Most banks/NBFCs offer personal loans of Rs 1 lakh at interest rates starting from 10.25% p.a. Such loans are usually offered for tenures of up to 5 years. Select customers can also avail pre-approved instant personal loans from their banks/NBFCs. Such pre-approved offers are provided to existing customers having good credit profile. Borrowers can also consider short term personal loans from NBFCs and new age fintech lenders like Cashe, Kreditbee, Fullerton India, etc., for availing loan amount of Rs 1 lakh.
Comparison of Interest Rates offered by Various Lenders for Personal Loan of Rs 1 Lakh
|HDFC Bank||11.00% onwards||Apply Now|
|ICICI Bank||10.75% onwards||Apply Now|
|Axis Bank||10.25% onwards||Apply Now|
|Kotak Mahindra Bank||10.99% onwards||Apply Now|
|IndusInd Bank||10.49% onwards||Apply Now|
|IDFC First Bank||10.49% - 25.00%||Apply Now|
|Bajaj Finserv||13.00% onwards||Apply Now|
|Tata Capital||10.99% onwards||Apply Now|
EMI for Rs 1 lakh Personal Loan for Tenures of 1-5 years
|Loan Amount (Rs)||Tenure (years)||Interest Rate (p.a.)||EMI (Rs)|
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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.
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.
Also Read: Personal Loan EMI Calculator
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.
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.
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 10.25% 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
- ID proof: PAN card, Aadhar card, driving license,
- Address proof
- ITR/Form 16
- Last 3 months’ salary slips
- Bank statements for past 6 months
- 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