How to Get Rs. 1 Lakh Personal Loan?

How to Get Rs. 1 Lakh Personal Loan?

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Fund your expenses with an INR 1 Lakh Loan

Key Takeaways

  1. Personal Loans are collateral-free unsecured loans.
  2. You can avail of instant and paperless Personal Loans.
  3. Repayment of your 1 Lakh Personal Loan is convenient with Equated Monthly Instalments.
  4. Banks disburse Personal Loan amounts within short timeframes.
  5. You can use the Personal Loan amount to fund any expenses without any conditions.

One can never predict the need for money. When circumstances call for cash, walking up to family or friends and saying, ‘I want 1 Lakh Rupees Loan urgently’ may not always work out. However, you can get quick access to fund by approaching a bank for a Personal Loan. The loan also helps strengthen your credit health. Keep reading to know how you can obtain a Personal Loan of INR 1 Lakh.

How to Get 1 Lakh Loan?

A Personal Loan is often referred to as an unsecured loan in that it is collateral-free. Financial institutions sanction Personal Loans based on your creditworthiness and ability to repay the loan. Hence, you need not worry about mortgages for obtaining an INR 1 lakh Personal Loan. The eligibility criteria for obtaining a Personal Loan include a minimum age of 21 years until 60 years, excellent credit score and minimum monthly income of INR 20,000. You can also check the eligibility with a Personal Loan EMI Calculator.

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Personal Loan – Features and Benefits

Loan Tenure

Personal Loan tenures range between 12 to 60 months. You can choose a flexible repayment tenure to pay off your INR 1 Lakh Personal Loan.

Minimum Paperwork

Personal Loans are usually paperless, and you can apply by providing scanned copies of basic documents, i.e., your ID, address, income proof and PAN Card. As a loyal customer of the bank, you may also qualify for pre-approved or instant Personal Loans with no documents required.

No Hidden Costs

When you apply for a Personal Loan, all charges, including processing fees, late payment fees, along with the Personal Loan interest rates, are made available at the time of application.

Instant Approval

If your CIBIL score, also known as Credit Score, matches the margin for loan approval, the bank will disburse the loan amount of INR 1 Lakh into your bank account at the earliest. In the case of pre-approved loans, banks credit your Savings Account almost immediately.

Loan Repayment

You can pay off the Personal Loan in easy Equated Monthly Installments (EMI). Get the most out of your INR 1 Lakh Personal Loan EMIs by selecting your preferred loan repayment tenure.

Freelook Period

Some banks also offer a 2-day free look period, during which you can cancel the loan. If you choose to cancel the loan, you have to forego the non-refundable loan processing fees and taxes. Once you place your loan cancellation request, the bank debits the INR 1 lakh Loan amount from your account.

No End-use Conditions

You can use the funds from the INR 1 lakh Loan scheme for all intents and purposes, including home renovations, holiday planning, funding grand events or even take out a business loan. The bank does not intervene with how you use the loan amount.

Conclusion

Personal Loans can help you out of a financial crisis. With flexible tenures and affordable EMIs, you can repay the 1 lakh Personal Loan conveniently. Ensure your credit health is at its best to secure a Personal Loan quickly.

Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page.

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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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