Personal Loan of Rs 1 Lakh

Are you searching for a personal loan and not sure how to proceed? Here are the details. As the title suggests, it is a loan given for personal needs. There are financial institutions like Banks and NBFCs that fulfill such loan requirements of people.

Does that mean they give loans to everyone? Definitely No. It has some eligibility criteria. If you meet the criteria and submit the required documents, the loan sanction process will be easier. Now, let us see in detail.

Key features of Rs. 1 Lakh Personal loan

• The maximum tenure for loan repayment is up to 9 to 42 months.
• Interest Rates start from 18.00% and go up to 44.00%
• Processing Fees can be up to 2% to 6% of the loan amount + GST.

1 Lakh Rupee Personal Loan Eligibility Criteria

• You must be an Indian
• Age: 19 to 60 years ( Varies from bank to bank)
• CIBIL score: 700
• Employed (public, private, MNC) or self-employed
• Monthly salary: 15000+ (based on your residence)

Required documents for Rs. 1 Lakh Personal Loan

• Proof of Address ( Aadhar Card)
• PAN card
• Minimum 6 months SA Bank statement.
• Live selfie

EMI calculator for 1 Lakh INR Personal Loan

A personal loan calculator is of great help if you want to pay the loan in EMIs. It is calculated using three data. It includes the loan amount you wish to borrow, the interest rate, and the tenure.

Out of all three, if you change the data, the EMI amount will increase or decrease. Based on your repayment capability, you can alter the EMI.

EMI calculation Formula

E = P*r*(1+r)^n/((1+r)^n-1)

Here, E is EMI, P is the principal loan amount, r is the rate of interest calculated monthly, and n is the tenure/ duration in months

Let us say, loan amount = 100000 , r = 14%, duration, tenure =2 years

now, EMI = 100000* 0.01167* (1+0.01167) 60/[(1+0.01167)^60] -1 which is Rs. 2.327

Note: The rate of interest (R) is calculated every month.

(R= Annual rate of interest/12/100)

How to apply for 1 Lakh Rupee Personal Loan

After comparing interest rates in banks, Find the website of the banks. Every such site will have an option to apply for a personal loan.

Step 1: Click on Apply and get the personal loan application form.

Step 2: Type your phone number and wait till you receive OTP.

Step 3: Once the OTP is received, fill in the basic application details like name, Date of Birth, PIN code, etc

Step 4: Visit the loan selection page and check the variants

Step 5: Enter 100000 as the loan amount

Step 6: Select tenure options(6 months to 96 months)

Step 7: Fill in your KYC details and click Submit.

After the submission, you can contact the respective bank for the rest of the clarification. Once all documents are verified, the loan will be transferred to you.