Calculate Personal Loan EMI

`
50,00030,00,000
Months
12 Months60 Months

Assuming annual interest rate of 13

Calculated EMI*   6,642  Apply For Loan

Loans Upto ` 30 Lakh*

Quick Disbursal

Minimal Documentation

Flexible Tenure

1 Lakh Personal Loan

An INR 1 lakh personal loan offers a convenient and efficient way to meet your financial needs. Whether you are dealing with an unexpected financial emergency, looking for debt consolidation options, or planning a significant purchase, our INR 1 lakh personal loan solution is designed to provide quick access to funds without unnecessary delays.

With our streamlined application process, you can apply for an INR 1 lakh loan online from the comfort of your home and receive the approved funds shortly after loan approval.

To help you plan better, we also offer a free-to-use EMI calculator. You can use it to estimate your INR 1 lakh loan monthly EMI and make informed borrowing decisions.

If you have a strong credit history and meet our simple eligibility requirements, you can get an INR 1 lakh loan with low interest rates and flexible repayment tenures of up to 60 months*. Keep reading to explore more benefits of applying for an INR 1 lakh instant loan at SMFG India Credit.

Features & Benefits of a 1 Lakh Loan

1. Collateral-Free Loan

The personal loan falls under the category of an unsecured loan, which doesn’t require you to pledge any of your assets. You can repay the loan amount without worrying about losing your assets.

2. Easy Eligibility Criteria

It is important to meet all the eligibility criteria for taking a personal loan from any lender. Compared to other categories of loans, personal loans have easier eligibility criteria.

The following are the eligibility criteria for an INR 1 lakh personal loan at SMFG India Credit:

  • Age should be between 22 to 65 years (at the time of loan maturity)
  • Minimum monthly income should be INR 20,000 and INR 25,000 if you live in Mumbai or Delhi
  • Minimum one year of work experience
  • Minimum six months in the current company, if you’re a salaried professional
  • Minimum CIBIL score of 750
  • Maximum EMI as a percentage of income should be 65%

3. Instant Approval & Swift Loan Disbursements

Your online personal loan application comes with an instant approval feature if you fulfil all the pre-defined eligibility criteria and provide all the necessary documents required for approval.

After successful verification checks, the INR 1 lakh personal loan application is approved, and the amount is credited to your account shortly after approval.

4. Simple Documentation Process

The online personal loan application process reduces the hassle and stress of the documentation process. While applying for a personal loan, you need to submit the following personal loan documents:

  • KYC documents: Aadhaar, PAN Card (or any valid address proof, ID proof, and PAN number)
  • Last 3 months' salary slips if you are salaried, and income proof if you’re self-employed
  • The last 6 months' official statements

All the documents can be submitted and verified online, thus hastening the process of loan approval. Please note that, depending on the applicant’s profile and SMFG India Credit’s policy, a few additional documents may also be requested.

5. Flexible Repayment Tenure

The tenure of the INR 1 lakh personal loan ranges from 12 to 60 months; you can select the tenure based on your repayment capability without impacting your finances. You can use a personal loan EMI calculator to calculate the tenure and the INR 1 lakh loan monthly EMI amount.

6. Attractive Interest Rates

The personal loan interest rates at SMFG India Credit start at13%* per annum for both salaried and self-employed professionals. The final interest rate offered is based on the applicant’s credit score, requirements, and financial profile.

Apply today to enjoy an INR 1 lakh personal loan EMI as low as INR 2,275 for a loan tenure of 60 months.

7. No Hidden Charges

SMFG India Credit doesn’t charge any hidden charges or fees on INR 1 lakh personal loan approval, other than the processing fee, which is up to 5% of the total loan amount + GST.

8. Customised Loan Solution

SMFG India Credit offers customised personal loan solutions for men and women and various events and situations like marriage, holidays, medical emergencies, home improvement, etc.

Eligibility Criteria for a 1 Lakh Personal Loan

To qualify for an instant INR 1 lakh personal loan at SMFG India Credit, you need to meet some simple and basic eligibility requirements. These include factors like age, income level, credit score, and work or business experience. Meeting these conditions not only improves your chances of loan approval but may also help you secure better terms, such as a lower interest rate, making your INR 1 lakh loan’s monthly EMI more manageable.

