A sudden medical bill, a home repair, a business need, or even a college fee — a quick ₹1 lakh personal loan can solve a lot of short-term financial urgencies.
But which bank or app should you choose? How do you avoid scams? And how much will it really cost you?
In this 2025 guide, you’ll learn:
What Is a Personal Loan?
A personal loan is an unsecured loan you can take without pledging anything as collateral.
- Quick approval
- No asset needed
- Use for anything
- But — higher interest than secured loans (like gold or home loan)
You repay in EMIs (monthly installments) over 6 to 60 months.
Best Personal Loan Providers for ₹1 Lakh in 2025 (Based on Interest Rate)
Here’s a quick comparison of leading personal loan providers for small-ticket loans in India in 2025:
Lender | Interest Rate (per annum) | Tenure | Min Salary Needed | Processing Time |
SBI | 11.15% – 14% | up to 6 years | ₹15,000/month | 1–2 working days |
HDFC Bank | 10.50% – 21% | up to 5 years | ₹25,000/month | 1 day (existing customers) |
Axis Bank | 10.99% onwards | up to 5 years | ₹20,000/month | Instant for pre-approved |
ICICI Bank | 10.50% – 16.5% | up to 6 years | ₹18,000+/month | 24–48 hours |
Bajaj Finserv | 11% – 26% | 1–5 years | Variable | Same day, app-based |
PaySense | 15% – 30% | 3 to 60 months | ₹12,000/month | 24 hrs (for KYC ready) |
KreditBee | 18% – 35% | 3 to 24 months | ₹10,000+/month | Fast, app-only |
Navi | 9.90% – 16% | 3 to 72 months | ₹15,000/month | Fast via app |
Note: These rates are indicative & change based on your CIBIL score, job profile, and loan tenure.
General Eligibility for ₹1 Lakh Personal Loan
Requirement | Minimum Criteria |
Age | 21 to 60 years |
Income | ₹10,000 – ₹25,000/month (varies) |
CIBIL Score | 700+ for best rates |
Employment | Salaried or stable self-employment |
Documentation | Aadhaar, PAN, bank statements, salary slips |
⇒ Even if you’re freelancer or gig worker, some platforms like KreditBee, CASHe offer loans for unconventional job profiles.
EMI Example: ₹1 Lakh Loan Repayment (2025 Rate)
Let’s estimate the monthly EMI if you borrow ₹1,00,000 for 2 years:
Interest Rate | EMI (approx) | Total Payable |
10% | ₹4,614 | ₹1,10,736 |
14% | ₹4,841 | ₹1,16,184 |
18% | ₹5,070 | ₹1,21,680 |
24% | ₹5,341 | ₹1,28,184 |
⇒ Higher credit score = Lower interest = Lower total repayment
Tips to Choose the Best ₹1 Lakh Loan for You
1. Compare at least 3 lenders
Online aggregators like PaisaBazaar, BankBazaar help you compare instantly.
2. Check total cost, not just EMI
Compare:
• Interest
• Processing fee
• Foreclosure charges
• Late payment fee
3. Prefer low processing fee offers
Some lenders (Navi, HDFC, SBI) offer ₹1 lakh loans at ₹0 fees during promotions.
4. Avoid small shady apps on Play Store
Pick RBI-approved lenders only.
5. Watch for prepayment flexibility
Some let you close early without penalties — great for saving interest!
Secured vs Unsecured Loan for ₹1 Lakh
Type | Pros | Cons |
Secured (Gold Loan) | Lower interest (~9%) | Risk of asset loss if default |
Unsecured (Personal Loan) | Fast, no collateral | Higher interest |
If you’re unsure about repayment, gold loan may be a safer route.
Common Mistakes People Make
- Only comparing EMI, not total loan cost
- Ignoring hidden charges in small loan apps
- Applying to 5+ banks → lowers CIBIL score
- Taking too short a loan term = high EMI strain
- Falling for predatory loan ads with fake approvals
Conclusion
A ₹1 lakh personal loan can be a lifesaver in the right situation — but only if you:
- Know your eligibility
- Compare offers
- Borrow what you can repay comfortably
Never borrow for unnecessary shopping or show-off expenses.
Use credit to grow, not to drown.
Take your time, choose the right bank or loan app, and read all terms before clicking “Apply.”
