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.
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.
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, 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%|
|Bandhan Bank||11.55% p.a. onwards||Up to 3%|
|Central Bank of India||10.95% p.a onwards||Up to 1%|
|ICICI Bank||9.99% p.a onwards||0.25% to 3.00%|
|IndusInd Bank||11.00% p.a. onwards||3% onwards|
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:
|Year||Month||Principal (A)||Interest (B)||EMI (A+B)||Balance||Loan Paid to Date (%)|
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|
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.
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.
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 2 - Fill out the application form, including the loan amount, the tenure months, and contact details.
Step 3 - Fill out the following personal details where required:
Step 4 - Upload the details & wait for the loan confirmation.
Ready to take next step ?
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.
Display of trademarks, trade names, logos, and other subject matters of Intellectual Property displayed on this website belongs to their respective intellectual property owners & is not owned by Bvalue Services Pvt. Ltd. Display of such Intellectual Property and related product information does not imply Bvalue Services Pvt. Ltd company’s partnership with the owner of the Intellectual Property or proprietor of such products.
Please read the Terms & Conditions carefully as deemed & proceed at your own discretion.