How To Get A Rs.1 Lakh Personal Loan in India?

Dec 22nd 2023
Loan
How To Get A Rs.1 Lakh Personal Loan in India?

How To Get A Rs.1 Lakh Personal Loan in India, A personal loan is a big savior for people looking for quick cash. The best part of taking a personal loan is that the borrower gets the money right in his bank account which he can use for any purpose. Be it any purpose like spending family vacations, meeting a health emergency, buying a gadget, or any other need, the amount obtained through a personal loan can be used by any purpose. In today’s digital age when online loan applications are quite common, getting a smaller loan amount is quite easy. One just need to provide a few details, upload docs, and the amount will be right it the bank account But, what if the asking amount is high? Let’s say Rs. 1 lakh. Though getting such an amount through a personal loan is not difficult, one should precisely know how to get that. Here is how you can get a Rs. 1 lakh personal loan in India.

Eligibility Requirements For Rs. 1 Lakh Personal Loan

It is necessary for potential borrowers to check their eligibility requirements before applying for a 1 lakh personal loan. The following specifications tend to vary from lender to lender.

Age. – The minimum age of the applicant should be at least 22 years and not more than 58 years at the time of making loan application.

Employment – The person must be working for a minimum of one year. There should be a minimum of 2 months of stable employment with the existing employer.

Monthly income – The applicant needs to have a minimum monthly income of Rs 20000.

Nationality – The person should belong to Indian nationality.

Once you ascertain that you meet the above-given loan eligibility criteria, you can choose to apply for a Rs. 1 lakh personal loan. Now let’s look at the loan application process and other crucial things to consider.

Documents required for a Rs. 1 lakh personal loan

Below is a list of documents needed to avail a Rs. 1 lakh personal loan

Identity proof: Aadhaar Card/PAN Card

Address Proof: Electricity bill/Rent Agreement/Passport

Income Proof: Salary Slips

Bank docs: Bank Statement from the last 3 months

Education Proof: Professional qualification or degree certificate

Interest rate of Rs. 1 lakh personal loan

The next thing to focus on while applying for a Rs. 1 lakh personal loan is interest rate. Going by the current scenario, the interest rate would be between 9 and 11%.

Read More: Is it Possible to Get a 50,000 Loan Without CIBIL?

How To Apply for a Rs. 1 lakh Personal Loan Online?

If you want to apply for a Rs. 1 lakh personal Loan with Investkraft, you can choose to go by the following steps.

Step 1: Visit the official website of Investkraft or download the Investkraft mobile application. 

Step 2: Visit the ‘Personal Loan’ segment.

Step 3: Click on ‘Apply Now’ under the ‘Personal Loan’ section.

Step 4: Upload the asked documents and fill out the form.

Step 5: Once the submitted details are verified, your 1 lakh personal loan will be approved. 

Read More: How to Get Instant Loan Online of Up to 50 Lakh?

Benefits of Taking a Personal Loan from Investkraft

If you decide to take a Rs. 1 lakh personal loan from Investkraft, you can say yes to a lot of benefits like:

  1. Quick approval – Due to the steadfast adoption of digital technologies and a team of experienced finance professionals, Investkraft takes a quick and reliable approach to loan applicant’s screening and loan amount disbursal. From the primarily loan application to documents submission and loan amount disbursal, Investkraft strives to bring high level of ease for its clients by lending a helping hand for all their financial needs.
  2. Easy Documentation – In its endeavor to provide a hassle-free loan experience to people, Investkraft has adopted a completely online loan application process. The KYC process is completely online and an applicant doesn’t need to upload tons of documents for income and identity verification. Instead, all these activities can be done online. Overall, this process resuls in quicker processing of loan application.
  3. No security - To be approved for a personal loan, there is no need for collateral or security. Lenders assess your ability to repay a loan before approving it based on your credit score and credit history. Your loan will be authorised if you meet the requirements that the lenders have established. Since your monthly income is the primary determinant of your personal loan eligibility, no security is needed.
  4. Flexible Tenure - The borrower and the lender predetermine the length of time for loan payback. When applying for a loan, you should act responsibly as the borrower. Select a loan term that is within your means. If not, there's a good possibility you'll become caught in a debt cycle.
  5. Interest Rate - One of the main elements influencing the loan is the interest rate. It makes loan planning easier if you have an appealing interest rate that fits your spending and financial situation. You ought to be able to choose a lender that gives you the greatest interest rate given the abundance of possibilities available.
  6. Loan Approval - When you are in a desperate need of money, you apply for a loan. Therefore, it is imperative that loan approval happen swiftly and that funds are disbursed as soon as possible. Lenders can approve loans quickly with less paperwork and online loan processing.
  7. Usage - With respect to 1 lakh Personal Loans, there is no limitation on their usage except for speculative purposes. You can use a Personal Loan for a wide range of needs such as the renovation of a house, medical bill expenses, wedding arrangement, holidays, fr higher education, and several others.

FAQs

How soon can I can the loan amount to be disbursed in my bank account?

Once all the formalities are done and required documents are submit, it won’t take more than 48 hours to get the loan disbursed in the bank account after the verification is done.

Can I take multiple personal loan at once?

Yes, it is totally possible unless your meet the eligibility of the personal loan criteria set by the lender. However, it is advisable not to take too many personal loans at once as it may hamper your credit score.

Can I choose to increase the loan amount during the loan tenure?

Sorry, this is not possible at the moment. However, you can opt for a fresh personal loan to meet your financial needs at any point in time.

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