Know more about the interest rates, eligibility criteria, and benefits of 1-year personal loans on Bajaj Markets.
A personal loan for 1 year is a short-term financial solution that helps you meet immediate expenses without long-term commitment. Whether it’s for medical emergencies, travel, or consolidating debts, such a loan may offer quick access to funds.
With a shorter repayment period, it allows you to settle your loan swiftly, making it an ideal choice for those looking for convenience and minimal financial obligation over time.
Features and Benefits
High Loan Amount
You can access substantial funds, with amounts of up to ₹50 Lakhs available, depending on your eligibility.
Affordable Interest Rates
Personal loans come with competitive interest rates, starting from as low as 9.99% p.a., making them an economical choice for borrowers.
Multi-purpose Usage
The loan amount can be used for various purposes, such as handling medical expenses, planning a trip or wedding, funding your child's education, consolidating debts, and more.
No Collateral Required
These loans are unsecured, hence, you don’t need to provide any asset as security.
Flexible Loan Options
You can opt for either a traditional term loan or a flexi loan variant based on your specific needs.
Fast Processing
The simple online application process ensures that your loan application is reviewed and verified in just a few minutes.
Minimal Documentation
The application process involves limited paperwork, making it convenient and hassle-free to apply online.
Quick Disbursal
Once approved, the loan amount is disbursed promptly, often within minutes.
No Hidden Charges
These loans come with complete transparency, ensuring no hidden fees or unexpected costs.
Here is an overview of the interest rates and charges applicable to 12 months personal loans offered by various lenders on Bajaj Markets:
Partner Name |
Min Interest Rate |
Max Tenure |
Processing Fee |
Bajaj Finance Limited |
10% p.a. |
96 months |
Up to 3.93% of the loan amount |
CASHe |
2.79% p.m. |
18 months |
Up to 5.5% of the personal loan amount + GST |
Federal Bank |
11% p.a. |
48 months |
0.70% to 2.80% of the loan amount + 18% GST |
Fibe |
14% p.a. |
36 months |
Up to 2% of the loan amount |
Finnable |
15.95% p.a. |
60 months |
Up to 3% of total loan amount |
IIFL Finance |
18% p.a. |
42 months |
2% to 6% of the loan amount + GST |
InCred |
16% p.a. |
60 months |
2%-5% on the sanctioned amount |
Kissht |
14% p.a. |
24 months |
3% - 5% of the loan amount |
Kotak Mahindra Bank |
10.99% p.a. |
72 months |
Up to 1.10% - 1.50% of the loan amount + GST |
KreditBee |
14% p.a. |
24 months |
Up to 3% of the loan amount |
L&T Finance |
12% p.a. |
48 months |
Up to 2% of loan amount + GST |
MoneyTap |
18% p.a. |
36 months |
5% to 10% of the loan amount |
moneyview |
1.33% p.m. |
60 months |
Starting from 2% of the approved loan amount |
mPokket |
24% p.a. |
90 days |
₹50 to ₹200 + 18% GST (depending on the loan amount with a maximum APR of 48%) |
Muthoot Finance |
14.50% p.a. |
60 months |
2% to 4% of the loan amount |
Olyv |
18% p.a. |
12 months |
2% - 12% of the loan amount |
PaySense Partners |
15% p.a. |
60 months |
2% - 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher) |
Privo |
9.99% p.a. |
60 months |
1%-3% of the loan amount +GST |
SMFG India Credit |
12% p.a. |
60 months |
0% - 6% of the loan amount |
Upwards |
18% p.a. |
36 months |
Up to 4% of the loan amount |
YES BANK |
12.50% p.a. |
72 months |
Up to 2.75% of the loan amount |
Zype |
18% p.a. |
12 months |
2% to 6% of the loan amount |
*Disclaimer: The mentioned details are subject to change at the lender’s discretion.
An EMI calculator helps you quickly estimate your monthly repayments for a 1-year personal loan. By entering details like the loan amount, tenure, and interest rate, you can instantly calculate the EMI and the total cost of the loan.
Here are the steps to use an EMI calculator for a one year personal loan:
Enter the loan amount you wish to borrow (e.g., ₹5 Lakhs) in an online EMI calculator
Select the tenure as "1 year" or "12 months"
Input the interest rate (e.g., 9.99 % p.a.)
View the calculated EMI, total interest, principal, and total payable amount
Adjust the inputs to explore different loan scenarios
Here are some key reasons why you should opt for a personal loan with a tenure of 1 year:
Shorter Commitment Period
A personal loan for 1 year allows you to repay the loan quickly, avoiding long-term financial obligations.
Lower Overall Interest
With a shorter tenure, the total interest paid on the loan is significantly lower compared to long-term loans.
Quick Financial Solution
Ideal for urgent expenses like medical emergencies, weddings, or travel plans where immediate funds are required.
Easier Financial Planning
A short repayment period makes it easier to plan your budget and manage finances effectively.
Flexible Usage
The loan amount can be used for various purposes, such as consolidating debt, funding education, or home improvements.
Minimal Impact on Future Borrowing
Since the loan is repaid in a year, it leaves room for better credit opportunities in the near future.
No Long-Term Financial Stress
Completing repayments within a year provides peace of mind and financial freedom sooner.
Before applying for a 1-year personal loan, ensure you meet the following requirements:
Indian Citizenship
Applicants must be citizens of India
Employment Status
Both salaried and self-employed individuals are eligible to apply
Minimum Age
Applicants should be at least 18 years old
Income Requirement
A minimum monthly income of ₹10,000 is necessary to qualify
Work Experience
A minimum of 1 year of work experience is required
Credit Score
Applicants should have a CIBIL score of 600 or higher to increase their chances of approval
Remember that eligibility criteria may vary across lenders. It’s best to confirm the specific requirements with your selected lender to ensure a seamless application experience.
When applying for a 12-month personal loan, you may need to provide the following documents:
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:
Bank statements or salary slips for the past 3 months
Photographs:
Two recent passport-sized photographs
Keep in mind that document requirements may vary between lenders. It is advisable to contact your chosen lender for a comprehensive list of necessary documents and eligibility criteria to ensure a smooth application process.
Follow these quick steps to apply for a 12-month personal loan online:
Click on the ‘Check Offers’ option to get started
Fill in your personal details in the online application form
Enter the desired loan amount and select the 12-month repayment tenure
Submit the form for verification and processing
A representative will contact you to guide you through the next steps
FAQs
Can you get a personal loan for 12 months?
Yes, you can get a personal loan for a 12-month tenure. Many lenders offer short-term personal loans with flexible repayment options, allowing you to repay the amount within a year.
What is the maximum loan one can get for a 1-year tenure?
The maximum loan amount for a 1-year tenure varies depending on the lender and your eligibility, such as income, credit score, and repayment capacity. Typically, you can avail of amounts up to ₹50 Lakhs, subject to the lender’s terms and conditions.
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