1 Lakh Personal Loan
Apply for Rs. 1 lakh personal loan online at affordable interest rates starting from 10.50% p.a. for medical emergencies, shopping for a gadget or latest smartphone, vacation, and so on. Rs. 1 lakh loan online can be availed easily with minimal documentation for tenure ranging between 12 to 60 months.
₹ 1 Lakh Personal Loan Interest Rates
Before applying for a personal loan make sure you know the applicable rates and charges. The 1 lakh loan interest rates vary from one bank to the other. The nationalized banks offer lower rates of interest than the private sector banks. However, other financial institutions offering the 1 lakh loan scheme charge higher rates, depending on their internal loan policies.
Personal Loan Interest Rates of Top Banks
| Bank | Interest Rate |
|---|---|
| Axis Bank | 13.75% |
| HDFC Bank | 10.75% |
| Kotak Mahindra Bank | 10.99% |
| ICICI Bank | 10.80% |
| IndusInd Bank | 10.49% |
| IDFC First Bank | 10.99% |
| Yes Bank | 10.99% |
Loan of 1 Lakh Without Income Proof
Below is the list of short-term personal loan (STPL) providers that offer instant loans up to Rs. 1 Lakhs Loan without income proof:
Eligibility Criteria for Rs. 1 Lakh Personal Loan
If you wish to avail of a Rs. 1 lakh Personal Loan, you will have to meet the following personal loan eligibility criteria. Please note that the eligibility parameters may vary from one personal loan lender to another. However, the basic eligibility conditions remain the same.
- Age - The borrower should be in the age group of 21 to 60 years for a salaried individual and 23 to 65 for a self-employed person. Some banks have lower age limits, but the upper ceiling is generally the same.
- Occupation - Both self-employed and salaried persons are eligible for a 100000 loan. However, some lenders may provide personal loans to only salaried applicants.
- Income - Salaried persons should have a minimum income of Rs. 25,000 in metropolitan cities and Rs. 15,000 in other places. Self-employed persons should show a minimum annual income of Rs. 5 lakhs, whereas businesspersons should declare annual revenues of at least 50 lakhs.
- Experience - Salaried employees should have work experience of a minimum of one year and self-employed persons, three years.
- Credit Score - Most banks and NBFCs require you to have a CIBIL score of 750 or above to be eligible for an instant personal loan of 1 lakh. So, always check Credit Score before applying for a loan.
Documents Required for 1 Lakh Personal Loan
Even if you meet the eligibility criteria of the lender, you cannot avail of a 1 lakh loan without documents to prove your eligibility. The documents required for a personal loan are as follows:
KYC Documents
- Identity proof documents include a passport, PAN card, Aadhar card, Voter’s ID card, and driving license (anyone should suffice).
- Address proof documents include a driving license, Voter’s ID card, passport, or Aadhar card (one should be sufficient).
Income Proof Documents
- To avail of a 1,00,000 personal loan, salaried employees can produce salary slips or a certificate from their employers for the last 2 months, Form 16, bank statements, and IT returns.
- Self-employed persons need to provide IT returns and their financial statements as proof of income.
Additional Documents
- Proof of business is necessary for business persons.
- All applicants should provide a copy of their bank statements for a minimum of 6 months for 1 lakh rupees Personal Loan.
How to Calculate the ₹ 1 Lakh Personal Loan EMI?
Calculating your 1 lakh personal loan EMI is crucial as it enables you to know your monthly outflow. It helps to manage your finances better.
You can calculate your loan EMI amount for a personal loan up to 1 lakh using the Personal Loan EMI Calculator available on our website by following the easy steps mentioned below.
Step 1 - Access the Financial Tools webpage on our official website.
Step 2 - Enter the loan amount, interest rate, and repayment tenure.
Step 3 - You get your loan EMI immediately along with the loan amortization schedule that gives you a break-up of the principal and the interest repayment portions throughout the loan tenure.
If you want a low EMI personal loan, you can try different combinations to reach the ideal EMI for you.
1 Lakh Personal Loan EMI for 2 Years & 5 Years
| Name of Bank | Rate of interest | EMI for 2 Years | EMI for 5 Years |
|---|---|---|---|
| State Bank of India | 10.10% to 15.65% per annum | ₹ 4,614 | ₹ 2,125 |
| ICICI Bank | 10.50% to 19% per annum | ₹ 4,638 | ₹ 2,149 |
| Yes Bank | 10.99% onwards per annum | ₹ 4,660 | ₹ 2,174 |
| Bajaj Finserv | 13% onwards per annum | ₹ 4,754 | ₹ 2,275 |
| Money Tap | 13% Onwards per annum | ₹ 4,754 | ₹ 2,275 |
Apply for a 1 lakh Personal Loan Online
Generally, the personal loan application procedure differs from one bank to the other. However, almost all banks offer the facility of applying for the instant 1 lakh loan online.
