A personal loan of 1 lakh is a small cash loan that can be very well taken via instant personal loan app. Financial emergencies whether at work, home, or elsewhere, can be managed immediately with instant personal loans available on an urgent basis. A Personal Loan of 1 lakh is considered to be a small cash loan mainly because the amount is not huge and can be repaid easily within a year in affordable EMIs.
Small personal loans of 1 lakh are in great demand in India. The loan's unsecured nature and flexibility in choosing the repayment tenure make small loans a preferred choice of borrowers. The procedure to avail instant 1 lakh loan is easy and fast through online loan apps. It has eliminated the need for going to the bank and waiting for days to get the loan amount.
Hero FinCorp Instant Personal Loan has been specifically designed to provide instant loans from Rs.50,000 - 5,00,000 with paperless documentation and real-time verification. Once verified and approved, disbursal is done within 24 hours. An instant loan can benefit the borrowers to meet various financial needs such as paying utility bills, shopping for an expensive item, paying fees for higher education, getting medical treatment, spending on home renovation, travelling to international locations, or any other expenses of personal nature. However, if you have never applied for such loans before and wondering if can I get a loan of 1 lakh, here is what you should know.
It becomes essential that borrowers should fall under the eligibility criteria, especially while availing of a loan of up to 1 lakh. The financial institutions make eligibility criteria mandatory for even small cash loans of 1 lakh for the simple reason that they do not want to take any risk of delayed payment or any kind of fraud. If you need an amount of 1 lakh loan, you should be eligible for the same.
Age Criteria: Your age indicates your present and future earning potential. Most individuals often lose their earning potential after retirement and become dependent on their children or pension payments. Given these presumptions, several financial institutions have established the minimum and maximum age limits of 21 and 58, respectively, for accepting personal loan applications.
Minimum Monthly Income for Salaried: Applicant should at least earn a minimum amount of Rs.15,000 monthly
Minimum Monthly Income for Self-employed: Minimum earning should be Rs.15,000 monthly, and six months’ bank statement is compulsory
Income Proof: Six months bank statement of a salaried or personal account. Your income and employment history helps the lender in assessing your repayment potential. However, the minimum income requirements change depending on the lender and the funds needed.
Credit Score: Credit score and credit history play a vital role in loan approval. Various parameters are taken into consideration by credit bureaus to calculate your credit score. A few of these include credit utilisation ratio, debt portfolio, previous and existing debt repayment pattern, etc. The lender will approve a Rs 1 lakh loan right away if you have a strong credit history and no history of defaults. However, you should review your credit report once a year to look for discrepancies and plan a strategy to address any issues hurting your credit score.
Even though it falls in the category of small cash loans, an amount of 1 lakh taken as a loan gives considerable financial support in times of urgent cash requirement. The repayment capability is measured and verified before allotting the loan amount. Hence, be cautious while applying for loan amounts, whether it is 50,000 or 1 lakh, it should be cleared as EMIs in the stipulated period. If your credit score is good, you may get an advantage of a low-interest rate on a loan.
Documents Required for Instant 1 lakh Loan
Online hassle-free documentation reduces the stress of physical loan applications. Submission of mandatory documents for an instant loan upto 1 lakh requires:
In the absence of an Aadhar card, only a Smart card driving license can be used
Other important documents include your professional and financial details inclusive of bank statements
Your account should be in any of the accepted banks as suggested by the financial institution
The next time you think of an instant 1 lakh rupees loan or more, Apply Here at Hero FinCorp Instant Personal Loan. The app is available on Google Play Store for easy download.
How to get a Rs 1 lakh loan?
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 lender to process the loan application much faster compared to an offline application.
The best part is that an applicant can apply for a personal loan from anywhere, anytime using their laptop or smartphone.
Here are steps to apply for an instant personal loan on the Hero FinCorp website.
Register with your email to generate OTP for verification.
Fill in the details: First Name, Last Name, and Loan Details (Loan Amount, Duration, and EMI Amount), confirm if you have an Android mobile phone, and complete it with postal address, Pin Code, City, and State.
Agree to the terms and conditions and verify the information submission with OTP verification.
Our loan processing team will review your application and contact you to discuss your loan options and requirements.
How to calculate the EMI of a Rs 1 lakh loan?
You have two options for calculating your loan's EMI: manually using a mathematical calculator or an online personal loan EMI calculator. The following formula serves as the foundation for the EMI calculator.
EMI = P * R (1+R)^N / [(1+R)^N-1]
Where EMI is the equated monthly instalment amount, P is the principal loan amount, R is the rate of interest, and N is the repayment tenure
To use the calculator for the 1 lakh personal loan EMI calculation, you only need to enter the three variables: loan amount, interest rate, and repayment tenure. If you are yet to apply for the loan and are unaware of the applicable interest rate, choose an interest rate that falls between the minimum and maximum rates indicated on the lender's website.
Steps to Calculate Personal Loan EMI
The personal loan EMI calculator is an online tool available on almost all lenders’ and loan aggregators' websites. This free tool provides quick and accurate results with minimal input.
If you are a first-time borrower or someone who has never used an EMI calculator before, below are the steps you must follow:
Step 1: Select the loan amount.
Step 2: Choose the interest rate mentioned on your loan agreement
Step 3: Assess your budget and based on that, choose the optimum repayment tenure on the calculator.
When you enter the above details for a 1 lakh personal loan EMI, the calculator will display the loan EMI immediately.
