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Personal Loans

Financial Institutions like Banks and Non Banking Financial Company (NBFC’s) shows more interest in lending of money to Salaried Individuals, Self Employed Business Individuals and Self Employed professionals.
Personal loans caters to variety of your financial requirements like Wedding expenses, Home Renovation, Travel, Medical Emergencies, Business Development and many more.,
Personal Loans are unsecured loans. Unsecured loan refers to any type of loans that is not protected by a guarantor or by collateral of a borrower.
Personal Loan Interest rates vary from with institutions to institutions and also with the various factors of the borrowers.

Personal Loans are the best way to meet the planned temporary or unexpected instant financial requirements. Personal loans have a fast approval process as the loans getting cleared within 24–48 Hours due to very simple documentation. Borrowers find that Personal Loans are more lucrative as most of the Banks and NBFC’s offer personal loans in very competitive Interest Rates.

Normally the funding from the Financial Institutions ranges from 50 K to 40 Lacs based on the Creditworthiness of the borrower.

Click here to know your Loan Eligibility (Link to Personal Loan page)

Advantage of a personal loan is that the repayment shall be made in Easy Monthly Installments (EMI’s) and the tenure for a personal loan ranges from a period of 12 Months to 60 Months.

Rate of Interest for a personal loan varies from 10.75% to 38.00% depending on the individual applicants profile and the lender.

There will be a onetime processing fee charged by the lending institutions which varies from @ 1% to 3% from the overall approved loan amount based on the lending institution.

Personal loan Part payment option with few lenders and if available the applicable charges may vary based on the lending institutions.

Pre-closure of a personal loan may or may not be available and if available there will be a minimum lock in period from 1 Month to 12 Months, post which the personal loan pre closure charges varies from 1% to 6% of the total outstanding principle.

If you take a loan of 5 Lakhs your loan calculation would be as shown below

Loan Amount                                              –           Rs.500,000/-

Rate of Interest                                           –           11%

Repayment Tenure (Tenure)                  –           5 Years

Your EMI Would be (EMI)                        –           Rs.10,871/-

Total Amount Payable in 5 Years

EMI     X          Tenure           =          Total Amount Payable

Rs.10,871     X          60 Months   =          Rs.652,260/-

Total Interest Amount Payable

Total Amount Payable      –          Loan Amount          =          Total Interest Payable

Rs.652,260/-           –           Rs.500,000/-           =          Rs.152,260/-

Many Banks offers Personal Loan Balance Transfer facility, with this you can change your existing personal loan unpaid principle outstanding from one bank or NBFC to another Bank.

Personal loan balance transfer helps you in getting additional funding with lower interest rates.

Check Your Personal Loan Eligibility:

Description Salaried Self Employed Self Employed – Professionals
Age 23 Yrs – 58 Yrs 23 Yrs – 65 Yrs 23 – 65 Yrs Doctors 25 Yrs– 65 Yrs
Income 20,000 Rs.40 Lakhs – Minimum Turnover Rs.15 Lakhs – Minimum Turnover
Credit Score >750 >750 >750
Minimum Loan Amount Rs.50,000/- Rs.50,000/- Rs.50,000/-
Maximum Loan Amount Rs.40,00,000/- Rs.15,00,000/- Rs.15,00,000/-

Documentations Required for Personal Loans

Description Salaried Self Employed Self Employed – Professionals
ID Proof PAN Card / Driving License / Voters ID / Passport PAN Card / Driving License / Voters ID / Passport PAN Card / Driving License / Voters ID / Passport
Address Proof Aadhar Card Passport Utility Bills Aadhar Card Passport Utility Bills Aadhar Card Passport Utility Bills
Income Proof Last 3 Months Payslip Last 3 Years Audited Financials Last 3 Years Audited Financials
Bank Statement Last 3 Months Bank Statement of Salary Account Last 6 Months Bank Statement of Business Account Last 6 Months Bank Statement of Business Account
Passport size Photo 1 or 2 Latest Passport Size Photo 1 or 2 Latest Passport Size Photo 1 or 2 Latest Passport Size Photo
Others Job Continuity Proof for 1+ Years Business Vintage Proof -
Business Proof - Company Registration -
Office Address Proof - Business Address Proof Business Address Proof

List of Top Banks and NBFC’s offers Personal Loans:

  • HDFC Bank – HDFC Bank Personal Loans
  • ICICI Bank – ICICI Bank Personal Loans
  • Axis Bank – Axis Bank Personal Loans
  • IDFC Bank – IDFC Bank Personal Loans
  • Kotak Mahindra Bank – Kotak Mahindra Bank Personal Loans
  • RBL Bank – RBL Bank Personal Loans
  • IndusInd Bank – IndusInd Bank Personal Loans
  • Yes Bank – Yes Bank Personal Loans
  • Tata Capital – Tata Capital Personal Loans
  • Fullerton India – Fullerton Personal Loans
  • Capital First – Capital First Personal Loans
  • Aditya Birla Finance Ltd – Aditya Birla Personal Loans

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