While facing a cash crunch, it is essential to have some reliable source of income from where you can get financial assistance, and a 1 lakh personal loan is one of the best components that can help you have instant cash. You can borrow for multiple reasons such as for shopping, travelling, home renovation, credit bill payment and others.
With enormous features and benefits like easy application, fast disbursal, easy repayment, and competitive interest, you will be able to manage the cash. However, it depends on your credit score and income, where you can also borrow a higher amount.
For an easy application, you can follow the steps that can help you ensure a fast disbursal of the loan amount.
Steps for the application for a 1 Lakh Personal Loan
- Be sure about the loan amount, especially based on your monthly income
- Click on Apply now and go to the application page
- Clearly check the “terms and conditions”, especially the tenure and repayment policy
- With the name, loan amount, and contact details, fill out the application form.
- Upload documents like Aadhar, PAN, salary slip, bank statement etc.
- Get your approval and disbursal in a few minutes.
- Use the loan amount as per your expenses.
- Repay the loan as per your tenure
Specific Beneficial Features of a 1 Lakh Personal Loan
Shortly approved
As per your credit score, you can get the approval in a while as there is no need to submit the physical documents. As per your creditworthiness, your loan is approved.
Fast Disbursal
After approval of the loan, when the lender is satisfied with your eligibility, and you have accepted the terms and conditions, you will get the fast disbursal of a 1 lakh personal loan.
Easy Repayment
The repayment is easy because of the fast repayment system where you can use UPI and Internet banking for the repayment. It helps you close the loan easily.
Competitive Interest
When your income and credit score are higher, and you are applying for a lower loan amount, you can get the chance to negotiate for the personal loan interest.
No collateral required
It is an unsecured loan and is approved based on the credit score and income, there is no need of collateral while getting a 1 lakh personal loan.
Multiple usage
It can be used for multiple purposes as there are no restrictions like other types of loans, so you can use it easily for any purpose.
Eligibility Criteria for 1 Lakh Personal Loan
While applying for a 1 lakh personal loan you can check all the eligibility criteria, which are available on the lender’s website. You must check it to get the loan easily and without any difficulties. Multiple factors affect loan eligibility and these are as follows:
Age | Above 18 and up to 65 years old |
Credit score | It should be at least 700. |
Income | The borrower’s monthly income must be RS. 30000 per month or above. |
Documents | Aadhar, PAN, Salary slip, rent agreement, utility bills, Bank statement, and other required documents. |
Nationality | Indian |
Check the lenders for the 1 lakh personal loan
With all these eligibility criteria you can check the lenders facilitating a personal loan based on your income and credit score and CreditPey is one of them where you can ensure easy and affordable loan services.
Go to the website and apply for the loan using different steps.
Also Read: 2 Lakh Personal Loan
Conclusion
If you have checked the eligibility criteria and as per the income and credit score. If you are eligible for a 1 lakh personal loan, you can apply easily without any difficulties. For any financial assistance, you can choose the personal loan as there are no restrictions on its usage. So, if you are looking for a short term personal loan and want to get it shortly, go through the aforesaid steps which will help you get the loan easily.
FAQs About 1 Lakh Personal Loan
You must check the eligibility criteria in terms of all the factors like loan amount, income, credit score, documents and others. If you have all these, you can get the loan.
If your documents are complete and you are eligible as per all the factors, you can apply for the loan and can get the approval in a few minutes
No, it is free from collateral because your loan is approved based on your income and credit score only.
Yes, you can use the loan amount as per your requirements because it is free from any restrictions. It can be used for any purpose.
It depends on your choice, especially the types of loan you are willing to borrow. For a short-term personal loan, it starts in a few weeks. Whereas for a long-term loan, you can borrow the loan with multiple EMIs.
