What are the eligibility criteria and documents required for personal loan of 1 lakh?

If you are thinking of taking a personal loan of 1 lakh rupees, then in this post the eligibility criteria for 1 lakh personal loan are being told.

If you want to avail the benefit of Rs 1 lakh, you need to fulfill the following personal loan eligibility criteria. Note that the eligibility criteria may vary from bank to bank, yet the basic eligibility conditions remain the same.

Eligibility Criteria for Rs. 1 lakh personal loan

Age – Salary age should be between 21 to 60 years and for self-employed person it should be between 23 to 65 years. Some banks have a lower age limit, but the upper limit is generally the same.

Work Profile – Both self-employed and salaried individuals are eligible for 100000 loan. However, some lenders offer personal loans only to salaried applicants.

Monthly Income – Salaried individuals should have a minimum income of Rs 25,000 in metropolitan cities and Rs 15,000 in other places. Self-employed individuals should have a minimum annual income of Rs 5 lakh.

Experience – Salaried employees should have at least one year work experience and self-employed persons should have three years experience.

Credit Score – Most banks and NBFCs need to have a CIBIL score of 750 or above for an instant personal loan of Rs 1 lakh.

Documents Required for 1 Lakh Personal Loan

If you meet the bank’s eligibility criteria, you cannot take a loan of 1 lakh without documents to prove your eligibility. The documents required for personal loan are as follows:-

KYC documents

  • Identity proof documents include – Passport, PAN Card, Aadhar Card, Voter ID Card and Driving License (any one should be there).
  • Address proof documents include – Driving License, Voter ID Card, Passport or Aadhar Card (any one should be there).

income proof document

To avail 100000 personal loan, the salaried employees can provide the salary slip or certificate from their employer, Form 16, bank statement and IT return for the last 2 months.

Individuals with own business are required to provide IT returns and their financial statements as proof of income.

other documents

  • Proof of occupation is necessary for business persons.
  • All applicants will have to provide a copy of their bank statement for at least 6 months for a personal loan of Rs 1 lakh.

Which bank is the best option for personal loan of 1 lakh?

All banks give personal loan of 1 lakh to their customers. You should go for the bank where you maintain your salary account or business transactions. This makes it easier for the bank to process your application and assess your repayment capacity. In addition, the loyalty factor gives you concessional interest rates. Still, you are always free to approach any bank for a loan of Rs 1 lakh. From the interest rate point of view, nationalized banks are the best option, followed by private sector banks and other financial institutions. When it comes to prompt service, private sector banks and other institutions are better.

What is SBI’s interest rate on 1 lakh loan?

Among all the public sector banks, SBI offers the most attractive interest rate on 1 lakh instant loan. Personal loan interest rates in SBI can be anywhere between 9.60% to 15.65% p.a. depending on various factors like income, business and credit rating.

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