Get Rs. 1 Lakh Personal Loan Quickly at Low EMIs And Interest Rate

Home » Blogs » Get Rs. 1 Lakh Personal Loan Quickly at Low EMIs And Interest Rate

Let’s face it, adulting is expensive. One minute, you’re cruising along; the next, your car decides not to work properly with all the warning lights going off (and trust us, that is a bad situation to be in). Or maybe it’s a surprise medical bill that lands in your mailbox or a sudden need to fix a leaky roof. Emergencies like these can leave your bank account feeling emptier than a deleted dating app profile!

That’s where a personal loan of 1 lakh rupees can swoop in like a financial superhero. But hold on to your superhero socks! Before you suit up and apply, it’s vital to understand the true cost of borrowing and how it will impact your monthly budget.  So, to answer “I want 1 lakh rupees loan urgently”, let us begin by understanding the features of these loans.

Features and Benefits of Instant₹1 Lakh Personal Loan 

Personal loans offer several advantages, especially for urgent needs. Here’s what makes them attractive:

1. Fast Approval: Compared to traditional loans, personal loans often have a quicker turnaround. time. Some lenders can approve and disburse the loan within 24 hours, subject to verification.

2. No Collateral Required: Unlike car loans or home loans, personal loans are unsecured, meaning you don’t need to put up any assets as security.

3. Flexible Repayment: Many lenders offer flexible repayment options. Some might even provide flexi loan options where you can borrow a portion of the sanctioned amount and pay interest only on the utilized amount.

Also Read: I Need 20,000 Rupees Loan Urgently!

Eligibility Criteria For₹1 Lakh Personal Loan

To be eligible for a 1 lakh rupees loan, you’ll need to meet certain criteria set by the lender. Here’s a general guideline:

1. Age: Typically between 21 and 58 years old.

2. Income: Minimum salary requirement can vary depending on the lender and your city. It can range from ₹15,000 to ₹25,000 per month.

3. Employment Status: Salaried individuals employed with a reputable company for a minimum period (often six months) are preferred.

4. Credit Score: A good credit score (ideally above 750) increases your chances of approval and can fetch you a lower interest rate.

Now, let us look at the documentation process.

Also, Read: I Need 50000 Rupees Loan Urgently

Documents Required For ₹1 Lakh Personal Loan

Documents required for application usually include

1. Identity Proof (PAN card, Aadhaar card)

2. Address Proof (utility bills, rental agreement)

3. Income Proof (salary slips, bank statements)

The documents required for 1 lakh rupees will vary from lender to lender.

Also Read: Need 30,000 Rupees Loan Urgently In a Day

Interest Rate On₹1 Lakh Personal Loan

Interest rates are the fees you pay for borrowing money. The higher the interest rate, the more your loan will cost overall. Personal loan interest rates in India can range from 10% to 30% or more, depending on your creditworthiness and lender.  

According to the Reserve Bank of India report, the average personal loan interest rate in India hovered around 12.25% in 2023. Remember, even a small difference in interest rate can significantly impact your repayment amount.

We have prepared a table of India’s top lenders along with the interest rates they offer on personal loans; look below:

Factors On Which Interest Rates Of ₹1 Lakh Personal Loan Depends on:

The interest rates are determined by various factors, which we’ll simplify for you:

1. Age Range:

To be considered for a 1 lakh rupees loan, you should typically be within the age bracket of 21 to 58 years. Borrowers on the younger end may receive more favorable rates as they are often seen as more likely to pay back on time, while those approaching the upper age limit might encounter higher rates.

2. Work Situation:

A stable job and consistent income are prerequisites for a loan of 1 lakh rupees. Such stability often leads to better interest rates. For instance, employees in established sectors, such as the public sector or large corporations, may enjoy reduced rates due to the reliability of their paycheck.

3. Credit History:

Your credit score significantly impacts your interest rate. A higher score indicates reliability in repaying loans, which could help you secure a lower interest rate. A good benchmark for a healthy credit score is above 650.

