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Compare quotes for Personal Loan from top banks.
Instant Approval + Maximum Loan Eligibility
Affordable Interest Rates.
**The below EMI calculations are based on a tenure of 5 Years.**
Personal loans come with the following features and benefits that make one opt for the same. Let's take a look at them.
Instant Loan Approval & Disbursal - The loan can be approved instantly provided you have the required income, desired credit score and repayment capacity as sought by lenders. Once the instant personal loan approval happens, the next course of action is sanction. The lender, after assessing your income and credit profile, sanctions a loan amount and communicates the same via an email or SMS. After sanction, the process of disbursal begins and you get the loan amount credited to your account within a few hours from the sanction.
Flexible Repayment Tenures - The best part about a personal loan is that you are given time to repay the dues. You will get a loan tenure ranging from 1 to 5 years.
Attractive Interest Rates - Personal loans are available at attractive interest rates starting from 10.30% per annum. As the cost of funds for banks has come down rapidly, the rate of personal loan interest rates has also come down like secured loans.
No Collateral/Security Required - You won't need to submit any collateral or security to get a personal loan, which is unsecured in nature. As a result, the loan sanction and disbursal depend firmly on your income and credit score.
Use the Personal Loan the Way You Want - The loan amount disbursed can be used by the borrower in the way he/she wants. You can get the loan for numerous purposes such as marriage, travel, home renovation, etc.
Prepayment Allowed in a Loan - You can prepay the loan anytime after the successful payment of the first 12 EMIs. The prepayment means the payment of the outstanding loan balance before the completion of the original loan tenure. Now it depends on the lender whether it allows you to prepay in full or parts.
A personal loan comes with a list of charges that you can see below.
The first charge that most of us contemplate is the interest rate at which the loan will be available. The effect of the interest rate will be seen in the monthly installment as well as the overall interest outgo.
It's a one-time fee that banks and other financial institutions levy to process the loan amount. The fee can either be a flat amount or account for a certain percentage of the loan amount. The personal loan disbursal amount is different from the applied amount because the processing fee payable is deducted from the latter.
If you pay the EMI after the due date, 2% plus GST charged monthly on the overdue amount calculated on a daily to daily basis.
If you close the loan before the original tenure, it will be called foreclosure and charges will apply on the same.
As the loan comes to you without collateral, lenders like to be absolutely convinced of your ability to pay off the EMI. So, the lender can place conditions regarding various factors. Instant personal loans can be granted if you tick all the boxes.
The age of the applicant is an important criterion for personal loan approval. Lenders can allow you to apply for a personal loan when you attain a minimum age of 21 years (salaried) and 24 years (self-employed). However, the maximum age must not be more than 58 years if salaried and 65 years if self-employed.
Different lenders can have different minimum income requirements. Salaried can get their personal loan sanctioned on earning a minimum net monthly income of INR 15,000-20,000. In the case of self-employed, loan eligibility is based on the profit that comes after the incidence of tax.
A credit score represents the creditworthiness of borrowers. For instant personal loan approval, it is important the credit score must be 750 and above. However, if the score is between 700 and 750, the loan can still be approved albeit at a slightly higher rate of interest.
Personal loans are offered to borrowers having worked in the organization for at least 1 year. Lenders would also want your overall work experience to be of around 2-3 years so that the loan can be sanctioned.
Note: The eligibility criteria explained above can vary from one lender to another.
Documentation is an important aspect of a personal loan as negligence on the same can lead to rejection of the loan application. So while applying for a personal loan, don't forget to submit the documents required by the lender.
You can get this loan to meet all your wedding expenses, which can be anything from guest accommodation to buying jewellery for the grand event.
Travelling remains on top of everyone's mind. But we often find short of savings to ensure the same. This is where a travel loan can help you!
Medical emergency can be very hard to deal with if you don't have savings to spend on the same. The loan can be approved and disbursed faster than other personal loan types.
You can get this loan to renovate or extend your existing housing unit.
Below are common questions about Personal Loans
A personal loan is an unsecured loan granted by banks and non-banking finance companies (NBFCs) to fulfill fund needs for various purposes such as marriage, education, travel, and even medical emergencies.
The loan amount is contingent on your income, repayment potential, credit score, etc. Different lenders have different minimum and maximum limits on a personal loan. Most banks offer a maximum loan of INR 15 lakh-20 lakh, with a few raising the maximum limit to INR 50 lakh.
You can get the loan for a maximum of 5 years. However, a few lenders like SBI can give you as much as 6 years to repay the loan.
You can get a personal loan in 3-7 working days.
It can be anywhere between 10%-20% per annum.
