How to Apply For a 1 Lakh Personal Loan

 Are you in need of emergency funds but do not prefer borrowing from friends and family? With LoanTap you can get 1 lakh loan hassle-free. You can get a loan to meet your urgent financial needs. Whether you want your funds for a grand wedding, lavish holidays or you have any medical emergency personal loan can fulfil your financial needs. It is a collateral-free loan that you can get on easy EMIs.

Rs.1 Lakh Personal Loan Interest Rates and Charges

LoanTap offers a loan with attractive interest rates which can be personalised according to your requirements. There are no hidden charges.

Personal Loan Interest Rates

12% onwards

Processing Fees

Upto 2 % of loan amount plus applicable taxes

Loan Amount

Rs. 50,000 to 10 Lakh

Stamp Duty

0.1% of the loan amount

Loan Prepayment Fees

4% + GST if foreclosed within 180 days from the date of disbursement post cooling-off period

Charges for Late Prepayment

24% per annum plus applicable  taxes 

LoanTenure

6 months to 60 months


Eligibility Criteria for 1 Lakh Loan

Nationality

Indian Citizen

Employment criteria

Applicant must be salaried individual employed with reputable private or public firm or is self employed professional

Age

The minimum age of applicant should be 21 years but should not exceed the age limit of 58 years

Income

The minimum monthly income of the applicant should be Rs. 30,000

Credit Score

CIBIL score should be 750 or more

Documents Required for 1 Lakh Personal Loan

ID Proof

PAN Card/ Aadhar Card/ Passport/ driving Licence/ Voter’s ID

Proof of Residence

Passport/Driving License/Electricity Bill/ Telephone Bill/ Aadhar Card/ Voter’s ID

Income Proof

Salary slip of past 3 months/ Bank Statement 

Photograph

2 passport size photographs

How To Apply for 1 Lakh Personal Loan

●        Visit the official website of LoanTap or download the official app

●        On the home page, click on the 'Apply Now' Tab to apply for an instant personal loan

●        Select your employment profile. Select if you are a business owner, an employee, or a salaried person.

●        Select the purpose of your loan, like home loan, personal loan, wedding loan, etc. and click on continue

●        Enter your email id and current city of residence.

●        Enter all additional information, including monthly income, active loans (if any), and type of current residence.

●        Upload the necessary paperwork, such as bank statements, salary slips, and property ownership papers, etc. 

●        Enter your PAN Card number and birthdate.

●        After entering all the required details, the insurer will verify, and after the approval, your loan amount will be sanctioned immediately.  

Conclusion

Applying for a 1 lakh loan can be a simple process if you follow the steps diligently. Just visit the LoanTap official site or app and apply for the loan in easy steps. It's important  to begin by assessing your financial needs and eligibility, selecting the right lender with favourable terms, and gathering all required documents. Make sure you have a good credit score to get the personal loan at your terms. Lastly, stay informed about the loan market and be prepared for potential challenges, ensuring a smooth and successful loan application process.


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