A financial emergency can arise when you least expect it, and having quick access to funds can make all the difference. An instant 1 lakh personal loan can help you manage urgent expenses without lengthy application processes or extensive paperwork. Several lenders offer quick online applications, but approval depends on factors such as your income, credit score, and eligibility. Before applying, it is important to compare interest rates, processing fees, and repayment terms. Here’s what you should know before choosing a suitable loan.
Ways to Get a ₹1 Lakh Personal Loan in India
You can consider the following two options based on your borrowing needs and preferred application process:
- Banks/NBFSc:
₹1 lakh personal loan in India can be obtained from two main sources. These are either from large banks and NBFCs or through loan apps. If you prefer traditional lenders, competitive interest rates, and structured repayment plans, then banks and NBFCs could be a better option for you.
- Loan apps:
Loan apps are another source that you could consider if you are looking for convenience while applying for the loan. In that case, make sure you compare the various costs associated with the loan apps.
₹1 Lakh Personal Loan from Major Banks
The table below provides a comparison of leading banks and major NBFCs, helping you evaluate available personal loan options and choose one that suits your borrowing needs:
| Bank / NBFC | Interest Rate (p.a.) | Maximum Loan Amount | Maximum Tenure | Processing Fee |
|---|
| State Bank of India (SBI) | Starting from 10.00% | Up to ₹50 lakh | Up to 84 months | 1.50% + GST |
| Punjab National Bank (PNB) | 10.60% onwards (Floating); 11.60% onwards (Fixed) | Depends on scheme | Up to 72 EMIs | Up to 1% |
| Bank of Baroda (BOB) | Starting from 10.15% | Depends on borrower category | Depends on scheme | 2% + GST |
| HDFC Bank | Starting from 9.99% | Up to ₹50 lakh | Up to 8 years | Up to ₹6,500 + GST |
| ICICI Bank | Starting from 9.99% | Up to ₹50 lakh | Up to 72 months | Up to 2% + applicable taxes |
| IDFC FIRST Bank | Starting from 9.99% | Up to ₹10 lakh | Up to 60 months | 0%–3.5% of the loan amount (inclusive of GST). 0% processing fee on select loan amounts, subject to eligibility. |
| Axis Bank | Starting from 9.99% | ₹50,000–₹50 lakh | Up to 84 months | Up to 2% + applicable taxes |
| Bandhan Bank | Starting from 8.86% | ₹50,000 - ₹25,00,000 | Up to 5 years | Up to 3% |
| Kotak Mahindra Bank | Starting from 10.99% | Up to ₹50 lakh | Up to 6 years | Up to 3% + applicable taxes |
| Aditya Birla Capital | Starting from 10.00% | Up to ₹50 lakh | Up to 7 years | Up to 3% + GST |
| Tata Capital | Starting from 10.99% | Up to ₹35 lakh | Up to 6 years | Up to 2.5% + GST |
Note: The information provided in the table is indicative and may vary based on the Bank/NBFC’s prevailing policies, borrower eligibility, and applicable terms and conditions.
How to Avail a ₹1 Lakh Personal Loan in Bank / NBFC?
Here are the steps to avail of a ₹1 lakh personal loan:
- Step 1: Check your eligibility based on age, income, credit score, and other requirements on the bank or NBFC's official website.
- Step 2: Apply for the personal loan through the bank or NBFC's official website or app.
- Step 3: Submit the required KYC, income, and bank-related documents.
- Step 4: Complete the verification and credit assessment process.
- Step 5: Review and accept the approved loan amount, interest rate, and repayment terms.
- Step 6: Receive the approved loan amount directly in your bank account.
Eligibility Criteria to Avail a Loan Through Banks / NBFCs:
Here are the typical eligibility criteria for obtaining a personal loan in India from banks and major NBFCs in India. Specific requirements may vary based on the lender's policies and the applicant's financial profile.
- Age: Usually 21–60 years
- Income: Minimum monthly income, often around ₹15,000–₹25,000, depending on the lender
- Employment: Salaried or self-employed applicants with a stable source of income
- Credit score: A good CIBIL score, commonly 700+, improves approval chances
- Bank account: An active bank account for loan disbursal and EMI payments
- Documents: PAN card, Aadhaar/other KYC documents, bank statements, and salary slips or income proof
- Existing obligations: Lenders assess existing EMIs and debts before approving the loan
Note: Eligibility criteria vary by Bank / NBFC, and meeting the basic requirements does not guarantee loan approval.