Remember, these are general guidelines, and the specifics can vary with different financial institutions.

How to Apply for a ₹1 Lakh Personal Loan Instantly?

To answer that question of yours, we have broken down the basic steps to get a 1 lakh rupees loan urgently below.

Steps To Get 1 Lakh Rupees Loan Urgently

Step 1: Find a Lender:

Start by looking for lenders with the most favorable rates and terms.

Step 2: Submit an Application:

Go to the chosen lender’s website or app and complete the loan application form.

Step 3: Provide Your Details:

Attach and send the necessary documents through the website or app.

Step 4: Wait for Approval:

If you meet the criteria, the lender will approve your application and transfer the loan to your account swiftly.

Alternatively, if you’d rather not spend time comparing options, you can use a service like Credmudra. We will match you with a suitable lender in just three minutes, making access to your 1 lakh rupees loan very quick and easy!

Also Read: I Need ₹5000 Rupees Loan Urgently: Quick Guide

EMI On₹1 Lakh Personal Loan

EMIs are your fixed monthly payments that combine both principal (the original loan amount) and interest.  For this, you can use an online EMI calculator, provided by Credmudra to calculate your EMI. 

But to make the picture more clear, let us take an example. 

With a 17% interest rate (which translates to 1.42% monthly interest) and a loan term of 1 year (12 months), your estimated EMI would be around 9,544 rupees. This means you’d pay 9,544 rupees every month for a year to repay the loan in full.

Tips to Consider Before Applying For Instant ₹1 Lakh Personal Loan

1. Explore Alternatives: Consider if there are alternative ways to meet your financial need. Can you dip into your savings or utilize a credit card with a lower interest rate for smaller amounts?

2. Check Your Credit Report: Before applying, ensure your credit report is free of errors. You can obtain a free credit report once a year from CIBIL or other credit bureaus.

3. Budget for EMIs: Factor in the monthly EMI (Equated Monthly Installment) into your budget before applying. Ensure you can comfortably repay the loan without straining your finances.

Borrow Wisely, Manage Well

A personal loan can be a helpful tool, but it’s crucial to borrow responsibly. By understanding interest rates, repayment terms, and eligibility criteria, you can make informed decisions. Remember, explore alternatives if possible, maintain a good credit score, and most importantly, only borrow what you can comfortably repay.

We hope this blog empowers you to navigate the world of personal loans and make sound financial decisions!

Also Read: I Need a 3000 Rupees Loan Urgently

FAQs:

1. What is the EMI for A Personal Loan of Rs.1 Lakh?

For a personal loan of Rs.1 lakh with an annual interest rate of 16%, taken for a duration of 2 years, the monthly EMI would be approximately Rs.4,896. To accurately calculate the EMI according to your needs, you can use Credmudra’s free personal EMI calculator tool.

2. Is it Possible to Get 1 Lakh Loan without Providing Proof of Income?

Securing a Rs.1 lakh loan without income proof might be possible, but it largely depends on your eligibility criteria and credit score. These factors help lenders assess your ability to repay the loan.

3. Is it Possible to Get A Loan of Rs.1 Lakh?

Yes, getting a personal loan of Rs.1 lakh loan is feasible, but it largely depends on several factors, including your credit score, income, and employment status. If you satisfy the necessary criteria set by the lender, you can secure a loan of this amount.

4. What is the Maximum Repayment Period for 1 Lakh Personal Loan?

The maximum repayment period for a ₹1 lakh personal loan can vary depending on the lender, but it typically ranges from 1 to 5 years. Some lenders may offer extended terms based on the borrower’s credit profile and the loan terms.

5. What are the Steps to Get 1 Lakh Rupees Loan Urgently?

To get a 1 lakh rupees loan urgently, prepare all required documents in advance. Then, apply online through a financial platform, like Credmudra, that offers quick processing. Our platform prioritizes applications for urgent loan needs, enabling faster assistance.

Also Read: What is Emergency Loan: A Comprehensive Guide