How to Get a 1 Lakh Personal Loan Urgently?
A Personal Loan of 1 Lakh is a small cash loan that is readily available via instant loan apps. Whether you've encountered an emergency at home, work, or somewhere else, these loans can provide you with financing in a short time.
Getting an instant loan of 1 Lakh with online loan applications is easy without visiting a branch. It is an unsecured loan that does not require collateral. Hero FinCorp’s Instant Personal Loan offers Rs 50,000 to Rs 5,00,000 loans with paperless documentation, and real time verification that approves your loan instantly. Read on to know the eligibility criteria.
Eligibility Criteria for Instant 1 Lakh Loan
- The minimum age limit of a loan borrower should be between 21-58 years for a salaried and 21-65 years for a self-employed person.
- The borrower should earn a minimum income of Rs 15,000 per month and have a good credit score to make loan approval faster.
Documents Required for Instant 1 Lakh Loan
One of the major advantages of applying for a 1 Lakh loan online is the minimal documentation required. Here’s what you will need:
The below documents are mandatory while applying for a Personal Loan with HeroFinCorp:
| Category | Salaried Individuals | Self-Employed Individuals |
| Mandatory Documents | Loan application form, passport-size photo | Loan application form, passport-size photo |
| Identity Proof | PAN Card (mandatory), Aadhaar Card, Passport, Driving Licence | PAN Card (mandatory), Aadhaar Card, Passport, Driving Licence |
| Residence Proof | Aadhaar Card, Passport, Driving Licence, Ration Card, Utility Bill | Aadhaar Card, Passport, Driving Licence, Ration Card, Utility Bill |
| Residence/Office Proof | Electricity Bills, Maintenance Bills, Property Documents | Maintenance Bill, Utility Bill, Property Documents, Rent Agreement |
| Business Existence Proof | N/A | Tax Registration, Shop Establishment Proof, Company’s Registration Certificate |
| Income Proof | Last 3 months' salary slips, last 6 months' bank statement (salary account), Form 16 | Last 6 months' bank statement, ITR for the last 2 years |
| Job Continuity Proof | Appointment letter, experience certificate | N/A |
How to Get Rs 1 Lakh Loan Urgently?
You can get an instant Personal Loan of 1 Lakh loan online through the Hero FinCorp website. Applying online not only makes the loan procedure simple and quick for the applicant but it also enables the lende
You can apply online for an instant Personal Loan of 1 Lakh loan through the Hero FinCorp website. The loan process is quick and easy for the applicants while the lender can process the loan application much faster than they would be able to in an offline application.
Here are steps to apply for an instant Personal Loan on the Hero FinCorp website.
- Visit the Hero FinCorp website or install the loan app
- Go to the Personal Loan page and click ‘Apply Now’
- Enter your mobile number and verify with the OTP received
- Choose the loan amount you need
- Verify your KYC details to check income eligibility
- Click ‘Submit’ to complete your application
How to Calculate the EMI of a Rs 1 Lakh Loan?
When figuring out the EMI for your loan, you can either use a manual calculator or an online Personal Loan EMI calculator. The EMI calculator is based on the following formula.
EMI = P x R x (1+R)^N / [(1+R)^N-1]
Where
EMI = amount of equated monthly instalment
P = principal loan amount
R = rate of interest; and
N = repayment tenure
For calculating the Rs 1 Lakhs Personal Loan EMI using the calculator you need to enter just three variables - loan amount, interest rate, and repayment tenure. If you are not yet applying for the loan, and do not know the rate of interest that is applicable to you, simply pick a rate of interest that is between the lowest and highest rates on the lender's website.
Steps to Calculate Personal Loan EMI
The Personal Loan EMI calculator is an online tool that can be easily accessed on most lenders' and loan aggregators' websites. This free tool provides a speedy, easy and accurate result with simply 3 inputs.
If you are a first time borrower or have never used an EMI calculator before. Here are the steps you need to follow:
Step 1: Decide the loan amount.
Step 2: Decide the interest rate which you find in the loan agreement
Step 3: Consider your budget and select the best repayment tenure in the calculator.
The result will usually show the approximate EMI when you input the above information for a 1 Lakh Personal Loan EMI.
What is the EMI of a 1 Lakh loan?
Hero FinCorp offers Personal Loans with a maximum repayment tenure of three years. If you're wondering how to select the most optimal payback tenure and the Personal Loan of 1 Lakh EMI for various tenures, the table below will help you:
| Parameters | Repayment Tenure | ||
| One year | Two years | Three years | |
| Loan Amount | Rs 1,00,000 | Rs 1,00,000 | Rs 1,00,000 |
| Interest rate | 19% | 19% | 19% |
| EMI | Rs 9,216 | Rs 5,041 | Rs 3,666 |
| Interest payable | Rs 10,588 | Rs 20,981 | Rs 31,962 |
| Total payable | Rs 110,588 | Rs 120,981 | Rs 131,962 |
The EMIs for loan operate on a straightforward principle: The longer you extend your repayment period, the higher you have to pay towards the interest component. But it is also undeniable that longer tenures result in cheaper EMIs. So, listen carefully to your budget before choosing the perfect tenure.
