₹10 lakh is the sweet-spot ceiling for most unsecured personal loans in India — large enough to meaningfully fund a wedding, renovation, or debt consolidation, but small enough that mainstream banks will approve without collateral. Every lender we track will originate at this ticket size, but only some will offer you their best rate. Here's the 15-lender comparison and the total-cost math that actually matters.
15-lender comparison — ₹10 lakh, 5 years, prime borrower
| Lender | Rate | EMI | Total interest | Processing fee | Total cost |
|---|---|---|---|---|---|
| Bank of Baroda | 10.49% | ₹21,494 | ₹2,89,600 | ₹10,000 | ₹12,99,600 |
| Federal Bank | 10.49% | ₹21,494 | ₹2,89,600 | ₹5,000 | ₹12,94,600 |
| IDFC FIRST Bank | 10.49% | ₹21,494 | ₹2,89,600 | ₹35,000 | ₹13,24,600 |
| Axis Bank | 10.49% | ₹21,494 | ₹2,89,600 | ₹20,000 | ₹13,09,600 |
| HDFC Bank | 10.50% | ₹21,500 | ₹2,90,000 | ₹25,000 | ₹13,15,000 |
| SBI | 11.15% | ₹21,813 | ₹3,08,780 | ₹15,000 | ₹13,23,780 |
| ICICI Bank | 10.75% | ₹21,619 | ₹2,97,140 | ₹25,000 | ₹13,22,140 |
| IndusInd Bank | 10.49% | ₹21,494 | ₹2,89,600 | ₹30,000 | ₹13,19,600 |
| Kotak Mahindra | 10.99% | ₹21,735 | ₹3,04,100 | ₹25,000 | ₹13,29,100 |
| Yes Bank | 10.99% | ₹21,735 | ₹3,04,100 | ₹25,000 | ₹13,29,100 |
| Bajaj Finance | 11.00% | ₹21,742 | ₹3,04,520 | ₹39,300 | ₹13,43,820 |
| Tata Capital | 10.99% | ₹21,735 | ₹3,04,100 | ₹30,000 | ₹13,34,100 |
| L&T Finance | 11.00% | ₹21,742 | ₹3,04,520 | ₹25,000 | ₹13,29,520 |
| Fullerton India | 11.99% | ₹22,227 | ₹3,33,620 | ₹30,000 | ₹13,63,620 |
| Piramal Finance | 12.99% | ₹22,720 | ₹3,63,200 | ₹30,000 | ₹13,93,200 |
The headline number to notice: at prime-borrower rates, the gap between the cheapest (Federal Bank) and most expensive (Piramal) is ₹98,600 over 5 years — about 2 months of EMI. Always rate-shop.
Which banks actually approve ₹10 lakh?
Not every lender will approve ₹10 lakh at face value. For this ticket size, expect this eligibility shape:
Easier approvals at ₹10 lakh
- HDFC Bank: max unsecured personal loan ₹40 lakh. ₹10L sits in their sweet spot. Expect 5-day sanction.
- ICICI Bank: similar to HDFC — max ₹40L, good approvals at ₹10L for 800+ CIBIL.
- Axis Bank: max ₹40L. Especially aggressive on ₹10-20L ticket sizes for salary-account customers.
- IndusInd Bank: max ₹50L. Good rates for senior professionals and government employees.
Tougher approvals
- SBI: max unsecured ₹20L — well within limits, but SBI's underwriting is conservative on amounts > ₹7L for non-Xpress Credit applications.
- Piramal Finance: max ₹10L — you're at their ceiling. Expect rigorous CIBIL scrutiny.
Eligibility at ₹10 lakh — what lenders actually check
| Parameter | Minimum for ₹10L unsecured |
|---|---|
| Net monthly salary | ₹40,000-₹60,000 |
| Annual ITR (self-employed) | ₹6-10 lakh net profit |
| CIBIL score | 730+ (banks), 700+ (NBFCs) |
| Employment vintage | 2+ years at current employer |
| Employer category | A/B (NBFCs also accept C) |
| Max FOIR | 50-55% (banks), 60% (NBFCs) |
At 5-year tenure, EMI of ~₹21,500 fits 50% FOIR on ₹43,000 net salary. Most lenders buffer by 10-15% to allow for rate variability, so practical income floor is ₹50,000.
Documents for ₹10 lakh personal loan
Salaried
- PAN + Aadhaar.
- 3 months' salary slips.
- 6 months' salary account bank statement.
- Form 16 for last 2 years.
- Office ID card / appointment letter.
- Address proof — Aadhaar suffices.
Self-employed
- PAN + Aadhaar.
- 2-3 years' ITR with computation.
- 12 months' current account statement.
- GST registration + 6 months' returns (if registered).
- Business proof — Shop Act, Udyam, partnership deed, MoA/AoA.
When ₹10 lakh personal loan makes sense
- Consolidating ₹8-10 lakh of high-cost debt (credit cards, BNPL, existing high-rate loans). Savings of ₹80k-₹1.5L per year of ongoing interest.
- Wedding with a firm date. EMI of ~₹21K is manageable on ₹60K+ salary.
- Medical bills above ₹5L not covered by insurance. Faster than alternatives like topped-up mediclaim or crowdfunding.
- Home renovation not eligible for a home loan top-up.
Run your actual offer
Use our loan eligibility calculator with your income and CIBIL band to see pre-qualified ₹10L offers across all 15 lenders listed above. For a wider-angle loan-type comparison, try the AI loan finder.
Frequently Asked Questions
What is the EMI for ₹10 lakh personal loan for 5 years?
At 10.49%, EMI is ₹21,494. At 12%, ₹22,244. At 14%, ₹23,268. Actual rate depends on your CIBIL and lender — prime borrowers usually see 10.5-12%.
What is the minimum salary for ₹10 lakh personal loan?
₹40,000-₹60,000 net monthly depending on lender and tenure. At 5-year tenure, EMI of ₹21,500 fits 50% FOIR on ₹43,000 salary — but most lenders buffer to ~₹50K floor.
Which bank gives ₹10 lakh personal loan at lowest interest?
Bank of Baroda, Federal Bank, IDFC FIRST, and Axis Bank publish 10.49% starting rate. Federal Bank wins on total cost because of the 0.5% processing fee cap.
Can I get ₹10 lakh personal loan with 720 CIBIL?
Yes, but expect rates 2-3% above starting rate. Banks typically price 720 CIBIL at 13-15%; NBFCs at 14-17%. Improve to 750+ before applying for meaningfully better rates.