Getting a loan for household needs is one of the best ways to manage the cash, especially when you have some essential expenditure which can’t be avoided. However, your requirements decide the loan amount that is to be borrowed. Similarly 1.5 lakh personal loan can be available for those having higher credit scores and income proof. Therefore, you can apply for a personal loan with an easy application as most of the lenders use the digital lending process for the application. It also helps you have better accessibility while sending or uploading documents or completing the application form. Therefore, with certain steps, you can apply for a personal loan which has enormous features and benefits and these are as follows.
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1.5 lakh personal loan Features and benefits
The personal loan of 1.5 lakh has enormous features which make your borrowing easy with affordable terms and conditions, and these are
Instant Verification and Approval
The loan application for 1.5 lakh personal loan is accepted just after entering the details and uploading documents and thereafter the documents are verified shortly for approval.
Easy Repayment
The easy repayment features of the personal loan help you close the loan easily within the period or as per the tenure. Therefore, the personal loan has easy repayment.
All-time availability
You can have easy accessibility to the loan because the application process is live all the time. So, you can accomplish the loan application with easy accessibility.
Competitive Interest
The 1.5 lakh personal loan is available with competitive interest which can save your amount due to the lower interest, especially with a high credit score and income.
Multiple Usages
The personal is available for multiple usage so that you can go for any expenses because there are no restrictions on the usage of the personal loan
Enhance Credit Score
Your borrowing and repayment will increase your CIBIL, especially when you repeat the process again and again. Will also enhance your borrowing limits due to enhanced creditworthiness.
EMI calculator of 1.5 Lakh Personal loan
EMI Calculator for ₹1.5 Lakh Personal Loan
Eligibility criteria of 1.5 lakh Personal loan
The Eligibility for a 1.5 lakh Personal loan is based on some factors such as nationality, age, credit score, income and documents of the customers. Therefore, the factors deciding eligibility are
Age: It should be up to 65 years old and the minimum age is 21 years old.
Credit Score: The desired credit score for the 1.5 lakh personal loan is 750. In some cases, when income is higher, a lower credit score i.e., above 700 can also be accepted.
Monthly Income: It must be at least 30,000 per month. However, the income ratio can vary as per the lender’s policy and based on cities.
Nationality: The customer must be an Indian and must have valid identity proof.
Documents Required: The documents required for the 1.5 lakh personal loan are PAN, Aadhar, Bank Statement, Salary Slip, ITR, and Utility Bills like electricity bills, Gas Bills, etc.
Documents required for 1.5 lakh personal loan
The documents required to get an instant personal loan are as follows where the salaried and self-employed must have the documents for identity. There are a few differences in the documents required such as the salaried person needs a salary slip and the self-employed must have ITR. So, the documents needed are
- PAN
- Aadhar
- Bank Statement
- Salary Slip
- ITR
- Utility Bills like electricity bills, Gas Bills, etc.
- Rent Agreement
How can I get a 1.5 lakh personal loan?
If you have instant requirements of cash and want to apply for personal loan then you can go through the multiple steps that help you get the loan. The online application process has multiple steps such as
- Choose the lenders providing loans at affordable interest
- Go to their website and application page
- Enter the details as per the column in the application form
- Get the approval after verification
- Receive the loan amount after disbursal
- Use the amount and repay as per tenure
Conclusion
A personal loan is always helpful in financial needs, especially when you need the funds for household needs and in that case, especially when your credit score and income is higher you can get the cash in a few hours. In that case, you must be ready with all the documents and you must be eligible as per the terms and conditions and eligibility criteria. So, apply for the personal loan with all the documents and get the loan amount shortly. However, in between that, you might have to go through the verification process where the lenders verify the new customers with their physical documents.
Ans. It’s the type of personal loan where the amount has been specified, but you can borrow as per the requirements and your eligibility.
Ans. If you carry all the documents and have all the eligibility in terms of income and credit score, then the approval process is accomplished shortly.
Ans. There are processing fees and interest which are revealed by the executive at the time of approval. There are no hidden charges at all.
Ans. It will depend on the type of personal loan where the short-term loan tenure can start with a month and the long-term loan can have a longer tenure which may be for up to 5 years. But ultimately, it will depend on your choice and the lender’s policy.
Ans. In many cases when income is sufficient and the lender knows that the customer can repay as per the income, the lower credit score is also accepted. But the lender’s decision will be the last.
