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.
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.
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:
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.
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:
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.
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.
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.
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.
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.
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.
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 |
|
|
|
Signature Proof |
|
|
|
Address Proof |
|
|
|
Income Proof |
|
|
|
Business Proof |
NA |
|
*Please note that additional documents may be requested depending on your individual profile and SMFG India Credit’s policy at the time of application.
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 |
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
The personal loan application process at SMFG India Credit involves the following steps:
By following these simple instructions, you'll be on your way to achieving your financial objectives with SMFG India Credit.
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.
* 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.
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.
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.
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.
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.
You can take our personal loan for a variety of reasons.
Wedding Expenses
Higher Studies
Exotic Vacations
Hobbies
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