High Loan Amount
Get an instant Rs 1 Lakh loan online for urgent needs or personal goals effortlessly.
Rs 1 Lakh Personal Loan
Instant Approval in 10 Minutes
Tenure up to 36 Months
Minimum Income Required Rs 15K
1 Lakh Personal Loan EMI Calculator
Get a Rs 1 Lakh Personal Loan Instantly
Get a Personal Loan of up to Rs 1 Lakh instantly with minimal hassle. If you have a minimum monthly salary of Rs 15,000, you can qualify for a flexible loan with a tenure of up to 36 months. Enjoy quick approval and competitive interest rates starting at 19% per annum. Whether you need funds for medical emergencies, travel, or other personal expenses, this loan offers a convenient solution with easy repayment options. Apply online today and get the financial support you need without lengthy paperwork or delays!
Why Opt for a Personal Loan of Rs 1 Lakh?
Applying for a Rs 1 Lakh Personal Loan can be an instant solution in many situations. Whether handling urgent expenses or 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 the Rs 1 Lakh Personal Loan, which provides financial stability during emergencies without affecting your savings.
EMI for Personal Loan of Rs 1 Lakh for up to 3 Years
Here’s the calculation of a Rs 1 Lakh loan EMI at an interest rate of 19% per annum for different tenures.
| Loan Amount | Tenure (in Months) | Interest Rate (per annum) | Monthly EMI | Total Interest | Total Amount Payable |
|---|---|---|---|---|---|
| Rs 1,00,000 | 12 | 19% | 9,216 | 10,588 | 1,10,588 |
| Rs 1,00,000 | 18 | 19% | 6,428 | 15,170 | 1,15,710 |
| Rs 1,00,000 | 24 | 19% | 5,041 | 20,981 | 1,20,981 |
| Rs 1,00,000 | 30 | 19% | 4,213 | 26,398 | 1,26,398 |
| Rs 1,00,000 | 36 | 19% | 3,666 | 31,962 | 1,31,962 |
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 Personal Loan of Rs 1 Lakh
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 attractive interest rates from 1.58% per month, making your loan manageable and budget-friendly.
Collateral-Free
Getting a Rs 1 Lakh loan is easy and stress-free, with no collateral required.
Flexible Repayment Tenure
These loans offer a flexible repayment tenure of up to 36 months for easy repayment.
Instant Approval
Get a Rs 1 Lakh instant loan approval for quick access to funds without any delays.
Eligibility Criteria for a Personal Loan of Rs 1 Lakh
Understanding the eligibility criteria is crucial for securing an instant loan of Rs 1 lakh. Typically, your credit score, monthly income, and employment stability are evaluated. You can use a personal loan eligibility calculator to check your eligibility instantly.
Age
You should be between 21-58 years.
Citizenship
You should be a citizen of India.
Work Experience
Minimum work experience for salaried employees is 6 months and 2 years for self-employed.
Monthly Income
Minimum income requirements of Rs 15,000 per month.
Documents Required for a Personal Loan of Rs 1 Lakh
Securing a Rs 1 Lakh Personal Loan is quick and easy if you have the right paperwork. Check the documents required for personal loan for salaried and self-employed individuals to streamline your application.
Documents required for Salaried
Mandatory Documents
Duly filled application form, Passport-size photograph
Identity Proof
Driving License, Passport, PAN Card, Aadhaar Card (Any One)
Address Proof
Driving License, Passport, Aadhaar Card, Ration Card, Utility Bill (Any One)
Ownership Proof
Residence Ownership Proof (Electricity Bill, Maintenance Bill, Property Document)
Income Proof
Last 6 Months Salary Slips, Bank Statements, and Form 16
Documents required for Self Employed
Mandatory Documents
Duly filled application form, Passport-size photograph
Identity Proof
Driving License, Passport, PAN Card, Aadhaar Card (Any One)
Address Proof
Driving License, Passport, Aadhaar Card, Ration Card, Utility Bill (Any One), Office Address Proof (if applicable)
Ownership Proof
Business Existence Proof (Tax Registration, Shop Establishment Proof, Company Registration Certificate)
Income Proof
Last 6 Months' Bank Statements and ITR for 2 Years
Personal Loan Interest Rates for Rs 1 Lakh Loan
Securing a Rs 1 Lakh Personal Loan depends largely on the interest rates, as it directly impacts your total repayment. Lower personal loan interest rates make borrowing more affordable, so it's crucial to find the best available options.
| Charge Type | Details |
|---|---|
| Interest Rate | Starting from 1.58% per month |
| Loan Processing Charges | Starting from 2.5% + GST |
| Prepayment Charges | N.A. |
| Foreclosure Charges | 5% + GST |
| EMI Bounce Charges | Rs 350/- |
| Interest on Overdue EMIs | 1-2% of the loan/EMI Overdue Amount Per Month |
| Cheque Bounce | Fixed Nominal Penalty |
| Loan Cancellation | 1. Loan app does not charge cancellation charges |
| 2. Interest paid is non-refundable | |
| 3. Processing charges are non-refundable |
How to Apply for a Personal Loan of Rs 1 Lakh?
Applying for a Rs 1 Lakh Personal Loan is straightforward, ensuring quick access to the funds you need.
- 01
Visit the Hero FinCorp website or install the personal loan app
- 02
Go to the personal loan page and click ‘apply now’
- 03
Enter your mobile number and verify with the OTP received
- 04
Choose the loan amount you need
- 05
Verify your KYC details to check income eligibility
- 06
Click ‘Submit’ to complete your application
Uses of Personal Loan of Rs 1 Lakh
A Rs 1 lakh Personal Loan can be used for various financial needs, including the following:
Frequently Asked Questions
Yes, income proof, like bank statements, salary slips, or ITRs is necessary to evaluate repayment ability for a Rs 1 Lakh Personal Loan.
The monthly payment (EMI) on a loan of Rs 1 Lakh will depend on the interest rate and term you select. For example, the EMI of a Rs 1 Lakh loan at a 19% annual rate for a 12-month loan term will be approximately Rs 9,216.
Yes, you can get a Personal Loan of Rs 1 Lakh even if you do not have salary slips. You can submit your Form 16, ITRs or bank statements as proof of income.
The minimum salary requirement at Hero FinCorp to avail of a Personal Loan of Rs 1 Lakh is Rs 15,000 per month.
You can choose to apply through the Hero FinCorp website or loan app with KYC documents and proof of income for instant approval. It can get approved within 10 minutes if eligibility and verification standards are met.
Yes, you can obtain a Rs 1 Lakh loan amount even with a low CIBIL score. However, it will depend on the lender's policies and may result in higher interest rates or lower loan amounts.
Hero FinCorp loan app provides an instant approval of Personal Loan of Rs 1 Lakh in 10 minutes with minimum documents.
No, documents for KYC and income proof are required for a Rs 1 Lakh Personal Loan whether you apply online or through a branch in person.
Yes, you can easily get approval for a Personal Loan of Rs 1 Lakh for emergency within 10 minutes when you apply on the website or loan app of Hero FinCorp.
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