|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
|IndusInd Bank Ltd
|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
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).
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.
Here are different types of personal loans available in India:
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:
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.
Income Documents – Salaried
Income Documents – Self-employed
Salaried employees, self-employed professionals, self-employed non professionals, and business owners
Minimum 21 years at loan application and maximum 65 years at loan maturity
2 years continuous job or 3 years continuity in business
Last 2 years IT returns
700 & above
*Personal loan eligibility criteria may differ from bank to bank.
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.
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.
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.
Pre-approved personal loans are instant loans disbursed by banks to their select customers. These loans require minimum documentation and no collateral or security.
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.
Approving any loan is the prerogative of the bank. There are various reasons for rejection of the Personal Loans.
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.
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.
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.