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Are you in need of immediate funds? Do you require a loan of Rs. 1 Lakh to cover unexpected expenses or to fulfill a dream? In today's fast-paced world, traditional loan processes can be time-consuming and tedious. But with the rise of digital lending platforms, getting an instant personal loan has become easier than ever before.
In this article, we'll explore the benefits of an instant personal loan and how you can get one of Rs. 1 Lakh in no time.
A ₹1 lakh personal loan can be a lifesaver for various needs. Here's why it stands out:
An instant personal loan is a type of unsecured loan that can be availed quickly and easily. Unlike traditional loans, which require extensive paperwork and a lengthy approval process, an instant personal loan can be approved and disbursed within a matter of hours.
The application process for an instant personal loan is simple and can be completed online. All you need to do is fill out a form with your personal and financial details, upload the necessary documents, and submit the application. This eliminates the need for multiple visits to the bank and saves you time and effort.
An One lakh instant personal loan is an unsecured loan, which means you do not need to provide any collateral or security to avail it. This makes it a convenient option for those who do not have any assets to pledge as collateral.
With an 1 lakh instant personal loan, you can choose a repayment tenure that suits your financial situation. Most lenders offer flexible repayment options ranging from 12 to 60 months. This allows you to repay the loan in smaller, more manageable installments.
Unlike other loans that have specific purposes, an instant personal loan can be used for any purpose. Whether you need to cover medical expenses, plan a wedding, or take a vacation, an instant personal loan gives you the freedom to use the funds as you wish.
Taking a loan will always have additional payments and fees. It is prudent to be aware of these charges beforehand. Some of these charges can include processing fees, interest rates, preparation charges, and foreclosure charges. Here is a table of a few banks and their respective interest rates and charges.
| Bank | Interest Rate | Processing Fee | Part Prepayment Charges | Foreclosure Charges |
| Axis Bank | 10.49% - 24% | Up to Rs 4,999 | N/A | 2% - 4% of principal outstanding |
| HDFC Bank | 10.50% - 21.50% | Up to 2.50% of the loan amount is subject to a minimum of Rs. 1,999/- & Maximum of Rs. 25000/- for Salaried Customers. | N/A | 13-24 Months - 4% of Principal Outstanding,25-36 Months - 3% of Principal Outstanding,>36 Months - 2% of Principal Outstanding |
| ICICI Bank | 10.50% - 18.49% | Up to 2.25% per annum of loan amount plus GST | N/A | 5% per annum of principal outstanding plus GST |
| Kotak Mahindra Bank | 10.99% - 20.99% | Up to 2.5% of the loan amount + GST and other applicable statutory levies | N/A | N/A |
| IndusInd Bank | 10.99% - 16.00% | Up to 2.50% of the loan amount plus tax | N/A | N/A |
| Bajaj Finserv | 11.00% - 35.00% | Up to 3.99% of the loan amount + GST and other applicable statutory levies | NIL | NIL |
| State Bank of India | 11.05% - 15.05% | Rs.1000/- +GST (Non-refundable) for loans up to Rs.10 lakh and Rs.2000/- +GST (Non-refundable) for loans above Rs.10 lakh and up to Rs.20 lakh. | NIL (for loans up to Rs.25 lakh) or as per the scheme terms and conditions (for loans above Rs.25 lakh) | NIL (for loans up to Rs.25 lakh) or as per the scheme terms and conditions (for loans above Rs.25 lakh) |
Now that you know the benefits of an instant personal loan, let's look at the steps you need to follow to get one of Rs. 1 Lakh.
Before applying for an instant personal loan, it's essential to check your eligibility. Most lenders have certain criteria that you need to meet to be eligible for a loan. This includes your age, income, credit score, and employment status. You can use an online eligibility calculator to determine your eligibility for a loan of Rs. 1 Lakh.
To be eligible for a personal loan of INR 1 lakh, applicants typically need to meet the following criteria:
To apply for an instant personal loan, you will need to provide certain documents. These typically include proof of identity, address, income, and employment. Make sure to have these documents ready before starting the application process to avoid any delays.Typically the following documents are necessary:
With the rise of digital lending platforms, there are numerous lenders offering instant personal loans. It's essential to compare the interest rates, processing fees, and other charges of different lenders to find the best deal.
Here is a table of banks and their respective interest rate offers on a personal loan of 1 lakh.
| Bank | Interest Rate |
| State Bank of India | 11.05% - 15.05% |
| Punjab National Bank | 10.40% - 16.95% |
| Axis Bank | 10.49% - 24% |
| HDFC Bank | 10.50% - 21.50% |
| ICICI Bank | 10.50% - 18.49% |
| Kotak Mahindra Bank | 10.99% - 20.99% |
| Bajaj Finserv | 11.00% - 35.00% |
| Union Bank of India | 11.40% - 15.50% |
| Bank of India | 10.25% - 14.75% |
| Central Bank of India | 10.95% - 12.55% |
1. Online Application: Head over to Pluto Money's official website to initiate your application directly.
2. Speak to a Loan Specialist (Optional): If you prefer personalized guidance, call our dedicated loan specialist team at 1800 208 3344. They'll walk you through the process and ensure a smooth experience.
3. Get Expert Support: Our team is committed to finding a quick solution for your financial needs. They'll answer your questions and support you throughout the application process.
If your loan application is approved, the funds will be disbursed to your bank account within a few hours. This allows you to get the funds you need quickly and without any hassle.
One Lakh Loan tenures typically range from 1 to 5 years, with some lenders extending to 6 or 7 years. The longer the tenure, the lower your monthly EMI (Equated Monthly Installment) but the higher the total interest paid. Choose a tenure that fits your budget and repayment plan.
Keep in mind:
Here's a brief overview of the EMI amounts for different tenures at an interest rate of 11% p.a.
| Loan Amount (INR) | Tenure (Years) | Interest Rate (p.a.) | EMI (INR) |
|---|---|---|---|
| 1,00,000 | 1 | 11% | 8,838 |
| 1,00,000 | 2 | 11% | 4,661 |
| 1,00,000 | 3 | 11% | 3,274 |
| 1,00,000 | 4 | 11% | 2,585 |
| 1,00,000 | 5 | 11% | 2,174 |
Remember, the actual EMI can vary based on the specific interest, Use online EMI calculator to estimate your payment based on your loan amount and tenure.
Here are some tips to keep in mind when applying for an instant personal loan of Rs. 1 Lakh:
Your credit score plays a crucial role in determining your eligibility for a loan and the interest rate you will be offered. It's essential to maintain a good credit score by paying your bills and EMIs on time and keeping your credit utilization low.
While a longer repayment tenure may seem attractive as it results in smaller monthly installments, it also means paying more interest over time. It's advisable to choose a shorter repayment tenure if you can afford it to save on interest.
Applying for multiple loans at the same time can negatively impact your credit score and reduce your chances of getting approved for a loan. It's best to research and compare lenders before applying for a loan to avoid multiple applications.