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Personal Loan of ₹1,000

Do you need a personal loan of ₹1,000 urgently? Unexpected expenses can be difficult to manage, particularly when you’re on a budget. In case of any emergency, an instant ₹1000 personal loan can help you overcome financial difficulties. 

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A ₹1,000 loan often requires very little documentation requirements and can be disbursed quickly. This enables you to access the required amount easily within minutes. Through Bajaj Markets, you can access the amount with flexible repayment options and affordable interest rates.

You can also use the personal loan EMI calculator to estimate your monthly payments for different loan tenures. This way, you can plan repayments effectively and choose a loan term that fits your budget.

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Your Personal Loan EMI
₹ 92
Total Interest Amount
₹ 100
Principal Amount
₹ 1,000
Total Payable Amount
₹ 1,100
Loan Amount i
Interest Rate
- +
Min value reached
Max value reached
Tenure
Months drop-down-img
  • Years
- +
Min value reached
Max value reached
Instant Approval

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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Lenders Offering Personal Loans of ₹1,000 on Bajaj Markets

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The total amount you repay will vary based on the loan tenure. For instance, here is a repayment overview of the varying tenures for a personal loan of ₹1,000 with an 18% annual interest rate:

Tenure

EMI Amount

Total Interest Payable

Total Repayment Cost

6 months

₹176

₹53

₹1,053

9 months

₹120

₹76

₹1,076

12 months

₹92

₹100

₹1,100

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

The total amount you repay will vary based on the loan tenure. For instance, here is a repayment overview of the varying tenures for a personal loan of ₹1,000 with an 18% annual interest rate:

Tenure

EMI Amount

Total Interest Payable

Total Repayment Cost

6 months

₹176

₹53

₹1,053

9 months

₹120

₹76

₹1,076

12 months

₹92

₹100

₹1,100

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 EMI and interest rate. The details are provided below.

Fee

Details

Processing Fees

Up to 12% of the loan amount 

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

You can calculate your personal loan EMI with the following formula.

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

Where:

  • P = Loan amount

  • R = Monthly interest rate : (Annual interest rate/12/)100)

  • N = Loan tenure in months

To calculate it manually, assume the loan amount is ₹1,000 with an interest rate of 18% per annum for 11 months. The EMI will be ₹99. The total interest paid will amount to ₹92, and the total repayment will be ₹1,092.

Suppose you take a loan of ₹1,000 at an interest rate of 18% and a tenure of 6 months. Here is the amortisation breakdown:

Month

Payable Amount

Principal

Interest

Balance

Month 1

₹176

₹161

₹15

₹839

Month 2

₹176

₹163

₹13

₹677

Month 3

₹176

₹165

₹10

₹511

Month 4

₹176

₹168

₹8

₹343

Month 5

₹176

₹170

₹5

₹173

Month 6

₹176

₹173

₹3

₹0

Disclaimer: These are approximate values and are meant for illustration only. For actual EMI values, reach out to the lender.

Personal loans can affect your CIBIL score and overall financial profile in various ways. Here is how:

  • Pre-approval Impact

When you apply for a personal loan, the lender reviews your credit report, which results in a hard inquiry. This can cause a temporary dip in your CIBIL score. 

  • Post-repayment Impact

Paying off your loan on time can boost your CIBIL score. It reflects your financial discipline and responsible money management, increasing your chances of securing future loans at favourable terms. 

A personal loan of ₹1,000 can be helpful for addressing smaller, urgent needs. Here’s how it can be used:

  • Medical Emergencies

A ₹1,000 loan can cover small medical expenses like buying essential medication, over-the-counter remedies, or basic medical supplies.

  • Utility Bills

You can use the loan to pay for utility bills such as electricity, water, or phone bills, helping you avoid late fees.

  • Emergency Purchases

If you need to buy essential household items or groceries unexpectedly, this loan can provide temporary financial relief.

  • Repair Costs

If a household item, such as a small appliance, requires repair or replacement, a ₹1,000 loan can provide the necessary financial support.

  • Gift for Special Occasions

Use the ₹1,000 loan to buy a thoughtful gift for a loved one’s birthday or anniversary. It helps you celebrate without straining your finances.

Frequently Asked Questions

What is the monthly payment for a ₹1,000 loan?

The monthly payment for your ₹1,000 personal loan depends on a number of factors, such as the repayment tenure and interest rate.

With the rise of new-age NBFCs, getting a personal loan is now easier and quicker than ever. Explore the ‘Personal Loans’ page on Bajaj Markets to get a better understanding of how you can get ₹1,000 personal loans.

You can get a ₹1,000 loan without a credit score through a no-credit-check loan. However, that depends on each individual lender’s policy. Note that such loans typically come with a high rate of interest.

The time taken to process your ₹1000 personal loan will usually depend on various factors such as your age, income levels, employment status and the loan provider you choose.

Generally, you would need to submit identity proof, proof of residence. You may also need to provide income proof documents based on the lender’s requirements.

It is possible to get a ₹1,000 loan without a PAN card, but it may be difficult. Some lenders accept alternative IDs like Aadhaar or voter ID, but you may face higher interest rates or stricter terms.

Yes, a student can get a ₹1,000 loan, but it depends on the lender’s requirements. Some lenders may offer small loans to students with a guarantor or proof of income, while others may require a stable financial background or a co-applicant.

You can get ₹1,000 immediately through various instant loan options on Bajaj Markets.

You can get ₹1,000 fast through an instant personal loan from lenders available on Bajaj Markets.

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