Personal Loan for 1 Year

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.

Here is an overview of the interest rates and charges applicable to 12 months personal loans offered by various lenders on Bajaj Markets:

*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:

1. Enter the loan amount you wish to borrow (e.g., ₹5 Lakhs) in an online EMI calculator

2. Select the tenure as "1 year" or "12 months"

3. Input the interest rate (e.g., 9.99 % p.a.)

4. View the calculated EMI, total interest, principal, and total payable amount

5. 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:

1. Click on the ‘Check Offers’ option to get started

2. Fill in your personal details in the online application form

3. Enter the desired loan amount and select the 12-month repayment tenure

4. Submit the form for verification and processing

5. A representative will contact you to guide you through the next steps