The utility of a ₹1 lakh personal loan is endless. A loan of ₹1 lakh can be a great way to finance your needs, be it to consolidate debt, pay for a wedding, or start a business. But how do you get a ₹100,000 personal loan? It’s actually pretty simple if you find the right lender and platform. Let’s discuss everything you need to know about ₹1 lakh personal loans and how to get the best deal on a loan.
₹1 Lakh Personal Loan Interest Rate Charges
Getting a personal loan can be easy, but getting a suitable interest rate for a ₹1 lakh loan that works for you can make all the difference. These comparisons can help you find the lowest personal loan interest rate. It can ease your burden, help you save, plan, and better prepare for any financial emergencies.
| Interest Rate | Starting at 9.99% p.a. |
| Tenure | Up to 7 Years |
| Processing Fee | Starting at 0.50% |
You must also consider other factors when taking out a personal loan, such as the processing fee, late payment, and foreclosure fees. This is to gain the perfect idea on processing fees, payables, and interest rates.
Eligibility Criteria
The eligibility criteria for a personal loan are the benchmarks set by the lender to determine if you are eligible for a loan. These criteria will vary depending on the lender, but some general eligibility requirements for a 1 lakh personal loan include:
| Citizenship | Should be an Indian citizen |
|---|---|
| Age | At least 21 – 65 years old |
| Income | Minimum monthly income of Rs. 15,000. |
| Credit Score | 650 onwards |
| Employment Type | Salaried / Non-salaried |
Bank-Wise List of ₹1 Lakh Personal Loans
Bank-wise, interest rates and charges could differ from one another. While taking a personal loan, it becomes crucial to research and understand what rates suit you best. The table below will guide you through the different rates and help you make a decision:
| Bank | Interest Rates (p.a.) | Processing Fees |
| SBI Personal Loan | 10% onwards | Up to 1.5% |
| HDFC Bank Personal Loan | 9.99% onwards | Up to ₹6,500 |
| ICICI Bank Personal Loan | 9.99% onwards | Up to 2% |
| Axis Bank Personal Loan | 9.99% onwards | Up to 2% |
| Bandhan Bank Personal Loan | 8.86% onwards | Up to 3% |
| Central Bank of India Personal Loan | 9.85% onwards | Up to 1% |
| IndusInd Bank Personal Loan | 10.49% onwards | Up to 3.5% |
₹1 Lakh Personal Loan EMI Calculator
The EMI calculator is a tool that can help you estimate the monthly payments for a personal loan. It is beneficial to have a idea of the payable EMI before planning to take a 1 lakh loan. To calculate your EMI, all you need to do is to enter the desired loan amount, the interest rate and the tenure for which you would like to take the loan. Once you enter and submit these details, your EMI will be displayed.
Your Amortization Schedule (Yearly/Monthly)
EMI Calculation for up to 5 Years
The table below helps you understand the personal loan EMI of Rs. 1 Lakh for up to 5 years. The 1 lakh personal loan EMI for HDFC Bank, Axis Bank, SBI, or any other bank might vary depending on several factors at the bank’s discretion. But for a general EMI calculation for a tenure of 5 years with an interest rate of 10%, it is as follows:
| Loan Amount | Tenure (years) | ROI (Interest rate p.a.) | EMI |
|---|---|---|---|
| 1 Lakh | 1 | 110% | 8,791.59 |
| 1 lakh | 2 | 10% | 4,614.49 |
| 1 lakh | 3 | 10% | 3,226.72 |
| 1 lakh | 4 | 10% | 2,536.26 |
| 1 lakh | 5 | 10% | 2,124 |
Documents Required for a ₹100,000 Personal Loan
The possibility of getting a ₹1 lakh loan without documents is very low; documents serve as proof between you and the lender while offering a loan. However, getting a 1 lakh personal loan with minimal documents is possible if you are pre-qualified/pre-approved. You can find information on some standard documents needed while applying for a personal loan:
| Identity proof | Aadhaar card, PAN card, voter’s ID |
|---|---|
| Address proof | Utility bill or rental agreement. |
| Employment proof | An employment contract or employer’s letter |
| Income proof | Salary slips or bank statements |
| Can I get a 1 lakh personal loan without a salary slip?
Getting a loan without a salary slip is possible, but qualifying will be more challenging. Lenders will typically require other sources of income verification, such as your bank statements or tax returns. You may also get a loan if you have a good credit score. |
Features & Benefits
A ₹1 lakh loan has several features; it can help you during a financial crisis and help you gain control over your money. Still, before getting a loan, understand some features and benefits to help avail an instant personal loan.
- Flexible repayment terms: You can choose the repayment term that best suits your needs, typically between 1 and 7 years. This allows you to repay the loan at a pace you can afford.
- Easy documentation: The documentation requirements for a personal loan of 1 lakh are typically less. Thus, it is easier to get a quick loan.
- Quick approval process: The approval process for a personal loan of ₹1 lakh is typically quick and easy. You can usually get approved for a loan within a few days.
- Convenient repayment options: You can repay a ₹1 lakh loan through various convenient options, such as direct debit from your bank account, online payments, or over-the-counter payments at a bank branch.
- Competitive interest rates: The interest rates for personal loans of 1 lakh are typically competitive, so you can save money on the overall cost of the loan.
Instant ₹1 Lakh Personal Loan with Buddy Loan
Getting a ₹1 lakh loan might be easy, but it’s easier with Buddy Loan; here’s the step-by-step process to apply for an instant ₹1 lakh personal loan and get approved from our top lenders:
- Step 1: Visit buddyloan.com or download & install the Buddy Loan app (Android or iOS).
- Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
- Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
- Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
- Step 5: Enter your work details (Including company name, years of service and Designation)
- Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
- Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.
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