How To Apply For 1 Lakh Instant Personal Loan In India: Check Eligibility, Features & Benefits

Financial emergencies or obligations might arise at any time. If the amount needed to meet the emergencies or obligations is low, you can use your savings. However, if the amount required is considerable, like Rs.1 lakh and above, your savings might prove insufficient. In that case, availing of a personal loan becomes the best solution. An instant 1 lakh loan is available in the market in the form of a personal loan. Personal loans are multipurpose loans that you can avail yourself of for different financial needs. The loan gives instant funds and also requires a simple application process thereby giving you funds easily.

Navi offers personal loans up to Rs. 20 lakh. You can download the Navi app and apply for an instant loan of 1 lakh whenever you need it and repay the same with flexible EMI options up to 72 months.

Features and Benefits of 1 lakh Loan

Here are some of the benefits of Rs.1 lakh personal loan–

Instant Approval

Get your Rs.1 lakh loan approved in minutes once you meet the eligibility criteria. Upon successful verification, which hardly takes a few minutes, your 1 lakh personal loan will be disbursed almost instantly to your bank account. Pro tip: Keep your Aadhaar and PAN card handy to experience a hassle-free application process.  

Flexible repayment

Take an instant personal loan of Rs.1 lakh and enjoy flexible repayment tenure up to 72 months. Pro tip: The shorter your repayment tenure is, the lesser you have to pay towards interest.

Collateral-free unsecured loans

No collateral or security is required to avail of an instant loan of Rs.1 lakh. The loan is issued based on your income and eligibility.

Minimal documentation

No lengthy paperwork required to avail of Rs.1 lakh instant loan. Only your primary IDs like Aadhaar and PAN would do.

Easy EMI calculation

You could calculate the EMI on your Rs.1 lakh loan in a few easy steps. Just use an online EMI calculator and fill in basic details like the loan amount (Rs.1 lakh) . In this case, interest rate and tenure. If you want to know the overall cost of the loan, you could include the processing fee (if applicable) too. Once you have entered the data, you would be able to check your EMI obligations.

Bank and NBFC Interest Rate for Rs.1 lakh Loan [2022]

 Refer to the table below for the latest Rs.1 lakh personal loan interest rates:

Banks/NBFCs	Interest Rate (p.a.)	Processing Fee
Navi Personal Loan	9.90% onward	Check with the lender
HDFC	10.50% onward	Up to 2.5%
Yes Bank	13.99% onward	Up to 2.5%
Kotak Mahindra	10.25% onward	Up to 2.5%
Axis Bank	12.50% onward	Check with the lender
IndusInd Bank	11% onward	2.5% and above
IDFC FIRST	12% onward	Up to 3.5%
Home Credit	19% onward	Up to 5%
Aditya Birla Capital	14% onward	Up to 2%
IIFL	24%	2% onward

Disclaimer: Note that this table is for educational purposes only and the final rate offered is solely at the concerned lender’s discretion. Navi doesn’t take responsibility for any interest rate changes that may occur in the due course of time.

Eligibility Criteria for Rs. 1 lakh Loan

A list of eligibility parameters is specified by lenders before they sanction a loan. Navi, however, does not have any set eligibility criteria. It approves loans using a technology-driven model. You can find out the loan amount you are eligible to avail of through the Navi app.

In other cases, however, to get a 1 lakh instant loan, you need to fulfil the following criteria –

Loan application age	The minimum age to apply for the loan can start between 18 years to 25 years depending on the lender. The maximum loan application age is restricted to 65 years usually
Credit score	A credit score of 750 and above is needed for the loan to be sanctioned
Occupation	The applicant should either be a self-employed individual or a salaried employee
Income	The applicant should earn a minimum monthly income as specified by the lender

Also read: How to improve your Credit score: 11 guaranteed ways

Documents Required for Instant 1 Lakh Loan

While a set of documents are needed for the lender to approve your loan, Navi does not need any documents. All you need to do is click your selfie and enter the numbers of your PAN and Aadhaar cards and your loan would be sanctioned.

For other lenders, however, to apply for an instant 1 lakh loan the following documents would be needed –

1. Proof of identity can be your Aadhaar card, PAN Card, Voter’s ID card, passport, etc.
2. Proof of age can be your birth certificate, PAN Card, Aadhaar Card, Voter’s ID card, passport, etc.
3. Proof of address can be your utility bills, Aadhaar card, passport, Voter’s ID card, etc.
4. Proof of income can be the salary slips of salaried individuals and financial statements of self-employed individuals
5. Recent coloured photographs

With Navi, you would need only your Aadhaar and PAN number to avail of Rs.1 lakh loan.

Also read: Everything you need to know about loan overdue

How to Calculate EMI for Rs.1 lakh Loan

You can use an online personal loan EMI calculator to check EMI. All you need to do is enter the loan amount, tenure and interest rate to check your monthly repayment obligations. Let’s understand this with an example:

Let’s say you have taken a loan of Rs.1 lakh for a tenure of 5 years. The interest rate charged is 9.9%. Upon calculation, your EMI would be Rs.2,531.

Here’s a detailed breakdown of your repayment details (yearly)

Year	Principal Paid	Interest Paid	Total Payment	Outstanding Loan Balance
2022	Rs.14,052	Rs.6,199	Rs.20,251	Rs.85,948
2023	Rs.22,887	Rs.7,489	Rs.30,376	Rs.63,059
2024	Rs.25,260	Rs.5,118	Rs.30,378	Rs.37,798
2025	Rs.27,879	Rs.2,500	Rs.30,379	Rs.9,920
2026	Rs.9,921	Rs.206	Rs.10,127	Rs.0

This table is for illustrative purposes only.

How to Apply for Rs.1 Lakh Loan with Navi

Here are the steps using which you can get an instant personal loan of 1 lakh through Navi –

• Download the Navi app from Google PlayStore or App Store
• Enter your mobile number to get OTP
• Fill in your basic details – Name, DOB, PAN, Employment Type, Profession and Total Monthly Income
• Check loan offer
• Select loan amount and tenure
• Link your bank account
• Get funds instantly transferred to your bank account

Also read: How to apply for low salary personal loan: Eligibility criteria & things to consider

FAQs on Rs.1 Lakh Instant Personal Loan

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