BAJAJ FINSERV DIRECT LIMITED

₹1 Lakh Personal Loan

A personal loan of ₹1 lakh can be helpful when you need money urgently. It has simple eligibility rules and low interest rates starting from 10% p.a. You can also choose a flexible repayment period of up to 96 months, making it easier to pay back. 

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Use the personal loan EMI calculator on Bajaj Markets to better understand repayments before you apply for an instant ₹1 lakh loan.

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Your Personal Loan EMI
₹ 8,792
Total Interest Amount
₹ 5,499
Principal Amount
₹ 100,000
Total Payable Amount
₹ 105,499
Loan Amount i
Interest Rate
- +
Min value reached
Max value reached
Tenure
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Min value reached
Max value reached

You can also make instant comparisons between loan offers from over 20 personal loan providers on Bajaj Markets.

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You can also evaluate the total interest amount and overall payable amount for better financial planning and budgeting.

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A ₹1 Lakh personal loan offers convenient financial assistance for those who need immediate funds or are making substantial purchases. This form of credit has no restrictions on end use and allows you to manage medical emergencies, holidays, education expenses, or home repairs, without pledging any assets. 

As an example, a ₹1 Lakh loan for a tenure of 3 years at 10% interest per annum results in an EMI of nearly ₹3,226. Over the loan tenure, you incur an interest of approximately ₹16,161. 

Alternatively, opting for a shorter tenure of 1 year increases the EMI to about ₹8,791 but keeps the total interest low at ₹5,499. 

Personal loans also offer the benefit of flexible repayment terms. You can choose a tenure and EMIs that suit your financial means. With minimal documentation and quick processing, you can get timely access to funds to manage both planned and unexpected expenses. 

Several lending partners on Bajaj Markets offer personal loans of ₹1 Lakh at competitive interest rates and with flexible repayment options. Compare multiple lenders, review their loan terms, and select the offer that best aligns with your financial requirements. 

Lender

Max. Loan Amount

Min. Interest Rate

Max. Tenure

Processing Fee

CASHe (Bhanix Finance)

₹3 Lakhs

2.79% p.m.

18 months

Up to 5.5% of the loan amount + GST

Bajaj Finance

₹55 Lakhs

10% p.a.

96 months

Up to 3.93% of the loan amount (Inclusive of applicable taxes)

Kotak Mahindra Bank

₹40 Lakhs

10.99% p.a.

72 months

Up to 1.50% of the loan amount + GST

Federal Bank

₹5 Lakhs

11% p.a.

48 months

0.70% to 2.80% of the loan amount + 18% GST

L&T Finance

₹15 Lakhs

12% p.a.

48 months

Up to 3% of the loan amount + GST

SMFG India Credit

₹25 Lakhs

12% p.a.

60 months

0% to 6% of the loan amount

YES BANK

₹50 Lakhs

12.50% p.a.

72 months

1.15% to 2.75% of the loan amount

Fibe

₹5 Lakhs

14% p.a.

36 months

Up to 2% of the loan amount

Kissht

₹4 Lakhs

14% p.a.

24 months

3% to 5% of the loan amount

KreditBee

₹5 Lakhs

14% p.a.

24 months

Up to 3% of the loan amount

PaySense

₹5 Lakhs

14% p.a.

60 months

2% to 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher)

Muthoot Finance

₹10 Lakhs

14.50 % p.a.

60 months

2% to 4% of the loan amount

Finnable

₹10 Lakhs

15.95% p.a.

60 months

Up to 3% of the loan amount

InCred

₹10 Lakhs

16% p.a.

60 months

2% to 5% of the sanctioned amount

moneyview

₹10 Lakhs

16% (1.33% p.m.)

60 months

Starts from 2% of the approved loan amount

IIFL

₹5 Lakhs

18% p.a.

42 months

2% to 6% of the loan amount + GST

MoneyTap

₹5 Lakhs

18% p.a.

36 months

5% to 10% of the loan amount

Olyv

₹1 Lakh

18% p.a.

12 months

2% to 12% of the loan amount

Upwards

₹5 Lakhs

18% p.a.

36 months

Up to 4% of the loan amount

Zype

₹5 Lakhs

18% p.a.

12 months

2% to 6% of the loan amount

Disclaimer: The above-mentioned details are subject to change at the lender’s discretion.

