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What is the interest on Rs.1 lakh personal loan?

What is the interest on Rs.1 lakh personal loan?

A personal loan is an unsecured loan that doesn’t require any kind of collateral submission. But what makes borrowers think twice about a personal loan is the added interest rate charged on the principal loan amount. However, nowadays with the increasing competition, various online loan platforms provide instant personal loans at an attractive rate of interest.

 
SimplyCash, an instant personal loan product by HeroFinCorp is one such innovative and user-friendly online instant personal loan app that provides instant loans to suffice your immediate financial needs like wedding expenses, education fees, home renovation costs, medical bills, and much more. Here, you can avail of loans ranging from Rs.50,000 - Rs.1,50,000 instantly at a maximum interest rate of 2.08% per month. Loan tenure ranges between 6 months – 24 months.

What is the interest rate on Rs.1 lakh personal loans?

The rate of interest on a 1 lakh personal loan via the SimplyCash app is 2.08% per month. The loan tenure has an inverse relationship with the EMIs amount to be paid.  
Let us consider the interest to be paid on an Rs.1 lakh personal loan for a tenure of 1 year.
 

Months in a Year

Principal (Rs.)
(A)

Interest (Rs.)
(B)

Total Payment (Rs.)
(A + B)

Balance (Rs.)

Jan

 7,421

 2,083

 9,504

 92,579

Feb

 7,576

 1,929

 9,504

 85,003

 Mar

 7,734

 1,771

 9,504

 77,270

Apr

 7,895

 1,610

 9,504

 69,375

 May

 8,059

 1,445

 9,504

 61,316

Jun

 8,227

 1,277

 9,504

 53,089

Jul

 8,398

 1,106

 9,504

 44,691

Aug

 8,573

 931

 9,504

 36,117

Sep

 8,752

 752

 9,504

 27,365

Oct

 8,934

 570

 9,504

 18,431

Nov

 9,120

 384

 9,504

 9,310

Dec

 9,310

 194

 9,504

 0

 
The total interest to be paid on an Rs.1 lakh personal loan for a period of 1 year is Rs.14,053.
 

Why Choose SimplyCash Personal Loan App?

The SimplyCash app gives the borrower instant personal loans with flexible repayment options. One can easily avail of loans up to Rs.1.5 lakhs at low interest-rates. The loan on approval gets directly credited to your bank account within a matter of just 24 hours.  A borrower can be assured for the safety and security of their personal credentials on the SimplyCash lending platform.
 

Key Features of SimplyCash Instant Loan Online App

  • Innovative and user-friendly online lending platform
  • Salaried and Self-employed individuals with a minimum monthly salary/income of Rs. 15,000 are eligible to apply for a personal loan
  • Borrowers aged between 21 - 58 years are eligible to apply
  • Collateral free loan available between Rs.50,000 – Rs. 1,50,000
  • Hassle-free online loan application process
  • Paperless documentation through online KYC verification
  • Instant approval on fulfilment of eligibility criteria
  • Loan disbursal within a few hours of approval
 
SimplyCash has a very user-friendly loan application process. One has to just download the app from Google Play Store and get going. The interest rate offered by SimplyCash on personal loans is one of the lowest in India.

SimplyCash

SimplyCash powered by Hero FinCorp is an instant personal loan app providing cash loans of upto INR 1,50,000 for both salaried and self-employed individuals. Driven by technology and fuelled by innovation, SimplyCash solves instant cash requirements of customers in just a few simple clicks without any physical documentation or meeting. The mobile app is available to users through all popular Android play stores like Google play store, Samsung store, Xiaomi store etc. With one of the most widespread presence, SimplyCash currently offers its services in over 90 major locations in India. Known for a seamless process, instant loan disbursal and transparent pricing - SimplyCash truly lives upto the expectations of being a 'Hero' product.  

Note: SimplyCash is a duly registered trademark and is a loan product offered, managed and operated by Hero FinCorp. Hero FinCorp Limited is a Non-Banking Financial Company registered under the provisions of Reserve Bank of India ("RBI") and is in the business of finance and lending.

Accepted Banks:

ICICI BANK LTD HDFC BANK LTD IDBI BANK STATE BANK OF INDIA PUNJAB NATIONAL BANK YES BANK INDUSIND BANK KOTAK MAHINDRA BANK LTD

IDFC FIRST BANK LTD AXIS BANK BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK INDIAN BANK RBL BANK LTD DEUTSCHE BANK AG CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD CITI BANK BANDHAN BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK UCO BANK

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