Do you have an urgent requirement for cash to fulfill household needs? If you want to borrow around one lakh rupees for your multiple needs, then we are sharing some tips that will help you get the answer to how you can get 1 lakh loan urgently. There are various options to borrow i.e., loans for salaried, self-employed, secured loan, loan against property etc. Therefore, getting a personal loan for the salaried is easier, especially having a good income and credit score. You need to have all the documents including income proof and identity proof. Once your document verification is complete the loan disbursal is done. Some steps are as follows to get the loan easily which has been discussed in the next section.
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How to apply for a 1 lakh loan online
Applying for the loan is easy where you need to go through the different steps and these are
- Enter the details in the application forms including your personal details like Name, Email, Mobile number etc.
- Upload your documents as per the lender’s requirements
- Get the lender’s response for the verification and approval of the loan
- After the approval get, the disbursal of the loan amount in your account.
How 1 lakh loan monthly EMI is calculated
With the principal amount, rate of interest, tenure, etc, the 1 lakh loan monthly EMI can be calculated, and for EMI calculation you can easily get the accurate amount after entering all the basic details and the formula used for the loan interest and EMI is
EMI = [P x R x (1 + R)^N] / [(1 + R)^N – 1]
If you are calculating the EMI for an amount of 1,00,000/ for 12 months with a rate of interest of 10% then, the total repayment amount with EMIs will be as follows
EMI Calculator for ₹1 Lakh Personal Loan
What are the eligibility if I want 1 lakh rupees loan urgently
The eligibility criteria mainly depend on income, credit score, residential status, documents, and all therefore, you can apply after checking your eligibility. Some essential factors that affect eligibility are as follows and these are
Age:
The borrower’s age must not be less than 18 and above 65. In some special cases, ie., borrowing a loan with collateral might have different terms and conditions pertaining to the age.
Income:
The monthly income for a one lakh loan must be at least 30,000 per month. However, it depends on the type of loan as a loan with multiple EMIs can be borrowed with a lower income, whereas, a short-term loan with one-time payments will demand a higher income.
Credit Score
The desired CIBIL score is 750 for the loan. In some special cases, where the lenders provide loans with a lower CIBIL score based on income, the lower CIBIL score is also acceptable.
Documents Required for 1 lakh loan
The documents required for a 1 lakh personal loan are as follows
- Aadhar Card
- PAN
- Salary Slip
- Bank Statement
- ITR
- Utility Bills, like electricity bills, rent agreements, etc.
Benefits and features of the loan of 1 lakh without income proof
Instant Approval
Instant approval of the loan helps you manage the cash shortly, especially for your urgent requirements. However, it depends on the eligibility.
Easy Repayment
The easy repayment on personal loans helps you manage the repayment as per the tenure and your financial planning
Competitive Interest
The competitive interest of the 1 lakh loan allows you to borrow at an affordable price which can save some amount which is imposed with higher interest.
No-collateral required
There are no requirements for collateral for the personal loan as it is an unsecured loan that is approved based on your salary and credit score.
Minimal Documentation
The minimal documentation of the personal loan helps you get a hassle-free loan. And, finally, you can get the approval with less documentation process.
Conclusion
Whenever you are going to apply for a 1 lakh loan urgently, then you must have a brief idea of the personal loan and all the components of the personal loan which are the essential factors. And for that, you must have to concentrate on the lender’s terms and conditions, tenure, interest, and eligibility criteria. If you find yourself eligible for the loan, you can go through the following steps and can apply for the personal loan easily. So, check the lenders, and apply for the loan easily.
