1 Lakh Personal Loan

The utility of a 1 lakh personal loan is endless. A loan of 1 Lakh can be a great way to finance your needs, whether you're looking to consolidate debt, pay for a wedding, or start a business. But how do you get a '1,00,000 personal loan?' is something you might think of while getting a personal loan.

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 Rates & 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%

It is beneficial to 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 to Get a Personal Loan of 1 Lakh

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

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Bank-Wise Personal Loan for 1 Lakh

Bank-wise, interest rates and charges could differ from one another, and it's no different for a 1 lakh loan. While taking a personal loan, it becomes crucial to research and understand what rates suit best for you. The table below will guide you through the different rates and help you make a decision-

Banks/NBFCs Interest Rates(p.a) Processing Fees
State Bank of India 11.00% p.a onwards Up to 1.50%
HDFC Bank 10.05% p.a onwards 0.50% onwards
ICICI Bank 10.75% p.a onwards 2.50%
Axis Bank 10.49% p.a onwards 1%
Kotak Bank 10.99% p.a onwards 1%

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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 yo need to do is to enter the desired loan amount, the interest rate and the tenure for which you would to take the loan. Once you enter and submit these details, your EMI will be displayed.

You can find the 1 Lakh Loan EMI for 5 years or of any other tenure using the Buddy Loan EMI calculator:

Monthly EMI 86
Principal Amount 1,000
Total Interest 32
Total Amount 1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

1 Lakh Personal Loan EMI 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% is as follows:

Loan Amount Years(tenure) 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

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Documents Required for 1,00,000 Personal Loan

The possibility of getting a 1 lakh loan without documents is very less; 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. Many lenders offer you a 1 lakh personal loan with few stringent rules. 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 of Rs 1 Lakh Personal Loan

A 1 lakh loan has several features; it can help you during a financial crisis and help you gain control over your money. Getting a 1 lakh personal loan has become easy, and it often takes only minutes for your loan application to be processed. Still, before getting a 100000 personal 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 Rs. 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.

Steps to Apply Online for 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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Frequently Asked Questions On 1 lakh personal loan

Obtaining a loan of Rs 1 Lakh without income proof may be challenging. Consider applying with a co-applicant or approaching friends or family for a loan.

You can use Buddy Loan to apply for an instant personal loan and pick from the top lenders of your choice.

The EMI for a 1 lakh personal loan can vary based on the interest rate and tenure; you can check your rates and know your EMI using the above calculator. Let’s say yo u received an offer of 1 Lakh loan amount at 12% interest rate for 12 months, then the EMI will be ₹8,885/-

. The minimum credit score required for a personal loan of 1 lakh varies among lenders but is typically around 600 or higher.

No, getting a Rs 1 lakh personal loan without documentation is difficult. However, there might be lenders who would give loans to a minimal document.

The minimum age limit for a loan is 21 years and above.

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