Frequently Asked Questions (FAQ)
1. Can I get a ₹1 lakh personal loan instantly without a salary slip?
Yes, several digital lenders and NBFCs provide ₹1 lakh personal loans without salary slips in 2025. Platforms like Navi, PaySense, KreditBee, and CASHe offer loans based on other verifiable documents like bank statements, Aadhaar, and PAN. However, the interest rate may be slightly higher, and the approval is based on alternate credit scoring models. RBI’s March 2025 guidelines encourage lenders to evaluate cash flow data and not just traditional credit scores for small-ticket loans.
2. Which is the best app for instant ₹1 lakh personal loan in 2025?
As of 2025, apps like Navi, PaySense, and MoneyTap are among the best for availing ₹1 lakh instant personal loans. These are RBI-registered NBFC partners, and most offer:
- Paperless KYC
- Instant approval within 5–10 minutes
- Disbursal within 24 hours
A comparative analysis (IRDAI-NBFC Outlook Q2 2025) shows Navi as having the lowest average processing time and competitive interest rates starting at 9.9% p.a.
3. What is the EMI on ₹1 lakh loan for 2 years at 10% interest in 2025?
For a ₹1 lakh loan at 10% interest per annum for a 2-year tenure, the monthly EMI would be approximately ₹4,614, totaling about ₹1,10,736 including interest. Here’s the breakup:
Loan Amount | Tenure | Interest Rate | EMI |
₹1,00,000 | 24 months | 10% p.a. | ₹4,614/month |
Always use a personal loan EMI calculator before selecting tenure to avoid default risk and to stay within your repayment capacity.
4. Can students or unemployed individuals get ₹1 lakh loan in India?
It’s possible for students or unemployed individuals to access ₹1 lakh loans through co-signed loans, fixed deposit-backed loans, or digital lending apps that use alternative data. Some NBFCs like Slice and CASHe offer short-term credit to those with consistent digital payment history. However, lack of stable income increases approval risk, and such loans may come with higher interest rates, stricter terms, or the requirement of a guarantor.
5. Is a CIBIL score mandatory to get ₹1 lakh loan in 2025?
While a good CIBIL score (700+) results in better interest rates, it is not mandatory for all lenders as of 2025. Many fintech and NBFC platforms approve loans based on:
- Past UPI transactions
- Bank statement analysis
- Utility bill payments
- Employment details
RBI-compliant apps using Account Aggregator data can offer small-ticket loans without requiring traditional credit history, making the process inclusive and efficient.
6. Which government bank provides the cheapest ₹1 lakh personal loan?
As of June 2025, State Bank of India (SBI) offers one of the lowest personal loan interest rates under its Xpress Credit scheme. You can get ₹1 lakh at starting rates from 9.6% provided:
- You have a salary account with SBI or its affiliated organizations
- You meet the net monthly income eligibility (≈ ₹15,000+)
- Minimal documentation is provided
SBI loans are pre-approved for government employees and PSU staff, ensuring same-day disbursal.
7. How much time does it take to get ₹1 lakh loan approved online?
With digital lenders and smart underwriting, most borrowers in 2025 can receive a ₹1 lakh loan in as little as 5–10 minutes, provided their KYC and bank verification is complete. Banks like HDFC and apps like Navi have fully automated APIs that integrate with UIDAI, credit bureaus, and employer databases, speeding up verification and fund transfer.
8. Are there any zero interest personal loans of ₹1 lakh available?
No legitimate financial institution in India provides 100% zero interest personal loans. However, some credit card EMI conversions or BNPL services may offer 0% interest offers for 3 to 6 months, but fees apply. Always beware of unregistered apps claiming zero interest — they may not be RBI-regulated and could misuse your data or impose hidden charges.
9. Can I foreclose a ₹1 lakh personal loan early in 2025?
Yes, most lenders allow loan prepayment or foreclosure with minimal or no charges after a lock-in period (usually 6 months). As per RBI’s guidelines (circular dated Jan 2025), NBFCs must disclose foreclosure terms upfront. Many apps like Pay Sense or Navi now support in-app foreclosure with 0–1% penalties.
10. Will taking a ₹1 lakh loan affect my credit score?
Yes, it will—both positively or negatively, depending on your repayment behavior. If repaid on time, it builds a positive credit history and improves your CIBIL/Experian score. However, missed or late payments can reduce your score significantly—by 50 to 100 points or more.
According to TransUnion CIBIL’s 2024 report, borrowers with 4+ timely EMI repayments on small-ticket loans showed a 21% average improvement in their score within 6 months.
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