reasons people apply for a 10 lakh personal loan include:
Applying for a 10 lakh loan online is very simple today. Instead of visiting multiple banks and filling out tons of paperwork, you can now apply directly from your phone or laptop.
Here's what you usually need:
Many platforms like My Mudra make the process even smoother by connecting you with top lenders and offering help at every step.
When you take a loan, it’s important to know what your monthly EMI will be so that you can plan your budget properly.
Let’s take an example:
Suppose you take a 10 lakh loan at a 10% interest rate.
| Loan Tenure | Approximate EMI |
|---|---|
| 5 Years | ₹21,247 per month |
| 10 Years | ₹13,215 per month |
Note: These EMI figures are approximate and may vary depending on the exact interest rate and charges by the bank.
If you want to calculate your exact EMI for different loan amounts, tenures, or interest rates, you can use our EMI Calculator. It’s simple and free to use!
Important: The interest rate mentioned above is just for example. Actual rates may differ based on your credit profile, lender policy, and market conditions.
Here’s a quick comparison if you’re wondering whether to choose a short-term or long-term loan:
5 Years EMI: Higher EMI, but you’ll finish the loan faster and pay less total interest.
10 Years EMI: Lower EMI, easier on your monthly budget, but you’ll pay more total interest over the loan term.
Choosing between 10 lakh loan EMI for 5 years or 10 lakh personal loan EMI for 10 years depends on how comfortable you are with your monthly payments.
Read also: Personal loan for 45K salary
Before you apply, make sure you meet these basic eligibility conditions:
1. Age between 21 to 68 years
2. Stable income from a job or business
3. Minimum monthly salary ₹25,000 to ₹45,000 (varies by lender)
4. Good CIBIL score (700+ preferred)
5. Not too many loan enquiries recently
Even if you have a slightly lower score, some lenders and NBFCs might still approve your loan based on your income and job stability.
Here’s a quick comparison of banks offering personal loans so you can choose wisely:
| Bank Name | Interest Rate | Loan Amount | Loan Tenure | Processing Fee |
|---|---|---|---|---|
| HDFC Bank | 10.90% – 24.00% p.a | Up to ₹40 lakh | 1 to 5 years | ₹6,500 + GST |
| Kotak Mahindra Bank | 10.99% – 16.99% p.a | Up to ₹10 lakh | Up to 6 years | Up to 3% |
| ICICI Bank | 10.65% – 16.99% p.a | Up to ₹50 lakh | 1 to 6 years | Up to 3% |
| Axis Bank | 10.55% – 21.80% p.a | Up to ₹40 lakh | Up to 7 years | Up to 2% |
| SBI | 10.30% – 15.30% p.a | Up to ₹50 lakh | 1 to 6 years | Up to 3% |
Tip: Always compare interest rates, fees, and tenure options before finalizing your loan. It can save you a lot of money over time.
If you want a fast personal loan for 10 lakh, platforms like My Mudra can make it easier for you by:
Instead of running to different banks yourself, you get everything in one place with a faster and smoother experience.
Getting a 10 lakh personal loan online is no longer a complicated process. Whether you need 10 lakhs urgently or are planning, you can easily apply, compare, and choose a loan that fits your needs and budget.
Always check your EMI in advance, understand the repayment terms, and choose a loan that doesn’t stress your finances. With flexible options available today, managing your dreams or emergencies is much simpler.
Take the first step today — calculate your EMI, compare your options, and apply confidently!
Also read: Get Instant Rs. 50000 Personal Loan without Documents
Yes. you can apply online through the My Mudra website or directly with the My Mudra loan App. Make sure you have a good CIBIL score (preferably 700+) and the required documents ready for faster approval.
If you borrow 10 lakh at around 10% interest, the EMI for 5 years would be approximately ₹21,247 per month, but here we are taking an example of interest rate. You can check the exact EMI using an online EMI Calculator.
Yes, My Mudra offers fast disbursal loans if you meet the eligibility criteria.
For a 10 lakh loan at 10% interest rate, the EMI for 10 years would be around ₹13,215 per month. Longer tenure reduces EMI but increases the overall interest paid.
