If you are looking to apply for an instant Rs. 1 lakh personal loan urgently, then you have come to the right place.
An instant 1 lakh personal loan is the quickest option to get money for emergency situations. Here we will discuss the personal loan, the application procedure, and many more things.
Where I Can Get Rs. 1 Lakh Personal Loan?
You can get an instant 1 lakh personal loan in just 1 hour at Roopya.
The loan application takes just 5 mins to complete. Our credit-based AI will show you the rate of interest that can be availed. Once approval comes, this 1 lakh loan will be disbursed directly to your bank account.
Apply now: Personal loan application form
What is Personal Loan?
Personal loan is an unsecured loan that you can avail of to fulfill your cash needs. The loan amount can be used for any purpose as per your need.
Firstly, we need to discuss the details of the personal loan. Nowadays, people are applying for personal loans in order to meet their expenses. There are various banks that offer personal loans. The demand for a personal loan is rising because the application process is very easy as compared to other loans.
Compare your rate: Visit compare personal loan rates.
Personal loans are used for various purposes such as bill payments, student loans, vacations, medical bills, rents, etc. To repay the personal loan, you just pay according to the equated monthly installment along with the interest. Many financial institutions offer personal loans with flexible tenure of 60 months.
Along with that, it is an unsecured loan which means to obtain this loan, you don’t need to include any collateral. Also, the application process is very easy as compared to other traditional loans.
Thus, you can also apply for Rs. 1 Lakh personal loan online, and the money is transferred into your account within 48 hours of application.
Read more: Applying for personal loan online.
Different Types of Personal Loans
If you want to proceed with the application process for a 1 lakh personal loan, you need to know its different types. Here, we have listed different types of personal loans that you can avail of accordingly.
Salary Advance Loan
This type of loan is offered for a very short time ranging from a few days to up to 3 months. In this loan, the amount of loan is synced with the salaries so that you can meet the expenses and along with your salaries. Also, this category of loan yields high interest rates.
Short Term Loan
The Short Term Loan is a popular personal loan that you can avail of. The tenure of this loan generally ranges between 12 months to 60 months. The loan amount in this category ranges from Rs. 1000 to Rs. 1 Lakh.
Long Term Loan
The long-term loans have a tenure ranging from 12 months to 60 months. Some financial institutions also offer tenure of 72 months. The loan amount starts from Rs. 1 Lakh to up to Rs. 30 lakh.
Benefits of Getting Rs. 1 Lakh Personal Loan from Roopya
After the introduction of the personal loan, you must know the various benefits you get along with it. Here are the benefits of getting a personal loan that financial institutions offer-
When you apply for Rs. 1 lakh personal loan, the amount is directly transferred to your bank account. After your application is approved, the amount is disbursed within 1 hour. Along with that, you can also contact the executives for the application status of your loan.
Best for Financial Emergencies
A Personal Loan is also known as a short-term loan. It is ideal for any financial emergencies. Sometimes it becomes tough to obtain a loan instantly, but with quick disbursement, you can cope up with your financial emergencies and pay your necessary expenses.
Apply Anywhere From India
Roopya accepts loan applications from across the country. You can apply from various cities in India such as Delhi, Kolkata, Mumbai, Hyderabad, Bangalore, Thane, Mumbai, Chennai, Noida, Pune, Indore, etc. If you have all the important proofs for verification, your personal loan application will get approved easily.
Quick Apply: Personal Loan in Gurgaon
Easy EMI Tenures
You get easy and flexible tenures for EMIs. With short-term loans starting from 1 month and extending up to 12 months along with significant loan interest rates, you can complete the loan easily.
You can apply for a personal loan through the online process. If you are in need of a significant loan amount immediately, the online process makes it easier. You just need to visit the website, fill in your details, upload your documents which is totally an online process.
Get Loan Amount Up to Rs. 1 Lakh Personal Loan Easily
You can avail of a personal loan amount of Rs. 1 Lakh. In this way, it becomes easy to apply and get approval instantly. However, the loan amount starts from Rs. 1000 up to Rs. 1 Lakh. Also, you don’t have to worry about the interest rates. Because, if the tenure is long, the interest rate will increase simultaneously.