Here's a detailed breakdown of the eligibility requirements:

Factor

Salaried Individuals

Self-Employed Individuals

Age

Must be between 22 and 65 years

Must be between 25 and 65 years

Nationality

Must be a resident Indian

Must be a resident Indian

Credit Score

Must be 750 or above

Must be 750 or above

Work/Business Experience

Must have at least 1 year of work experience, with the last 6 months under the current employer

Business must be at least 3 years old

Minimum Income

Monthly income must be at least INR 25,000 (Mumbai/Delhi) or INR 20,000 (other cities)

Annual turnover must cross the minimum threshold, varying based on the profession

EMI as a Fraction of Income

EMI should be a maximum of 60% - 70% of the monthly income

EMI should be a maximum of 65% of the monthly income

*Please note that this is only the basic eligibility criteria for an INR 1 lakh loan. The final eligibility will depend on several factors, including SMFG India Credit’s policy at the time of loan application.

Documents Required for a Personal Loan of 1 Lakh

When applying for an INR 1 lakh loan with SMFG India Credit, the documentation process is designed to be simple and hassle-free. We require only essential documents to ensure a smooth and quick application experience. Please note that the document requirements vary slightly for salaried and self-employed applicants.

Below is a detailed list of the documents you’ll need to submit when applying for an INR 1 lakh personal loan:

Document Type

Salaried Individuals

Self-Employed Individuals

Identity Proof

  • PAN Card
  • Aadhaar Card
  • Driver’s Licence
  • Passport
  • Voter ID
  • PAN Card
  • Aadhaar Card
  • Driver’s Licence
  • Passport
  • Voter ID

Signature Proof

  • Passport
  • PAN Card
  • Passport
  • PAN Card

Address Proof

  • Aadhaar Card
  • Driver’s Licence
  • Passport Copy
  • Utility Bill - Gas or Electricity Bill
  • Voter ID
  • Ration Card
  • Rental Agreement
  • Aadhaar Card
  • Driver’s Licence
  • Passport Copy
  • Utility Bill - Gas or Electricity Bill
  • Voter ID
  • Ration Card
  • Rental Agreement

Income Proof

  • Bank statements for the past 6 months
  • Salary slips for the last 3 months
  • Income Tax Returns OR Form 16
  • Bank statements for the past 6 months
  • Balance sheet and profit and loss account, income computation for the last 2 years
  • Income Tax Returns for the last 2 years
  • IT Assessment OR Clearance certificate
  • Income Tax challans OR TDS certificate (Form 16A) OR Form 26AS for income declared in ITR

Business Proof

NA

  • Licence
  • Registration Certificate
  • GST Number

*Please note that additional documents may be requested depending on your individual profile and SMFG India Credit’s policy at the time of application.

Fees and Charges for a 1 Lakh Personal Loan

Understanding the fees and charges associated with SMFG India Credit's INR 1 lakh personal loan is crucial for borrowers. These fees and charges can add to the overall cost of the loan, and knowing them in advance can help you plan your finances accordingly and avoid any surprises during the loan tenure.

Below is a breakdown of these charges presented in INR:

Fees & Charges

Amount Chargeable

Personal Loan Interest Rate

Starting at 13%* per annum

Processing Fee

Up to 5% of the total loan amount + GST

Late Payment Charges

Up to 3% per month (36% per annum) on overdue amount calculated on a day-to-day basis, payable from the relevant due date till the date of actual payment.

Cheque/ECS/NACH Dishonour Charges (per dishonour of cheque/ECS/NACH per presentation)

Rs. 300 to 1000

Loan Cancellation Charges (loan cancelled before the first EMI)

Rs. 1000 - 2500

Loan Tenure

Up to 60 months

1 Lakh Personal Loan EMI Options for 1-5 Year Tenures

Getting an INR 1 lakh personal loan can be an excellent solution for addressing short-term financial needs or handling unexpected expenses during financial emergencies. Obtaining such a loan is straightforward and efficient. You can apply for an INR 1 lakh loan online or visit your nearest SMFG India Credit branch, where our knowledgeable executives will assist you.

Personal loans offer a hassle-free application process and have easily attainable eligibility criteria. They belong to the category of unsecured loans, eliminating the need for you to pledge any of your assets as collateral. This means you can repay the loan without worrying about losing your valuable assets.

At a 13%* rate of interest per annum, the INR 1 lakh loan monthly EMI is as follows:

Loan Amount (INR)

Interest Rate (p.a.)

