The monthly EMI for a ₹3 lakh instant personal loan for 3 years depends on the interest rate. For instance, if the interest rate is 20%, the EMI would be approximately ₹11153. Use our EMI calculator for precise figures based on your specific rate and tenure.
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About Our ₹3 Lakh Personal Loan
When life throws unexpected expenses your way, RING is here to help with an instant ₹3 Lakh personal loan that’s as fast as it is hassle-free. No more standing in long queues or dealing with mountains of paperwork—just a few taps, and you’re on your way to getting approved. Whether it’s a medical emergency, a much-needed home renovation, or that big-ticket item you’ve been eyeing, RING’s loan gives you the power to handle it all. With flexible repayment options, you can take control of your finances without breaking a sweat.
Benefits of ₹3 Lakh Personal Loans
Quickly access the loan funds without any delays.
Enjoy a hassle-free and paperless application process
Flexible Repayment Tenures - up to 60 months
Attractive interest rates to make your payments more affordable.
Features of ₹3 Lakh Personal Loans
Credit Up to Rs. 5 Lakhs
Avail of credit up to Rs. 5 lakhs with paperless KYC.
Flexible Repayment
Choose repayment periods from 3 to 60 months.
Instant Approval
Money transferred to your bank account in 5 minutes.
Zero Paperwork
100% Digital - Hassle-free process
No Collateral Required
Secure a loan without pledging any assets.
Transparent Terms
Know all costs upfront with no hidden charges.
Competitive Rates
APR ranges from 32% to 57% per annum.
Multi-Purpose Loans
Use your loan for personal or business purposes
Check Your Eligibility
Instant Personal Loan Eligibility Criteria
To qualify for a personal loan applicants need to meet the following criteria:
- Nationality: Indian citizen.
- Age: Between 23 and 55 years.
- Documentation: Selfie, PAN Card, and Aadhaar Card.
- Income Proof: Required only for select high-value loans based on credit profile.
- Profile : Salaried, Self-Employed, Small busines owner & MSMEs
Having these documents prepared ensures a smoother and quicker application process
Follow these simple steps to get started:
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Verify Mobile Number
Enter your number on the RING app/website, receive an OTP, and verify.
₹3 Lakh Personal Loan EMI Calculator
Breaking Down the Cost: Interest Rates Explained
A tool designed to help you understand the monthly payment on your loan. Whenever you take a loan, the EMI amount that you will pay is very important in helping you arrive at your final loan amount and repayment tenure. Our personal loan calculator helps you do just that. You will be able to see your monthly payment, and this will help you decide what your loan amount should ideally be, and if it is payable over a period.
Principal Amount (A): ₹500,000
Interest Amount (B):
Your EMI: ₹ per month
Your Loan Amount: ₹500,000
At Interest Rate of: 2%
For : 2 years
Total Payable: ₹
Here’s a quick example to illustrate:
- Loan Amount (Principal): ₹1,00,000
- Tenure: 12 months
- Interest Rate: 13% per annum
- Processing Fee (incl. GST): ₹3000 (3%)
- Total Interest: ₹7,180.73
- EMI: ₹1,374.63
- APR: Start from 14%
Disclaimer - The Loan EMI Calculator only shows an estimate. Consult your lender for accurate details.
The Formula to Calculate EMI on Personal Loan
The formula for calculating EMI is as follows:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
P= Principal loan amount | R= Monthly interest rate (annual interest rate divided by 12) | N= Loan tenure in months
**To explain it further, let’s see an example:**
Suppose you take a Personal loan for ₹5,00,000 with an annual interest rate (IR) of 10% for a tenure of, say, 5 years (60 months).
First, convert the annual interest rate to a monthly interest rate. In this case, the monthly interest rate would be 10%/12 = 0.00833.
Using the formula, you can calculate the EMI as follows:
EMI = [500000 x 0.00833 x (1+0.00833)^60] / [(1+0.00833)^60-1]
By simplifying the equation, you will find that the EMI for this loan would be approximately ₹10,609.
This means that your monthly payment will be ₹10,609 for 60 months to repay the loan amount along with the interest.
For a more detailed explanation, you can refer to this blog.
Hear from Our Happy Customers
Sharman .L
I applied for a 300k personal loan through RING, and the process was incredibly smooth. The funds were disbursed quickly, and the repayment options were flexible. Highly recommend it!
Pankaj Patel
Getting a 3 lakh personal loan from RING was the best decision I made. The application process was simple, and the customer service was excellent.
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Got Questions? Let's get to them.
What is the monthly EMI for ₹3 Lakh Instant Personal Loan for 3 years?
Can I get a ₹3 Lakh personal Loan?
Absolutely! You can get an instant personal loan up to 3 lakhs if you meet our simple eligibility criteria, which include being an Indian national aged 21 years and above with valid PAN and Aadhaar cards.
How to apply for an Instant Loan of ₹3 Lakh?
Applying for a 3 lakh personal loan is straightforward with the RING app. Download the app from the Play Store or App Store, register, complete your KYC, and submit your loan application. Approval is instant, and funds are disbursed quickly.
What is the interest rate levied on a ₹3 Lakh personal loan?
The interest rate for a ₹3 lakh personal loan ranges from 18% to 36% per annum, depending on your credit profile and other factors. The exact rate will be provided during the loan application process.
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