Unlock best Personal Loan @10.49%, from 30+ lenders
- At ₹1686 /Lac EMI per annum.
- Flexible tenure up to 84 months.
- Digital Application
Unlock best Personal Loan @10.49%, from 30+ lenders
- At ₹1686 /Lac EMI per annum.
- Flexible tenure up to 84 months.
- Digital Application
Secure Tailored Personal Loans for Self-Employed and Business Professionals
- Current lowest personal loan interest rates start from 10.49% p.a.
- Compare 100+ personal loan banks at Shivafinz and choose the best one.
- Check fees & charges of all top banks offering personal loans in india.
- Get flexible tenure of 12 to 60 months to repay the loan.
- Submit online loan application and get instant loan approval
- Personal Loan amount can be used for any personal purpose, including marriage, education, medical emergency, shopping, travel, etc.
- No collateral or security required as personal loans are unsecured loans.
- You can get a personal loan through the best instant loan app in india or through online lending marketplaces.
Personal Loan Banks
| Provider | Interest Rates |
| ICICI Bank Personal Loan | 10.50% – 19% |
| HDFC Bank Personal Loan | 10.50% – 21% |
| IDFC FIRST Bank Personal Loan | 10.49% – 18% |
| Bajaj Finserv Personal Loan | 13% onwards |
| IndusInd Bank Ltd | 11% onwards |
| Kotak Mahindra Bank Personal Loan | 10.40% – 24% |
| Axis Bank Ltd. | 10.49% – 24% |
| Tata Capital Personal Loan | 10.99% – 29% |
| Yes Bank Personal Loan | 10.99% – 20% |
| Aditya Birla Capital Personal Loan | 10.99% onwards |
Personal Loan in India
Financial woes can arise at any time. You may need funds to pay for educational expenses for your children or a wedding in the house. There could also be unexpected medical bills to deal with. Availing an instant personal loan online as an additional backup is something you could consider if you find yourself in a tough spot. A Personal Loan is an unsecured loan provided by banks and financial institutions to meet personal exigencies.
With rising incomes and increased competition among banks to improve their credit portfolios, Personal Loans have become more accessible to get. Banks these days offer attractive interest rates as well as the flexibility of repayment. With so much competition, sometimes it becomes difficult to find and choose the best personal loans. We can help you decide on a Personal Loan offer with options from over 100+ banks and NBFCs (Non-Banking Financial Companies).
Features & Benefits of Personal Loan
- The rate of Interest: The Rate of Interest on Personal Loans/ Annual Percentage Rate (APR) is between 9.6%-24% depending on your credit score, income and so forth.
- Loan amount: You can get a loan online for as low as 10,000 and as high as 50 Lakhs depending on your requirement and eligibility.
- Loan tenure: Personal loans are available for periods as short as 12 months. The average tenure for a Personal Loan is between 12 and 60 months,depending on the loan amount.
- Security: Due to its unsecured nature, collateral is not required.
- Loan turnaround time: A Personal Loan typically has the fastest turnaround time in the industry. Many banks personal loans online approval within 48 hours after submission of the online application.
- Processing fees: It depends on the individual bank. It usually ranges between 500 to – 2.5% of the loan amount.
- Prepayment penalty: Banks charge a prepayment penalty if you repay your Loan before the determined period. The charges range between 1-2% of the outstanding amount on the date of closure.
Example:
Personal loan of 5 lakhs at an interest rate of 10.5% for a tenure of 5 years, the EMI will be 10,747. The total payout here would be:
Principal Amount: 5,00,000
Interest Charges (@10.5%): 1,44,817
Loan Processing Fees (@2.5%): 12,500
Documentation charges: 500
Amortization Schedule charges: 200
Total Amount paid after 5 Years: 6,58,017
*Interest rate and processing fees vary as per your product depending on the lender’s policy.
Types of Personal Loan
Here are different types of personal loans available in India:
- Travel Loan: These personal loan schemes are for people who love travelling. This loan is called by many names, including Travel Loan, vacation loan, and holiday loan. You can avail this loan to travel around the world, and pay the bills latrine affordable EMIs. You can also get travel insurance as an added benefit with this loan.
- Wedding Loan: Weddings in India come with a long list of expenses. It’s once in a lifetime experience for everyone and to make it more memorable many people often need financial support. Therefore, many lenders have started providing Personal Loans for Weddings These loans are availed by the would-be brides and grooms or their family members to pay for the wedding related expenses like venue booking, catering, honeymoon vacation, etc.
