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

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.

Eligibility Criteria for 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.

Factor

Salaried Individuals

Self-Employed Individuals

Age

 

Must be between 22 and 65

 

Must be between 25 and 65

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 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 monthly income

EMI should be a maximum of 65% of monthly income

*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 a Personal Loan of 1 Lakh

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.

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

  • License
  • 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 day to day basis payable from the relevant due date till date of actual payment.

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

Rs. 300 to 1000

Loan Cancellation Charges (loan cancelled before first EMI)

Rs. 1000 - 2500

Loan Tenure

Up to 60 months

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

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

Loan Amount (Rs)

Interest Rate (p.a.)

Tenure (years)

EMI (Rs)

 

 

 

Rs. 1 Lakh

    

 

 

 

13%

    

1

8,932

2

4,754

3

3,369

4

2,683

5

2,275

Reasons to Choose a 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.

Feature & Benefits of a 1 Lakh Loan

1. Collateral-Free Loan

The 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 assets.

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 percentage 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 fulfil all the pre-defined eligibility criteria and provide all the 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: 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
  • 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%* 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 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 the processing fee, which is up to 5% of the total loan amount + GST.

8. Customized Loan Solution

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

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).

  1. Authenticate Mobile Number

Use the OTP sent to your mobile number for verification.

  1. 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.

  1. Provide Your Employment Details

For salaried individuals, it is necessary to provide specifics about their employment.

  1. Submit Bank Statements

Submit your bank 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).

  1. 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.

  1. Provide Bank Account Details

Submit your bank account details to enable verification by us.

  1. Supply Additional Information

Following verification of the bank account, proceed to the 'Additional Details' section to include information about your marital status, loan purpose, father’s name, and mother’s maiden name.

  1. 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.

  1. Review and Sign the Agreement

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.

Conclusion: Guide to Getting a 1 Lakh Personal Loan

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.

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* 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 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 a ₹1 Lakh Personal loan?

The interest rate on an INR 1 lakh loan 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 a ₹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 within 30 minutes* of the loan approval.

Can I avail ₹ 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, bank 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 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 ₹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 Rs. 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 is the eligibility criteria for a ₹1 Lakh personal loan?

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

  • Age should be between 21 to 60 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 in 30 minutes*. Please note that applications for amounts greater than INR 2.50 lakhs* 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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