A Personal loan is unsecured form of loan that can be used for multiple purposes such as for travelling, education, purchase, home renovation, for marriage, in case of medical emergencies, for business purpose or any other household expenditures.
| Bank Name | Interest Rate | Processing Fee | Login Fee | Pre Closer Fee | Days to Sanction |
|---|---|---|---|---|---|
| HDFC BANK | 10.49%-18% | 2% | 0 | 3% | 4 |
| ICICI Bank | 10.99%18% | 2% | 0 | 3% | 5 |
| Axis Bank | 11.49%-18% | 2% | 0 | 3% | 7 |
| Kotak | 11.49%-18% | 2% | 0 | 3% | 5 |
| IDFC | 12%-19% | 2% | 0 | 2% | 5 |
| Indus Ind | 12%-20% | 2% | 0 | 3% | 5 |
| RBL | 12.5%-21% | 2% | 0 | 3% | 5 |
Personal loans can be utilized for a wide range of purposes and requirements, making them a versatile financial tool. Here are some common reasons why you might need a personal loan:
Travel Loan: In today's fast-paced world, taking time off to explore new places is no longer a luxury but a necessity. Whether planning a luxurious vacation or a short getaway, personal loans can provide the necessary funds to make your travel dreams a reality.
Home Improvement Loan: From giving your home a fresh coat of paint to undertaking small repairs or extensive remodeling, personal loans can help cover the costs. They are also useful for purchasing new household equipment or appliances.
Marriage Loan: Weddings can be expensive, with costs that can quickly add up. A personal loan can help cover wedding expenses, from the ceremony and reception to extended parties and travel, ensuring your special day is as memorable as possible.
Debt Consolidation Loan: If you have multiple debts or high-interest credit card balances, a personal loan can be an effective way to consolidate and pay off these obligations. This can simplify your finances and potentially reduce your overall interest payments
Rent deposit Loan: Moving to a new city for work often comes with high rent deposits, especially in metro areas. Personal loans can provide the immediate funds needed for these deposits, making the transition smoother for young professionals.
Medical Loan: Life is unpredictable, and medical emergencies can arise at any time. Personal loans, which typically do not require collateral, offer a quick and convenient way to obtain the funds needed to cover medical expenses and emergencies.
A personal loan as the name suggests is provided to individuals and not businesses. Most banks and NBFCs (Non-Banking Financial Companies) offer personal loans to both salaried and self-employed individuals/professionals. The eligibility criteria for a personal loan vary slightly depending on the type of applicant. Following are some of the key personal loan eligibility factors that need to be kept in mind*:
| Particulars | Salaried | Self-Employed |
| Age | 21 - 60 years | 21 - 68 years |
| Minimum Income | Rs. 15,000 per month | Rs. 5 lakh per year (gross) |
| Employment stability |
Total experience- Minimum 2 years Experience in the current organization- Minimum 1 year |
Minimum 2 years in current business |
*The personal loan eligibility criteria mentioned above are generic in nature and actual eligibility factors will differ from one lender to another.
Documents are proof of reliability and establish the complete profile of a borrower. KYC documents are required as per law to process any loan application and inform authorities when required. We accept your documents in electronic format and these can be uploaded on the site. The basic documents required to apply for a loan include:
Depending on the credit analysis the team might ask for other documents which might include:
While our personal loans are exciting there are a few points that you should keep in mind before proceeding with a loan:
Do not focus only on the interest rate - While the interest rate is important it is good to note that the processing fee as well as the pre-closure charges are applicable on each transaction. In case you propose to pre-close your loan, choosing an option which has no pre-closure charges would make more sense even though the interest rate might be a little higher.
Do not hide key information - We conduct thorough checks on validity and originality of information as well as documents and anomalies would result in the loan application getting rejected.
Do not borrow personal loan for investments - This move could backfire if the potential investment turns bad for some instance.
Calculate your repayment potential before taking a loan - Though you might be eligible for a higher loan amount be certain if you could pay the projected EMI or reconsider a smaller amount. A default or delayed EMI payment will affect your CIBIL Score which will hamper the possibility of you getting loans in the future.
Check the loan agreement thoroughly - Please ensure that you read all the Terms & Conditions before signing the agreement. In case of any queries, check with our team and they would be more than happy to help you.
Do not file multiple applications: The final and most important suggestion is not to approach and apply for a loan with multiple banks/NBFCs or NBFC-P2P lending platforms. If your applications are rejected, it could affect your credit rating in a major way.
Our service provides a great way to finance your immediate needs. For all your quick personal loan requirements, apply through this site or download the app.
Personal loan is a loan which is taken for immediate personal use. It can be taken for any personal use like for a vacation, marriage in the family, sudden medical expenditure etc. Personal loan doesn’t require any collateral security or any surety and is easily available. The amount of loan ranges from Rs.50, 000- Rs. 30 lakhs with a repaying period of 1-5 years.
The minimum and the maximum amount of loan vary from bank to bank and also the repaying capacity of the borrower. However the banks and the NBFC’s offer personal loan ranging from minimum Rs.1000 to maximum Rs.15 lakhs or even 30 lakhs depending on the financial status of the borrower.
The tenure of repayment of personal loan generally ranges from 12 months to 60 months.
The personal loan interest rates by each bank are calculated by their own unique classification method. The interest rates vary from 12.99% to 25% for various banks.
The eligibility criteria for personal loan vary from bank to bank. Banks decide the repayment capacity of the borrower on the basis of age, income, employment and work experience. The criterion is mainly based on the work profile of the borrower i.e. whether he is self employed or salaried.
One can apply by filling our enquiry form or cantact form.
Once we received your application and all the documents it will take 48 hours for loan approval.
Once all the documents are ready, our executive will come and collect documents at your doorstep.
You can check your status with us or respective bank websites.