Financial emergencies can occur at any time. Let’s say you need urgent funds worth ₹1 lakh but don’t have any cash in hand. In such situations, getting a ₹1 lakh personal loan could be handy.
In this blog, we have provided all the details regarding ₹1 lakh loan EMI, application process, eligibility criteria, fees and documents required, so that you can make an informed decision before applying for a loan.
Here are the features and benefits of a ₹1 lakh personal loan that you can enjoy while applying with Navi:
Lending sector has evolved by leaps and beyonds in the last few years. Today, most RBI-approved lenders like Navi offer loans in a 100% paperless manner.
Expect instant disbursal if your loan application is approved by the lender. For instance, you can get an cash loan with Navi within a few minutes, provided you’re eligible.
Personal loans come with flexible repayment tenures, usually extending up to 84 months or 7 years. You can calculate your loan EMI and choose your tenure accordingly.
If you have an excellent credit score or a pre-approved offer, you can get personal loans at preferential rates. However, the lender decides the final interest rate based on your eligibility.
Unlike home loans, for personal loans you don’t have to pledge collateral or guarantor.
Thanks to advancements in the lending sector, lenders don’t ask for a bagful of documents while approving your loan. Lenders like Navi only ask for your PAN or Aadhaar details for KYC verification.
Follow the steps below to get ₹1 lakh personal loan:
Step 1: Download the personal loan app from App Store or Play Store or visit the website.
Step 2: Check your loan eligibility by filling in some details such as name, address and PAN details.
Step 3: Check the interest rate offered and enter your preferred loan amount and repayment tenure.
Step 4: Submit or upload the necessary documents and complete your KYC process.
Step 5: Link your bank account. After successful verification, the loan amount will be directly disbursed to your account. Set up an auto debit to make your loan repayments on time.
You will need the following documents to apply for ₹1 lakh personal loan:
Here are the details regarding eligibility criteria for salaried and self-employed individuals:
Parameters | Eligibility Criteria |
Age | Between 18 and 65 years |
Credit Score | 750 or above |
Employment Stability | Must be employed in a reputed company for a minimum of 6 months |
Employment Duration | A minimum of 1 year |
Parameters | Eligibility Criteria |
Age | Between 18 and 65 years |
Credit Score | 750 and above |
Prior Relationship with the Lender | A minimum of 6 months (to be verified from the lender) |
Business Turnover | A minimum of ₹15 lakh |
Profit after Tax Deduction | A minimum of ₹2 lakh |
Refer to the table below to get an idea of ₹20,000 personal loan fees and charges:
Interest Rate | 8% p.a. – 36% p.a. |
Processing Fee | 0% – 4% of the loan amount |
Loan Amount | Up to ₹40 lakh |
Loan Tenure | Up to 84 months |
Prepayment Charges | 0% to 4% |
Please note that the table is for educational purposes only. Navi doesn’t take any responsibility for the accuracy of the data presented in the table.
Here is the formula for manual calculation of personal loan EMI:
EMI = P × r × (1 + r)n/((1 + r)n – 1)
Here, P is the Loan amount, r is applicable interest rate, and n is tenure in the number of months. P, n and r are variables.
However, manual calculations can be hectic and have room for errors. You can use Navi’s personal loan EMI calculator instead. You just need to enter the loan amount, tenure and interest rate to view the EMI estimate within seconds.
Let’s understand this with an example. Let’s assume you have taken a personal loan of ₹1 lakh at 12% p.a. For a tenure of 3 years. Upon using the EMI calculator, your ₹1 lakh personal loan EMI would be ₹3,321.
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Years)
Years
Monthly EMI
0
Total Interest
Total Amount
We have listed down the types of personal loans available:
Are you lacking the funds required for that dream wedding or honeymoon? Apply for an instant personal loan for marriage enjoy your dream wedding stress-free.
Planning for a foreign trip but short on funds? Apply for a instant personal loan for travel and stay worry-free. Pay the loan amount in easy EMIs.
Planning to buy a car to upgrade your lifestyle? You can finance your new car by availing an instant personal loan for car .
Get your dream two-wheeler with a personal loan for two wheeler. Enjoy instant approval, attractive interest rates, and pay at your convenience.
In a new city looking for a second-hand bike? Get a personal loan for second hand bike . Enjoy minimal waiting time and zero paperwork.
If you are planning to purchase a second-hand car, you can get a personal loan for used car. You don’t have to pledge collateral or guarantor to get a personal loan.
Getting an instant loan of ₹10,000 online is not that difficult provided you meet the concerned lender’s eligibility criteria. However, make sure that you have the capacity to repay the loan within the specified tenure.