Documents Required When Taking a Loan via Banks / NBFCs:
To apply for a personal loan from banks and major NBFCs, applicants generally need to submit the following documents:
- Identity Proof: Aadhaar Card, PAN Card, Passport, or Voter ID.
- Address Proof: Aadhaar Card, Passport, Driving Licence, or utility bills.
- Income Proof: Latest salary slips, Form 16, or income-tax returns, depending on the applicant's employment type.
- Bank Statements: Recent bank statements to verify income, expenses, and repayment capacity.
- Employment or Business Proof: Salary certificate, employment ID, GST registration, business registration documents, or other relevant proof, where applicable.
- Passport-Size Photographs: Recent photographs may be required by some lenders.
Note: The exact documents required may vary based on the Bank / NBFC, loan amount, applicant profile, and whether the applicant is salaried or self-employed.
Top 5 Loan Apps Offering ₹1 Lakh Personal Loan in India
Here are the top 5 instant loan apps in India that offer personal loans of up to ₹1 lakh, along with their key loan terms for comparison:
| Loan App | Interest Rate (p.a.) | Maximum Loan Amount | Maximum Tenure | Processing Fee |
|---|
| KreditBee | 12%–27.5% | Up to ₹10 lakh | Up to 60 months | Up to 4.7% + GST |
| Moneyview | From 14% | Up to ₹10 lakh | Up to 60 months | From 2% of approved loan amount |
| Fibe | From 18% | Up to ₹10 lakh | Up to 36 months | Up to 3% + GST |
| Kissht | Starting from 6% p.a.* | Up to ₹5 lakh | Up to 72 months | Up to 7% |
| Stashfin | 0% for 30 days; later it may vary | Up to ₹5 lakh | 3–48 months | 2.85% + 18% GST platform fee + 3% + 18% GST transaction fee |
Note: The interest rates, loan amounts, repayment tenures, and processing fees mentioned above are indicative and may vary based on the applicant’s profile, lending partner, loan amount, and prevailing terms and conditions.
How to Avail a ₹1 Lakh Personal Loan Through Loan Apps?
Here are the steps to avail a ₹1 lakh personal loan through a loan app:
- Step 1: Download the preferred loan app and register using your mobile number linked to your Aadhaar and bank account.
- Step 2: Enter your personal details, PAN number, employment type, and monthly income.
- Step 3: Select ₹1 lakh as the loan amount and choose a suitable repayment tenure.
- Step 4: Complete the digital KYC process using Aadhaar OTP, DigiLocker, or other accepted methods.
- Step 5: Review the loan terms, digitally sign the agreement, and set up the e-mandate for EMI payments.
- Step 6: Receive the approved loan amount directly in your bank account.
Documents Required When Taking a Loan via Loan Apps:
Most instant loan apps keep the application process digital and paperless, with documents submitted online or verified through e-KYC. The commonly required documents include:
- Identity Proof: PAN Card is mandatory for personal loan applications, along with Aadhaar Card, Voter ID, Passport, or Driving Licence as accepted identity documents.
- Address Proof: Aadhaar Card, utility bill, Voter ID, or Driving Licence can be used as address proof.
- Income Proof: Latest salary slips, generally for the last 3 months, may be required. If you do not have salary slips, some lenders may accept equivalent documents such as bank statements, Form 16, salary certificates, or other income proof for verification.
- Bank Statements: Recent bank statements, generally covering the last 3–6 months, may be required to verify regular salary or income credits.
Need quick funds? Explore instant loan apps without salary slips that provide loans with flexible eligibility.
Key Factors to Consider Before Applying for a 1 Lakh Personal Loan
Before applying for a ₹1 lakh personal loan, consider these key factors to ensure affordable repayment and avoid unnecessary costs:
- Your Credit Score: A credit score of 750 or above can improve loan approval chances and help you secure lower interest rates.
- Total Cost and EMIs: Ensure your EMI stays within 40%–50% of your monthly income to manage repayments comfortably.
- Loan Tenure: A longer tenure reduces monthly EMIs but increases overall interest, while shorter tenures reduce interest costs.
