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Taking a loan of Rs. 1 Lakh helps address immediate liquidity requirements. Emergencies can arise without warning. You can prepare yourself to address such events. But, there may be times when one might incur a liquidity crunch and require additional funds.
You may have incurred substantial wedding expenses; you want to fund higher studies, you wish to go on an exotic vacation, or you want to pursue your hobbies. A Personal Loan of Rs. 1 Lakh may be handy to cater to your needs. Scroll down to know in detail.
What are the Eligibility Criteria to Avail of a Rs. 1 Lakh Personal Loan?
Individuals seeking to apply for a loan at Fullerton India must meet the following criteria:
- Age
The loan applicant must be between 21 to 60 years.
- Profession
The loan applicant could be a salaried employee or self-employed attaining a minimum turnover according to the policy of the lending institution.
- Income
Loan applicants drawing salaries must have an income of Rs. 25,000 per month if they reside in Delhi or Mumbai and Rs. 20,000 per month for other locations.
- Minimum Work Experience
The loan applicant must have a work experience of at least one year and should have served at least six months in the existing organization.
- CIBIL Score
A CIBIL score of at least 750 is required to process the loan application.
To understand your eligibility for a loan worth Rs. 1 Lakh, please refer to our personal loan eligibility calculator.
What about Interest Rates and Repayment Tenure?
Fullerton India provides personal loan rates starting at 11.99%. In addition, loan tenure ranges from 12-60 months. You can apply for a repayment tenure based on your liquidity concerns.
Which Documents are Required While Applying for a Loan Worth Rs. 1 Lakh?
Loan applicants must furnish the following documents while applying for a Rs. 1 Lakh loan.
- KYC Documents
These include PAN card, Adhaar card, Driving License, Voter ID, etc.
- Proof of Income
Prepare a set of bank statements for the last six months. Additional documents supporting proof of income depend upon the loan applicant’s profession. Salaried Individuals must present salary slips for the last three months along with Form 16 or income tax returns. However, self-employed individuals seeking a loan must also submit financial statements for the last two years, an IT assessment or clearance certificate, and Business Proof along with a TDS certificate (Form 16A) or Income Tax Challans or Form 26 AS for income declared in ITR.
After Submitting the Necessary Documents, your Loan Gets Approved
If you fulfill the pre-defined eligibility criteria and provide the required documents, your loan will get approved instantly. Once your documents get verified, it would take approximately 24 hours for the application to get approved. The funds get credited to your account within 30 minutes of your application getting approved.
Would the Lender Require Collateral or a Guarantee?
A personal loan worth Rs. 1 Lakh is usually unsecured as long as you can produce the required documents mandated by the lending institutions.
What are the Key Points to Remember Before Taking a Loan Worth Rs. 1 Lakh?
Follow the guidelines below before you apply for a Rs. 1 Lakh loan.
- Plan your expenses and set budgets accordingly.
- Evaluate your repayment tenure thoroughly, as delayed payments could impact your creditworthiness.
- Analyze the interest rates being provided. Calculate your monthly EMIs and map them against your income to evaluate your finances.
- If you have multiple debts, a loan worth Rs. 1 Lakh may help you consolidate your entire debt load and provide convenient financing to cover your debt burdens.
The Final Word
While facing a liquidity crisis, taking a loan worth Rs. 1 Lakh can help meet your fund requirements. The loan process is simple and hassle-free with minimum documentation, such that you obtain the required funds promptly. It is advisable to use a personal loan calculator before you apply for a loan to plan your finances. A Rs. 1 Lakh loan comes with many benefits, such as flexible repayment tenure and attractive interest rates.
Also Read : How Personal Loan Can Secure your Future Life
