Get ₹1 Lakh Personal Loan Instantly
If you are falling short of some funds to meet any unanticipated emergency, a 1 Lakh loan can be of great help. It can cover a cash crunch, sudden month-end expense or any unexpected exigency. You can get a 1 Lakh personal loan online at an affordable interest starting from just 10.50% per annum without any collateral. This small-ticket loan can be repaid easily in EMIs of up to 5 years.
Top 10 Instant Loan Apps for ₹1 Lakh Loan
Here is the list of the top 10 personal loan apps in India that offer a ₹1 Lakh loan:
| App | Loan Amount | Rate of Interest | Tenure |
|---|---|---|---|
| PayRupik Loan | ₹1,000 - ₹1 Lakh | Up to 36% p.a. | 3 to 12 months |
| TrueBalance | ₹5,000 - ₹5 Lakhs | Starts at 2.4% p.m | 6 to 12 months |
| Cholamandalam | Up to Rs. 35 Lakhs | 10% - 28% p.a. | Up to 60 months |
| Kamakshi Money | ₹1,000 - ₹2 Lakhs | Starts at 1.5% p.m | Up to 3 months |
| Kundan Finance | ₹1,000 - ₹2 Lakhs | 1.5% - 2.92% p.m. | 3 to 12 months |
| FatakPay | ₹30,000 - ₹5 Lakhs | 12% - 35.95% p.a. | 3 to 36 months |
| Fi Money | ₹10,000 - ₹5 Lakhs | 12.75% - 36% p.a. | 6 to 48 months |
| Ram Fincorp | ₹4,000 - ₹2 Lakhs | 12.75% - 36% p.d. | 3 to 12 months |
| TVS Credit | ₹30,000 - ₹2 Lakhs | 11.99% - 29.99% p.a. | 6 to 36 months |
| Lendingplate | ₹10,000 - ₹2.5 Lakhs | 12% - 30% p.a. | 3 to 15 months |
Features & Benefits of ₹1 Lakh Personal Loan
- A personal loan of ₹1 Lakh can be used for various purposes, including travel, gadget purchases, home renovations, education, debt consolidation, and more.
- The ₹1 Lakh loan monthly EMI are smaller and affordable than big-ticket credits.
- A personal loan of ₹1 Lakh helps you build your CIBIL score if you pay regular EMIs on time.
- You can use a personal loan to create an emergency fund.
- These loans have flexible repayment tenures ranging from 12 to 60 months.
- A personal loan is an unsecured credit that does not require any collateral.
- The processing time for such loans is usually less than that of regular loans.
- You can instantly get a 1 lakh personal loan if you apply online. Some lenders may even offer a loan of 1 Lakh without income proof.
1 Lakh Loan Monthly EMI
The EMI for a ₹100,000 loan depends on the applicable interest rate and the repayment tenure. Calculating the personal loan EMI for ₹1 Lakh involves a specific formula given below:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
- P is the principal loan amount, i.e. ₹1,00,000 in this case.
- N is the tenure of repayment in months. For instance, 60 months.
- R is the monthly interest rate applicable to the loan.
For example, if you take a personal loan of ₹1 Lakh at a 10.50% p.a. interest rate for different tenures, the EMI would be as follows:
- EMI for a 1-year tenure will be ₹8,815
- EMI for a 2-year tenure will be ₹4,638
- EMI for a 3-year tenure will be ₹3,251
- EMI for a 4-year tenure will be ₹2,561
- EMI for a 5 lakh loan for 5 years will be ₹2,150
You can do this calculation in a faster and convenient way by using the 100000 personal loan EMI Calculator. This free-to-use online tool provides you with accurate EMI calculations without any errors.
Eligibility Criteria for a ₹1 Lakh Instant Loan
Below are some basic eligibility criteria required to be met for a 1 lakh instant loan:
- Age: Minimum 21 years old
- Citizenship: Resident of India
- Occupation: Either salaried or self-employed
- Income: At least ₹15,000 per month
CIBIL score: 700 or more; Getting a 1 lakh loan without CIBIL score is possible but expensive.
Documents Required for a ₹100,000 Loan
If you are thinking I want 1 lakh rupees loan urgently, it is advised to keep the following documents ready:
For Salaried Applicants:
- Identity Proof: Aadhar Card/ Passport/ Voter ID/ PAN Card/ Driving License.