- Festival Loan: These loans are offered for celebrating festivals, parties, and functions. Festival loans help you in preparing for the festivities and hosting parties.
- Consumer Durable Loan: As the name suggests, this personal loan variant is availed for the purchase of appliances or consumer durables.
- Pension Loan: Pension loans can be availed by retired personnel to fulfil their financial needs like paying medical bills, meeting daily expenses, etc. Under pension loans, banks provide a few times the amount of pension the pensioner has drawn in previous months before submitting the loan application.
- Home Renovation Loan: These loans are provided for the purpose of renovation, repair, purchase of new material, and other house-related expenses.
- Education Loan: You can use these loans for paying the tuition fees of your child, or any other big academic requirements like going abroad.
- Computers and Mobile Phones Loan: Many lenders nowadays are offering computer loans and mobile phone loans for the purchase of computers, laptops, and smartphones. Some lenders even offer insurance with the loan.
Why Choose Shivafinz for Personal Loan?
Every bank has its own Personal Loan scheme, rates of interest, repayment tenure and eligibility. It can be very confusing to compare them all and choose the best. Our loan experts can help you through the entire process. Applying for a personal loan online with us is an advantage because we do all the hard work for you. We collate the information of all personal loan options on a single screen so that you can easily compare the different products and select the best alternative for yourself.
We provide the requisite information and guidance in the following manner:
1. Help you in determining eligibility depending on your income, credit score, and repayment capacity.
2. Compare different products available and help choose the most suitable product for you.
3. Highlight processing fees and interest rates of different banks thereby helping you select the Personal Loan that offers the most affordable deal.
4. Ease of documentation pickup from your doorstep and submitting them to the lender.
5. Since we host several products from 100+ Banks and NBFCs, you are not restricted and have several options.
We have loan experts who can:
- Assess your profile and determine your personal loan eligibility.
- Analyse your repayment history and advise you accordingly.
- Decipher the fine print, especially in the case of seemingly attractive offers.
How to Apply for Personal Loan through Shivafinz?
1. Indicate whether you are a salaried person or self-employed
2. Your name and email address
3. Choose your residential city from the options given
4. Enter the details of your current employer
5. Provide information about your income
6. Indicate the loan amount required
7. Enter the mobile number whereby you allow us to contact you and advise you about its products and services.
We will give you the best offers based on the information you have submitted.
1. It will enable you to choose the best option. Once you have made a choice, you can proceed with filling up the application form and provide the necessary documents for appraisal. Our team will help you with the process and lodge your application with the lender. Our services are at no cost to you.
2. Verifying the information provided by you is the lenders’ responsibility. They may also require extra documentation in some cases.
3. Once the loan is approved, you will have to accept the terms and conditions and proceed to sign the loan agreement.
4. Our Personal Loan experts will help you in the disbursement of the loan. We are always available to clarify any issues that you have.
Documents Required for Personal Loan
KYC Documents |
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Income Documents – Salaried |
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Income Documents – Self-employed |
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Other Documents |
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Eligibility Required for Personal Loan
Occupation | Salaried employees, self-employed professionals, self-employed non professionals, and business owners |
Age | Minimum 21 years at loan application and maximum 65 years at loan maturity |
Monthly income | 20,000 |
Job/business continuity | 2 years continuous job or 3 years continuity in business |
ITR | Last 2 years IT returns |
Credit score | 700 & above |
*Personal loan eligibility criteria may differ from bank to bank.
Factors Affecting the Eligibility of a Personal Loan:
1. Credit score: This is the most crucial eligibility factor. A credit score of 700 or above is typically considered a good score for personal loans. The better your credit score, the higher are your chances to get a loan online.
2. Income: People with higher income are more eligible for a higher loan amount than those who have low income.
3. Employment: Employees of listed companies, Central and State Governments, and public sector undertakings are eligible for a higher amount.
4. Work continuity: You should be a long-term employee of your current organisation. In case you are self-employed, the continuity of business and income is the most critical
5. Age of the borrower: The minimum age requirement is 21 years. Banks have their criteria for deciding the maximum age limit. In most cases, your age at the end of the repayment period should not exceed 65 years.
6. Loan amount: Applying for a loan amount that you can service comfortably makes you more eligible for a personal loan and improves your chances of approval.
Points to Keep in Mind Before Taking a Personal Loan
- Keep your credit score high: A credit score represents your creditworthiness based on your past repayment history. Try to repay your existing debts on time and regularly. Clear your existing loan before applying for a new loan. This will improve your credit score. To avail a personal loan you should have a good credit score (preferably 700 or above).