Navi offers an instant cash loan of up to ₹20 lakh at attractive interest rates, starting from 9.9%. You can use Navi’s online EMI Calculator to calculate your monthly repayment obligations.
Ans: 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.
Ans: Navi’s loans are available throughout India. You just have to download the Navi app and apply for the loan wherever you are.
Ans: If you default on the loan the interest would keep on accumulating and the outstanding loan amount would increase. You might be charged a penalty fee and your credit score would also be hampered.
Ans: The charges may vary from lender to lender. However, Navi doesn’t charge any foreclosure fee in case you decide to prepay the entire loan amount.
Ans: A moratorium period is the time during a loan term when the borrower is not required to make any repayment. During the pandemic, the RBI asked lenders to offer a moratorium period of up to 6 month.
Looking for instant 🚀 personal loans 24*7 anywhere, anytime? Get personal loans up to ₹20 lakh starting at 9.9% p.a. Install the Navi app now!
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
Personal Loans
How to Get Urgent Cash Loan without Documents Online in India?
An urgent cash loan without documents is a quick and easy solution for individuals in need of sudde... Read More »Personal Loans
What is a Cash Credit Loan and How to Apply for it?
What is a Cash Credit Loan? A cash credit loan is a short-term loan given to businesses to meet ... Read More »Personal Loans
How to Get Small Cash Loan on Aadhaar Card without PAN Card?
Small cash loans are loans offered by banks and NBFCs to meet short-term financial requirements. Th... Read More »Personal Loans
What is an Aadhaar Cash Loan and How to Apply for it?
Aadhaar Cash Loan Aadhaar cash loan is a financial service provided by banks and NBFCs (Non-bank... Read More »Personal Loans
Instant Loan without CIBIL Score
A good CIBIL score is necessary to avail of a loan on favourable terms and conditions. But, what ab... Read More »Personal Loans
What is a Top up Loan and How to Apply for It?
Understanding Top Up Loan A top up loan is an additional fund that you can avail above your exis... Read More »Personal Loans
Instant Personal Loan on Aadhar Card
As a taxpayer, you must have understood by now the role of PAN and Aadhaar while filing your income... Read More »Personal Loans
How to Get a Personal Loan without Income Proof?
When in sudden need for credit, both salaried and self-employed professionals can apply for a perso... Read More »Personal Loans
20 Best Personal Loan Apps in India 2023 – How to Apply ?
Personal loans can be used to fulfil any financial emergency, but getting them sanctioned can be a ... Read More »Personal Loans
How to Apply for EPF Loan Online?
Employees’ Provident Fund (EPF) aims to provide a financial cushion for salaried employees after ... Read More »Personal Loans
What are Short Term Loans? – Key Features and Benefits
The tenure for short term loans generally ranges from about a month to a year. They are usually uns... Read More »Personal Loans
Get Instant Cash Loan in 1 Hour Without Documents: Interest Rate and Eligibility
Are you in any emergency cash crisis and in need of an instant cash loan in 1 hour without document... Read More »Mutual Funds
Top 10 Chit Fund Schemes in India in 2023
Chit funds are one of the most popular return-generating saving schemes in India. It is a financial... Read More »Mutual Funds
10 Best Gold ETFs to Invest in India in February 2023
Gold ETFs or Gold Exchange Traded Funds are passively managed funds that track the price of physica... Read More »Mutual Funds
Top 10 Demat Accounts in India [Lowest Brokerage Charges]
A Demat account was created to eliminate the time-consuming and inconvenient procedure of purchasin... Read More »Mutual Funds
20 Best Index Funds in India to Invest in 2023 (Updated on 31st Jan)
What is an Index Fund? An index fund is a type of mutual fund or exchange-traded fund (ETF) that... Read More »Mutual Funds
Best Arbitrage Mutual Funds to Invest in India: Returns and Taxation
Arbitrage funds are hybrid mutual fund schemes that aim to make low-risk profits by buying and sell... Read More »Mutual Funds
Best SIP Mutual Funds To Invest In India (2023) – Its Types And Taxation
A Systematic Investment Plan (SIP) is a convenient way to invest a fixed sum in mutual funds. For i... Read More »Mutual Funds
10 Best Corporate Bond Funds in India 2023 – With Returns
Corporate bond funds are debt funds that invest at least 80% of the investment corpus in companies ... Read More »Banking
10 Best Banks for Savings Account in India (2023)
A savings account keeps your money safe, and lets you earn interest every quarter. There are many b... Read More »All information is subject to specific conditions | © 2023 Navi Technologies Ltd. All rights are reserved.
FEE FREE MONTH
No Processing Fee on Cash Loan