- Fees and Charges: Check processing fees, late payment penalties, prepayment, and foreclosure charges to avoid unexpected costs.
- Borrowing Limit: Borrow only the amount you require, as taking extra funds increases your overall interest burden.
- Avoid Multiple Applications: Applying with multiple lenders can result in hard inquiries and potentially affect your credit score.
1 Lakh Personal Loan EMI Calculation
To calculate the Equated Monthly Instalment (EMI) for a ₹1 lakh personal loan, you need to consider the loan amount, interest rate, and loan tenure. You can calculate the EMI using the following formula:
EMI = [P × R × (1 + R)^N] / [(1 + R)^N − 1]
Where:
- P = Loan amount (₹1,00,000)
- R = Monthly interest rate, calculated as the annual interest rate divided by 12 and expressed as a decimal
- N = Loan tenure in months
₹1 Lakh Personal Loan EMI Calculation Example
Suppose you take a ₹1 lakh personal loan at an annual interest rate of 12% for 2 years (24 months):
- P = ₹1,00,000
- R = 12% ÷ 12 = 1% = 0.01
- N = 24 months
Using the EMI formula:
EMI = [1,00,000 × 0.01 × (1.01)²⁴] / [(1.01)²⁴ − 1]
Monthly EMI ≈ ₹4,707
Therefore, you would repay approximately ₹1,12,968 over 24 months, including ₹12,968 as interest.
This calculation can be done using financial calculators, Excel, or specialized online EMI calculators. The result of this calculation would give you the monthly instalment amount for a 1 Lakh personal loan.
How Can NoBroker InstaCash Help You Get a ₹1 Lakh Personal Loan?
If you need quick access to funds, NoBroker InstaCash offers a fully digital personal loan application process. Eligible salaried and self-employed applicants can apply online, complete verification, and receive the approved amount directly in their bank account.
Features
NoBroker InstaCash offers convenient digital processing and flexible borrowing options for eligible applicants.
- Loan amount: ₹5,000–₹10,00,000
- Tenure: 3 months–5 years
- Application: Fully digital, with no branch visit
- Disbursal: Funds are disbursed shortly after approval, subject to verification and approval
Eligibility
The facility is available to salaried and self-employed applicants who meet the specified age and credit score requirements.
- Employment: Salaried or self-employed
- Credit score: CIBIL above 700 or Experian above 750
- Age: 21–65 years
Rates & Fees
The applicable interest rate and fees may vary based on the applicant's profile and loan terms.
- Interest rate (APR): 12.99%–29.99% p.a.
- Processing fee: 2%–4% of the loan amount + GST
How to Apply?
The application process can be completed digitally through the NoBroker InstaCash platform
- Visit the NoBroker InstaCash page or download the app.
- Register and provide your basic KYC and employment details.
- Check your eligibility and view the available loan offer.
- Complete the required verification and e-signing process.
- Receive the approved loan amount directly in your bank account, subject to approval.
Disclaimer: NB InstaCash is facilitated by NoBroker, but the loan is offered and disbursed by our lending partners. NoBroker is not the direct lender. Read our privacy policy →
Frequently Asked Questions
Q. Can I get a ₹1 lakh personal loan without collateral? Ans: Yes, personal loans are generally unsecured, so collateral is not required, subject to eligibility and creditworthiness.
Q. How quickly can I get a ₹1 lakh personal loan? Ans: Eligible applicants may receive loan approval and disbursal quickly, depending on the lender’s verification and processing time.
Q. Can I get a ₹1 lakh personal loan with an existing loan? Ans: Yes, you may qualify, but lenders consider your existing EMIs, income, credit history, and overall repayment capacity.
Q. Can students apply for a ₹1 lakh personal loan? Ans: Students may find it difficult without regular income, although some lenders may consider applications with a suitable co-applicant.
Q. Can I get a ₹1 lakh personal loan with no credit history? Ans: Some lenders may consider applicants without credit history, but approval and loan terms depend on their assessment of financial eligibility.
Most Viewed Articles
With experience of working with various up and coming startups, Prakhar has an eye for the intricate details of any subject. He is an ECE graduate and has travelled and stayed in almost all parts of India. Read his blog to get exciting details and tips from the real estate ecosystem in the world.
Loved what you read? Share it with others!
✕
Full RM + FRM support