Tenure (Years)

EMI (INR)

  

1,00,000

  
  

13%

  

1

8,932

2

4,754

3

3,369

4

2,683

5

2,275

Disclaimer: These are approximate EMI calculations; actual numbers may vary.

Uses of a 1 Lakh Personal Loan

An INR 1 lakh personal loan is a convenient and flexible financing option for handling various short-term expenses without having to pledge collateral. Here's how you can use a loan to meet different personal and professional needs.

Travel or Vacation

A personal loan for travel can help you cover expenses such as flight tickets, hotel stays, sightseeing, and travel insurance without draining your savings. You can finance your dream vacation and repay it in comfortable EMIs.

Wedding Expenses

Weddings in India often involve multiple ceremonies, catering, decorations, and outfits, all of which can be expensive. A wedding loan lets you manage these costs without financial stress.

Higher Education Expenses

From tuition fees to course materials and exam costs, the expenses associated with learning can be significant. A personal loan for higher education offers a quick and convenient way to invest in your own or your child’s academic growth.

Home Renovation or Improvement

Home upgrades can be costly, whether it's a new paint job, fixing plumbing issues, or updating your furniture. A personal loan for home renovation allows you to improve your living space without dipping into your emergency funds.

Medical Emergencies

Unexpected health issues may require urgent treatment, surgery, or extended care. A personal loan for medical emergencies helps you deal with hospital bills, medications, or post-treatment care.

Debt Consolidation

If you’re juggling multiple high-interest debts, a debt consolidation loan can combine them into a single EMI, potentially at a lower interest rate, making repayments easier and reducing your financial stress.

Supporting Women’s Goals

From launching a side business to pursuing a course or managing household needs, a personal loan for women can provide the financial support required to meet life’s varied goals and responsibilities.

Purchasing Big-Ticket Items

Need to buy a high-value gadget, appliance, or piece of furniture? A personal loan for shopping can help you make large purchases immediately and repay them over time without affecting your savings or maxing out your credit card.

Small Business or Startup Funding

Entrepreneurs and freelancers often need working capital for business operations, marketing, or equipment. A personal loan for self-employed professionals offers fast access to funds without requiring you to pledge any personal or business assets.

How to Apply for a 1 Lakh Personal Loan

The personal loan application process at SMFG India Credit involves the following steps:

  1. Provide Key Details
    Fill out the required fields with your mobile number, PAN, pincode, and employment status (salaried or self-employed).
  2. Authenticate Mobile Number
    Use the OTP sent to your mobile number for verification.
  3. Fill in Additional Personal Information
    Input your email address, date of birth, and gender, along with details about your annual household income. You are also required to verify your email ID.
  4. Provide Your Employment Details
    For salaried individuals, it is necessary to provide specifics about their employment.
  5. Submit Official Statements
    Submit your official statement via Net Banking, an Account Aggregator, or by uploading it. The provided information will be used to generate a loan offer (only for salaried applicants).
  6. Complete Identity Verification
    Complete the digital procedures for verifying your identity (including clicking a selfie) and share residential information using CKYC, Offline Aadhaar XML-based KYC, or DigiLocker.
  7. Provide Account Details
    Submit your account details to enable verification by us.
  8. Supply Additional Information
    Following verification of the account, proceed to the 'Additional Details' section to include information about your marital status, loan purpose, father’s name, and mother’s maiden name.
  9. Set Up E-NACH for Re-payment
    Select your preferred re-payment mode, either debit card or internet banking, and complete the E-NACH setup.
  10. Review and Sign the Agreement
    Digitally sign the loan agreement after reviewing it. Finalise the process with an OTP that you will receive on your registered mobile number.

By following these simple instructions, you'll be on your way to achieving your financial objectives with SMFG India Credit.

Get the Funds You Need – Secure Your 1 Lakh Loan Now!

Thanks to its flexibility and convenience, a personal loan is one of the most preferred ways to manage short-term financial needs and emergencies. Whether you’ve availed an INR 1 lakh loan or a higher amount, it’s important to repay the loan in regular monthly EMIs as per the agreed terms. Missed or delayed payments could adversely affect your credit score, among other things.

Ready to move forward? Apply online for an INR 1 lakh personal loan today or visit your nearest SMFG India Credit branch for personalised assistance.

Page also available inहिन्दी - Hindi

* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.

FAQs

What is the monthly EMI for a personal loan of INR 1 lakh?

