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 ₹:

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:

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

To instantly apply for INR 1 lakh personal loan with SMFG India Credit:

• Download the Instaloan app.
• Register with your mobile number, create an account, and set up an mPIN.
• Provide personal and professional details.
• Enter your bank account information.
• Upload required documents.
• Click "I Agree" to submit your application.
• Specify the loan amount as INR 1 lakh and enter the desired tenure.
• Enter your PAN number.
• You will receive a reference number for tracking.

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

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 within 24 hours 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

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