You can repay your personal loan for 1 lakh through convenient monthly EMIs over a period of 3 to 24 months, depending on the repayment plan you choose. Payments can be made via the app, ensuring a hassle-free process.
Achieve more with our loans
Personal Loans up to ₹1 Lakh
Flexible Repayment
Instant Bank Transfer
Affordable Rates
About Our ₹1 Lakh Personal Loan
Get a 1 Lakh loan in an instant to tackle unexpected expenses or emergency financial crises without the hassle! With Ring, you can avail a personal loan for 1 Lakh quickly and easily. Plus, our flexible repayment plans allow you to repay at your convenience, ensuring you stay in control of your finances. Whether it's medical bills, urgent repairs, or any unexpected cost, Ring is your reliable financial partner. Don’t let financial stress hold you back—Ring has got you covered! Secure your financial peace of mind today and get the support you need when it matters most. Your solution is just a few clicks away!
Benefits of ₹1 Lakh Personal Loans
Quickly access your loan funds without any delays.
Enjoy a 100% Digital - paperless application process.
Flexible Repayment Tenures tailored for your needs.
Attractive interest rates to make your payments more affordable.
Features of ₹1 Lakh Personal Loans
Credit Up to Rs. 5 Lakhs
Avail of credit up to Rs. 5 lakhs with paperless KYC.
Flexible Repayment
Choose repayment periods from 3 to 60 months.
Instant Approval
Money transferred to your bank account in 5 minutes.
Zero Paperwork
100% Digital - Hassle-free process
No Collateral Required
Secure a loan without pledging any assets.
Transparent Terms
Know all costs upfront with no hidden charges.
Competitive Rates
APR ranges from 32% to 57% per annum.
Multi-Purpose Loans
Use your loan for personal or business purposes
Check Your Eligibility
Instant Personal Loan Eligibility Criteria
To qualify for a personal loan applicants need to meet the following criteria:
- Nationality: Indian citizen.
- Age: Between 23 and 55 years.
- Documentation: Selfie, PAN Card, and Aadhaar Card.
- Income Proof: Required only for select high-value loans based on credit profile.
- Profile : Salaried, Self-Employed, Small busines owner & MSMEs
Having these documents prepared ensures a smoother and quicker application process
Follow these simple steps to get started:
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Verify Mobile Number
Enter your number on the RING app/website, receive an OTP, and verify.
₹1 Lakh Personal Loan EMI Calculator
Breaking Down the Cost: Interest Rates Explained
A tool designed to help you understand the monthly payment on your loan. Whenever you take a loan, the EMI amount that you will pay is very important in helping you arrive at your final loan amount and repayment tenure. Our personal loan calculator helps you do just that. You will be able to see your monthly payment, and this will help you decide what your loan amount should ideally be, and if it is payable over a period.
Principal Amount (A): ₹500,000
Interest Amount (B):
Your EMI: ₹ per month
Your Loan Amount: ₹500,000
At Interest Rate of: 2%
For : 2 years
Total Payable: ₹
Here’s a quick example to illustrate:
- Loan Amount (Principal): ₹1,00,000
- Tenure: 12 months
- Interest Rate: 13% per annum
- Processing Fee (incl. GST): ₹3000 (3%)
- Total Interest: ₹7,180.73
- EMI: ₹1,374.63
- APR: Start from 14%
Disclaimer - The Loan EMI Calculator only shows an estimate. Consult your lender for accurate details.
The Formula to Calculate EMI on Personal Loan
The formula for calculating EMI is as follows:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
P= Principal loan amount | R= Monthly interest rate (annual interest rate divided by 12) | N= Loan tenure in months
**To explain it further, let’s see an example:**
Suppose you take a Personal loan for ₹5,00,000 with an annual interest rate (IR) of 10% for a tenure of, say, 5 years (60 months).
First, convert the annual interest rate to a monthly interest rate. In this case, the monthly interest rate would be 10%/12 = 0.00833.
Using the formula, you can calculate the EMI as follows:
EMI = [500000 x 0.00833 x (1+0.00833)^60] / [(1+0.00833)^60-1]
By simplifying the equation, you will find that the EMI for this loan would be approximately ₹10,609.
This means that your monthly payment will be ₹10,609 for 60 months to repay the loan amount along with the interest.
For a more detailed explanation, you can refer to this blog.
Hear from Our Happy Customers
Aarav Mehta
Bangalore.
RING made it so easy to get a personal loan of 1 lakh. The process was seamless, and I had the money in my account within minutes. It helped me cover urgent medical expenses without any hassle. Highly recommend!
Sneha Sharma
Mumbai.
I needed an urgent personal loan for 1 lakh, and RING came through with their instant 1 lakh personal loan. The app is user-friendly, and the entire process is quick and smooth. It was a lifesaver for my home renovation project.
Find the Right Personal Loan For You
Personal Loan for Travel
Fund your dream vacation and make unforgettable memories with our travel loans. From flights to hotels and everything in between, we’ve got you covered so you can focus on enjoying your trip.
Personal Loan for Students
Invest in your future or your child's education with our flexible education loans. Cover tuition fees, buy study materials, or enrol in that special course without financial stress.
Personal Loan for Home Renovation
Give your home a makeover without breaking the bank. Whether it’s a new kitchen, a fresh coat of paint, or an extension, our loans make it possible.
Personal Loan for Weddings
Make your special day even more magical with our wedding loans. Plan the perfect wedding without worrying about the expenses, from the venue to the honeymoon.
Got Questions? Let's get to them.
How can I pay off my personal loan for 1 lakh?
How is the rate of interest calculated for a personal loan for 1 lakh?
The interest rate is calculated based on the loan amount, tenure, and your credit profile. It can range from 18% to 36% per annum. The lender determines the final rate after evaluating your creditworthiness.
What are the factors to consider before taking a ₹1 lakh personal loan?
Consider the interest rate, tenure, processing fees, and your repayment capacity. It’s also important to evaluate the lender’s terms and conditions to ensure they align with your financial goals.
Is prepayment applicable for personal loans?
Yes, you can prepay your personal loan for 1 lakh before the end of the tenure. However, check with the lender for any prepayment charges that may apply. Prepaying can save you on interest costs in the long run.
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