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PERSONAL LOAN

About Personal Loan :

Personal loan is a loan a person gets from lenders called Banks & NBFC (Non Banking Financial Corporation) and payback with interest over multiple years. It fulfils your current financial needs. Most personal loans are unsecured that are not booked by any collateral. You can use the money borrower for any purpose. Lenders provide loans on the basis of their credit appraisal policies like income criteria, credit score of borrower, previous repayment experience with existing customers. 

Personal loans become a very common need for everyone. It has become a basic need for every family. As personal loans are coming with flexible ends and these loans can be used for any personal expenses also. Compared to other loans the application procedure of the personal loans is very easy. An unsecured loan which is very helpful for anyone to meet their current financial needs is a Personal Loan. The security levels and the lengthy procedures for taking a loan are not there for personal loan.

These are available with very short procedures. The complete details are given here. You can follow the article to know the complete details. Your loan lender will provide you all the flexibilities to use with the fund provided by the bank as per your needs. Personal loan is used for following purposes i.e.:

  • Marriage Expenses

  • Holiday Expenses

  • Home Renovation Expenses

  • Medical Expenses

  • Education Expenses

Benefits of Personal Loan :

1. You can get loan at attractive interest rate

2. It is a simple process with very little documentation.

3. You can apply in minutes and get the money in less than 72 hours.

4. You can avail additional tax benefits on your personal loan.

5. Repay at your convenience using the flexible repayment options.

Types of Personal Loan :

1. Secured Loan : Secure loans are those loans which are secured by an asset. Eg. Home loan, Gold Loan, Property loan 

The benefits of Secured loan is :

  • Lower Interest Rate
  • Secured Business Loan

  • High Loan Amount

2. Unsecured Loan : Unsecured loans don’t have assets for collateral. These loans may be more difficult to get and have higher interest rates.

The benefits of unsecured loans :

  • No collateral

  • Higher Interest rate

  • Smaller Amount

  • The creditworthiness of the borrower is important

Fees and Charges apply for Personal Loan :

TYPE

CHARGES

Processing fees

0% to 3% of the loan amount

Interest Rate

8.80% p.a.

EMI bounce charges

Rs.1000

Penal Interest 

2% per month

Penalty for prepayment or foreclosure of loan  

2% to 4%

Duplicate Statement

Rs.200 and Rs.500  per instance

Eligibility Criteria for Personal Loan :

The age limit required to apply for the personal loan should be minimum 21 years of age at the time of applying the loan and the maximum age is 68 years at the time of maturity of loan. The applicant should get a minimum Rs. 5000/- salary monthly for personal loan. 

ELIGIBLE 

Salaried person, self employed professionals, retired person, business owners, student, homemaker

AGE

21 years to 68 years

MINIMUM MONTHLY INCOME

Rs.5000 p.m.

WORK EXPERIENCE

1 to 3 years

Documents Required for Personal loan :

1. Passport

2. Aadhaar Card

3. PAN Card

4. Voter’s ID Card

5. Driving License

6. Photograph

7. For Salaried Employee : Last 6 months Bank Statement, Last 3 months Salary Slip and 2 years Form 16.

8. For Self Employed : Last 1 year bank statement, 3 years ITR, Business profile (service tax, company profile)

How to apply for Personal Loan :

1. Check your credit score :

You must need to apply for only those places that you fulfil the credit score eligibility.

2. Choose the offer that’s suits you best :

Compare the offers available from various lenders and go through the terms and then select the best offer.

3. Check eligibility and amount :

On the basis of your credit score check the upper limit that you can apply for loan.

4. Fill the application form :

Fill the required information in the application form correctly.

5. Documentation :

Banks need proof of everything so you must show the proof of all required documents like residence proof, age proof and income proof.

6. Approval & Disbursal :

Once you fulfil the application form correctly and banks are satisfied with everything your loan will be approved. Now you have to check the terms and conditions and sign the agreement.

Compare other banks Personal Loan Interest Rate :

BANKS

INTEREST RATES

AXIS Bank Personal Loan

12% to 24%

SBI Personal Loan

11.30% to 16.40%

SBI Xpress Bandhan

12.15% to 15.15%

SBI Xpress Credit Personal Loan

11.50% to 12%

HDFC Bank Personal loan

10.75% to 21.50%

Kotak Mahindra Bank Personal Loan

10.50% to 16.99%

Yes Bank Personal Loan

20.00% to 22.00%

Citi Bank Personal Loan

10.50% to 17.99%

ICICI Bank Personal Loan

10.99% to 16.25%

Standard Chartered Bank Personal Loan

11.00% to 19.20%

IDBI Bank Personal Loan

12.00% to 14.00%

RBL Bank Personal Loan

14.00% to 23.00%

HSBC Bank Personal Loan

10.75% to 17.84%

IndusInd Bank Personal Loan

11.00% to 16.75%

Bank of Baroda Personal Loan

7.65% to 12.65%

Bank of India Personal Loan

12.15% to 14.15%

Canara Bank Personal Loan

12.05% onwards

How to calculator EMI of Personal Loan :

The one who wants to know the procedure of calculating the EMI on their personal loans can follow the details given below.

EMI is the Equated Monthly Instalment. This EMI is calculated using the following formula as

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

P stands for your loan amount  

R stands for the interest rate per month 

N stands for the number of monthly installments.

Financials products offered by banks :

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN

HOME LOAN

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

Personal Loan Frequently Asked Questions :

1. How much interest rate is charged by Personal Loan?

The interest rate charged by Personal Loan is 8.80% p.a.

2. Which formula is used to calculate EMI of Personal Loan?

The formula which is used to calculate EMI of Personal Loan is :

EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for your loan amount, R stands for the interest rate per month, N stands for the number of monthly installments.

3. How much work experience is required to get a Personal loan?

From 1 years to 3 years work experience is required to get a Personal Loan.

4. How much processing fee is required to get a Personal Loan?

The processing fee is from 0% to 3% of the loan amount required to get a Personal Loan.

5. How much penalty charged for prepayment or foreclosure of loan when applying for a Personal Loan?

From 2% to 4% penalty charged for prepayment or foreclosure of loan when applying for a Personal Loan.

Last Updated on : 10/Aug/2020

Know More About

Personal Loans

You're eligible for a Personal Loans if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Personal Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Personal Loans Interest Rates

Updated on 25 Nov 2017

Personal Loans Details
Interest Rate (Monthly reducing balance) 12% - 24%
Processing Fees Varies with bank
Loan Tenure 1 year to 5 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Personal Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959