A personal loan of 1 lakh can be a lifesaver in times of financial crunch. It is very useful when you need to pay off your pending bills, finance your traveling, buy a new product or clear medical emergency expenses.
A personal loan can help you meet your immediate needs without any hassle. You can borrow up to 1 lakh from various lenders at competitive interest rates and repay it in easy EMIs over a period of 1 to 5 years. In this article we will guide you through the process of applying for a 1 lakh personal loan online, the eligibility criteria, documents required and the advantages of opting for a personal loan over other alternatives.
Top 5 Banks Monthly EMI for 1 Lakh Personal Loan for 1 Year Tenure
Another factor that affects the EMI of a 1 lakh personal loan is the interest rate charged by the lender. Different lenders offer different interest rates, depending on their own criteria and policies. Therefore, it is advisable to compare the interest rates of various lenders before applying for a 1 lakh personal loan.
The table below shows the monthly EMI for a 1 lakh personal loan of the top 5 banks in India for a 1 year tenure.
| Bank Name | Interest Rate p.a. | EMI (in Rs.) |
| 1 Lakh Personal Loan Emi For SBI | 9.60% | 8,718 |
| 1 Lakh Personal Loan Emi Bajaj Finserv | 11.50% | 8,862 |
| 1 Lakh Personal Loan Emi Hdfc Bank | 10.75% | 8,813 |
| 1 Lakh Personal Loan Emi Bank Of Baroda | 10.10% | 8,766 |
| 1 Lakh Personal Loan Emi Axis Bank | 10.49% | 8,792 |
Comparison of Interest Rates offered by Various Lenders for Personal Loan of Rs 1 Lakh
| Bank/NBFC | Interest Rate | Processing Fee | Tenure |
| HDFC Bank | 10.50% to 25.00% | Up to 2.50% | 3 to 72 months |
| ICICI Bank | 10.50% to 16.00% | Up to 2.50% | 12 to 84 months |
| Bajaj Finserv | 10.99% to 16.00% | Up to 3.99% | 12 to 60 months |
| Fullerton India | 11.99% to 36.00% | Up to 6.00% | 12 to 60 months |
| IndusInd Bank | 11.00% to 16.00% | Up to 2.50% | 12 to 60 months |
| Kotak Mahindra Bank | 10.50% to 17.99% | Up to 2.50% | 12 to 60 months |
| Standard Chartered Bank | 10.99% to 19.00% | Up to 3.00% | 12 to 60 months |
| Central Bank of India | 9.35% to 10.20% | Nil | 12 to 48 months |
| Tata Capital | 10.99% to 19.00% | Up to 2.50% | 12 to 72 months |
| IDFC First Bank | 10.75% to 32.00% | Up to 3.50% | 12 to 60 months |
Notice: These rates are tentative and could change at any time. Always confirm with the lender before submitting an application.
EMI for Rs 1 lakh Personal Loan for Tenures of 1-5 years
One of the most important factors that you need to consider before applying for a 1 lakh personal loan is the EMI that you have to pay every month. Below table shows the EMI for a 1 lakh personal loan at an average interest rate of 12.50% for tenure 1 to 5 years.
| Tenure (in years) | EMI (in Rs.) |
| 1 Year | 8,955 |
| 2 Year | 4,778 |
| 3 Year | 3,394 |
| 4 Year | 2,708 |
| 5 Year | 2,301 |
EMI Calculator for Rs 1 lakh Personal Loan
Documents Required for Rs 1 Lakh Personal Loan
| Documents | Salaried Employees | Self-Employed Individuals |
| Application form | Yes | Yes |
| ID proof | Aadhaar/PAN/Passport/Voter ID/Driving License | Aadhaar/PAN/Passport/Voter ID/Driving License |
| Address proof | Aadhaar/Passport/Voter ID/Driving License/Utility bill/Rent agreement | Aadhaar/Passport/Voter ID/Driving License/Utility bill/Rent agreement |
| Income proof | Salary slips/Bank statements/ITR | Bank statements/ITR/Audited financials |
| Photographs | Yes | Yes |
How to Apply for Rs 1 Lakh Personal Loan
If you want to apply for a personal loan of 10 Lakh rupees then you can apply here to get your required amount. To apply for a personal loan you need to follow below simple steps:
The process of applying for a 1 lakh personal loan is as follows:
Step 1: Visit the lender’s website or app: You need to visit the website or app of the lender that you have chosen for your 1 lakh personal loan and click on the apply now button.
Step 2: Fill the application form: You need to fill the online application form with your personal, professional, and financial details, such as your name, age, income, occupation, loan amount, tenure, etc.
Step 3: Upload the documents: You need to upload the scanned copies of the required documents, such as your identity proof, address proof, income proof, and photograph.
Step 4: Get instant approval: After submitting the application form and documents, you will get an instant approval or rejection from the lender, based on your eligibility and credit profile.
Step 5: Get the loan amount: If your loan application is approved, you will get the loan amount credited to your bank account within 24 hours or less.
Eligibility Criteria for Rs.1 Lakh Personal Loan
| Criteria | Eligibility for Salaried Employees | Eligibility for Self-Employed |
| Resident Indian | Yes | Yes |
| Age | 21 – 60 years | 21 – 65 years |
| Employment | Public/Private sector companies, salaried doctors | Self-employed professionals/non-professionals, business owners |
| Income | Minimum Rs 15,000 per month | Minimum Rs 2 lakh per annum |
| Credit score | 650 and above | 650 and above |
| Business vintage | NA | Minimum 3 years |
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Conclusion
A 1 lakh personal loan is a convenient and affordable way to meet your personal financial needs, without any collateral or guarantor. You can get it from various lenders at competitive interest rates and flexible tenures. You can also use an online EMI calculator to plan your loan and repayment better.
You can apply for a 1 lakh personal loan online or offline, with minimal documentation and hassle-free process. We hope this article helped you to understand everything about a 1 lakh personal loan EMI.
FAQs -1 Lakh Personal Loan
Q.1 What is the EMI for 1 lakh personal loan?
The EMI for 1 lakh personal loan depends on the interest rate and the tenure. For example, at 12.50% interest rate, the EMI for 1 year is Rs. 8,955 and for 5 years is Rs. 2,301.
Q.2 How can I get a 1.5 lakh loan without income proof?
Getting a 1.5 lakh loan without income proof is difficult, as most lenders require income proof to assess your repayment capacity. However, you may try some alternative options, such as applying with a co-applicant, pledging an asset, or using a credit card.
Q.3 Which app gives 1 lakh instant loan?
Interest rates determine the cost of borrowing. Lower rates mean lower overall repayment. While interest rates vary, maintaining a good credit score and comparing rates from different lenders can help you secure a more favorable rate.
Q.4 What is the EMI for 1 lakh in SBI?
The EMI for 1 lakh in SBI varies according to the interest rate and the tenure. For example, at 9.60% interest rate, the EMI for 1 year is Rs. 8,718 and for 5 years is Rs. 2,107. You can use the SBI EMI calculator to find out the EMI for different scenarios.
Last Updated on 5 months
