How Can You Get A Personal Loan Of Rs. 1 Lakh In A Minute At Low EMI?

You can feel the urgent need for money at any point in time, but it is possible that you do not have the funds ready with you at all times. So, rather than using your savings to meet this need, you can avail of a fast personal loan and enjoy peace of mind. If you need a 1 lakh personal loan, many banks and NBFCs offer such fast loans in under a minute. Yes, you can get up to Rs. 1 lakh in your bank account in less than a minute!

Like any other personal loan, you do not need to give security to the lender to get a fast personal loan. If you meet the criteria set by the bank or NBFC, the process for a loan gets very simple. After a few basic steps, you can get the money in your bank and use it as you want. You need to pay the EMIs on time, and the lenders will not bother you. Read on to know how you can get a 1 lakh personal loan in less than a minute.

What is a Fast Personal Loan?

A fast personal loan is a loan type that many banks and NBFCs offer to their clients. The application process for this loan is very simple, and it takes only a few seconds for the lenders to decide if you are eligible. If you want to get a 1 lakh personal loan in under a minute, then you must use the mobile app or website of the lender. Yes, most banks and NBFCs offer this loan through their website or mobile app. To be clear, while you will be able to know if you can get the fast personal loan in a few seconds, the money might take up to 4 hours to reach your bank account.

Eligibility for a fast personal loan

A lender will use a given set of rules per the policy to decide if your profile meets the criteria for a 1 lakh personal loan. The specific needs can vary across lenders; the basic criteria are as follows:

• Nationality: You must be a national of India to get this fast personal loan.
• Age: You must be older than 21 but younger than 65 to get this loan. This can vary across lenders.
• Work experience: Lenders need you to have a work experience of not less than 1 year.
• Income: You must earn a salary of Rs. 20,000 to Rs. 25,000 at least. This can vary based on the city you live in.
• Credit score: You must have a CIBIL score of 750 or more to get a 1 lakh personal loan. Some lenders can accept a CIBIL score of 700+ as well.
• Nature of work: You can get this loan only if you are an employee. The employer can be a public or private entity.

Which documents do you need?

You need to submit the documents listed below to be able to qualify for this fast personal loan:

• Address proof: You must offer a copy of your Aadhaar, voter ID, passport, etc.
• Income proof: Bank account details for the last three to six months or salary slips for the last two months
• ID proof: You must offer a copy of your Aadhaar, voter ID, passport, etc. Some lenders can ask for your office ID card as well.

How To Get A Low EMI For A Fast Personal Loan

When you take a 1 lakh personal loan, you need to pay your EMIs on time every month. So, it will help if your EMI is low, as you can easily pay it to the lender. Here are some tips to help you get a low EMI for a fast personal loan:

• Good credit score: If you have a CIBIL score of 750 or more, you can get the best offers from banks and NBFCs. This will help you avail of low EMIs for your 1 lakh personal loan. You can take various steps to improve your credit score as well.
• Less amount: Do not get a loan just because you can get one. You must get a fast personal loan only for the amount that you need to keep your EMI low. Otherwise, even if the money is not used and is in your bank account, you will still have to pay high EMIs.
• Long tenure: Most lenders offer these loans for 12 months to 60 months. If you feel you need to keep your EMI low, you must opt for a long tenure. However, because you will be paying interest for a longer period of time, the loan cost will be higher.
• Negotiate: If you have an old account with the lender, you can get a better deal for your 1 lakh personal loan. Just try to negotiate with the lender for the best deal, as a lower interest rate would mean a lower EMI.
• Compare: You can use the internet to find out about loan deals from various lenders. Many banks and NBFCs give great deals during the festive season. You must compare the offers to decide on the best option for you and enjoy low EMIs.
• Close loan accounts: If you have any loans or credit card dues, you must close them to get low EMIs. Clearing your loans or credit card bills will improve your credit score. Hence, you will get a low interest rate on a fast personal loan, which would mean low EMIs.

Conclusion

A quick personal loan is a good option for getting money when you need it quickly. You must compare several options before you decide on the best deal. For the best deals on your 1 lakh personal loan, get in touch with Piramal Finance, known for the best offers on personal loans.