How To Get Rs 1 lakh Personal Loan In Minutes At The Lowest EMI

For most people, a personal loan can be a life saver at some of the toughest moments in their lives. It is especially useful for people when they find themselves short of money, for instance, at the time of hospitalization or when wedding expenses go out of hand.

A personal loan is one of the most sought-after ways of availing credit as it is uncollateralized and can be approved in double quick time.

Once a borrower meets a lender’s eligibility criteria, a personal loan can be disbursed to their account within a matter of minutes to one day.

The other good thing about a personal loan is that most good lenders now offer a seamless online application process. This allows a borrower to apply for the loan, submit all their documents and have the money disbursed into their account from anywhere, without having to visit the branch of a bank or a non-banking finance company.

Indeed, the entire process from application to submission of documents and then from disbursal to repayment can be managed entirely online, and in a hassle-free manner.

A personal loan can be repaid in easy monthly installments, or EMIs. The loan tenor can be tailored to ensure the EMI amount is such that the borrower can easily pay it off without too much stress on their finances.

The EMI typically depends on five factors—the loan amount, the loan tenor, interest rate, the monthly salary or business income, and the company that one is employed with.

The loan amount depends upon the borrower’s eligibility, monthly income, repayment capacity and other factors. The amount can vary from small sums starting as low as Rs 5,000 to as high as Rs 20-30 lakh. Before taking a large loan, however, the borrowers must carefully examine their requirements and repayment ability.

Personal Loan Of Rs 1 Lakh

Most lenders these days allow borrowers to apply for a personal loan from their mobile apps or websites. Here’s a step-by-step process of how one can get a personal loan for Rs 1 lakh.

Check Eligibility:

As a first step the borrower can check their eligibility for the personal loan. This way one can figure out the amount that can be borrowed as a personal loan.

Complete KYC:

A borrower will need to submit their ‘know-your-customer’ (KYC) details online by submitting the relevant documents such as PAN and Aadhaar cards, bank account details and statements of the past 6-12 months and address proof. The borrower also needs to take a selfie and submit the same while applying for the loan online.

Set Up An E-Mandate:

The borrower then needs to set up an e-mandate. This will allow lenders to automatically deduct money from their bank account as EMIs, while repaying the loan.

Disbursement:

If the borrower is found eligible for the loan, the money is disbursed to the account provided by them. The disbursement is done within 24 hours of the submission of the application.

Repayment:

Just as the application, the repayment process too is completely online and can be done just as easily.

Processing Fee:

The borrower will be charged a nominal one-time fee for processing the loan application. So, how much EMI does a borrower have to pay for a Rs 1 lakh loan?

Get The Lowest EMI

If a borrower has an excellent credit history and a CIBIL score of 750 or higher, they can hope to get a loan at the best interest rate in the market. Consequently, they will pay the lowest EMI.

If a person takes out a Rs 1 lakh loan, the lowest EMI that they need to pay at current rates of interest would be Rs 2,212 per month for a five-year loan. This EMI is calculated at an interest rate of 11.75% for a 60-month period. The EMI amount would be Rs 3,310 per month for a three-year loan and Rs 8,873 a month for a one-year loan.

Conclusion

It is really simple to get a personal loan during an emergency or if an unforeseen expense needs to be paid for. And if you have a good credit history you can also get the loan at the lowest interest rate and a low EMI.

Many reputed lenders such as IIFL Finance also offer an online EMI calculator, which is a user-friendly tool to calculate the monthly instalment for your personal loan.

IIFL Finance is one of the most reputable lenders that offers loans at the most competitive rates. Applying for an IIFL Finance loan is easy and the entire process can be completed online and from the comfort of your home.