A personal loan above ₹10 Lakhs can be a powerful financial tool, enabling you to achieve major life and business goals without liquidating your savings. Whether you’re planning to expand your business, fund higher education, renovate your home, or invest in a passion project, a high-value personal loan provides flexibility and immediate access to funds.
Unlike secured loans, a personal loan above ₹10 Lakhs does not require collateral, making it an attractive financing option. However, understanding eligibility criteria, repayment options, and interest rates is crucial before applying.
In this blog, we’ll explore how a high-value personal loan can help you reach your financial aspirations, along with expert insights from RupeeQ to make informed borrowing decisions.
What Is a High-Value Personal Loan?
A high-value personal loan refers to a personal loan above ₹10 Lakhs, typically used for big-ticket expenses. These loans are:
- Unsecured, meaning no collateral is required.
- Available with tenures ranging from 1 to 7 years.
- Ideal for salaried professionals, business owners, and self-employed individuals.
- Offered at interest rates between 10% and 20%, depending on credit score and income.
RupeeQ Tip: Before applying, check your credit score on RupeeQ ACE, powered by CRIF, to qualify for the best interest rates.
How a Personal Loan Over ₹10 Lakhs Can Help You
Expand Your Business Without Tapping into Savings
Entrepreneurs and business owners can use high-value personal loans to:
- Expand operations (open new branches, increase inventory).
- Hire skilled professionals to grow their business.
- Invest in technology and infrastructure.
Example:
Rohit, a small business owner, needed ₹15 Lakhs to open a new restaurant outlet. Instead of waiting to accumulate funds, he took a personal loan, repaid it over 5 years, and doubled his revenue.
Fund Higher Education Without Compromising Savings
Top universities in India and abroad require substantial funds. If education loans don’t cover all expenses, a personal loan over ₹10 Lakhs can help with:
- Tuition fees for foreign universities.
- Accommodation and living costs.
- Study materials and travel expenses.
Example:
Neha secured admission to a US university with a total cost of ₹25 Lakhs. Since her education loan covered only ₹18 Lakhs, she took a ₹10 Lakh personal loan to bridge the gap.
Make a Large Home Renovation or Upgrade
A home improvement loan may not always be sufficient for a major renovation. With a personal loan above ₹10 Lakhs, you can:
- Redesign interiors, expand rooms, or construct additional floors.
- Upgrade to modern fittings, modular kitchens, and smart home technology.
- Enhance property value before resale.
Example:
Amit and Priya wanted to upgrade their 20-year-old house. A ₹12 Lakh personal loan helped them revamp interiors, install solar panels, and remodel their kitchen.
Manage Medical Emergencies Without Financial Stress
Critical illnesses or unexpected surgeries can lead to huge medical bills. If health insurance isn’t enough, a personal loan over ₹10 Lakhs can provide immediate funds for:
- Hospitalization, surgery, and post-operative care.
- Cancer treatments, organ transplants, and long-term medical expenses.
- Treatment abroad for rare conditions.
Example:
Vikram’s father required a heart transplant costing ₹18 Lakhs. His health insurance covered ₹8 Lakhs, and a ₹10 Lakh personal loan helped him pay the remaining amount without delay.
Consolidate Multiple High-Interest Debts
Managing multiple loans and credit card debts can be overwhelming. A high-value personal loan can consolidate multiple payments into one lower-interest EMI, saving money on interest.
Example:
Sameer had four different loans totaling ₹12 Lakhs with interest rates ranging from 14% to 18%. He took a ₹12 Lakh personal loan at 10.5%, repaid all debts, and saved ₹1.5 Lakhs in interest.
RupeeQ Tip: If you have multiple outstanding loans, use RupeeQ to apply and compare offers to find a low-interest debt consolidation loan.
Eligibility and Requirements for a Personal Loan Above ₹10 Lakhs
Lenders consider several factors before approving high-value personal loans.
| Eligibility Factor | Minimum Requirement |
| Age | 21 – 60 years |
| Minimum Monthly Income | ₹50,000 (varies by lender) |
| Credit Score | 750+ preferred |
| Employment Type | Salaried or self-employed |
| Work Experience | 2+ years for salaried, 3+ years for self-employed |
Documents Required:
- PAN & Aadhaar Card
- Salary slips (for salaried)
- Income tax returns (for self-employed)
- Bank statements (last 6 months)
Things to Consider Before Applying for a High-Value Personal Loan
Compare Interest Rates and Loan Terms
Even a 1% difference in interest rates can affect total repayment significantly. Compare offers from multiple lenders before choosing.
Example:
For a ₹12 Lakh loan over 5 years, a difference of 1% in interest rates (11% vs. 12%) results in ₹40,000 extra in interest payments.
Choose an Affordable EMI Plan
Select an EMI that fits your budget to avoid repayment stress.
Example:
For a ₹15 Lakh loan at 12% interest:
- 3 years EMI = ₹49,820
- 5 years EMI = ₹33,347
- 7 years EMI = ₹26,325
Choose the tenure that best suits your income stability.
Check Prepayment and Foreclosure Charges
Some lenders charge 2% to 5% foreclosure fees if you repay early. Look for lenders with low or zero prepayment penalties.
Example:
Ankur prepaid his ₹10 Lakh loan in 3 years instead of 5 but had to pay ₹30,000 as prepayment charges.
Final Thoughts
A personal loan above ₹10 Lakhs can help achieve major financial goals without liquidating assets. However, it’s crucial to:
✔ Check your credit score to get the best rates.
✔ Compare loan offers from multiple lenders.
✔ Choose an EMI plan that fits your income.
✔ Look for low prepayment charges for flexible repayment.