It can be challenging for you to compare the interest rates of all the loan service providers and decide on the ideal option. Therefore, we make it easy for you by allowing you to compare the different 1-lakh rupees loan products on a single page.
While there are many ways of applying for a personal loan upto 1 lakh, an online application through MyMoneyMantra is the most convenient. Here is how you can apply online for a personal loan through our website.
- Click on the Personal Loan tab mentioned under the Loans section on our website.
- Sign up by entering your name, email address, and mobile number.
- Enter the loan amount required.
- Select the employment type from the given options.
- Enter your monthly income, company name, pin code and the bank name where your salary is credited.
- Enter the OTP received on your mobile and mention other required details.
- On entering all the required details, you can access the best matching personal loan offers of over 100 financial institutions.
- Choose a preferred lender and proceed to apply for the loan.
- Our loan experts will help you in completing the documentation formalities and explaining the loan procedure.
- Once your application is approved the loan amount will be credited to your bank account.
We have almost all top banks offering one lakh loan to their customers. You can easily compare between an extensive range of loan offers online on a single page. It saves your time and effort of applying for a loan with every bank separately.
Alternatively, you can also call us at 1800 103 4004 or 9887114161 or send us an email at contactus@mymoneymantra.com to apply for the loan.
1 Lakh Personal Loan FAQs
All banks offer a 1-lakh personal loan to their customers. Ideally, it is ideal to go for the bank where you maintain your salary account or business transactions when you need 1 lac loan. It becomes easy for the bank to process your application and gauge your repayment capacity. Besides, the loyalty factor allows you a concession in the interest rates. Nevertheless, you are always free to approach any bank for the 1-lakh rupees loan. From the interest rate viewpoint, the nationalized banks are the best options, followed by the private sector banks and other financial institutions. When it comes to prompt service, the private sector banks and other institutions are better.
If you are wondering how to get a 1 lakh loan immediately, you should have all the documents ready on hand. Therefore, applying online is the quickest option available today. If you upload all the documents correctly and are found eligible for the 1-lakh loan, you can get the 1-lakh immediately into your bank account.
Yes, if you want a 1 lakh personal loan at the lowest interest rate, you have to satisfy the necessary conditions.
- Salaried employees have the benefit of a lower interest rate than their non-salaried counterparts.
- Having your salary account in the same bank where you apply for the 1-lakh loan gets you the interest rate concession.
- You should have an excellent credit rating (650 and above, the higher, the better) to avail of the interest rate benefit.
Yes, you can get a 1 lac personal loan from L&T Finance and Prefr without submitting income proof.
Amongst all the public sector banks, SBI offers one of the most attractive interest rates on 1 lakh instant loans. The personal loan interest rates at SBI can be anything between 10.30% and 15.65% per annum, depending on various factors like income, occupation, and credit rating.
If you need 1 lakh rupees urgently, the following factors can affect the 1-lakh loan EMI:
- Interest Rate - The higher the interest rate, the more is the EMI amount. If you have sufficient income and an excellent credit score, you benefit from lower interest rates.
- Loan Tenure - Generally, banks offer a loan repayment tenure of a maximum of 60 months. You can select a shorter tenure, but you should be ready to pay a higher EMI. The more extended the tenure, the lower is the EMI amount.
The EMI for a 1 lakh personal loan depends on the rate of interest offered by the financial institution. Therefore, we shall assume that you opt for the maximum repayment tenure of 60 months.
| Loan Service Provider | Rate of Interest | EMI Range |
|---|---|---|
| State Bank of India | 10.30% to 15.65% | 2,108 to 2,413 |
| ICICI Bank | 10.00% to 19.00% | 2,125 to 2,594 |
| Yes Bank | 10.99% onwards | 2,174 onwards |
| Bajaj Finserv | 13.00% onwards | 2,275 onwards |
| Money Tap | 13.00% to 24.03% | 2,275 to 2,879 |
If you think, “I want 1 lakh rupees loan urgently without documents”, it’s better to avoid that idea. Usually, you cannot avail of the 1-lakh loan without documents. Banks and financial institutions rely on documents to determine your identity, residence, occupation, income, and repaying capacity.