Rs 1 Lakh Personal Loan

Interest Rates of Rs 1 lakh Personal Loan

Lenders usually offers personal loan interest rates starting from 10.49% p.a. onwards. The interest rates offered to an applicant can vary widely across lenders depending on the lender’s credit pricing policy and the applicant’s credit profile. Below mentioned are the interest rates offered by some personal loan lenders:

EMI for Rs 1 lakh Personal Loan for Tenures of 1-5 years

EMI Calculator for Rs 1 lakh Personal Loan

Key Points Lenders consider while offering Personal Loans of Rs 1 lakh

Minimum Monthly Income

Personal loans are usually offered to applicants having minimum monthly income of Rs 15,000. The monthly income criteria set by some lenders might be higher.

EMI/NMI Ratio

Applicants with EMI/NMI (net monthly income) ratio of around 55% usually have higher chances of availing personal loans. The EMI/NMI ratio includes the EMIs of existing loan as well as the proposed personal loan.

Credit Score

Applicants having credit scores of 750 and above having higher probability of availing personal loans at lower interest rates. However, some lenders might offer personal loans to applicants having low credit scores, but at higher interest rates. Applicants who are new to credit or have no credit score might also avail personal loans from some lenders at higher interest rates.

Job profile

Applicants employed with top private sector companies and PSUs have higher chances of availing personal loans due to their higher job stability and income certainty. Self-employed individuals with business vintage of at least 1 year are also eligible for personal loan of Rs 1 lakh. However, some NBFCs and new age fintech lenders might offer some relaxation in the eligibility criteria to their personal loan applicants.

Age

The age criteria set by most lenders for availing personal loans is around 21 years at the time of loan application, and 67 years at the time of loan maturity.

Features of Personal Loan

• Lenders usually offer personal loans at 10.49% p.a. onwards. Some PSU banks might offer personal loans at lower interest rates.
• The repayment tenure for personal loans of is usually up to 5 years.
• No collateral or security needs to be submitted for availing personal loans
• The processing fees might be charged up to 2.5%.
• There is no end-usage restriction on the personal loan, except for speculation.

Documents Required for Loan Application

Below-mentioned are the documents required by the lender during personal loan application for loan amount of Rs 1 lakh.

For Salaried

• ID proof: PAN card, Aadhar card, driving license,
• Address proof
• ITR/Form 16
• Last 3 months’ salary slips
• Bank statements for past 6 months

For Self-employed

• Form 26 AS, Income Tax Challan or TDS certificate (Form 16A) for income tax declared
• Business Proof
• ITR for last 2 years along with P&L account, balance sheet and income computation for last 2 years

FAQs on 1 Lakh Personal Loan

How can I avail personal loan of Rs 1 lakh?

You can avail personal loan of Rs 1 lakh by applying through the official websites of banks and NBFCs or by visiting their branches. Alternatively, they can also visit online financial marketplaces like Paisabazaar.com to compare the interest rates and other features of Rs 1 lakh personal loan offered by various lenders.

What is the interest cost of Rs 1 lakh personal loan?

The interest cost of Rs 1 lakh personal loan would depend on the loan amount, loan tenure and interest rates offered by banks and NBFCs. For e.g., if a lender offers personal loans at 10.80% p.a. for loan amount of Rs 1 lakh and tenures of up to 5 years, its total interest cost would be Rs 29,857. However, if a lender offers personal loans at 14% p.a. for loan amount of Rs 1 lakh and loan tenure of 5 years, the interest cost would be Rs 39,610. Hence, applicants should use Personal Loan EMI Calculator to calculate the interest cost for various combinations of loan amount, loan tenure and interest rate.

What is the EMI of Rs 1 lakh personal loan availed from SBI?

The EMI of personal loan of Rs 1 lakh availed from the SBI would depend on its loan tenure and interest rate offered by the lenders. The EMI for Rs 1 lakh personal loan for loan tenure of up to 6 years and interest rate of 11.15% p.a. would be Rs 1,911 whereas the EMI for same loan amount and same loan tenure at 13% p.a. would be Rs 2,007. Applicants should use the Personal Loan EMI Calculator to calculate the EMI depending on the loan amount, loan tenure and interest rate offered by the bank.

What is the interest cost of Rs 1 lakh personal loan availed from HDFC Bank?

The interest cost for Rs 1 lakh personal loan availed rom HDFC Bank would depend on the loan amount, loan tenure and interest rate offered by the bank. The interest cost for personal loan of Rs 1 lakh offered at 10.50% p.a. for tenure of up to 5 years would be Rs 28,963 whereas the interest cost for the same loan amount and tenure at 12% p.a. would be Rs 33,467. Applicants should use Personal Loan EMI Calculator to calculate the interest cost and get instant results.

What is the EMI of personal loan of Rs 1 lakh?

The EMI of your personal loan of Rs 1 lakh would depend on its interest rate and loan tenure. The current interest rates offered by private sector lenders start from 10.49% p.a. onwards. However, some PSU banks may offer lower interest rates on personal loans. The tenures usually range between 1 and 5 years with some lenders offering longer tenures of 6-7 years. The below mentioned table shows the EMI of personal loan of Rs 1 lakh for various interest rates and loan tenures.

How to get personal loan of Rs 1 lakh without documents?

Many lenders offer pre-approved instant personal loans to their select existing customers. As the lenders already have all the KYC documents of their existing customers, they usually would not require any additional documents for personal loan application. Also, many lenders have digitized their onboarding process that has made the documentation process paperless, quicker and convenient. Here, the applicants might be required to submit the necessary documents but in digital format.

How can I get personal loan of Rs 1 lakh online?

Applicants planning to avail personal loan of Rs 1 lakh can visit the official websites of banks and NBFCs. They can also apply for personal loans with lenders with which they already have credit card, deposit and/or loan accounts by using internet banking or mobile banking app. They should also visit online financial marketplaces to compare the personal loan offers from other lenders and make online personal loan application through them, if they are personal loans at lower interest rates and/or processing fees.