1 Lakh Personal Loan: Eligibility, EMIs & Interest Rate

Looking to secure an INR 1 lakh personal loan in a short time?  At SMFG India Credit, we make it easy and convenient for you to get the financial support you need. 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 within 30 minutes* of loan approval. 

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.

Why Apply for an INR 1 Lakh Personal Loan?

A personal loan of up to INR 1 lakh can be a perfect solution for covering urgent costs or small-scale expenses such as minor home renovations, car repair, etc. without incurring a larger debt. Moreover, an INR 1 lakh personal loan is unsecured, meaning that you do not have to pledge any collateral to access the funds. You do not have to risk any valuable assets such as a car if you face repayment challenges. 

One of the key advantages of an INR 1 lakh instant loan is the flexibility of repayment. You can choose the repayment tenure, ranging from 12 months to 60 months, to suit your budget. You can use our free, online EMI calculator to arrive at the INR 1 lakh personal loan EMIs that allow you to manage your repayments effectively while addressing your immediate needs and existing expenses.

Planning carefully and paying your INR 1 lakh loan monthly EMIs on time will also help strengthen your credit history and score which will be helpful in future loan applications. 

Benefits of a Personal Loan:

1. Collateral-Free Loan

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

2. Easy Eligibility Criteria

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

The following are the eligibility criteria for a Rs. 1 lakh personal loan at SMFG India Credit:

• Age should be between 21 to 65 years (at the time of loan maturity)
• Minimum monthly income should be Rs 20,000 and Rs 25,000 if you live in Mumbai or Delhi
• Minimum one year of work experience
• Minimum six months in current company, if you’re a salaried professional
• Minimum CIBIL score of 750
• Maximum EMI as a percent of income should be 65%

3. Instant Approval & Loan disbursed in 30 minutes*

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

After successful verification checks, the Rs. 1 lakh personal loan application is approved and the amount is credited to your bank account within 30 minutes* of 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: AADHAR, 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
• Last 6 months bank account 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 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 Rs 1 lakh personal loan EMI amount.

6. Attractive Interest Rates

The personal loan interest rates at SMFG India Credit start at 13% for both salaried and self-employed professionals. The final interest rate offered is based on the applicant’s credit score, requirement, and financial profile.

Apply today to enjoy a Rs 1 lakh personal loan EMI as low as Rs 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 Rs 1 lakh personal loan approval other than processing fee, which up to 4.25% of the loan amount.

8. Customized Loan Solution

SMFG India Credit offers customized personal loan solutions for men and women and various events and situations like marriage, holiday, medical emergency, home improvement, etc.

Eligibility Criteria to Apply for an INR 1 Lakh Personal Loan

You have to meet some simple and basic eligibility requirements at SMFG India Credit to apply for an instant personal loan of INR 1 lakh. Factors such as your age, credit score, income, and employment history influence loan approval and terms such as the interest rate on an INR 1 lakh personal loan.

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

Documents Required for an INR 1 Lakh Personal Loan

The document requirements at SMFG India Credit are minimal and straightforward to ensure a quick application process. Please note that the document requirements vary slightly for salaried and self-employed applicants.

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

INR 1 Lakh Personal Loan Fees & Charges

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:

EMI for INR 1 lakh Personal Loan for Tenures of 1-5 years

Getting a personal loan of INR 1 lakh can be an excellent solution for addressing short-term financial needs or handling unexpected expenses during financial emergencies. Obtaining an INR 1 lakh loan is straightforward and efficient. You can apply for a personal 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 an 13%* rate of interest per annum, the EMI for INR 1 lakh personal loan is as follows:

Key Points Lenders consider while offering Personal Loans of Rs. 1 lakh

Here are the criteria lenders consider before granting an Rs.  1 lakh personal loan:

• Age Range: Applicants should be between 21 to 65 years (at the time of loan maturity).
• Minimum Monthly Income: You should have a minimum monthly income of INR 20,000. However, the minimum monthly income requirement is INR 25,000 if you reside in Mumbai or Delhi.
• Work Experience: You must have at least one year of work experience.
• Salaried Professionals: If you are a salaried professional, you should have a minimum of six months of employment with your current company.
• Credit Score: A minimum CIBIL score of 750 is required. A good credit score reflects your creditworthiness and repayment capability.
• Maximum EMI as a Percentage of Income: The loan's Equated Monthly Installment (EMI) should not exceed 65% of your income. This ensures that your loan repayment remains manageable within your financial capacity.

How to Apply for ₹1 Lakh Personal Loan

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

1. The personal loan application process for an INR 1 lakh loan at SMFG India Credit involves the following steps:
2. Begin your loan application by clicking here.
3. Fill out the required fields with your mobile number, PAN, pincode, and employment status (salaried or self-employed).
4. Use the OTP sent to your mobile number for verification. You are also required to verify your email ID.
5. Input your email address, date of birth, and gender, along with details about your income and employment.
6. Assess the loan offer, particularly the amount, fees, and the details of the repayment plan. Confirm your approval once satisfied. We also give you an option to choose an increased loan amount.
7. For salaried individuals, it is necessary to provide specifics about your employment.
8. Complete the digital procedures for verifying your identity and residential address using CKYC, OKYC, or DigiLocker.
9. Submit your bank account details. Following verification from us, proceed to the 'Additional Details' section to include information about your references, marital status, loan purpose, father’s name, and mother’s maiden name.
10. Select your preferred payment mode, either debit card or internet banking and complete the eNACH setup.
11. Digitally sign the loan agreement after reviewing it. Finalise the process with an OTP 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.

Final Words

Due to the flexibility and benefits offered, a personal loan is the go-to option financing source for meeting short-term funding requirements or financial emergencies. Whether you have availed a Rs 1 lakh loan or a higher amount, ensure you repay the loan amount through regular monthly EMIs adhering to the terms and conditions of the loan. Missed or delayed payments could adversely affect your credit score, among other things

APPLY FOR LOAN   CHECK YOUR ELIGIBILITY