Situations concerning urgent financial requirements can occur anytime, and personal loans are one of the most preferred credit instruments acquired to deal with it. Several renowned financial institutions like Bajaj Finserv extend a personal loan of Rs. 1 lakh to deal with unforeseen expenses.
Prospective borrowers willing to acquire an Rs. 1 lakh loan must consider specific details related to the entire procedure.
Steps to Apply for an Instant Rs. 1 lakh Personal Loan
Given below is a step-by-step guide to applying for a simple unsecured loan of Rs. 1 lakh:
Step 1: Visit the official website of the concerned financial institution and click ‘Apply Online’ for viewing the loan application form.
Step 2: Input phone number in the respective field. An OTP will be received in this number after a while. Complete the authentication process by entering the OTP in the specified field.
Step 3: Enter the basic employment and KYC details.
Step 4: Upload all required documents for verification and submit the application form. The documents needed to apply for a personal loan are as follows:
- Bank account statement of last few months as specified by the concerned financial institution
- Government-issued KYC documents like Aadhaar, PAN card, Voter ID card, Passport or Driving license
- Employee ID card
- Salary slips of the last few months as specified by the concerned financial institution
Once an applicant submits the application form for Rs. 1 lakh loan, representatives of the concerned financial institution will contact the individual to process the loan further.
What are the eligibility parameters to apply for a personal loan?
Besides the application procedure and the list of documents required for acquiring this credit instrument, individuals must also note the eligibility criteria. They must ensure that they fulfil the requirements laid down by a financial institution for Rs. 1 lakh loan.
Illustrated below are the eligibility criteria for a personal loan:
- Should be a salaried employee of an MNC, a public company, or a private limited organisation.
- The age of the applicant must be between 21 and 67 years
- Should hold a decent credit score above 750
- Must be an Indian resident
- Should receive a salary amounting to Rs. 22,000 or more, based on the city of employment
Potential borrowers can use a personal loan eligibility calculator to check whether they are eligible or not for this particular credit instrument. This simple-to-use tool is readily available on the website of reputed lenders. Individuals can also use an EMI calculator similar to this tool which helps to calculate personal loan EMIs beforehand. This, in turn, allows borrowers to manage their loan repayment efficiently.
While using this calculator, first-time loan applicants will note that the tenor plays a significant role in determining the payable EMIs. This is best explained through the following example:
Suppose an individual acquires Rs. 1 lakh loan. For a loan tenor of 35 months and a rate of interest of 14.5%, the total EMI payable will amount to Rs. 3521. If the tenor is reduced to 24 months for the same amount and interest rate, the payable EMI will increase to Rs. 4825.
Features and benefits of availing a personal loan from Bajaj Finserv
Urgent personal loans amounting to a valuation of approximately Rs. 1 lakh have been in demand among borrowers lately. As per a recent report, the average ticket size for personal loans reduced 40% between FY17 and FY21 to touch a valuation of Rs. 1.5 lakh (1). Credits amounting to such a valuation help meet urgent financial requirements.
Besides, opting for a personal loan of Rs. 1 lakh from a leading financial institution like Bajaj Finserv comes with several noteworthy features and benefits. Some of these are given below:
- Fast approval
Once an applicant meets the eligibility parameters, the loan gets approved within minutes.
- Digital loan management facility
Individuals can access their online accounts via a customer portal for managing EMIs and checking their loan statements.
- Flexible repayment schedule
Borrowers can choose an appropriate tenor that can range up to 60 months (5 years). This ensures that borrowers get a convenient repayment schedule for repaying their acquired credits.
Besides these, existing customers of Bajaj Finserv can benefit from several pre-approved offers that are extended on both secured and unsecured financial products. These offers will help simplify and accelerate the lending process. Individuals can check their pre-approved offers by providing a few details, such as their name and contact information.
Therefore, individuals in urgent need of funds must follow the abovementioned steps to apply for Rs. 1 lakh loan from a leading lender like Bajaj Finserv.