What is the EMI of a 1 lakh loan?
Personal loans are available for a maximum repayment term of five years. If you are wondering how to choose the most suitable payback tenure and what the personal loan 1 lakh EMI will be for various tenures, the following table can guide you:
Parameters
Repayment Tenure
One year
Two years
Three years
Four years
Five years
Loan Amount
Rs 1,00,000
Rs 1,00,000
Rs 1,00,000
Rs 1,00,000
Rs 1,00,000
Interest rate
15%
15%
15%
15%
15%
EMI
Rs 9026
Rs 4,849
Rs 3,467
Rs 2,784
Rs 2,379
Interest payable
Rs 8,310
Rs 16,368
Rs 24,796
Rs 33,588
Rs 42,740
Total payable
Rs 108,310
Rs 116,368
Rs 124,796
Rs 133,588
Rs 142,740
The EMIs for loan products work on a simple concept: The more you stretch your repayment period, the more you must pay toward the interest component. However, it is also indisputable that longer terms lead to more affordable EMIs. Therefore, pay close attention to your budget before selecting the ideal tenure.
How Personal loan can help you in Urgent Financial Situations.
Medical Situation
This tops the list when immediate loans are required. A prolonged medication, immediate down payment in the hospital, clearance of pending bills, or managing admission during an accident. All these instances require extra money that is always not possible from the current salary or income. Hence, a personal loan of 1,00,000 can be of great help.
Urgent Travel
A good work opportunity, meeting an ailing relative, or a much-needed break from a busy schedule, an urgent trip can be easily planned with instant personal loans in a single working day. So whether it is booking travel tickets or accommodations, you can get a 1 lakh loan and handle the expense without touching your savings.
Urgent Admission
Accomplishing educational milestones on time is significant for future success. Missing an admission period of a related course can waste a year if not enrolled on time. Hence, taking an instant personal loan of 1 lakh is ideal to meet urgent educational needs.
Urgent Repairs
Whether it is home or your vehicle, repairs, and upgrades are required timely for proper maintenance. Due to other monthly expenses, it is not always possible to spend on repairs. Hence, personal loans approved on an urgent basis can help to meet expenses for urgent repairs.
Miscellaneous Expenses
“I want 1 lakh rupees loan urgently,” this is a common ask of every youngster these days as there are many major and minor expenses that can be covered with instant personal loans. For instance, clearing accumulated utility bills, credit card bills, or rent. Additionally, wedding loans can help cover expenses related to venue booking, catering, decorations, and other wedding-related costs.
How to Apply for a Personal Loan of Rs.1,00,000 with Instant Loan App?
A personal loan of 1 lakh being an unsecured loan can be applied easily through an instant loan app. The 1 lakh instant loan app requires minimal documentation and no collateral, which saves considerable processing time and gives approval in minutes.
Follow the Steps Below to Apply for a Personal Loan of Rs.1,00,000:
Register using your email id / mobile number, verify using OTP
In the EMI calculator, enter the required loan amount and view the repayment amount with duration in months precisely.
Verify your KYC details and income proof
On real-time verification of KYC details, the loan approval is given accordingly and later disbursal is initiated in the borrower’s registered bank account.
Conclusion
Even though a 1 lakh loan is considered as a small cash loan, an amount of 1 lakh is not less to fulfil urgent financial needs. The repayment capability is measured and verified before allotting the loan amount. Hence, be cautious while applying for loan amounts, whether it is an instant loan of Rs.50,000 or 1 lakh, it should be cleared as EMIs in the stipulated period. If your credit score is good, you may take the advantage of 1 lakh loan app which offers a low-interest rate.
Frequently Asked Question
How can I get a loan without a salary slip?
Lenders like Hero FinCorp do not require a Salary slip or bank statement for acquiring an instant personal loan, despite the fact that these income-proof documents are necessary.
Which loan is easier?
Instant Personal Loan From HeroFinCorp App is easier to apply and has a quick disbursal process at a minimum salary required Rs 15,000.
What are the factors that can affect ₹ 1 lakh personal loan EMI?
The interest rate, loan term, and processing fee are some of the variables that can impact the EMI (Equated Monthly Installment) of a personal loan for one lakh rupees. A higher interest rate or longer loan term can increase the EMI.
Can a student get a lakh loan?
Yes, students can get a loan of ₹ 1 lakh or more for educational purposes. There are various types of loans available to students, such as education loans and Instant personal loans.
How can I apply for a loan using my Aadhaar card?
To apply for a loan using your Aadhaar card, visit the lender's website or branch, fill out the application form, provide necessary documents including Aadhaar card, and undergo the verification process. Online applications may require e-KYC verification using Aadhaar, leveraging the advantages of Aadhaar card for streamlined KYC verification and faster processing.
What are the options to get a 1.5 lakh rupees loan urgently? To get a 1.5 lakh rupees loan urgently, explore options like personal loans, credit cards, and instant loan apps. Ensure eligibility and prepare necessary documents for quick approval.
Can I get 1 lakh loan for 3 years?
Yes, you can typically get a 1 lakh loan for 3 years, subject to approval based on your creditworthiness, income, and other lender-specific criteria.
Katyaini is a finance expert with a focus on the non-banking financial sector, bringing over 8 years of experience in NBFC. She specializes in simplifying complex financial concepts for readers, helping them navigate the NBFC landscape. Outside of work, she is passionate about travelling.
