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₹10,000 Personal Loan – How to Apply, Interest Rate and Eligibility

There are times when expenses for a month are a little higher than regular. It can be due to emergencies or out-of-budget sudden expenditures. A ₹10,000 personal loan can come in handy in such situations.

In this blog, we have covered everything you need to know regarding ₹10,000 loan, including interest rates, eligibility criteria and documents required, among others . 

Feature and Benefits of a ₹10,000 Loan

Following are the features and benefits of ₹10,000 personal loan with Navi:

1. 100% Paperless Process

Lenders like Navi offer urgent cash loan in 1 hour without documents. This saves borrowers from unnecessary paperwork.

2. Instant Disbursal

If you have shared correct personal details with your lender, you can get your money directly credited to your account within minutes. Personal loans usually have a simple loan journey – from loan application to disbursal.

3. Flexible EMI Options

Repayment tenure can range anywhere between 3 months and 7 years. Select your preferred loan tenure and repay the loan as per your convenience.

4. Attractive Interest Rates

Borrowers with a CIBIL score of 650 or above can get personal loans with lower-than-advertised interest rates. Also, customers with a pre-approved loan offer can enjoy lower interest rates.

5. No Collateral Required

Personal loans are unsecured loans, as in, you don’t have to pledge collateral or guarantor.

6. Minimal Documentation

Though you cannot get a personal loan without documents, today, you can get a personal loan with a few generic documents like PAN and Aadhaar.

How to Apply for a ₹10,000 Personal Loan?

Follow the steps given below to apply for ₹10,000 personal instant loan:

  1. Go to the the website or download the personal loan app from Play Store or App Store. 
  2. Check your loan eligibility by filling in some details such as name, address and PAN details.
  3. Check the interest rate offered and enter your preferred loan amount and repayment tenure. 
  4. Submit or upload the necessary documents and complete your KYC process. 
  5. Link your bank account. After successful verification, the loan amount will be directly disbursed to your account. Set up an auto debit to make your loan repayments on time.

Documents Required

These are the only documents that you will require to avail a personal loan via Navi: 

  • PAN Card
  • 3-6 months bank statements or salary slips
  • Aadhaar Card

Eligibility Criteria

Here are the eligibility criteria for self-employed and salaried individuals to apply for a ₹10,000 personal loan with Navi:

Salaried Individual

FactorsEligibility Criteria
AgeBetween 18 and 65 years
Credit Score650 or above
Employment StabilityMust be employed in a reputed company for a minimum of 6 months
Employment DurationA minimum of 1 year

Self-employed Individual

FactorsEligibility Criteria
AgeBetween 18 and 65 years
Credit Score650 or above
Prior Relationship with the LenderA minimum of 6 months (to be verified from the lender)
Business TurnoverA minimum of ₹15 lakh
Profit after Tax DeductionA minimum of ₹2 lakh

Interest Rate on a ₹10,000 Personal Loan

Refer to the table below to get an idea of ₹10,000 personal loan fees and charges:

Interest Rate8% p.a. – 36% p.a.
Processing Fee0% – 4% of the loan amount
Loan AmountUp to ₹40 lakh
Loan TenureUp to 84 months
Prepayment Charges0% to 4%

Please note that the table is for educational purposes only. Navi doesn’t take any responsibility for the accuracy of the data presented in the table.

How to Calculate your Personal Loan EMI on ₹10000 Loan?

You can calculate your EMI manually by using the following formula:

EMI = P × r × (1 + r)n/((1 + r)n – 1)

Here, P refers to the loan amount, r is the interest rate, and n is tenure or the number of months.

However, manual calculations can leave room for errors and are extremely time consuming. A better alternative would be using an online personal loan EMI calculator. All you need to do is enter the principal amount, loan tenure and interest rate to get accurate results within minutes. 

Let’s understand this with an example. Suppose you have taken a loan of ₹10,000 at an interest rate of 12% p.a. for 1 year. 

Upon using an EMI calculator, the EMI on your ₹10,000 loan would be ₹888. 

Calculate Your Personal Loan EMI

Various Types of Personal Loan
Here are the different types of personal loans:

  1. Marriage Loan
    Are you thinking about canceling your destination wedding due to shortage of funds? You can instead apply for instant personal loan for marriage and enjoy your wedding stress-free.
  2. Travel Loan
    Shortage of funds shouldn’t interfere with your bucket list. Apply for instant personal loan for travel and book your tickets to your favourite destination today!
  3. Car Loan
    Now get the car you need without having to wait with a personal loan. Apply for instant personal loan for car and repay your loan in easy EMIs.
  4. Bike Loan
    Need a bike immediately and don’t have the time to wait for the lengthy bike loan approval process? An excellent alternative would be getting a personal loan for two wheeler to arrange funds.
  5. Second Hand Bike Loan
    Planning to buy a second hand bike? Apply for a personal loan for second hand bike today and get your own two-wheeler.
  6. Used Car Loan
    If you are falling short of funds to buy a car, go for a second hand car. Get 100% financing with a personal loan for used car.

Final Word
Getting an instant loan of ₹10,000 online is not that difficult provided you meet the concerned lender’s eligibility criteria. However, make sure that you have the capacity to repay the loan within the specified tenure.

Navi offers an instant cash loan of up to ₹20 lakh at attractive interest rates, starting from 9.9%. You can use Navi’s online EMI Calculator to calculate your monthly repayment obligations.

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