Also Read: Personal Loan for Low Income
How Personal Loans Can Help You in Urgent Financial Situations?
Here are some situations that you can handle easily using Personal Loan funds.
Medical Emergencies
This is at the top of the list when urgent loans are needed. A long-term medication, instant down payment in the hospital, settlement of outstanding bills, or taking care of admission in case of an accident. All these situations need additional money that is always not feasible from the existing salary or income. Therefore, a Personal Loan of 1,00,000 can prove to be of immense assistance.
Urgent Travel
A decent work opportunity, encountering a sick relative, or a break from a hectic schedule, an emergency trip can be conveniently planned with instant Personal Loans within a working day. So whether it is purchasing travel tickets or hotel bookings, you can get a 1 Lakh loan and manage the cost without dipping into your savings.
Urgent Admission
On-time achievement of educational milestones is important for future success. Failure to meet an admission deadline can result in a one-year lag. An instant Personal Loan of Rs 1 Lakh can be used to cover immediate educational expenses.
Urgent Repairs
Be it your home or your car, repairs and replacements are necessary in time for maintaining things properly. Owing to other regular expenses, it is not always feasible to invest in repairs. Therefore, Personal Loans sanctioned on an emergency basis can assist in covering costs for immediate repairs.
Miscellaneous Expenses
“I want a Rs 1 Lakh loan urgently”is a popular demand among young people today, as instant Personal Loans assist in taking care of different expenses. They range from settling electricity bills, credit card charges, or rent. They can even pay for wedding expenses such as booking halls, catering, and decorations.
How to Apply for a Personal Loan of Rs 1,00,000 with Instant Loan App?
1 Lakh Personal Loan being an unsecured loan can be easily applied for with an instant loan app. The 1 Lakh instant loan app involves little paperwork and no security, which saves a lot of processing time and provides approval within minutes.
Why Choose Hero FinCorp for Your 1 Lakh Loan?
Here's why Hero FinCorp is the best option for your 1 Lakh loan:
- Instant Approval: Get approved within minutes using the Hero FinCorp Instant Loan app.
- No Collateral Required: The loan is collateral-free, i.e., you don't have to submit any collateral.
- Minimal Documentation: Avail of a hassle-free loan application with less paperwork.
- Fast Disbursal: Upon approval of your loan, funds are credited swiftly to your bank account.
- Flexible Loan Repayment: Select a repayment period based on your affordability.
Conclusion
Though 1 Lakh loan is a small loan, it assists in meeting urgent cash requirements. The evaluation and repayment capacity is determined and tested while applying for the loan amount. So be cautious while seeking loan amounts, be it an instant loan of Rs 50,000 or 1 Lakh, and pay EMIs as per agreed tenure. If you have a good credit score, you can avail yourself of a 1 Lakh loan app providing competitive interest rates on Personal Loan.
Frequently Asked Questions (FAQs)
1. Which loan is easier?
Instant Personal Loan From Hero FinCorp app is simpler to apply. It has simple to meet eligibility criteria with instant approval process.
2. What are the factors that can affect Rs 1 Lakh Personal Loan EMI?
The interest rate, loan period, and processing charge are some of the factors that can affect the EMI (Equated Monthly Instalment) of a Personal Loan.
3. Can a student get a Rs 1 Lakh loan?
Yes, a student can get a loan of Rs 1 Lakh or above online if a parent with a minimum salary of Rs 15,000 per month is the co-applicant. There are many types of loans available to students, such as Personal Loan for education.
4. How can I apply for a loan using my Aadhaar card?
To apply, visit a lender’s branch or website like Hero FinCorp, complete the application form, and submit your Aadhaar card. Online applications demand e-KYC verification via Aadhaar card for efficient verification and quicker processing
Also read: Advantages of Aadhaar card
5. Can I get 1 Lakh loan for 3 years?
Yes, you can generally take a 1 Lakh loan for 3 years, as per approval upon your credit rating, income, and other lender-specific requirements.
6. How fast can I get a 1 Lakh loan?
With Hero FinCorp's Instant Loan App, you can also get approved instantly and receive money in your bank account in quick time.
7. Can I apply for a loan without a credit score?
Having a credit score is very important for loan sanction. But for some lenders, loans are made available with zero or low scores, provided if you have strong other financial documentation, such as steady income or a co-borrower.
8. What is the maximum tenure for a 1 Lakh Personal Loan?
The maximum term can vary with the lender and your credit profile. In Hero FinCorp, the maximum repayment term is 3 years.
9. Can I use a 1 Lakh loan for anything?
Yes, a Personal Loan is flexible and can be utilised for multiple purposes such as medical bills, travel, home maintenance, education, and more.
About Hero Fincorp
Hero Fincorp offers a wide range of financial products including Personal Loans for personal needs, Business Loans to support business growth, Used Car Loans for purchasing pre-owned vehicles, Two-Wheeler Loans for bike financing, and Loan Against Property for leveraging real estate assets. We provide tailored solutions with quick processing, minimal paperwork, and flexible repayment options for smooth and convenient borrowing experience.
