Apply 100000 Personal Loan with Bankstore
Imagine you are in the process of organizing your ideal wedding or facing an unforeseen medical bill, and suddenly you find yourself without money. In this case a personal loan might save you because they are quick and easy to obtain without any collateral. A ₹1,00,000 personal loan is classified as an unsecured loan, meaning that it does not require assets such as gold or property pledged against it. It is meant to serve significant financial needs like paying for education, refinancing your home, or even merging high-interest loans. Bankstore facilitates taking or servicing a personal loan with quick disbursement, typically within hours. Because the money can be applied towards nearly anything, the loan serves as a versatile financial tool.
Eligibility Criteria for a ₹1,00,000 Personal Loan
Age range: 21–60 years old at application.
Income: A minimum of ₹15,000 to ₹25,000 per month, depending on the lender and the area (higher in major cities like Delhi or Mumbai).
Credit Score: Although scores as low as 650 may be accepted at higher rates, a score of 750 or higher guarantees better rates.
Employment: Salaried applicants need continuous employment of at least one year; self-employed applicants need to have run their businesses for two years.
Residence: Proof that you live in India.
Bankstore’s online tools let you rapidly verify these criteria for a seamless application.
Eligibility Criteria for Flexi Personal Loan
Check if you meet the simple eligibility criteria to get your loan approved:
Age Requirement
Applicants must be between 21 to 60 years old.
Monthly Income
Minimum ₹15,000 to ₹25,000 (Salary in Account)
Nationality
Must be an Indian citizen
Credit Score
650+ (700+ preferred)
Employment Type
Salaried and self-employed both eligible
Documents Required for a ₹1,00,000 Personal Loan
- Identity Proof: PAN card, Aadhaar card, passport, or driving licence.
- Address Proof: Passport, rental agreement, or utility bills.
- Income Proof: Last six months’ bank statements and recent salary slips for salaried individuals; business financials and the previous three years’ income-tax returns for self-employed individuals.
- Photographs: Recent passport-sized photos.
- Bankstore’s digital platform simplifies the submission of these documents.
How to Get a ₹1,00,000 Personal Loan Urgently
- Verify Eligibility: Ensure you meet all prerequisites to avoid delays.
- Prepare Documents: Keep digital copies ready for instant upload.
- Select Quick Lenders: Choose lenders on Bankstore known for rapid processing.
- Use Pre-Approval: Pre-approved customers can receive funds within minutes.
- Bankstore’s expertise in urgent loans helps you access funds exactly when needed.
Interest Rates for ₹1,00,000 Personal Loans
Interest typically ranges from 10% to 24% per annum, depending on income, credit score, and lender policies. A credit score above 750 can secure rates as low as 10.99%. Bankstore connects you with lenders offering the most competitive rates, so always compare before applying.
Your EMI Details
Loan EMI
₹ 0.00
Total Interest Payable
₹ 0.00
Total Payment
₹ 0.00
Shorter tenures save interest but raise EMIs, while longer tenures lower EMIs but increase total interest. Use Bankstore’s EMI calculator to choose the best tenure for your budget.
Benefits of a ₹1,00,000 Personal Loan
No Collateral: No need to pledge assets.
Flexible Use: Spend on any personal need.
Quick Disbursal: Funds available in hours or days.
Fixed EMIs: Predictable payments aid budgeting.
Credit Score Boost: Timely repayments improve your score.
Bankstore enhances these benefits with a user-friendly platform and fast processing.
Impact on Your Credit Score
Applying causes a small, temporary drop due to a hard inquiry. However, timely EMI payments—such as ₹2,225 per month for a 5-year loan at 12%—can raise your score by 20–50 points over time. Missing payments may lower your score by 50–100 points.
Prepayment Options and Loan Insurance
Many lenders allow prepayment or foreclosure; some charge penalties of 2%–4% of the outstanding amount. Prepaying can reduce interest if done strategically. Optional loan insurance can cover repayments in cases such as disability or death, adding minimal cost. Bankstore provides detailed information so you can decide if these options suit you.
Comparing Lenders for the Best Deal
Fees: Compare processing and ancillary charges.
Repayment Terms: Ensure flexibility matches your budget.
Customer Reviews: Verify reliability and service quality.
Bankstore’s comparison tool streamlines this evaluation.
Tips to Get Approved for a Personal Loan Quickly
- Maintain a high credit score (750+).
- Provide accurate, error-free details.
- Select fast-processing lenders via Bankstore.
- Keep documents ready for upload.
Managing Your Personal Loan Repayments
Include EMIs in your monthly budget to avoid stress. Use reminders to never miss a due date. Bankstore’s EMI calculator helps plan repayments aligned with your lifestyle, and avoiding new debt keeps you focused on payoff.
FAQs on ₹1,00,000 Personal Loans
No. This is an unsecured loan, so no assets are required.
Late fees apply and your credit score may drop. Bankstore offers tools to help you pay on time.
Yes, most lenders permit prepayment, though penalties of 2%–4% of the outstanding amount may apply. Always verify terms through Bankstore.