Although they build emergency funds, they are often insufficient, or people don't want to exhaust them in an instant. That is when a Personal Loan app from Hero FinCorp comes to the rescue when you need a 1.5 lakh loan for an emergency. The best thing is that these loans have no collateral requirement, no usage restrictions, and flexible repayment terms. Let’s learn details about a short-term Personal Loan online.
What Does Urgent Personal Loan Mean?
Personal Loan is an unsecured credit option lenders sanction based on your eligibility, income stability, financial obligations, credit history, and repayment capacity. These are multi-purpose loans you can use to fulfil various urgent or planned expenses, including weddings, education, travel, home renovation, and medical emergencies. Many modern NBFCs, like Hero FinCorp, support 100% digital loan procedures, minimal documentation, making them an ideal funding option for urgent financial requirements.
EMI on 1.5 Lakh Personal Loan
You can figure out how much you need to pay each month for a personal loan by using the online loan EMI calculator. It helps you check the monthly payment for various loan tenure.
| Loan Amount (Rs.) | Tenure (Months) | Interest Rate (%) | Monthly EMI (Rs.) |
|---|
| 1,50,000 | 6 Months | 21% | 26,553 |
| 1,50,000 | 12 Months | 21% | 13,967 |
| 1,50,000 | 18 Months | 21% | 9,787 |
| 1,50,000 | 24 Months | 21% | 7,708 |
| 1,50,000 | 30 Months | 21% | 6,469 |
| 1,50,000 | 36 Months | 21% | 5,651 |
Note: This is an estimated amount, the actual EMI may vary.
Eligibility Criteria to Avail 1.5 Lakh Urgent Personal Loan
When you need a 1.5 Lakh loan urgently, the first is to check the lender's eligibility criteria and fulfil their requirements. These are a few factors determining your loan eligibility for a 1.5 Lakh short-term Personal Loan online:
- Both salaried and self-employed individuals are eligible for a Personal Loan.
- You should be an Indian citizen to qualify for a 1 Lakh Personal Loan.
- You should be at least 21 years of age at the time of application and a maximum of 58 years at term-end.
- If you are a salaried employee, you must have work experience of at least six months in the same job. If you are a self-employed professional, you must be working in the same profession for at least two years.
- You must be earning at least Rs 15,000 per month.
Also, Read: Need 1 Lakh Personal Loan Urgently? Apply Here
Features and Benefits of 1.5 Lakh Urgent Personal Loan
When you need a 1.5 Lakh instant loan, these are the features and benefits to keep in mind
- Hassle-Free Application: 100% digital loan procedures make application a matter of minutes without any branch visits or physical paperwork.
- No Collateral Requirement: Personal Loans are unsecured loans that do not require any collateral, security, or guarantor.
- Ample Loan Amount: You can borrow a generous loan to cover your expenses without usage restrictions.
- Flexible Repayment: Personal Loans have flexible repayment tenures of up to 36 months. You can choose according to your monthly budget and repayment capacity.
- Competitive Interest Rates: Personal Loan interest rates are reasonable based on your income, DTI ratio, and repayment capacity.
Required Documents for Urgent Personal Loan of 1.5 Lakh
If you qualify, you must wonder what documents are necessary if you need 1.5 Lakh rupees urgently. Here are the standard requirements:
- Address Proof: Maintenance bills, utility bills, property documents, or rent agreements
- Income Proof: Last six months' salary slips, previous six months' salary account statement, Form 16
- Job Continuity Proof: Appointment letter from the current employer or experience certificate from the previous employer
- Residence Ownership Proof: Maintenance bills, electricity bills, property documents
- Business Existence Proof: Shop establishment proof, copy of tax registration, company registration certificate
- Income Proof: Last six months' bank statements, Income Tax Returns (ITR) for the previous two consecutive years
How to Apply for an Urgent Personal Loan at Hero Fincorp?
Follow these steps to apply for a loan using the Hero FinCorp Personal Loan app:
- Download and install the Hero FinCorp personal loan app.
- Register using your mobile number and verify with received OTP.
- Enter a few personal, professional, financial, and employment-related details.
- Scan and upload the necessary documents.
- Let the verification process complete.
- Accept the loan offer to initiate disbursal.
Also, Read: Get Instant Personal Loan of Rs 50000 Online in Few Minutes
Conclusion
Are you worried about where to find the funding when you want a 1 Lakh rupees loan urgently? A short term Personal Loan at Hero FinCorp is the best possible option. You can borrow a Personal Loan of up to Rs 5 Lakh at interest rates starting from 1.75% per month or 21% per annum, making them the best funding solution for urgent needs.
Frequently Asked Questions
1. What is the purpose of the Personal Loan?
You can use a Personal Loan for any legal purpose, including wedding, education, travel, home renovation, or medical emergency.
2. How quickly can I get the loan amount?
The 100% digital loan procedure makes Personal Loans accessible in minutes without branch visits or paperwork.
3. What is the loan repayment tenure?
Personal Loans at Hero FinCorp have flexible repayment tenures of up to 60 months. You can use an EMI calculator to choose one according to your affordability.
4. Are there any additional fees or charges?
Consider additional fees and charges, which often include processing charges, prepayment fees, documentation charges, EMI bounce penalties, etc.
