Rs 1 Lakh Personal Loan

Rs 1 Lakh Personal Loan at Paisabazaar

At Paisabazaar, you can easily view, compare, and apply for the best personal loan offers for Rs 1 lakh personal loan from multiple banks and NBFCs in India. Here’s how Paisabazaar stands out–

• Wide choice of personal loan offers from top lenders.
• Digital processes for a fast, hassle-free experience.
• End-to-end assistance provided throughout your loan journey.
• Pre-approved loan offers on Paisabazaar from top lenders like Hero Fincorp, Aditya Birla Capital, Axis Bank, IndusInd Bank, and Moneyview.

Here is the list of the pre-approved personal loan offers of banks/NBFCs available on Paisabazaar:-

EMI & Interest Breakdown for Rs 1 lakh Personal Loan for Up to 5 Year Tenures

Have a look at the EMI for a Rs 1 lakh loan at 12.00% p.a. interest from 1 year to 5 years tenures:-

Lower EMI vs Lower Interest Cost

• Lower EMIs over longer tenures may ease the monthly burden, but total repayment increases substantially.
• A 5-year loan tenure leads to Rs 33,467 in interest, over 5 times what you’d pay for a 1 year loan.
• Choosing a shorter tenure significantly reduces interest cost, if your monthly budget allows keeping aside essential financial goals.
• Borrowers with a limited repayment capacity can opt for longer loan tenures and prepay when they have adequate surplus funds. However, prepayments should not compromise monthly contributions. Some lenders may mandate borrowers to repay a predetermined number of EMIs before allowing prepayments or foreclosures and levy penal charges for the same. Fixed-rate loans have no prepayment penalties.

How to Apply for Rs 1 Lakh Personal Loan in just 5 steps at Paisabazaar

• Visit Paisabazaar on the web or app.
• Enter your mobile number in the application form.
• Fill in your personal details.
• Enter OTP to verify your mobile number.
• Select the loan amount and loan purpose.

Now, just check and compare the available personal loan offers from multiple lenders and apply for the best-suited personal loan.

All You Need to Know About Rs 1 Lakh Personal Loan

• Personal loans for Rs 1 lakh usually start at 10.50% p.a., with some public sector banks offering lower rates to eligible applicants.
• The loan tenure usually ranges from 6 months to 5 years.
• Personal loans are unsecured, i.e., you don’t need to pledge any security or assets.
• Most lenders offer instant pre-approved personal loans with same-day disbursal to select consumers
• Funds can be used for any legal purpose, such as medical bills, education, travel, weddings, or home renovation, except speculative purposes.

Know Fees & Charges Before You Borrow

• Processing Fees: Usually range from 0.5% to 4% of the loan amount
• Prepayment and Foreclosure Charges: 1%-5% of the outstanding loan amount
• Late EMI payment charges: 1%-2% p.a. on the EMI overdue amount
• Stamp Duty Charges: As per actuals

Here’s What Lenders Look For – Eligibility Criteria

Stated below are the general personal loan eligibility criteria considered by most lenders:-

• Age: 18 to 60 years
• Credit Score: Usually 750+ preferred
• Income:
  • Salaried: Minimum net monthly income Rs 15,000/month
  • Self-Employed: Minimum Rs 3–5 lakh/year
• Work Stability: Minimum 1 year in current job/business

Keep These Documents Ready for Hassle-Free Application

Listed below are the list of general documents required by personal loan lenders.

• Identity Proof: Aadhaar, PAN, Passport, Voter ID
• Address Proof: Aadhaar, Utility Bill, Passport
• Income Proof:
  • Salaried: Last 3 month’s salary slips
  • Self-Employed: ITR (last 1–2 years)
• Bank Statements: Last 6 months
• Passport Size Photographs

FAQs on Rs 1 Lakh Personal Loan

What is the minimum income required to avail personal loan?

Most banks and NBFCs usually need a minimum net monthly income of Rs 15,000 for any personal loan. For higher loan amounts, lenders may set higher minimum income eligibility criteria.

What are the interest rates for a Rs 1 lakh personal loan?

The interest rates for personal loans usually start at 10.50% p.a., with some public sector banks offering personal loans at lower interest rates. The final interest rates set by the lender depend on the credit profile of their loan applicants and the risk-based pricing models followed by the lender.

Can I apply for a Rs 1 lakh personal loan online?

Applicants can apply for Rs 1 lakh personal loan online through the official websites of banks and NBFCs or through Paisabazaar.com. 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.

What is the maximum tenure available for repaying a personal loan?

The maximum repayment tenure of a personal loan is 5 years, with some banks/NBFCs offering longer tenures of up to 7 years.

How long does it take for the loan amount to be disbursed?

The loan disbursement time for a personal loan generally varies based on the lender, loan amount, and the documentation process. For pre-approved loans or instant loans, the amount can be disbursed within a few hours to 1-2 business days as the respective lender already has the KYC documents and the initial screening has already been completed.

What documents are needed for a salaried individual to apply for this loan?

Salaried Individuals usually require salary slips, bank statements, identity proof, address proof and passport size photograph for a personal loan application.

Are there any prepayment charges for a Rs 1 lakh personal loan?

Personal loan lenders usually levy 1% to 5% of the outstanding loan amount on prepayment and foreclosure of the loan.