In today’s times, financial emergencies can arise without warning, and it is often impossible to raise funds in a short time, such as a sum of Rs 1 lakh for medical bills, education fees or travel expenses due to various reasons. To address these challenges, Instant Personal Loan comes forward to provide instant funds through a digital loan of Rs 1 lakh, offering the approval and disbursement benefits that come with this loan.
What is an instant personal loan 1 Lakh ?
Instant Personal Loan 1 Lakh is an unsecured personal loan provided by various banks, non-banking financial companies, fintech, and digital lending apps. In Instant Personal Loan 1 Lakh, there is a minimum document requirement, which makes the process faster and more accessible to people who do not have many documents. Also, there is no need of collateral or a guarantor as security for an Instant Personal Loan 1 Lakh.
It does not matter if you are a salaried person or self employed. An instant personal loan of 1 Lakh can meet any person’s short-term need or desire without a lengthy process.
Eligibility Criteria of Instant Personal Loan 1 Lakh
Before applying for an Instant Personal Loan 1 Lakh, there are criteria for those people who are eligible to apply for an Instant Personal Loan of 1 Lakh.
- Age Limit: The Applicant should be between 21 to 60 years old.
- Employment Type: Salaried people should work in public or private companies. Self employed people or businessmen with regular or stable income.
- Monthly Income: Minimum monthly income should be between 15,000 and 25,000, but it can be diff based on location or lender.
- CIBIL Credit Score: credit score is 650 or above is preferred, but there are some NBFCs or digital lending apps that provide instant personal loans of 1 lakh with a low CIBIL score or no credit score required.
- Work Experience: Salaried people work continuously for 6 months to 1 year. Self employed individuals should work at least in their current business or profession for 1 to 2 years.
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Document Required for Instant Personal Loan 1 Lakh
For applying for an Instant Personal Loan 1 Lakh, some documents are required; in comparison to a traditional loan, there are fewer documents needed for an Instant Personal Loan 1 Lakh.
✅ Identity Proof: Aadhaar Card, Pan Card, Voter ID, or Passport
✅ Address Proof: Utility Bills, Rental Agreement
✅ Income Proof (Salaried people): Last 3 to 6 Months Salary Slips, Latest Bank Statement, Form 16 (if asked)
✅ Income Proof (Self Employed People): ITR Filing Last 1 to 2 years, Bank Statement, Business Registration Certificate, or GST
✅ Photograph: Recent Passport-Size Photograph
✅ Digital Verification: Some fintech platforms conduct online video KYC or selfie verification.
Why Go for an Instant Personal Loan 1 Lakh?
- With an instant personal loan 1 lakh, there is no need to provide assets as collateral for security, as the loan is unsecured.
- Their approval process of a loan is instant, and disbursement of the loan amount in a bank account takes under 24 to 72 hours.
- There is a minimum documentation required for applying for the Instant Personal Loan of 1 Lakh, which facilitates instant processing and increases the reach of people applying for loans.
- For loan repayment, the duration varies from lender to lender, ranging from 3 months to 5 years.
- There are various interest rates available at different lenders, and borrowers can choose lender offers based on the interest rate.
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FAQs
How fast is the procedure of getting an Instant Loan?
Generally, it depends on the eligibility criteria and documentation, but mostly digital lenders approve loans in 10 minutes to 24 hours.
What will be the interest rate on the instant loan if someone gets approval for it?
The interest rate for instant loans of Rs. 1 Lakh ranges between 10% to 36% P.A. and offers a lower interest rate to those who have a high credit score.