If you take a loan of ₹1 Lakh, for instance, at an interest rate of 10% p.a., your EMI, total interest, and overall repayment amount will vary based on the chosen tenure. The table below provides a detailed breakdown of different repayment periods.

Tenure

EMI Amount

Interest Rate

Total Interest Payable

Total Repayment Cost

₹1 Lakh Loan for 1 Year 

₹8,791

10% p.a.

₹5,499

₹1,05,499

₹1 Lakh Loan for 3 Years

₹3,226

10% p.a.

₹16,161

₹1,16,161

₹1 Lakh Loan for 5 Years 

₹2,124

10% p.a.

₹27,482

₹1,27,482

₹1 Lakh Loan for 8 Years 

₹1,517

10% p.a.

₹45,671

₹1,45,671

Disclaimer: Note that these are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.

There are additional charges you may need to pay along with the principal and added interest. The details are provided below.

Fees and Charges

Details

Processing Fees

Up to 12% of the loan amount 

Foreclosure Charges

Up to 6% of the amount  

Part-payment Charges

Up to 20% of the amount

Disclaimer: The above-mentioned details are subject to change at the lender’s discretion.

Here is how you can calculate your Personal Loan EMI manually:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

  • P = Principal loan amount

  • R = Monthly interest rate

  • N = Loan tenure in months

Consider the following example.

You have taken an instant personal loan of ₹1 Lakh from Bajaj Markets. Consider the interest rate as 10% p.a. and the loan tenure of 60 months. Using the formula, the EMI will be ₹2,124. The total interest will be ₹27,482, and the total amount payable will be ₹1,27,482.

Before getting a personal loan of ₹1 Lakh, it is essential to verify that you fulfil the lender's minimum eligibility. These requirements ensure your repayment ability and chances of loan approval. Fulfilling these requirements makes the application process simpler and increases the chance of loan approval. 

  • You should be an Indian citizen 

  • You should be salaried or self-employed 

  • Your minimum age limit must be 18 years or older 

  • You must have a minimum monthly income of ₹10,000  

  • You must have a minimum of 1 year of work experience 

  • CIBIL score should be 750 or more 

 

To apply for a personal loan of ₹1 Lakh successfully, you will need to provide some valid documents. These documents assist lenders in determining your eligibility and repayment capability. They include: 

Identity Proof (any one of the following): 

  • PAN card

  • Aadhaar card

  • Voter ID

  • Passport

  • Driving licence

Address Proof (any one of the following):

  • Voter ID

  • Aadhaar card

  • Passport

  • Driving licence

  • Electricity bill

  • Telephone bill

Income Proof (any one of the following):

  • Bank statement

  • Salary slips of the last 3 months

Please note that these document requirements can differ from lender to lender. So, it is best to check the precise list with your selected financial institution before applying.

Here are the steps you can follow to apply for a personal loan online.

  • Click on ‘Apply for a personal loan

  • Enter your basic personal details

  • Enter your preferred loan amount and tenure 

  • Submit your application form 

Soon after, a representative will reach out to you to complete the process.

The following table presents the breakdown of EMI payments for a ₹1 Lakh loan at 10% per annum over a 6-month tenure. As the tenure progresses, the interest component declines, while a greater portion is allocated toward repaying the principal, leading to a gradual reduction in the outstanding balance.

Month

Payable Amount

Principal

Interest

Balance

Month 1

₹17,156

₹16,323

₹833

₹83,677

Month 2

₹17,156

₹16,459

₹697

₹67,218

Month 3

₹17,156

₹16,596

₹560

₹50,622

Month 4

₹17,156

₹16,734

₹422

₹33,888

Month 5

₹17,156

₹16,874

₹282

₹17,014

Month 6

₹17,156

₹17,014

₹142

₹0

Disclaimer: The mentioned details are subject to change at the lender’s discretion.

Your CIBIL score, ranging from 300 to 900, reflects your creditworthiness and financial reliability. Here is how a personal loan can impact your score:

  • Pre-Approval Impact

When you apply for a personal loan, the lender conducts a hard inquiry on your credit report. This inquiry is documented and may result in a temporary decrease in your credit score. The number of applications also impacts your score.

  • Post-repayment Impact

Making timely repayments improves your credit score by demonstrating responsible debt management. Consistent payments strengthen your credit profile, increasing the likelihood of securing future credit on more favourable terms.

