| Interest rates | Usually 9.98% p.a. onwards |
| Tenure | Usually up to 1 year |
| Type of loan | Unsecured loan |
| Processing fee | Usually up to 4% of loan amount |
| Usage | For personal loans with no end-usage restriction, except for speculative purposes |
| Pre-approved offers | Available |
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Rs. 1 Lakh Personal Loan - Quick Overview
Best Apps & Banks for Rs. 1 Lakh Instant Loan
| Personal Loan Apps | Interest rate (p.a.) |
|---|---|
| Paisabazaar App | 9.98% onwards |
| Paysense Loan | 16.00% - 36.00% |
| Cashe Loan | 27.00% - 30.00% |
| Kreditbee Loan | 12.00% - 28.50% |
| Moneyview Loan | 14.00% onwards |
| Fibe Loan | 16.00% - 30.00% |
Bank Options for Rs. 1 Lakh Loan
| Bank/NBFC | Interest Rates (% p.a.) |
|---|---|
| Axis Personal Loan | 9.99 onwards* |
| Bajaj Personal Loan | 10.00-30.00 |
| HDFC Personal Loan | 9.99 onwards |
| ICICI Personal Loan | 9.99 onwards |
| IDFC Personal Loan | 9.99 onwards |
| IndusInd Personal Loan | 10.35 onwards* |
| Kotak Personal Loan | 9.98 onwards* |
Rs. 1 Lakh Personal Loan EMI Calculator
EMI for Rs 1 lakh Personal Loan for Tenures of 1-5 years
| Loan Amount (Rs) | Tenure (years) | Interest Rate (p.a.) | EMI (Rs) |
|---|---|---|---|
| 1 lakh | 1 | 11% | 8,838 |
| 1 lakh | 2 | 11% | 4,661 |
| 1 lakh | 3 | 11% | 3,274 |
| 1 lakh | 4 | 11% | 2,585 |
| 1 lakh | 5 | 11% | 2,174 |
Rs. 1 Lakh Personal Loan Eligibility
Below-mentioned are the eligibility criteria set by banks and NBFCs offering personal loan of Rs. 1 lakh to their customers:
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Rs. 1 Lakh Loan Without CIBIL Score or Salary Slip
Rs. 1 lakh Personal Loan without CIBIL Score
Individuals without a CIBIL score or new-to-credit customers might not have availed a credit product before, and hence, have no credit history of their own. Most top lenders usually do not extend their best loan offer to new-to-credit customers or offer them loans at a very high interest rate. However, NBFCs and fintech platforms are open to offering credit to individuals without a CIBIL score but at terms stricter than usual.
Rs. 1 Lakh Personal Loan Without a Salary Slip
Self-employed individuals such as gig workers and freelancers do not have a consistent income, and hence, have no formal income documents. Such applicants can apply for a personal loan of Rs. 1 lakh by providing their bank statements for the last 6 months and recent ITR for repayment capacity assessment.
Also Read: How to apply personal loan without salary slip
Rs. 1 Lakh Loan for Students and Freshers
Students neither have a job nor a consistent income, hence, they are not eligible for personal loans.
Freshers, who have recently joined a job and have completed at least 1 year of service in their current organization can, however, be eligible for availing personal loan of Rs. 1 lakh.
Freshers employed with government sectors have very high chances of getting their loans approved due to highest job stability and income consistency, followed by the individuals employed with reputed private sector companies and MNCs.
Applicants who are not eligible for personal loans can opt for loan against property, gold loans, loan against FD, etc.
Documents Required During Loan Application
Below-mentioned is the detailed list of documents required during personal loan application:
How to Get Rs. 1 Lakh Personal Loan in 5 Minutes
With digitization of the lending ecosystem, loans can now be approved and disbursed in just a few minutes. You can apply for personal loans through Paisabazaar with end-to-end digital processing and instant loan disbursal in as less as a few minutes to a few hours.
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FAQs
How can I get 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 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 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.
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.
Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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Get up to ₹50 Lakhs starting at 9.98%*
Get up to ₹50 Lakhs starting at 9.98%*








