₹1,000 Instant Personal Loan

mPokket and Olyv offer ₹1000 personal loan on Bajaj Markets. The interest rates start from 18% and you can pay it in time frame of up 12 months. 

For understanding purposes, if you borrow ₹1,000 as a personal loan for 3 months at an interest rate of 18% per annum, your EMI will be approximately ₹343. Over the entire tenure, your total interest outgo will be nearly ₹30, bringing your overall repayment to around ₹1,030. 

On Bajaj Markets, two lenders provide personal loans of ₹1,000 with minimal documentation. 

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 3 months. The EMI will be ₹343. The total interest paid will amount to ₹30, and the total repayment will be ₹1,030.

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:

Before starting the application process, it's important to check your eligibility criteria. Some lenders offer small-ticket personal loans even if you don’t have a stable salary or proof of income. 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. A minimum of 1 year of continuous work experience is preferred

5. Ideally, the CIBIL score for ₹1,000 personal loan should be 650 or above. If you don’t know your latest score, you can check your CIBIL score online instantly. 

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 go to the personal loan application page. 

2. Select your profession from the dropdown options. 

3. Enter your mobile number and the pin code of your current residence. 

4. Agree to the terms and conditions provided and click on ‘Proceed’. 

5. On the next page, enter your personal details, including: 

• PAN

• Name as per PAN card

• Date of birth

• Email ID

• Gender

6. You will also have to provide some key details of your employment, such as: 

• Employer category

• Employer/company name

• Net monthly salary

• Salary credit mode (Bank or Cash)

7. After entering all these details, click on ‘Submit’. 

8. Next, you will be shown loan offers as per your eligibility. 

9. Choose your preferred option and enter your preferred loan tenure.

10. Finally, submit your personal loan application.

11. You will then be redirected to the lender's website for further processes like KYC, e-mandate, and disbursal.