Financial emergencies or obligations might arise anytime. 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 a loan becomes the best solution.
An instant 1 lakh loan is available in the market in the form of personal loan. Personal loans are multipurpose loans that you can avail 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 that can go up to Rs.5 lakhs (i.e. well above 1 lakh). You can download the Navi app and apply for an instant loan of 1 lakh whenever you need[A1] if the loan amount is approved by Navi.
Here are the steps using which you can get an instant personal loan of 1 lakh through Navi –
Here are the noteworthy features and benefits of the loan offered by Navi –
Navi offers loans starting from Rs.10, 000 and going up to Rs.5 lakhs. You can, therefore, avail instant loan up to 1 lakh and even loans more than 1 lakh.
The entire process of loan application and loan sanction takes only about 20 minutes. Thus, within minutes you can get access to instant funds for your financial needs.
The repayment tenure of the loan is flexible. You can choose from the tenure of up to 36 months to pay off the loan easily
No collateral security is required to avail an instant loan of 1 lakh. The loan is issued based on your income and eligibility
To avail a loan through Navi you just need your Aadhaar card, PAN Card and a selfie. No elaborate paperwork is needed for the loan
There is also an EMI calculator on Navi’s interface that allows you to pre-calculate your EMIs before you avail the loan. The calculator helps you calculate the right EMI amount by using the best combination of the loan amount and repayment tenure.
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 through the Navi app. So, download the app and find your loan eligibility.
In other cases, however, to get 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 650 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 |
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 –
So, if you need an instant loan up to 1 lakh or even above, apply for the loan through Navi and get the funds within minutes.
The repayment of the loan is done through EMIs (Equated Monthly Instalments). Each EMI is payable monthly throughout the repayment tenure and contains the principal as well as the interest on the loan.
Navi’s loans are available throughout India. You just have to download the Navi app and apply for the loan wherever you are.
If you default on the loan the interest would keep on accumulating and the outstanding loan amount would increase. You might be charged a default fee and your credit score would also be hampered.
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