High Loan Amount:
Easily get a Rs 1 Lakh loan online, which can provide the financial support you need for various purposes, from urgent expenses to fulfilling personal goals.
Get a Rs. 1 Lakh Personal Loan
- Loan up to ₹1 Lakhs
- Minimum Salary Required ₹15K
- Instant Approval
Why Opt for a Rs.1 Lakh Personal Loan?
Applying for a Rs. 1 Lakh Personal Loan can be an instant solution in many situations. Whether handling urgent expenses, unforeseen medical bills, or bridging financial gaps, a Rs 1 Lakh instant loan is a quick and accessible option.
With Hero FinCorp, enjoy the convenience of an instant Personal Loan of Rs 1 Lakh with the flexibility of adjusting the tenure as per your needs. Let’s explore Rs 1 Lakh Personal Loan, which provides financial stability during emergencies without affecting your budget.
Personal Loan EMI Calculator
EMI for Personal Loan of Rs 1 Lakh for Tenures of 1 - 3 years
Here’s the calculation of a Rs 1 Lakh loan EMI at an interest rate of 30% per annum for different tenures.
| Loan Amount | Tenure (Years) | EMI |
|---|---|---|
| Rs. 1,00,000 | 0.5 | Rs. 17903 |
| Rs. 1,00,000 | 1 | Rs. 9,504 |
| Rs. 1,00,000 | 1.5 | Rs. 6,719 |
| Rs. 1,00,000 | 2 | Rs. 5,337 |
| Rs. 1,00,000 | 2.5 | Rs. 4,516 |
| Rs. 1,00,000 | 3 | Rs. 3,976 |
Disclaimer: The EMI calculations provided are approximations, and actual figures may differ.
If you borrow a Rs 1 lakh Personal Loan for 3 years, the EMI will be smaller and easier to handle. However, if you choose a shorter term, the EMI amount will increase, and you'll need to assess your monthly budget to accommodate it comfortably.
To plan better, use a Personal Loan EMI calculator. It computes EMIs for different loan terms, allowing you to choose a loan tenure with affordable monthly payments.
Adjust the loan term based on your financial comfort and choose an EMI that fits your budget.
Features and Benefits of a Rs. 1 Lakh Loan
Securing a Rs 1 Lakh loan opens doors to financial flexibility. Explore the features and benefits to understand how a Rs 1 Lakh loan can empower you financially.
Attractive Interest Rate:
Enjoy the benefit of attractive interest rates, at 25% per annum, making your loan more manageable and ensuring you don't strain your budget.
Collateral-Free:
With no need for collateral, obtaining a Rs 1 Lakh loan becomes hassle-free, simplifying the application process and reducing the associated stress.
Flexible Repayment Tenure:
These loans come with a repayment tenure of up to 60 months, allowing you to comfortably repay the loan over a period that aligns with your needs.
Instant Approval:
Experience the convenience of Rs 1 Lakh instant loan approval, ensuring quick access to the funds without unnecessary delays.
Eligibility Criteria for Rs. 1 Lakh Personal Loan
Securing a Rs. 1 Lakh Personal Loan is a viable financial solution, but understanding the eligibility criteria is crucial. Lenders typically evaluate your credit score, monthly income, and employment stability. Here, we highlight essential eligibility requirements, providing you with the information to navigate the loan application confidently and improve your chances of approval.
Age
Applicants must be within the age bracket of 21 to 58 years to be eligible for a Personal Loan.
Citizenship
To apply for an instant Personal Loan, the applicant must be a citizen of India.
Work Experience
For a seamless application process, salaried individuals need a minimum work experience of 6 months, while self-employed applicants should have a business in operation for at least two years.
Monthly Income
To qualify for a Personal Loan, a minimum monthly income of Rs 15,000 is required, ensuring borrowers have the financial capacity to meet repayment obligations.
Documents Required For Rs. 1 Lakh Personal Loan
Securing a Rs. 1 Lakh Personal Loan can be a swift and accessible financial solution, but ensure you have the required documentation before applying. These documents are the key to unlocking the necessary funds and simplifying the application process. Look at the essential paperwork for salaried and self-employed individuals, making your loan journey smoother and more efficient.
Documents required for Salaried
Mandatory Documents
Duly filled loan application form Passport-size photograph (coloured)
Identity Proof
Driver’s licence, passport, PAN card, or Aadhaar card
Address Proof
Driver’s licence, passport, Aadhaar card, ration card, or utility bill
Ownership Proof
Residence ownership proof, like electricity bills, maintenance bills, or property documents
Income Proof
Last six months' salary slips, the previous six months' salary account statement, and Form 16 Job continuity proof, like an appointment letter from the current employer or experience certificate from the previous employer
Documents required for Self Employed
Mandatory Documents
Duly filled loan application form Passport-size photograph (coloured)
Identity Proof
Driver’s licence, passport, PAN card, or Aadhaar card
Address Proof
Driver’s licence, passport, Aadhaar card, ration card, or utility bill Office address proof, like maintenance bills, utility bills, property documents, or rent agreement
Ownership Proof
Business existence proof, like a copy of tax registration, shop establishment proof, or company registration certificate
Income Proof
Last six months' bank statements and ITR for the previous two consecutive years
Interest Rate on a Rs. 1 Lakh Personal Loan
Securing a Rs. 1 Lakh Personal Loan involves understanding the crucial aspect of the interest rate. This rate determines the cost of borrowing, influencing the total amount you repay over the loan tenure. A lower interest rate translates to more affordable repayments, making it essential for borrowers to explore and secure the best rates available.
How to Apply for a Rs. 1 Lakh Personal Loan?
Applying for a Rs. 1 Lakh Personal Loan is straightforward, ensuring quick access to the funds you need.
- 1
Visit the Website or App:Access the Hero FinCorp website or loan app, go to the 'Personal Loan' section and click 'Apply Now'.
- 2
Fill Online Application:Complete the online application form, providing accurate details. Double-check the information to ensure accuracy.
- 3
Upload Documents:Upload the required documents as per the specifications. This step is crucial for the verification process.
- 4
Submit Application:Submit your loan application electronically. Online applicants are not required to visit our branch for document verification.
- 5
Verification Process:The Hero FinCorp team will verify the documents you submitted and assess your eligibility.
- 6
Loan Approval:Upon successful verification, Hero FinCorp will approve your loan application. You'll receive a loan offer with the terms and conditions.
Once you accept the loan offer, you will get the loan amount in your account.
1 lakh personal loan Related Blogs
Frequently Asked Questions (FAQs)
It's challenging to secure a 1 lakh loan without income proof. Lenders typically require proof of income to assess your repayment capacity and reduce lending risks.
The EMI for a 1 lakh Personal Loan depends on the interest rate and tenure. Use an online EMI calculator for your 1 Lakh loan instalment calculations.
Getting a 1 lakh loan without a salary slip is difficult. Lenders use salary slips to assess your income stability. Consider alternative income proofs like bank statements to check your loan eligibility.