- Compare all the offers before application: Make sure you compare the interest rates, eligibility, and other features of all personal loan options available for you before applying for a loan. This will ensure you get the low interest rate personal loan and the best available deal.
- Assess the entire cost: Before finalising the deal make sure you have assessed the entire cost of your personal loan, including interest rates, processing fees, prepayment charges, and so on.
- Analyse your needs: Don’t take a personal loan to fulfil any of your fancy. Remember that it’s only you who is going to repay the loan and that too with an added interest. Consider borrowing a personal loan to finance your needs and not your wants.
- Evaluate your repayment capacity: Before borrowing, evaluate how capable you are for its repayment. Make sure your income is enough to repay EMIs each month for a few years without creating any financial burden.
- Don’t fall for fake offers: All that glitters is not gold. Someone may offer you a concession on the interest rate on online loans but can trick you with other additional costs, making your instant loan a more expensive deal.
FAQs On Personal Loan
✅When Should I Consider Taking a Personal Loan?
You can consider applying for a personal loan for a marriage in your family, to bear educational expenses, for vacation abroad, debt consolidation, home renovation, or any other purposes.
✅Do I Need a Co-Applicant for a Personal Loan?
It is not compulsory for you to have a co-applicant for a Personal Loan. If you are looking for a higher amount, a co-applicant such as your spouse can be useful. You will need to provide the income details of the spouse as well.
✅What is a Pre-approved Personal Loan?
Pre-approved personal loans are instant loans disbursed by banks to their select customers. These loans require minimum documentation and no collateral or security.
✅Can I get a personal loan during Covid-19?
Covid-19 personal loans were available to deal with the covid-related financial stress till 31st July 2020. These loans were offered by many banks. However, they are no longer available in India.
✅I have a decent salary package. However, the bank rejected my Personal Loan application. What can I do now?
Approving any loan is the prerogative of the bank. There are various reasons for rejection of the Personal Loans.
- You might have many loans outstanding. The possible solution is to bring in a co-borrower. Your working spouse can join as a co-borrower. You can also try to reduce your existing liabilities by closing some of your loans.
- You might have an adverse credit score. Check your credit report and go through it in detail. There can be errors in your report. Dispute them if necessary and take the steps needed to rectify your credit report. Remember, you need a minimum credit score of 650 to 700 to be eligible for a Personal Loan.
✅What is the difference between foreclosure and part-prepayment?
- Foreclosure is the situation where the borrower wishes to close the entire principal outstanding before the completion of the tenure of the loan. Part-prepayment is when the customer does not close the entire loan but attempts to repay a portion of the outstanding amount.
- Many banks charge a prepayment penalty ranging from 2% to 5% of the loan outstanding when you try to prepay your loan liability. Some banks have a lock-in period when you cannot foreclose the loan.
✅What are the minimum and maximum loan amounts offered by banks?
Generally, the minimum loan amount is around 50,000,and the maximum amount can go up to 50 Lakhs depending on your eligibility. The banks like to have a personal discussion with borrowers before approving higher Personal Loan limits.
✅How does the credit score affect the Personal Loan approvals?
A credit score is a 3-digit number varying between 300-900. It represents a borrower’s creditworthiness. A higher credit score signifies a good credit history and responsible repayment behaviour. It also increases the borrower’s chances for loan approval as lenders believe that you have the ability to repay your loan.
✅What are the options available to banks in case of default?
The banks do not have any collateral to fall back on in case of default. The only recourse available to the banks is to file a civil suit in the court of law.
Self-employed professionals can easily apply for personal loans with Shivafinz by submitting their ITR as proof of income. Our straightforward online application ensures quick pre-qualification.
Shivafinz provides tailored business loan solutions to help entrepreneurs expand and manage their operations smoothly. Benefit from flexible terms and competitive interest rates.
Yes, Shivafinz offers personal loans for individuals earning a ₹25,000 salary. With our easy application process and quick approvals, securing funds has never been simpler.
Absolutely! Shivafinz offers instant personal loans for self-employed individuals. Apply online, provide your information, and get pre-approved swiftly, all with our dedicated support.
For a personal loan at Shivafinz, self-employed applicants will need to provide their ITR, proof of identity, proof of address, and any other documents our loan advisors may request.
Businessmen can expect prompt loan approval from Shivafinz. With our efficient processing, get your loan pre-approved as quickly as within 7 days, so you can focus on growing your business.