The best way to meet short-term funding needs or manage expenses during financial emergencies is to take out a personal loan of Rs. 1 lakh. Taking a Rs. 1 lakh loan is straightforward and quick as they are basically simple unsecured loans. A support executive can guide you as you apply for a personal loan online or at your local branch. Taking out a personal loan is a stress-free process, and eligibility requirements are easy to meet.
The following are some of the advantages of a personal loan:
Loan with No Collateral
A personal loan is an unsecured loan, so you don’t have to put up any of your assets as collateral. As a result, you don’t have to worry about losing your asset if you return the loan.
Simple Eligibility criteria
When applying for a personal loan from any lender, it is critical to meet all qualifying requirements. However, personal loans have less stringent eligibility requirements than other types of borrowing. The eligibility criteria for a Rs. 1 lakh loan are as follows:
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The age should range from 21 to 67 years
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Applicants should have a minimum monthly income of Rs 22,000, depending on their city.
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One year of work experience is required
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A minimum of six months of experience in the current company if you are a salaried employee.
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A minimum CIBIL score of 750 is required
Instant Approval
If you meet all of the pre-defined eligibility requirements and provide all relevant papers, your online personal loan application will be approved immediately. The Rs. 1 lakh personal loan application is accepted after successful verification checks, and the funds are sent into your bank account within 24 hours of approval.
Simple Documentation Process
The difficulty and worry of the documentation process are reduced when you apply for a personal loan online. However, you must present the following personal loan documentation when applying for a personal loan:
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AADHAR Card and PAN Card
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If you’re salaried, you’ll need the last three months’ payslip, and if you’re self-employed, you’ll need proof of income.
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Bank account statements for the last six months
All the paperwork can be filed and checked online, which speeds up the loan approval procedure. However, please remember that more papers may be required depending on the applicant’s profile and the lender’s policies.
The tenor of the Repayment Variable
The personal loan has a flexible repayment tenor of 12 to 60 months; you can choose the length of time based on your repayment abilities without affecting your finances. To calculate the tenor and the Rs 1 lakh loan EMI amount, utilise a EMI calculator.
Attractive Interest Rates
The application’s credit score, requirement, and financial profile determine the final interest rate charged for a personal loan.
No Hidden Charges
Other than the processing fee, which ranges from 0-6% of the loan amount, there are no hidden charges or fees on a Rs 1 lakh personal loan.
Customised Loan Options
Applicants can check for tailored personal loan solutions for various occasions and scenarios, including weddings, vacations, medical emergencies, and home improvements.
Types of Personal Loans:
Personal Term Loan
Personal Loans can either be borrowed as a regular Term Loan with equal monthly installments or as a flexible-interest-only loan. However, after approval, the full loan amount is disbursed under the Term Loan Option. Therefore, you are liable for the entire amount from the beginning.
Overdraft Loan
A Personal Loan Overdraft facility allows a borrower to borrow amounts over the money that currently exists in their checking account. A fixed limit is established, and the amount borrowed can be repaid at the borrower’s convenience.
Flexi Personal Loan
Flexi Personal Loan is a loan repayment tool that allows you to pay back your loan in interest-only initial installments. It is an additional benefit available, and it may be revoked if the consumer fails to adhere to the payback discipline.
Final Thoughts
A personal loan is the preferred financing solution for managing short-term financial needs or emergencies due to its flexibility and benefits. Whether you took out a Rs. 1 lakh loan or a larger one, make sure you pay back the loan in regular monthly EMIs while sticking to the loan’s terms and conditions. Missed or late payments, among other things, may harm your credit score. Apply for a personal loan today and manage your account online. From the convenience of your own home, check crucial facts like EMI amount, interest rate, repayment plan, and more.