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A personal loan of ₹1 Lakh can help you when you are in urgent need of emergency funds. Some of the characteristics of a ₹1 Lakh personal loan are that its eligibility criteria is simple, it can be availed at a low interest rate, and with a flexible loan repayment tenor. Read on to know more about ₹1 Lakh personal loans.

 

Purpose of ₹1 Lakh Personal Loan

A personal loan of ₹1 Lakh can come to your rescue in several ways. If you have been planning to take that hard-earned vacation, get that brand new laptop or if you need to take care of those medical expenses, you can take a personal loan for all of them if you are running short on funds. Basically, there is no limit on how you can use the money acquired.

Interest Rates for ₹1 Lakh Personal Loan

The starting interest rates at which the partners of Bajaj MARKETS are ready to offer you a personal loan of ₹1 Lakh are as follows:

Lender

Range of Interest Rate

Bajaj Finance Limited

14% onwards

Axis Bank

10.49% onwards

PaySense Partners

14% onwards

EarlySalary

24% onwards

Fullerton India

12% to 36%

CASHe

27% onwards

KreditBee

14% onwards

SBFC Finance Private Limited

14.0% to 19.5%

Muthoot Finance

13.75% onwards

Prefr Partners

21% to 36%

YES Bank

10.70% onwards

InCred

18% onwards

mPokket

24% p.a. onwards

IIFL

16.50% p.a onwards

Disclaimer: The rates mentioned above are subject to constant change. You must always check with the lender before applying. Additionally, the final interest rate applicable to you will depend on factors such as your repayment tenure, your age, your monthly income, and your CIBIL score.

₹1 Lakh Personal Loan Eligibility Criteria

The eligibility criteria for a ₹1 Lakh personal loan is as follows:

Eligibility Criteria

Particulars

Nationality

Indian National

Employment Nature Criteria

You must either be a salaried Individual employed with a private/public firm of repute or a self-employed professional.

Age

You must at least be 21 years old or above that.

Income

You must make a minimum of ₹25,000 every month to be eligible for the loan. Note that the income criteria can vary from region to region.

Credit Score

750 or more

How to Apply for Personal Loan of ₹1 Lakh?

To apply for a 1 Lakh personal loan, follow these steps:

 

  • Step 1: Help yourself to the ‘Apply Now’ button that you will be able to find on the ‘Personal Loan’ page of Bajaj MARKETS. Post which, you must provide your personal and professional details on the page that you will be taken to.

  • Step 2: Next, choose your loan amount (which will be subject to eligibility) and then your preferred repayment tenor.

  • Step 3: Finally, submit all the required documents along with the application form. These will have to be submitted for verification purposes.

Once your application is approved and documents have been verified, the lending institution will credit the amount in your bank account within a day’s time.

Documents Required for ₹1 Lakh Personal Loan

You will need to furnish the following set of documents to get a personal loan:

Type of Document

Acceptable Documents

ID Proof

PAN card, Aadhaar card, passport, driving licence, Voter’s ID,

Proof of residence

Passport, driving license, electricity bill, telephone bill, Aadhaar card, Voter’s ID

Income proof

Salary slips of the past 3 months/Bank statement

Photographs

2 passport size photographs

FAQs on 1 Lakh Loan

  • ✔️How can I get a ₹1 Lakh personal loan?

    You can apply for a ₹1 Lakh personal loan through Bajaj MARKETS itself. All you will need to do is follow a few simple steps to do so. The lender will credit the amount into your bank within 24 hours, provided you meet the eligibility criteria, your loan application is approved and your documents have been successfully verified.

  • ✔️What is the EMI on a ₹1 Lakh personal loan?

    If, for example, the interest rate on your ₹1 Lakh personal loan is 13% p.a. and your repayment period length is 3 years, your equated monthly instalment (EMI) will be ₹2,710. However, you must keep in mind that your EMI amount will depend on your principal loan amount, your rate of interest and your repayment period length.

  • ✔️What is the interest rate applicable on a personal loan of ₹1 Lakh?

    The interest rate that will be levied on your personal loan of ₹1 Lakh can be between the range of 10.49% p.a. to 33% p.a. But, remember that the borrowing rate applicable to you will depend on the amount that you have borrowed, your repayment period length, your CIBIL score and your overall creditworthiness.

  • ✔️What is the eligibility criteria for a ₹1 Lakh personal loan?

    You must be an Indian national with a CIBIL score of 750 or more and above 21 years of age to be eligible for a personal loan of ₹1 Lakh. On top of that, you must either be a salaried professional working with a reputed company or a self-employed individual with a minimum monthly income of ₹25,000 to qualify.

  • ✔️Can I get a personal loan of ₹1 Lakh without any collateral?

    Since personal loans are collateral-free, you can get a personal loan of ₹1 Lakh without offering any security.