Loans provide you with the extra cushion that you always wished for during tough financial times. Before applying for a loan, you must understand the importance of timely loan repayment. A loan can be a blessing or a disguise depending upon its utilization. It is vital that you have sound financial knowledge as there are chances you might fall into a debt trap. If you have been searching for, ‘How to get a Rs.1 Lakh loan?’, you must understand the basic requirements of a Personal Loan in India.
Before applying for a 1 lakh Personal Loan, you must know the basic eligibility criteria. These are just indicative criteria’s and may vary from lender to lender:
1. Age: You must be between 22 years of age (while applying for a loan) and 58 years of age (at the time of loan maturity).
2. Citizenship: You must be a citizen of India.
3. Working Experience: You must have work experience of at least one year. Along with that, you should have completed at least two months of stable employment with your current employer.
4. Monthly Income: Minimum requirement for an applicant is Rs.20,000.
Once you fit in the above-mentioned basic eligibility category, you can apply for 1 lakh Personal Loan. The next step is understanding the process of applying for a Personal Loan and other requirements like submission of important documents.
Here is a list of basic documents that you are expected to submit while applying for a Personal Loan.
1. KYC document: Aadhar Card/PAN Card
2. Address Proof: Electricity bill/Rent Agreement/Passport
3. Income Proof: Salary Slips
4. Financial documents: Bank Statement from the last 3 months
5. Employment Proof: Professional or degree certificate
Also Read: Problems That Borrowers Run Into When Getting A Business Loan
After collection of all the required documents, you can apply for a Rs.1 Lakh Personal Loan in India. Here is what your loan tenure will look like:
This rate of interest is indicative and only for illustration. You can use our monthly EMI calculator for scheduling your monthly EMIs.
You can apply for a Personal Loan with Poonawalla Fincorp by following the below steps:
Today, several banks and NBFCs are offering Personal Loans with various benefits and features. With so many options, you may get confused about choosing the best lender for yourself. Hence, we are here to help you choose the best lender.
While applying for a 1 lakh Personal Loan, you must keep these below-mentioned factors in mind:
A Personal Loan requires no collateral/security for loan approval. Before your loan approval, lenders check your credit history and credit score to determine your repayment capacity. If you fall under the requirement set by the lenders, your loan will be approved. Personal Loan majorly depends upon your monthly salary, so there is no security requirement.
In the past, the process of documentation was a tedious task that demotivated several borrowers. With digitalization, the process of documentation became seamless and quick. As a borrower, you can check the list of documents required before applying for a loan. This helps in quick processing as well as helps you avoid any delays. Alongside this, you can always upload the required documents online for a quick online loan processing.
The loan repayment tenure is pre-decided between the lender and the borrower. As a borrower, you should be responsible while planning for a loan. You should choose a loan tenure that fits your budget. If not, there are high chances of you falling into a debt trap.
The rate of interest is one of the major factors that impact the loan. Having an attractive rate of interest that suits your budget and finances helps you plan your loan. With plenty of options in the market, you should have a lender that offers you the best interest rate.
You apply for a loan when you are in urgent need of capital. Hence, it is vital that loan approval should be fast, and the loan should be quickly disbursed. With minimal documentation and online loan processing, lenders can provide quick loan approval.
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 various purposes, such as the renovation of a house, paying medical bills, hosting a wedding, Paying travel fees, for higher education, and others.
To sum it up, you can easily get a Personal Loan of Rs.1 Lakh, if you tick all the boxes mentioned in the eligibility criteria. With Poonawalla Fincorp, you can get a Personal Loan with minimal documentation and an attractive interest rate. You can follow the above-mentioned steps to apply for a Personal Loan with us. If you have any confusion or concerns, feel free to contact us.
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