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

Jun 24th 2024
Apply for a Personal Loan

A personal loan serves as a valuable lifeline for individuals in need of quick funds. One of its most attractive features is the direct deposit of borrowed funds into the borrower’s bank account, available for use towards any purpose. Whether it’s financing a family vacation, covering unexpected medical expenses, purchasing a new gadget, or meeting other personal needs, a personal loan offers flexibility without restrictions on usage.

In today's digital era, applying for smaller loans online has become effortless. With minimal documentation requirements and a straightforward application process, funds can be swiftly disbursed into your account. However, securing a larger sum, such as Rs. 1 lakh, requires careful consideration of eligibility criteria and proper planning.

Eligibility requirements for a Rs. 1 lakh personal loan in India vary among lenders. Typically, applicants must meet criteria such as:

  • Age: Between 22 to 58 years.
  • Employment: Minimum one year of continuous employment, with at least two months in the current organization.
  • Monthly Income: A minimum of Rs. 20,000 per month.
  • Nationality: Indian citizenship.

Once eligibility is confirmed, the application process for a Rs. 1 lakh personal loan involves submitting a few essential documents:

  • Identity Proof: Aadhaar Card or PAN Card.
  • Address Proof: Electricity bill, Rent Agreement, or Passport.
  • Income Proof: Recent salary slips and bank statements.

Other Documents: Depending on employment status (salaried or self-employed).

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?

Documents Required to Apply for 1 Lakh Rupee Personal Loan

You have to submit the following documents if you want to apply for a personal loan of rupees 1 Lakh - 


Required Documents

General Documents

  • PAN Card
  • ID proof (Aadhaar Card, DL, Passport, Voter ID, etc.)
  • Proof of signature (Passport, PAN Card, etc.)
  • Proof of address documents required (Passport, Aadhaar card, driving license, utility bills, Voter ID, ration card, rent agreement, etc.)
  • The past 6 months of bank statements

Additional Documents to be Submitted by Salaried Individuals

  • Last 3 months' salary slips
  • Tax returns or Form 16

Additional Documents to be Submitted by Self-Employed Individuals

  • Provide the balance sheet, profit and loss account, and income computation for the past two years
  • Past 2 years' income tax returns.
  • Business documents to prove legitimacy (license, registration certificate, GST number)
  • Clearance certificate for IT assessment
  • Income Tax Challans, TDS Certificate (Form 16A), or Form 26AS. These documents serve as evidence for the income declared and the taxes paid during the financial year


Interest Rates and Other Costs Associated with a Rs. 1 Lakh Personal Loan

Here is the table that comprises the interest rates and other costs associated with a rupees 1 lakh personal loan - 

Loan Tenure (Years)

Interest Rate (Estimated Range)

Processing Fee (Typical Range)

Prepayment Penalty (Possible Range)

EMI (Estimated Range)

Total Interest Paid (Estimated Range)


10.50% - 24.00%

1,000 - 5,000

Up to 4% of Principal

Rs. 8,800 - Rs. 9,500

Rs. 7,000 - Rs. 15,000


10.50% - 22.00%

1,000 - 5,000

Up to 3% of Principal

Rs. 4,600 - Rs. 5,200

Rs. 14,000 - Rs. 22,000


10.50% - 20.00%

1,000 - 5,000

Up to 2% of Principal

Rs. 3,200 - Rs. 3,700

Rs. 21,000 - Rs. 30,000


10.50% - 18.00%

1,000 - 5,000

Up to 1% of Principal (May vary)

Rs. 2,500 - Rs. 2,800

Rs. 28,000 - Rs. 38,000


10.50% - 16.00%

1,000 - 5,000

No penalty (May vary)

Rs. 2,200 - Rs. 2,500

Rs. 35,000 - Rs. 46,000


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 screening and loan amount disbursal. From the primary loan application to document submission and loan amount disbursal, Investkraft strives to bring a high level of ease to its clients by lending a helping hand for all their financial needs.
  2. Easy Documentation – In its endeavour 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 results in quicker processing of loan applications.
  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 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 - Concerning 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 arrangements, holidays, higher education, and several others.


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

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

Q: Can I take multiple personal loans at once?

A: Yes, it is possible unless you 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.

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

A: 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.

Q: Can I get a Rs. 1 Lakh personal loan with a low credit score?

A: It could be difficult but not impossible to obtain a loan with a credit score below 750. Certain lenders might take into account additional factors such as your income stability and employment history. However, it is important to note that you may be given a higher interest rate or stricter loan conditions as a result of the potential credit risk. 

Q: Can I prepay my Rs. 1 Lakh personal loan?

A: Some lenders do permit loan repayment, but it is important to review the terms to determine if there is a penalty and if so, whether it applies to the entire loan amount or only a specific period. While prepayment can help reduce interest costs, it is essential to consider the potential penalty in comparison to the interest saved. 

Q: Can a student get a Rs.1 Lakh personal loan?

A: Students often struggle to qualify for unsecured personal loans because they lack a credit history and a steady income. However, they can explore other options such as student loans offered by banks or NBFCs. These specialized loans are designed for educational expenses and may require a co-signer. 

Q: Is it better to get a Rs. 1 Lakh personal loan from a bank or an NBFC?

A: It is important to note that there is no universal solution when it comes to choosing between banks and NBFCs for loans. While banks often provide competitive interest rates, they may have more stringent eligibility requirements. On the other hand, NBFCs might offer more flexibility in terms of eligibility but could have higher interest rates. It is crucial to carefully compare the loan terms offered by both banks and NBFCs.

Q: Can a housewife apply for a Rs. 1 Lakh personal loan?

A: Housewives can indeed apply for personal loans, as long as they can provide adequate proof of income. This can encompass various sources such as income from a spouse, rental income from owning property or earnings from freelance work. 

Q: Is it safe to apply for a Rs. 1 Lakh personal loan online in India?

A: Verify the legitimacy of online lenders and choose trusted NBFCs or banks with a strong online presence. They use secure encryption technology to protect your personal and financial information. Make sure to do your research before applying. 

Q: Should I use a Rs. 1 Lakh personal loan for a vacation?

A: Consider exploring alternative options to avoid the high interest rates associated with personal loans. You could save in advance, utilize travel credit cards with reward points or opt for more affordable travel options. By doing so, you can avoid unnecessary debt burdens and still enjoy your leisure activities. 

Q: Can I use a personal loan to invest in the stock market?

A: Consider the potential risks involved before using a personal loan for investing in the stock market. These loans often carry high interest rates and investment losses could have a significant impact on your financial stability. It would be wise to consider alternative investment options that better match your risk tolerance. 


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