How to Get a 1 Lakh Personal Loan Instantly Without Collateral
Whether you are planning to go on a vacation, renovate your home, pay your credit card debt or bear any unforeseen medical bills, a personal loan of Rs. 1 Lakh can be the best and fastest solution to cater for your immediate financial needs.
Many banks and NBFCs (Non-Banking Financial Companies) offer a 1 Lakh Personal Loan without collateral. Personal loans are usually unsecured, which means you are not required to pledge any collateral to avail of these loans.
Top lenders offering 1 lakh personal loan instantly without collateral
Here’s the list of top lenders that offer a collateral-free personal loan of Rs. 1 Lakh:
| Lender Name | Loan Amount | Interest Rate | Processing Fee | Maximum Tenure (in Years) |
| HDFC Bank | Rs. 50,000 - Rs. 40 Lakhs | 10.85% - 24% p.a. | Up to Rs. 6,500 + GST | 5 |
| ICICI Bank | Rs. 50,000 - Rs. 50 Lakhs | 10.85% - 16.65% p.a. | Up to 2% of the loan amount + applicable taxes | 6 |
| Axis Bank | Rs. 50,000 - Rs. 40 Lakhs | 11.1% - 22% p.a. | Up to 2% of the loan amount + GST | 7 |
| Kotak Mahindra Bank | Rs. 50,000 - Rs. 35 Lakhs | 10.99% - 16.99% p.a. | Up to 5% of the loan amount + taxes | 6 |
| SBI | Rs. 1 Lakh - Rs. 35 Lakhs | 11.45% - 14.60% | Nil till 31st January 2025 | 7 |
| HSBC | Rs. 75,000 - Rs. 30 Lakhs | 10.15% - 16% p.a. | Up to 2% of the loan amount | 5 |
| Yes Bank | Rs. 50,000 - Rs. 50 Lakhs | 11.25% - 21% p.a. | Up to 2.5% of the loan amount | 6 |
| Aditya Birla Capital | Rs. 1 Lakh - Rs. 40 Lakhs | 10% - 32% p.a. | Up to 4% of the loan amount | 7 |
| Bajaj Finserv | Rs. 20,000 - Rs. 55 Lakhs | 10% - 31% p.a. | Up to 3.93% of the loan amount | 8 |
| Tata Capital | Rs. 40,000 - Rs. 35 Lakhs | 11.99% - 29.99% p.a. | Up to 5.5% of the loan amount + GST | 6 |
| L&T Finance | Rs. 50,000 - Rs. 30 Lakhs | 11% p.a. onwards | Up to 3% of the loan amount + applicable taxes | 6 |
How to apply for a personal loan of Rs. 1 Lakh without collateral?
You can apply for a collateral-free personal loan of Rs. 1 Lakh in any of the following ways:
Online process
- Visit the official website of the preferred lender or apply through online lending marketplaces.
- Go to the personal loan page and fill in the required details like your full name, address, income, employer details, and so on.
- Mention your loan requirement.
- Upload the required documents and submit your application.
- The lender’s personal loan representatives will contact you after verifying your details.
- A representative will visit your doorstep to collect the required documents.
- On successful verification of your application and documents, your loan request will be approved, and you will be informed about the loan offer and its details.
- Upon your confirmation, the amount will be credited directly to your account within the stipulated time.
Offline process
- Visit the nearest branch of the preferred lender and fill in the loan application.
- Submit the loan application (duly filled and signed) along with the required documents.
- Once your application and documents are verified, your loan request will be approved.
- You will be informed about the loan offer and its details.
- Upon your confirmation, the amount will be credited directly to your account within the stipulated time.
Eligibility Criteria for a 1 Lakh Loan without Collateral
Before you apply for an instant loan of Rs. 1 Lakh without collateral, check if you fulfil the following eligibility criteria:
Eligibility Criteria for Salaried Employees
- Age: Salaried applicants must be between 21 and 60 years old.
- Income: The applicant’s income should be Rs. 13,500 or above and must be credited directly to their bank account.
- Credit score: The applicant’s credit score should be at least 700 or above.
Eligibility Criteria for Self-employed Individuals
- Age: Self-employed applicants must be between 21 and 65 years old.
- Income: The applicant’s income must be Rs. 15,000 or above and credited directly to their bank account.
- Credit score: The applicant’s credit score should be at least 700 or above.
Documents Required for a 1 Lakh Loan without Collateral
Below is the list of documentation required to apply for an instant loan of 1 Lakh without any collateral:
Common documents for salaried and self-employed:
- Identity proof: Aadhar Card/ Passport/ Voter ID/ PAN Card/ Driving License. Some lenders also offer an instant PAN Card Loan.
- Address proof: Aadhar Card/ Driving License/ Registered Rent Agreement/ Passport/ Lease
Income proof for salaried employees
- Salary Slips of the last 6 months, Form 16 and ITR for the last 2 years, last 3 months Bank Statements showing salary credited, and Employment Certificate/Employment Letter
Income proof for self-employed individuals
- Balance Sheet, Profit & Loss Statement, and Income Tax Return
Other Documents
Duly filled and signed loan application, and 2 recent passport-size photographs
Why choose a 1 Lakh personal loan without collateral?
- A short-term personal loan of Rs. 1 Lakh usually comes with a low interest rate starting at 10% p.a.
- A personal loan can be used for almost all legitimate purposes including debt consolidation.
- This short-term loan can be easily repaid in flexible tenures of up to 60 months.
- A personal loan of Rs. 1 Lakh can help you create your credit history with regular timely repayments.
- A personal loan can be utilized to create an emergency fund.
- This instant loan can be applied in a 100% digital way with minimal documents
Disclaimer: This article is part of sponsored content programme. The Tribune is not responsible for the content including the data in the text and has no role in its selection.
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