A personal loan of up to ₹1 Lakh can help you manage various expenses, whether urgent or planned. Here is how you can use it:

  • Medical Bills

Medical emergencies may arise unexpectedly, requiring immediate funds for hospital bills, doctor’s fees, and medicines. When health insurance is insufficient, a personal loan can offer prompt financial assistance, ensuring necessary medical care without placing strain on your savings.

  • Home Renovation

Upgrading your home, repainting walls, or addressing structural damage can involve high expenses. A personal loan allows homeowners to cover renovation costs without disrupting their budget. It also helps enhance property value and improves the overall living environment effectively.

  • Debt Consolidation

Managing several high-interest loans can be challenging. A personal loan of ₹1 Lakh enables you to combine them into a single EMI, making repayment more streamlined and reducing interest expenses. This supports better financial planning and helps prevent missed payments.

  • Unexpected Expenses

Unplanned costs such as car repairs, appliance breakdowns, or urgent household fixes can be overwhelming. A personal loan offers quick access to funds for addressing these issues without impacting savings. This promotes financial stability and the timely resolution of critical needs.

  • Large Purchases

Purchasing essential items such as furniture, electronics, or home appliances often involves significant spending. Personal loans make these purchases immediately possible with repayment through convenient EMIs. This allows you to secure what is needed without delays or compromise.

  • Travel

Planning a holiday requires funding for flights, accommodation, local travel, and shopping. A personal loan supports these expenses without disrupting your savings. It enables you to experience your trip while repaying the amount in structured EMIs without added financial pressure.

  • Moving Costs

Relocating to a new residence or city involves costs like hiring movers, transportation, and deposits. A personal loan of ₹1 Lakh can cover these expenses, ensuring a seamless transition without financial stress. This makes the process of shifting more efficient and manageable.

Frequently Asked Questions

1 lakh personal Loan
Can I get a ₹1 Lakh personal loan without submitting my income proof?

Usually, lenders require income proof to assess your repayment ability on Bajaj Markets. However, some lenders may offer a ₹1 Lakh personal loan with minimal documentation, verifying details through your Aadhaar or PAN. Eligibility depends on the lender’s policies and your credit profile.

You can apply for a personal loan of ₹1 Lakh through Bajaj Markets by following these simple steps:

  • Click on ‘Apply for a personal loan

  • Enter your personal and professional details

  • Choose a lender from the list provided

  • Select the required loan amount and preferred tenure

  • Check the information entered and submit the application

  • Following this, a representative will reach out to you for further proceedings.

You can secure a loan of ₹1 Lakh at interest rates starting from just 10% p.a. by applying for it on Bajaj Markets.

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

You can get a ₹1 Lakh personal loan instantly within minutes by applying for it on Bajaj Markets. Here, multiple lending partners like Fibe, KreditBee, and Kissht send the amount to your account within 5 to 15 minutes once your application is approved.

The repayment tenure for a ₹1 Lakh personal loan on Bajaj Markets ranges from a minimum of 12 months to a maximum of 96 months.

To apply for a ₹1 Lakh personal loan on Bajaj Markets, you need to meet the following criteria:

  • Indian citizenship

  • Salaried or self-employed individual

  • Age: Above 18 years

  • Minimum income: ₹10,000 per month

CIBIL score: 750 or above

A credit score of 600 or above is usually required for an instant ₹1 lakh personal loan on Bajaj Markets. However, some lenders may follow different criteria based on income and repayment history.

The EMI for a ₹1 Lakh personal loan depends on the interest rate and tenure. At a 10% interest rate, the approximate EMIs are:

  • 1 year: EMI ₹8,791

  • 2 years: EMI ₹4,614

  • 3 years: EMI ₹3,226

  • 4 years: EMI ₹2,536

  • 5 years: EMI ₹2,124

Yes, you can get a ₹1 Lakh loan at competitive interest rates from multiple lenders with flexible repayment tenures on Bajaj Markets.

The minimum salary required for a ₹1 Lakh personal loan varies by lender. Generally, you need a monthly income of at least ₹10,000–₹15,000 to qualify for the loan.

You can secure an emergency ₹1 Lakh loan by applying online on Bajaj Markets. Choose a lender, check eligibility, submit minimal documents, and get quick approval. Some lenders offer instant disbursal based on Aadhaar or PAN verification.

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