₹1,000 Personal Loan

A ₹1,000 personal loan may seem small, but it can be helpful for short-term financial requirements. These loans are usually processed with minimal documentation, and you can repay them within a limited time frame.

For understanding purposes, if you borrow ₹1,000 as a personal loan for 2 years at an interest rate of 18% per annum, your EMI will be approximately ₹49. Over the entire tenure, your total interest outgo will be nearly ₹198, bringing your overall repayment to around ₹1,198. 

Choosing a shorter tenure of 6 months results in an EMI of around ₹175, while the total interest outgo reduces to approximately ₹53. These loans offer flexible repayment periods and can be structured to match your financial comfort, enabling you to manage small expenses effectively.

On Bajaj Markets, multiple lenders provide personal loans of ₹1,000 without the need for collateral. Check the table below to compare the interest rates and maximum tenures to find the option that best fits your needs: 

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:

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

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.

Before starting the application process, it's important to check your eligibility criteria. That said, here are key criteria you must meet. 

1. You must be an Indian citizen

2. Both salaried and self-employed individuals can apply

3. The minimum age requirement is 18 years

4. You should have a monthly income of at least ₹10,000

5. A minimum of 1 year of continuous work experience is preferred

6. A CIBIL score of 600 or above is generally required for approval

In addition to checking the criteria, you must have the following documents ready before applying. 

To apply for a loan on Bajaj Markets, follow these steps: 

1. Click here to apply for a personal loan

2. Fill up the application form with your personal details

3. Select the loan amount 

4. Choose a preferred tenure

5. Submit the application

6. Accept the offer 

7. Follow the representative’s instruction to complete the process 

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 for each month:

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.