₹ 1 Lakh Personal Loan

A personal loan being an unsecured loan helps you with sudden emergency needs without possessing any type of end usage restrictions. A ₹ 1 Lakh personal loan will not only help you fulfil short term financial needs but will also assure certain tax benefits in case the money gets used for home renovation. Among other ₹ 1 Lakh personal loan EMI calculators available online, you can utilise the one offered by MyLoanCare to get a more detailed view. Banks across India charge variable interest rates on a personal loan of ₹ 1 Lakh. Other factors like age of the applicant, job type and tenure also play an important part in deciding ₹ 1 Lakh personal loan EMI.

You need to fulfill the eligibility criteria to get your ₹ 1 Lakh loan scheme for personal use approved:

• Age: The minimum age made mandatory by the banks is 18 years. While the maximum age limit is 65 years. Some banks also offer personal loans to pensioners with a maximum age of 70 years.
• Credit Score: The credit score works as a first impression for banks while going through loan-related documents submitted by you. The most preferable credit score among Indian banks is 650, to get a personal loan of ₹ 1 Lakh.
• Employment Type: Banks generally prefer government employees over other applicants. You can still get to bag a personal loan upto ₹ 1 Lakh if you are associated with a renowned organisation or if you are a self-established businessman with proper documents.

Bank Name	Interest rates
Corporation Bank	8.90%
Andhra Bank	8.90%
Union Bank of India	8.90%
PNB	8.95%
Indian Bank	9.05%

You will have to present the following documents while making an application for a ₹ 1 Lakh personal loan:

• Pan Card, Voter Card, Aadhar Card, Driving License or Passport can be presented as identity proof.
• Passport, Driving License, Mobile Bill, Electricity Bill (up to 3 months old) can be used as address proof.
• Bank account statements (last 3 months), Salary slip and Form 16 are applicable for salaried employees. For self-employed applicants, previous years P&L statement/ITR, bank account statement and balance sheet are mandatory.

The payable EMI for a ₹ 1 Lakh Personal Loan depends on the chosen tenure, age of the applicant and interest rate charged by banks. You can use the EMI calculator on MyLoanCare’s website to get an accurate view of ₹ 1 Lakh personal loan EMI for 5 years. The best part is you will be able to customise the tenure as per convenience. The following table offers a detailed view of ₹ 1 Lakh personal loan EMI, that you will have to pay gradually.

Bank	Monthly EMI for 5 Years
Corporation Bank ⊕ Compare	₹ 2,071
Andhra Bank ⊕ Compare	₹ 2,071
Union Bank of India ⊕ Compare	₹ 2,071
PNB ⊕ Compare	₹ 2,073
Indian Bank ⊕ Compare	₹ 2,078
Allahabad Bank ⊕ Compare	₹ 2,078
Karur Vysya Bank ⊕ Compare	₹ 2,095
Bank of Maharashtra ⊕ Compare	₹ 2,103
SBI ⊕ Compare	₹ 2,105
ICICI Bank ⊕ Compare	₹ 2,137
HDFC Bank ⊕ Compare	₹ 2,137
Kotak Bank ⊕ Compare	₹ 2,137
Axis Bank ⊕ Compare	₹ 2,149
IndusInd Bank ⊕ Compare	₹ 2,149
Tata Capital ⊕ Compare	₹ 2,149
Federal Bank ⊕ Compare	₹ 2,149
IDFC First Bank ⊕ Compare	₹ 2,149
Bank of Baroda ⊕ Compare	₹ 2,149
Yes Bank ⊕ Compare	₹ 2,159
Indian Overseas Bank ⊕ Compare	₹ 2,164
Standard Chartered Bank ⊕ Compare	₹ 2,199
Fullerton India ⊕ Compare	₹ 2,224
IDBI Bank ⊕ Compare	₹ 2,224
Canara Bank ⊕ Compare	₹ 2,245
Syndicate Bank ⊕ Compare	₹ 2,245
Bajaj Finserv ⊕ Compare	₹ 2,275
Axis Finance ⊕ Compare	₹ 2,275
RBL Bank ⊕ Compare	₹ 2,327
Muthoot ⊕ Compare	₹ 2,327
IIFL ⊕ Compare	₹ 2,877
HDB Financial ⊕ Compare	₹ 3,235

