Do you ₹1 lakh personal loan Thinking of taking it and want to know if How to take a personal loan of ₹ 1 lakh? So this blog post is just for you, after reading this you will get the answer to all your questions easily.

One personal loan (Personal Loan) Being an unsecured loan helps you to meet sudden emergency needs without any kind of end use restrictions. A personal loan of ₹1 lakh will not only help you meet short-term financial needs, but will also ensure some tax benefits when the money is used for home renovation.

Other ₹1 Lakh Available Online personal loan In EMI Calculator, you can use the calculator offered by MyLoanCare to get a more detailed view. Banks across India charge variable interest rates on personal loans up to ₹1 lakh. Other factors such as applicant’s age, job type and tenure as well ₹1 Lakh Personal Loan They play an important role in deciding the EMI.

Eligibility Criteria for Personal Loan of ₹1 Lakh

To get your ₹ 1 lakh loan scheme approved for personal use you need to fulfill the eligibility criteria:

Age: The minimum age mandated by banks is 21 years, while the maximum age limit is 65 years. Some banks also offer personal loans to pensioners with a maximum age of 70 years.

Credit Score: The credit score acts as a first impression to the banks through the loan documents submitted by you. The best credit score among Indian banks to get a personal loan of ₹1 lakh is 650.

Employment Type: Banks generally prefer government employees over other applicants. Even if you are associated with a well-known organization or a self-established businessman with proper documents, you can still get a personal loan of up to ₹ 1 lakh.

Documents Required for ₹ 1 Lakh Personal Loan

You need to submit the following documents while applying for a personal loan of ₹1 lakh:

  • as proof of identity pan card, voter card, Base card, driving license or passport can be presented
  • Passport, driving license, mobile billElectricity bill (up to 3 months old) can be used as address proof
  • Bank account details (last 3 months), salary slip and Form 16 as applicable for salaried employees

How to apply for a personal loan of Rs 1 lakh?

With MyLoanCare, getting a loan of ₹1 lakh approved is made easy. You can also avail an online EMI calculator, detailed comparison chart and get assistance from the authorities before finalizing any particular bank. Follow these steps to get a personal loan of ₹1 lakh:

Here is a step-by-step guide that will help you secure a personal loan up to ₹1 lakh in an organized manner:

Phase 1: You can use the MyLoanCare app to get clear information about personal loans and related information. download can or Website can go on. To be more precise, you can update the required information such as number, name, income, residence and existing loan details.

Phase 2: MyLoanCare will analyze your submitted details and offer various ₹ 1 Lakh loan schemes, thereby enhancing the comparisons.

step 3: An executive at MyLoanCare will get back to you to check the submitted details and discuss the important terms related to the ₹ 1 Lakh personal loan. If you are interested in getting the loan then the agent will also schedule the document taking with the selected bank.

step 4: If you have updated the documents online through MyLoanCare’s website, a representative of the bank will call you to initiate the document verification process.

Step 5: 1 Lakh personal loan will be approved or rejected by the bank after looking at the documents submitted and your estimated credit score. If found eligible, a sanction letter will be sent containing all the loan related details.

Step 6: Finally, the loan amount of ₹1 lakh will be credited to your account.

Disclaimer:

The content of this article/infographic/picture/video is for informational purposes only. The content is general in nature and is for informational purposes only. It is not a substitute for advice specific to your own circumstances.

OnlineHindiTech will not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decision based on the mentioned material and information. Please consult your financial advisor before taking any financial decision.

Read also:

How to take a personal loan of Rs 5000 from Aadhar card instantly?

What are the types of education loans?

We hope that after reading this blog post your questions How to take a loan of Rs 1 lakh? (How to Get 1 Lakh Rupees Personal Loan in English) You must have easily found the answer to all these questions.

FAQ

Q: Which bank is best for personal loan of ₹ 1 lakh?

Ans: Among the various banks offering personal loans in India, ICICI Bank offers the best ₹ 1 Lakh personal loan with an affordable interest rate of 10.25%. Moreover, HDFC Bank offers best customer service to the personal loan customers with a rating of 4.5/5.

Q: Can I get the minimum interest rate on a personal loan of ₹1 lakh?

Ans: A detailed comparison between the interest rates available on ₹ 1 Lakh loan will enable you to choose from top lenders’ lowest individual rate. You can also visit MyLoanCare’s website or download the Android app to get in touch with those in need. However, make sure you maintain personal loan eligibility specific to the lender, well, a good CIBIL score and good income or annual turnover.

Q: Can I get a loan of ₹ 1 lakh without income proof?

Ans: Banks are giving personal loans without income proof, for which you need to provide original property documents as collateral or can also apply with a co-applicant. In such cases, banks may require you to have an excellent credit score above 700 and a good source of income.

Q: What is the interest rate of SBI ₹1 lakh loan?

Ans: The interest rate charged for SBI personal loan ₹1 lakh starts from 9.60%. However, the interest may vary for all lenders and can be up to 15.65%.