- Address Proof: Aadhaar Card/ Voter ID/ Utility Bills (not older than 3 months)/ Ration Card/ Passport.
- Income Documents: Bank statements of the last 6 months, salary slips of the last 3 months, and recent ITR/Form 16. Some lenders may even offer a 1 lakh loan without income proof.
For Self-employed Applicants:
- Identity Proof: Aadhar Card/ Passport/ Voter ID/ PAN Card/ Driving License.
- Address Proof: Aadhaar Card/ Voter ID/ Utility Bills (not older than 3 months)/ Ration Card/ Passport.
- Income Documents: Last 3 months’ bank statements, ITR for the last 2 years with P&L Account Statement, and balance sheet and income computation of the last 2 years.
- Business Proof: Income Tax Challan/ TDS certificate (Form 16A) for income tax declared, and Form 26AS.
How to Apply for a ₹1 Lakh Loan Online
Here are the steps to apply for a 1 Lakh loan online instantly:
- Open the personal loan page on our website and choose your preferred lending partner.
- Click on the ‘Apply Now’ button and complete the online application by mentioning some basic personal, professional, and financial details.
- After the initial pre-assessment of your personal loan eligibility, you will be prompted to upload some necessary documents. Some lenders may even offer an instant 1 lakh loan on Aadhar Card and a PAN Card only.
- Once your details and documents are verified, you will get a loan approval from the lender, and soon, the sanctioned loan amount will be credited to your bank account.
Common Uses for a ₹100,000 Personal Loan
A personal loan of ₹1 Lakh can be used to fund various financial needs, such as:
- Funding a vacation
- Covering some wedding costs
- Catering to a medical emergency
- Some essential renovations and repairs of your property to increase its value
- Paying for an upfront deposit for a rented space or covering the rent payment for a few months
- Purchasing a gadget/ home appliance to upgrade your lifestyle
- Meeting educational expenses like payment of school/ college/ tuition fees, purchasing study material/ uniforms, etc.
FAQs
To get 1 lakh rupees urgently, you can apply online on our portal or on the lender’s mobile app/ website.
You will need a few other documents, like a PAN Card, income proof, and an Aadhar Card. The entire verification process is straightforward and can be completed from anywhere.
Yes. If you don't have salary slips, some app-based lenders (like Prefr, L&T Finance, etc.) may be able to offer you a 1 lakh personal loan.
Demonstrate a stable income source or apply with a co-applicant.
Interest for a 1 lakh loan per month depends on the applicable interest rate, your income and total repayment tenure.
You can get a ₹1 lakh loan on an Aadhaar card by presenting it as a KYC document.
Yes, you can get a 1 lac personal loan from L&T Finance and Prefr without submitting income proof.
Amongst all the public sector banks, SBI offers one of the most attractive interest rates on 1 lakh instant loans. The personal loan interest rates at SBI can be anything between 10.30% and 15.65% per annum, depending on various factors like income, occupation, and credit rating.
The EMI for a 1 lakh personal loan depends on the rate of interest offered by the financial institution. Therefore, we shall assume that you opt for the maximum repayment tenure of 60 months.
| Loan Service Provider | Rate of Interest | EMI Range |
|---|---|---|
| State Bank of India | 10.30% to 15.65% | 2,108 to 2,413 |
| ICICI Bank | 10.00% to 19.00% | 2,125 to 2,594 |
| Yes Bank | 10.99% onwards | 2,174 onwards |
| Bajaj Finserv | 13.00% onwards | 2,275 onwards |
| Money Tap | 13.00% to 24.03% | 2,275 to 2,879 |
If you think, “I want 1 lakh rupees loan urgently without documents”, it’s better to avoid that idea. Usually, you cannot avail of the 1-lakh loan without documents. Banks and financial institutions rely on documents to determine your identity, residence, occupation, income, and repaying capacity.
With online lenders, disbursal can happen within 24 hours, and in some cases, instantly after approval.
Reshma Rawat is a passionate writer, with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra, and writes blogs & webpages on financial products (loans, credit cards, insurance, financial policies by government, mutual funds, etc.
Abhijeet Singh has comprehensive experience in business writing, content management, SEO, social media and user analytics. Key areas of expertise include stock markets and personal finance.