Comparison of Interest Rates offered by Various Lenders for Personal Loan of Rs 1 Lakh
|Axis Bank||10.49% onwards||Apply Now|
|IndusInd Bank||10.49% onwards||Apply Now|
|IDFC First Bank||10.75% onwards||Apply Now|
|HDFC Bank||10.50% onwards||Apply Now|
|ICICI Bank||10.65% onwards||Apply Now|
|Kotak Mahindra Bank||10.99% onwards||Apply Now|
|Tata Capital||10.99% onwards||Apply Now|
|Bajaj Finserv||11.00% onwards||Apply Now|
|Federal Bank||11.49% onwards||Apply Now|
|DMI Finance||12.00% - 40.00%||Apply Now|
|L&T Finance||12.00% onwards||Apply Now|
|Kreditbee||12.25% - 30.00%||Apply Now|
|MoneyTap||13.00% onwards||Apply Now|
|Piramal Finance||12.99% onwards||Apply Now|
|Aditya Birla||13.00% onwards||Apply Now|
|Moneyview||15.96% onwards||Apply Now|
|Cashe||27.00% onwards||Apply Now|
Note: Rates as of 7th December 2023
EMI for Rs 1 lakh Personal Loan for Tenures of 1-5 years
|Loan Amount (Rs)||Tenure (years)||Interest Rate (p.a.)||EMI (Rs)|
EMI Calculator for Rs 1 lakh Personal Loan
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 10.49% 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
- 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
1. What is the EMI of personal loan of Rs 1 lakh?
Ans. 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.
|Interest Rates (p.a.)||Loan Amount (Rs)||Loan Tenure (years)||EMI (Rs)|
2. How to get personal loan of Rs 1 lakh without documents?
Ans. 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.
3. How can I get personal loan of Rs 1 lakh online?
Ans. 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.