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.
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.
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Factor |
Salaried Individuals |
Self-Employed Individuals |
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Age |
Must be between 22 and 65 |
Must be between 25 and 65 |
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Nationality |
Must be a resident Indian |
Must be a resident Indian |
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Credit Score |
Must be 750 or above |
Must be 750 or above |
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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 |
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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 |
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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.
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.
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Document Type |
Salaried Individuals |
Self-Employed Individuals |
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Identity Proof |
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Signature Proof |
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Address Proof |
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Income Proof |
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Business Proof |
NA |
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*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:
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Fees & Charges |
Amount Chargeable |
|
Personal Loan Interest Rate |
Starting at 13%* per annum |
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Processing Fee |
Up to 5% of the total loan amount + GST |
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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. |
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Cheque/ECS/NACH Dishonoured Charges (per dishonour of cheque/ECS/NACH per presentation) |
Rs. 300 to 1000 |
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Loan Cancellation Charges (loan cancelled before first EMI) |
Rs. 1000 - 2500 |
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Loan Tenure |
Up to 60 months |
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 |
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3 |
3,369 |
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4 |
2,683 |
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5 |
2,275 |
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.
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.
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:
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.
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 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.
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.
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.
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.
The personal loan application process at SMFG India Credit involves the following steps:
Fill out the required fields with your mobile number, PAN, pincode, and employment status (salaried or self-employed).
Use the OTP sent to your mobile number for verification.
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.
For salaried individuals, it is necessary to provide specifics about their employment.
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).
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.
Submit your bank account details to enable verification by us.
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.
Select your preferred re-payment mode, either debit card or internet banking, and complete the E-NACH setup.
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.
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.
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 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.
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.
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.
You can take our personal loan for a variety of reasons.
Wedding Expenses
Higher Studies
Exotic Vacations
Hobbies
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