Eligibility Criteria to Apply for Rs. 1 Lakh Personal Loan
You must know what is the standard eligibility criteria required applying for a Rs. 1 Lakh personal loan. If you anyhow fail to meet these criteria, your loan application can get rejected. These are the following eligibility criteria-
The minimum age of salaried applicants and self-employed individuals is 21 years. Also, the maximum age is 60 years for both types of applicants.
The applicants both salaried and self-employed should have a CIBIL score of at least 750 or more than that.
Check your CIBIL score: Click here.
The average monthly income for both salaried and self-employed applicants should be at least Rs. 25000. Also, if you are a salaried person, you must have work experience of a minimum of one year. Apart from that, you must be employed with the current company for six months.
Tips to Increase your Chance to Obtain a Personal Loan
If you want to increase the chances that your loan application gets approved, then you must follow the tips that we have listed below-
Don’t be a Loan Guarantor
It is one of the crucial facts that affect your chances of getting any kind of loan. It is better to avoid if anyone asks you to become a loan guarantor. It is because if any problem will occur, you will be held responsible for the repayment of the loan.
Have a Low or balance Income and Debt Ratio
The bank or other financial institutions will also look at your ongoing debts and repayment habits. in this way, they will decide that you should be approved of the personal loan or not. So, must pay your ongoing loans before applying for a new loan.
Check Your Application Details Thoroughly
You must check that you have filled in all the information correctly or not. if the bank finds out that you have hidden something from them, then it can
Avoid Changing Jobs Frequently
Another important tip to improve your chances to get Rs. 1 lakh personal loan is you must stick to the current employer for a significant time. As mentioned above, the applicant should have a minimum experience of 1 year. Along with that, you must be working with your current employer for at least six months.
Fees & Charges of Rs. 1 Lakh Personal Loan
After you have completed the eligibility criteria and proceed to the loan application process, you should also know the charges and fees for a personal loan. These are the following fees and charges that you need to pay to get Rs. 1 Lakh personal loan-
- Processing Fee
- Charges for Cheque Bounce
- Late Payment Fees
- Closure Fees
- Verification Fee
- Goods and Service Tax
Documents Required to Apply for 1 Lakh Personal Loan
These are important documents that you will need to apply for Rs. 1 Lakh personal loan at Roopya-
For verification of Income Proof, you will require the following documents-
- Recent Bank Account Statement
- Salary Slip of Past Recent Month
- Income Tax Return Copy of last six months
- PAN Card Photocopy or Form 16
Read the following details to know about the important documents for the verification of your identity proof-
- Adhaar Card
- Voter ID Card
- Driving License
For residence proof, you need to submit the following documents listed below-
- Ration Card
- Adhaar Card
- Utility Bills
The above-mentioned documents are indicative. The bank or financial institutions may ask you to submit additional documents for verification. Always ensure that you submit the right documents if you are applying for any kind of loan. Otherwise, if the executives find out that you have hidden any fact, they will reject your application.
Tips To Improve Credit Score
If you have a low credit score, then you can increase the chance to improve it through a personal loan. Generally, the score of a good CIBIL score is from 700 to 900. If you have a low score than 700, then you must improve it soon.
Read more: Credit Score Checklist in India.
Here are the tips to improve your credit score that will help you further-
Don’t Apply for Several Loans at Once
One important thing that you must keep in mind is that you should not apply for various loans. If you already have an ongoing loan, first repay it completely and then proceed to another loan. In this way, you can easily increase your credit score.
Make a Monthly Budget
If you fail to pay your EMIs or face a shortage of funds, then it is the best solution. if you make a tight monthly budget, you can easily save funds to pay for your EMIs for your loans.
Pay EMI on Time
To improve your credit score, it is very important to pay EMIs on time. Otherwise, it can affect your Credit Score. If you forget the date of your EMI payment, you can set a reminder and then pay them on time. If you still forget the date, then you must not delay for a long period. In this way, you can improve your credit score easily.
These are the important pieces of information that can help you to get a personal loan. It is beneficial for any financial emergencies when we need money urgently. Along with that, it is easy to pay the EMI and helps to increase the credit score. Hence, if you want to get Rs. 1 lakh personal loan, these above-mentioned tips will be helpful.