A personal loan can be a great source of funding for unexpected costs or large bills. If you are considering borrowing a personal loan of ₹1 lakh, it is important to understand the process of applying, the qualifying criteria, and various factors that can influence your approval. This tutorial will guide you through How to Get a 1 Lakh Personal Loan, to help you make wiser decisions.
Why Apply for an INR 1 Lakh Personal Loan?
For urgent necessities or small-scale costs like minor house renovations, auto repairs, etc., a personal loan of up to INR 1 lakh can be the ideal way to pay without taking on more debt. Additionally, a personal loan of INR 1 lakh is unsecured, which means that you can access the money without pledging any collateral. If you have trouble making your loan payments, you don’t have to risk any expensive possessions, like a car.
One of the key advantages of having an instant 1-lakh loan repayment is its flexibility. You can choose a repayment period from 12 to 60 months to accommodate your budget. You can use our online EMI calculator free of cost to find out the INR 1 lakh personal loan EMIs that you will be able to manage efficiently while meeting your existing requirements and expenses.
Types of 1 Lakh Personal Loan
- Transform Your Home: With a home renovation personal loan of ₹1 Lakh, convert your home office to a well-organized space, remodel your kitchen, or do a makeover of your bathroom.
- Explore the World: A personal loan for travel of up to ₹1 Lakh to make that dream getaway possible Pick posh lodgings, travel remotely, and create a lifetime of memories.
- Celebrate the Big Milestones in Life: Whether you want to plan a memorable homecoming party, a milestone birthday party, or your dream wedding, a ₹1 Lakh personal loan can help you make it happen. From venue costs to the menu, décor, and even invites, with IndusInd Bank to assist with the logistics of a truly unique celebration.
- Take Care of Medical Expenses with Ease: Unexpected medical expenses can be very stressful. A safety net for finances is offered via a ₹1 Lakh personal loan for medical emergencies. You can immediately guarantee high-quality medical treatment for yourself and your loved ones if you have immediate access to money in your bank account.
- Consolidate Debt: You can combine several high-interest loans into one manageable loan with a competitive interest rate by using our ₹1 Lakh Personal Loan for Debt Consolidation. You open the door to a future free of debt by doing this.
Benefits of a Personal Loan
- No Hidden Charges: When a personal loan of Rs 1 lakh is approved, the only price SMFG India Credit charges is a processing fee of a maximum of 4.25% of the value of the loan.
- Collateral-Free Loan: Personal loans are classified as unsecured loans since you are not required to pledge any assets. You won’t have to worry about losing your assets if you pay back the loan.
- Attractive Interest Rates: Interest rates on personal loans from SMFG India Credit begin at 13% for both independent contractors and salaried employees. The provided rate is ultimately determined by the credit score, requirements, and financial profile of the applicant.
- Customized Loan Solution: SMFG India Credit offers tailored personal loan plans for men and women for different events and situations such as getting married, going on a trip, medical emergencies, home renovation, etc.
- Flexible Repayment Tenure: The tenure of a personal loan, which ranges from 12 – to 60 months, is entirely at your discretion, as per the repayment capacity without impacting your finances. One can use a personal loan EMI calculator to check the period and the EMI amount of a Rs 1 lakh personal loan.
- Instant Approval & Loan disbursed in 30 minutes: If you meet all of the predetermined eligibility requirements and submit the required documentation, your online personal loan application will be approved instantly. The Rs. 1 lakh personal loan application is accepted following successful verification procedures, and the money is credited to your bank account within 30 minutes of the acceptance.
Eligibility Criteria to Apply for an INR 1 Lakh Personal Loan
| Factor | Salaried Individuals | Self-Employed Individuals |
| Age | Your age must be between 22 and 65 | Your age must be between 25 and 65 |
| Nationality | You must be a resident Indian | You must be a resident Indian |
| Credit Score | Your credit score must be 750 or above | Your credit score must be 750 or above |
| Work/Business Experience | You must have worked for your present employer for the last six months of your one-year minimum work experience. | Your business must be at least 3 years old |
| Minimum Income | If you reside in Delhi or Mumbai, your monthly income must be INR 25,000; if you live in any other city, it must be INR 20,000. | Your yearly turnover must exceed the minimal criteria, which may differ depending on your line of employment or profession. |
| EMI as a Fraction of income | Your EMI should be a maximum of 60%-70% of the monthly income | Your EMI should be a maximum of 65% of the monthly income |
₹1 Lakh Personal Loan Interest Rates
| Personal Loan Interest Rates | Starting from 10.49% |
| Loan Amount | ₹ 30,000 – 50 Lakhs |
| Loan Processing Fees | Up to 3.5% |
| Loan Tenure | 12 – 60 months |
| Stamp Duty | At actuals (as per state) |
How to Get a 1 Lakh Personal Loan?
- Visit any broker website.
- Provide your cell number, PAN, pincode, and employment status (self-employed or salaried) in the designated fields.
- For verification, use the OTP that was issued to your mobile phone. Additionally, you must validate your email address.
- Enter your gender, date of birth, email address, and information about your job and salary.
- Examine the loan offer, paying special attention to the amount, costs, and repayment plan details. Once you’re pleased, confirm your approval. Additionally, we provide you the choice to select a larger loan amount.
- For those who receive a salary, you must include details about your job.
- Use CKYC, OKYC, or DigiLocker to finish the digital processes for confirming your identification and residential address.
- Enter the information for your bank account. Proceed to the ‘Additional Details’ area after we have verified it, where you can enter your references, marital status, loan purpose, father’s and mother’s maiden names.
- Finalize the eNACH setup by choosing a payment option for eNACH like — online banking or a debit card.
- After reading the loan agreement, digitally sign it. You will receive an OTP on your registered cellphone number to complete the procedure.
Conclusion
How to Get a 1 Lakh Personal Loan, A ₹1 lakh personal loan can make sound financial sense to meet various needs like debt consolidation, medical expenses, or home renovation. Being aware of eligibility requirements, types of loans available, interest rates and processes to apply gives the potential borrower the ability to make an informed decision and ensure the loan application proceeds with favorable terms.