Getting a ₹ 1 Lakh loan approved becomes easy with MyLoanCare. You can avail an online EMI calculator, detailed comparison charts and get help from executives before finalising a particular bank. Follow these steps to get a ₹ 1 Lakh personal loan:

Here is a step-by-step guide that will help you secure a personal loan upto ₹ 1 Lakh in an organised way:

• Step 1: You can download the MyLoanCare app or visit the website to get a clear idea about personal loan and related information. To be more precise you can update required information like number, name, income, residence and existing loan details.
• Step 2: MyLoanCare will analyse your submitted details and will even present various ₹ 1 Lakh loan schemes, facilitating enhanced comparisons.
• Step 3: An executive from MyLoanCare will get back to you to cross-check the submitted details and discuss ₹ 1 Lakh personal loan related crucial terms. The agent will also schedule a document pick up, with the selected bank in case you are interested to get the loan.
• Step 4: A representative from the bank will call you to initiate a document verification process in case you have updated the documents online via MyLoanCare’s website.
• Step 5: The bank will approve or reject the 1 lac personal loan after going through the submitted documents and your projected credit score. If found eligible, a sanction letter will be forwarded comprising all the loan related details.
• Step 6: Finally the ₹ 1 Lakh loan amount will get credited to your account.

✅Which bank is best for a Personal Loan of ₹ 1 Lakh

Amongst the various banks that offer personal loans in India,Corporation Bank offers the best ₹ 1 Lakh personal loan on the basis of affordable interest rate of 8.90%. Apart from that, HDFC Bank offers the best customer service to personal loan customers with a rating of 4.5/5.

✅Can I get Lowest Interest Rate on a ₹ 1 Lakh Personal Loan?

A detailed comparison between the available interest rates on a ₹ 1 Lakh loan, will enable you to opt for the lowest personal rate from top lenders. You can also visit MyLoanCare’s website or download the android app to proceed with the needful. However, ensure maintaining the personal loan eligibility specific to the lender, precisely, a good cibil score and good income or annual turnover.

✅Can I avail ₹ 1 Lakh Loan without Income Proof?

There are banks offering personal loans without income proof, for that you need to provide original property documents as collateral or can apply with a co-applicant as well. In such cases, banks might require you to have an excellent credit score above 700 and a fairly good source of income.

✅What is the interest rate for SBI ₹ 1 Lakh Loan?

The interest rate charged for SBI personal loan ₹ 1 Lakh starts from 9.60. The interest may, however, vary across all lenders and may range up to 15.65%.

✅What are the factors that can affect ₹ 1 Lakh Personal Loan EMI?

The selected tenure, repayment capability and interest rate charged affects the EMI for ₹ 1 Lakh personal loan. The higher the loan amount, higher will be the EMI and longer the personal loan tenure, lower will be the EMI. Loan EMI in case of ₹ 1 Lakh EMI will however be affordable, as the loan amount is small.

✅What will be the EMI for ₹ 1 Lakh Personal Loan?

The EMI charged for a ₹ 1 Lakh is different for every bank, as it is dependent on a variety of factors like loan tenure and age of the applicant. You can use the EMI calculator available on MyLoanCare’s website to get an idea of EMI amount for different tenures. As per the top five banks that offer lowest personal loan rate, EMI for ₹ 1 Lakh personal loan for five year will be as follows:

Corporation Bank	₹ 2,071
Andhra Bank	₹ 2,071
Union Bank of India	₹ 2,071
PNB	₹ 2,073
Indian Bank	₹ 2,078