A ₹1 lakh personal loan is a small-ticket, short-tenure loan that most lenders approve on income proof alone. Because the amount is small, the processing fee matters more to your total cost than the interest rate does.
EMI on a ₹1 Lakh personal loan
At an indicative rate of 11.5% a year, here is what a ₹1 Lakh loan costs across the tenures lenders commonly offer. The longer tenure always shows the smaller EMI and the larger total cost.
| Tenure | Monthly EMI | Total interest | Total payable |
|---|---|---|---|
| 2 years | ₹4,684 | ₹12,417 | ₹1,12,417 |
| 3 years | ₹3,298 | ₹18,714 | ₹1,18,714 |
| 4 years | ₹2,609 | ₹25,227 | ₹1,25,227 |
| 5 years | ₹2,199 | ₹31,956 | ₹1,31,956 |
| 6 years | ₹1,929 | ₹38,896 | ₹1,38,896 |
| 7 years | ₹1,739 | ₹46,046 | ₹1,46,046 |
Change the rate and tenure to your own numbers in the personal loan EMI calculator.
What income do you need?
Lenders cap total EMIs at roughly 50% of net monthly income. On a 2-year tenure the EMI is ₹4,684, which implies a net income of about ₹9,368 a month with no other loans running. If you already pay other EMIs, add those to the requirement.
Eligibility
- Aged 21 to 60, salaried or self-employed with documented income
- Net monthly income above ₹10,000, higher in metro cities
- Credit score of 750 or above for the best rates; 700+ for approval
- At least 6 months with your current employer, or 2 years of business vintage
Documents
- PAN and Aadhaar
- Last 3 months salary slips, or 2 years of ITR if self-employed
- Last 6 months bank statements