Apply for a 1 lakh Personal Loan Online
Normally, the personal loan application procedure differs from one bank to the other. But, almost all banks offer the facility of applying for the instant 1 lakh loan online.
It can be difficult 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.
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.
Additional Reading: How to get personal loan in Chennai?
Eligibility Criteria for Rs. 1 Lakh Personal Loan
If you want to avail of a Rs. 1 lakh loan, you will have to meet the following personal loan eligibility criteria. Please note that the eligibility parameters may vary from one personal loan provider to another. However, the basic eligibility conditions remain the same.
- Age – The borrower age should be between 21-60 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. You can check cibil score by pan card on MyMoneyMantra.
Additional Reading: How to get instant loan in Delhi?
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:
- Identity proof documents include passport, PAN card, Aadhar card, Voter’s ID card, and driving license (any one should suffice).
- Address proof documents include driving license, Voter’s ID card, passport, or Aadhar card (one should be sufficient).
Income Proof Documents
- To avail of a 100000 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.
- 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.
Additional Reading: Cibil Score Required for Personal Loan
₹ 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 5 Lenders
|Name of Bank||Rate of interest|
|SBI||9.60% to 15.65%|
|ICICI Bank||10.50% to 19%|
|Yes Bank||10.99% onwards|
|Bajaj Finserv||13% onwards|
|Money Tap||13% to 24.03%|
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.
Personal loan EMI Calculator:
You can calculate your loan EMI amount for personal loan upto 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 National Info page.https://www.facebook.com/nationalinfoindia
Step 2 – Enter the loan amount, interest rate, and repayment tenure.
Step 3 – You get your personal 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||9.60% to 15.65% per annum||₹ 4,596||₹ 2,105|
|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|