Using the online personal loan EMI calculator, you can know the EMI amount for different loan tenures. At a 13%* rate of interest per annum, the EMI for INR 1 lakh personal loan for 1-year tenure is INR 8,932, 2-year tenure is INR 4,754, 3-year tenure is INR 3,369, 4-year tenure is INR 2,683, and 5-year tenure is INR 2,275.

What is the interest rate levied on an INR 1 lakh personal loan?

The interest rate can vary depending on the loan amount, tenure, and the borrower's creditworthiness. Generally, the interest rate for personal loans starts at 13%* per annum.

What is the processing time for an INR 1 lakh personal loan?

The processing time for an INR 1 lakh personal loan can vary depending on the lender and their internal processes. Typically, the processing time for a personal loan can range from a few hours to a few days. SMFG India Credit usually disburses personal loans shortly after the loan approval.

Can I avail INR 1 lakh loan without income proof?

No, lenders require income proof as a crucial factor in determining a borrower's repayment capacity and creditworthiness. Income proof documents, such as salary slips, official statements, or income tax returns (ITR), are typically requested during the loan application process. These documents provide evidence of your income and financial stability, reducing the risk for the lender.

Can I avail INR 1 lakh loan without documents?

Availing an INR 1 lakh personal loan without any documents is highly unlikely. Lenders require certain documents to verify your identity, income, and creditworthiness before approving a personal loan. These documents are essential for the loan application process and are used to assess your eligibility and repayment capacity.

Can I get a personal loan of INR 1 lakh without any collateral?

Yes, you can get a personal loan of INR 1 lakh without any collateral. Personal loans are typically unsecured loans, which means they do not require any collateral or security. These loans are based on your creditworthiness, income, and repayment capacity rather than any assets you own.

What should be my CIBIL score to get a personal loan of INR 1 lakh?

Having a higher credit score increases your chances of loan approval and may also lead to more favourable loan terms, such as lower interest rates. Generally, a CIBIL score of 750 or above is considered to be a good score for eligibility for a personal loan of INR 1 lakh.

What are the eligibility criteria for an INR 1 lakh personal loan?

The eligibility criteria for an INR 1 lakh personal loan at SMFG India Credit:

  • Age should be between 22 to 65 years
  • Minimum monthly income should be INR 20,000 and INR 25,000 if you live in Mumbai or Delhi
  • Minimum 1 year of work experience
  • Minimum 6 months in current company
  • Minimum CIBIL score of 750
  • Maximum EMI can be up to 65% of income

How long does it take to get approval for an INR 1 lakh personal loan?

At SMFG India Credit, you will get the decision on your online application within minutes of applying online. You can get the approved funds within 30 minutes* for a personal loan of less than INR 2.50 lakhs*. Applications for larger loan amounts will be processed further. For offline applications, the approval process may take a few days.

What is the repayment tenure for an INR 1 lakh personal loan?

At SMFG India Credit, the minimum repayment tenure for an INR 1 lakh personal loan is 12 months and the maximum tenure is 60 months. You can use our free online EMI calculator to estimate the monthly INR 1 lakh personal loan EMIs based on the loan amount, tenure, and interest rate. This can help you plan your 1,00,000 loan monthly payments taking into account any existing obligations such as rent.

How to get a loan of INR 1 lakh?

Here are the general steps involved in applying:

  • Research different lenders and choose the one that offers the most suitable terms, such as interest rates and repayment tenures, for your requirements.
  • Ensure that you meet all the eligibility requirements from the lender and prepare the necessary documents to strengthen your application.
  • Fill in the required details and submit your application online or offline. Provide the required documents and additional information if necessary.
  • Wait for loan approval and disbursement. Prepare a repayment plan to manage the INR 1 lakh loan monthly EMIs on time.
     

Can I get an INR 1 lakh personal loan instantly?

Generally, the application and approval process for personal loans is faster and easier than other loan types. If you apply for an INR 1 lakh loan online, meet the eligibility criteria, and have submitted accurate documents, you can get a decision in minutes and get the approved funds shortly. Please note that applications for larger amounts or offline applications can take more time.

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Reasons to buy

You can take our personal loan for a variety of reasons.

Wedding Expenses

Wedding Expenses

Higher Studies

Higher Studies

Exotic Vacations

Exotic Vacations

Hobbies

Hobbies

 

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