Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.

Calculate Personal Loan EMI

`
50,00025,00,000
Months
12 Months60 Months

Assuming annual interest rate of 11.99

Calculated EMI*   6,642  Apply For Loan

Loans Upto ` 25 Lakh*

Quick Disbursal

Minimal Documentation

Flexible Tenure

Personal Loan of Rs. 1 Lakh

Taking Rs. 1 lakh personal loan is one of the best ways for meeting short-term funding requirements or managing expenses during financial emergencies.

The process for taking a Rs. 1 lakh loan is simple and fast. You can apply for a personal loan online or visit your nearest SMFG India Credit branch, where you will be guided by one of our executives.

Personal loans have a hassle-free loan application process and easy to meet eligibility criteria.

Eligibility Criteria to get Personal Loan of ₹1 Lakh

Here are the eligibility criteria lenders consider before granting an INR 1 lakh personal loan:

  • Age Range: Applicants should be between 21 to 60 years old.
  • 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.
  • Citizenship: The applicant must be an Indian resident.
  • Work Experience: You must have at least one year of work experience.
  • Credit Score: A minimum CIBIL score of 750 is required. A good credit score reflects your creditworthiness and repayment capability.

Documents Required for ₹1 Lakh Personal Loan

Documents required for a personal loan of INR 1 lakh:

  1. PAN Card
  2. Proof of Identity (Aadhaar Card, Driving License, Passport, Voter ID, etc.)
  3. Signature Proof (Passport, PAN Card, etc.)
  4. Address Proof (Passport copy, Aadhaar card, driving license, utility bills such as gas or electricity bills, Voter ID, ration card, rent agreement, etc.)
  5. Bank statements from the past 6 months

Additional Documents for Salaried Individuals:

  • Salary slips for the last three months
  • Income tax returns or Form 16

Additional Documents for Self-Employed Individuals:

  • Balance sheet and profit and loss account, along with income computation for the past 2 years
  • Income Tax Returns for the past 2 years
  • Business proof (License, registration certificate, GST number)
  • IT Assessment or Clearance Certificate
  • Income Tax Challans or TDS Certificate (Form 16A) or Form 26 AS for income declared in ITR

₹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 ₹:

Fees & Charges

Amount Chargeable

Personal Loan Interest Rate

Starting at 11.99% per annum

Processing Fee

Between 0% - 6% of the loan amount

Late Payment Charges

2% plus GST charged monthly (24% per annum) on the overdue amount calculated on day-to-day basis.

Cheque /ECS/NACH dishonoured charges (per dishonour of cheque/ECS/NACH per presentation)

300

Loan Cancellation charges (loan cancelled before first EMI)

1000

Loan Tenure

Up to 60 months

EMI for Rs 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 11.99%* 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

11.99%

1

8,884

2

4,707

3

3,321

4

2,633

5

2,224

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

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

  • Age Range: Applicants should be between 21 to 60 years old.
  • 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. Begin your loan application by clicking here.
  2. Fill out the required fields with your mobile number, PAN, pincode, and employment status (salaried or self-employed).
  3. Use the OTP sent to your mobile number for verification. You are also required to verify your email ID.
  4. Input your email address, date of birth, and gender, along with details about your income and employment.
  5. 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.
  6. For salaried individuals, it is necessary to provide specifics about your employment.
  7. Complete the digital procedures for verifying your identity and residential address using CKYC, OKYC, or DigiLocker.
  8. 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.
  9. Select your preferred payment mode, either debit card or internet banking and complete the eNACH setup.
  10. 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.

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 60 years
  • 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 11.99% 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 ranges between 0- 6% 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.

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

*Loans are disbursed at the sole discretion of SMFG India Credit. Please note that final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application

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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 1 lakh?

Using the online personal loan EMI calculator, you can know the EMI amount for different loan tenures. At an 11.99% rate of interest per annum, the EMI for INR 1 lakh personal loan for 1-year tenure is INR 8,884, 2-year tenure is INR 4,707, 3-year tenure is INR 3,321, 4-year tenure is INR 2,633, and 5-year tenure is INR 2,224.

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 11.99%* 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
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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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