Personal Loan of ₹1 Lakh

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. 

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.

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.

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 ₹4,614. The total interest will be ₹10,748, and the total amount payable will be ₹1,10,748.

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.

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 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.