Personal Loan for Rs. 1 Lakh: 5 Low-Interest Options

There are times in life when it becomes necessary to seek outside help to give your personal finances the much-required push. You may not need huge sums of money to meet certain needs, but only an amount as little as Rs. 1 Lakh, which would allow you to comfortably pay for the expenses at hand.

Whether it is the down payment for a car that you have been wanting since a long time, or the deposit for a rental home, whether it is to pay for a small yet crucial surgery or the cost of travelling, there are numerous occasions, when you may need a sum of up to Rs. 1 Lakh to fulfil your obligations. And the best way to get it? Well, a Personal Loan! Wondering whether you will be able to afford the high interest rates that a Personal Loan attracts? Trust us you don’t need to.

Here are some compelling 1 Lakh Personal Loan alternatives, that you can avail at incredibly low-interest rates and fulfil your dreams and desires, or meet that emergency expense, without thinking twice. So, without further delay, let’s get to our list!

1. HDFC Bank Personal Loan

You can conveniently avail a Rs. 1 Lakh Personal Loan when the need be, at an interest starting from as low as 11.25%. Depending on your credit history, the rate may be higher (up to 22%), but if you enjoy a credit score of 700 or higher, you need not worry about that aspect. 

The processing fee for HDFC Bank Personal Loan can go up to 2.50%, while the bank levies a prepayment charge of up to 4% of the outstanding loan amount.

2. ICICI Bank Personal Loan

Taking a Rs. 1 Lakh Personal Loan seems rather cost-effective thanks to the competitive interest rates of ICICI Bank, starting from as low as 11.25% and reaching up to 22% per annum.

The processing fee for ICICI Bank Personal Loan is up to 2.25% of the loan amount plus GST. The bank doesn’t levy a prepayment charge if the payment is made after 12 equated monthly instalments (EMIs). If on the other hand, you choose to prepay the loan earlier than that, you can expect to shell out 5% of the outstanding loan amount plus GST as your penalty.

3. Kotak Mahindra Bank Personal Loan

Kotak Mahindra is another commercial bank, which offers Personal Loans at interest rates low interest rates, i.e., from 10.99% to 24%.

The bank is known to levy a processing fee of up to 2.5% plus GST, while the prepayment penalty charged is up to 5%. While the prepayment charges may seem a little high, you must understand that the prepayment of a Rs. 1 Lakh Personal Loan, would hardly account to Rs. 20,000 to Rs. 50,000 which implies, that the penalty would be up to just Rs. 2,500 which is highly affordable.

4. Standard Chartered Personal Loan

This Personal Loan also comes at a rate starting from 10.50%. However, what makes it truly impressive is that even the upper limit of the interest rate is just 19% which is extremely low compared to the rates levied by other lenders.

While there is no processing fee charged on this loan, you will be liable to pay a prepayment charge of up to 2% of the outstanding loan amount.

5. Bajaj Finserv Personal Loan

This non-banking financial company (NBFC) offers a Persona Loan at interest rate starting from 12.99%, and is known for its fast disbursal time of fewer than 48 hours.

The processing fee charged in this case is up to 3.99% of the sanctioned loan amount, while the prepayment penalty is up to 4% of the outstanding loan amount plus GST, provided you have paid the 1^st EMI.

We hope that you are now aware of some of some of the best alternatives around when it comes to procuring a Rs. 1 Lakh Personal Loan. So, wait no more before you take your pick from these compelling options, and fulfil your obligations in the most efficient manner possible!

Also Read: 3 Smart Ways to Avail a Low Interest Rate Personal Loans

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