How to Get a ₹1 Lakh Personal Loan Eligibility & Process
5 min read | about 2 months ago
There are several sudden situations or emergencies that arise in life. We may need funds urgently to tackle the same. For instance, you may require a ₹1 lakh loan to cover pressing needs like a cash crunch, immediate purchases of appliances or other gadgets, major payments, unaccounted expenses, and so on. It may also be necessary for taking care of medical expenditure and other financial requirements. How do you get this loan seamlessly? Here is a guide to the eligibility and application process for your benefit.
Eligibility Criteria & Documentation for Personal Loans
The eligibility criteria vary across banks for personal loans. The usual requirements may include the following:
- Resident individual
- Age- Usually between 23 and 55 (this varies across banks)
- Address & Identity Proof
- Income Proof (banks ask for a minimum income for approving personal loans. The minimum amount can be around Rs. 20,000 per month and it may vary across banks)
- Minimum CIBIL score (675 or higher)
Here are the documents that you need to apply for personal loans.
- Aadhar Card
- PAN Card
- Bank statements of the last six months
- You may also have to provide salary slips or income tax returns to demonstrate proof of income
How do you apply for these loans? Here is the lowdown on the process below.
Personal Loan Application Process
Here is a guide to applying for personal loans.
Evaluate your credit score and financial situation
You should first understand whether you can afford to repay the loan. Use an online EMI calculator to work out the amount that you have to pay for the desired amount. Choose the tenure and interest rate carefully after comparing loan offerings across banks. Also try to get your credit report and see whether your credit score is high enough (750 or above) for the loan to be sanctioned more easily.
Visit the official site of the bank
You can log on to the bank’s official website and then find the form to apply for the personal loan.
Enter key details and submit the application
Enter your mobile phone number, name, age, and other details. Upload your identity and address roof along with your bank statements and other documents. Read the terms and conditions and accept the same before submitting the application.
There may be a video KYC or any other verification procedure that you have to complete, along with linking your bank account for obtaining the loan. Once the bank scrutinizes all your application details and approves them, you will get the amount disbursed to your account within the stipulated timeframe.
Why a Personal Loan is Beneficial for You
Taking a personal loan is a good idea when you have a sudden fund crunch or other emergencies to deal with. Here are some of its biggest advantages.
Personal Loans Do Not Require Collateral
You can easily apply for these loans without furnishing any security or collateral. They are unsecured loans sanctioned on the basis of your credit score, income, and repayment ability.
Quick Application Process & Disbursals
Personal loans are easier to apply for in comparison to many other loans. You can apply swiftly at online banking platforms in a few minutes. At the same time, these loans require minimal paperwork and come with fast processing and disbursals.
Can Be Taken for Any Purpose
You can obtain personal loans for any purpose, be it paying for gadgets or medical emergencies to higher education and other needs. You do not have to prove the same to the lender in most cases.
Flexible Tenures & Competitive Interest Rates
Personal loans come with flexible tenures that you can choose as per your convenience. These usually go up to 36 months or slightly more, depending on the bank’s policies. You can also expect competitive rates of interest on these loans.
Conclusion
You can obtain a personal loan up to ₹1 lakh without any hassles. Simply apply online with all your necessary details and get the loan sanctioned swiftly to meet your needs. If you are looking for an instant digital loan up to ₹1 lakh or more, based on your income and credit score, consider Unity Small Finance Bank. You can expect fast disbursals and processing along with zero collateral requirements and attractive interest rates. Other benefits include a flexible repayment schedule along with a cooling off period of 3 days to help you make up your mind post disbursal.
About Unity Small Finance Bank
Unity Small Finance Bank is committed to making banking simpler and more accessible for everyone. Our services include Savings Account, NRI account, Current Account, Fixed Deposits, and Personal Loans offering flexible tenures and attractive interest rates. We also offer financing options like MSME Loans and Microfinance to support businesses and underserved communities. Learn more about Unity Small Finance Bank here.
