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Factors affecting your Eligibility for a Personal Loan

For a hassle free loan process, ensure you are up to the mark on each of these parameters

Monthly Income

Your monthly income will be the critical factor determining your loan amount and the interest rate.

Age

The age criteria may differ from lender to lender, but those aged between 21 and 58 years are more likely to get a loan.

Monthly Expenses

Your ability to pay back a loan is judged to some extent from your monthly expense, making it an important factor for evaluation.

Any Other Loan

When it comes to Loans, it’s not more the merrier. Your chances improve if you don’t have another loan to your name.

Credit History

A good credit history is like good health. Maintaining one does not hurt. And it only helps when you want a loan.

Job Stability

Your loan amount eligibility is likely to jump significantly, if you are employed at your current organisation for more than 2 years

Relationship with Lender

A good understanding with the bank goes a long way in negotiating better terms for a loan. Being a known and trusted customer helps.

Category of Your Employer

Working at a well-regarded company adds to your reputation and also your loan eligibility. A Fortune 500 Company on your visiting card helps!

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Personal Loan

A personal loan is a non-collateral (unsecured) loan that provides funds to salaried as well as self-employed individuals. A borrower can take this unsecured credit for any unforeseen financial need. In today's time when everything is digitizing, getting a personal loan is quicker through an online process. Whether you are salaried or self-employed, you can easily avail this loan and get the finances instantly to meet your varied personal needs. When it comes to applying for this loan, you can easily avail it either online or by visiting your nearest branch. However, one of the biggest advantages associated with this unsecured loan is the fact that it does not require any collateral/security. You can get the loan amount instantly at attractive interest rates and flexible tenures. Not only this, in fact, a one-time processing fee is also being charged by the banks while offering you this credit facility. However, one thing that needs to be mentioned here is the fact that post GST availing this loan is going to be slightly costly as 15% service tax is now be replaced with a standard 18% rate. Yes, talking about the GST impact on the same, the charges such as processing fee and prepayment charges would jump a little. Reasons to avail this loan could be:

  • Marriage
  • Child Education
  • Travel
  • Credit Card Debt
  • Medical Expenses
  • Home Renovation, etc

Types of Personal Loan

There are various types of personal loan offered by many lenders. Let’s just take a look at all of them below.

  • Wedding Loan: This loan can also be taken for a marriage/wedding purpose. There are various lenders who offer this loan for an amount of up to ₹20 Lakhs
  • Travel Loan: Looking for funds to meet your travel needs? If yes, look no further as travel loans are here. Availing this loan is absolutely easy as it comes at an attractive interest rate without any collateral.
  • Festival Loan: Now enjoy all the festivals without bothering about the related expenses as there are a plethora of lenders that offer you the festival loans at the lowest interest rates and charges.
  • Home Renovation: Be it internal repairs or external repairs, renovating your home is not a hassle anymore. Go for a home renovation loan, which is being offered by many lenders so that you can easily get the required funds to make your home look beautiful. 
  • Consumer Durable: Upgrade your home with the latest household items by availing the consumer durable loan at 0% Interest and minimal documentation.
  • Unsecured Business Loan: Let finance should never be a hurdle in your progress. Go for an unsecured business loan to fulfill your financial desires which comes with no security/collateral. 

Why to Choose a Personal Loan?

Collateral Free: Being an unsecured loan it comes easily to you without any hassle. Yes, an individual doesn’t need to give any security or collateral to the bank as far as availing this loan is concerned. Thus, which makes it a hassle-free process.

Instant Approval: When it comes to availing this loan, it would not be wrong to say that lenders usually give the approval instantly as there is not much of a hassle involved in the process. Without much of the legal formalities, you can easily get the approval for this loan.

Minimal Documentation: The documentation process involved in the personal is simple and hassle-free. To avail, this loan minimal documentation is required which you need to submit to the lender.

Attractive Interest Rates: You would be glad to know that this unsecured credit comes to you at an attractive interest rate, which further helps in reducing your EMI and Interest Outgo burden.

Multi-purpose Loan: One of the biggest advantages of this loan is that it can be availed to meet multiple purposes. No matter what personal needs you have, this unsecured loan caters all your needs in the best way.

Top Banks Offering Personal Loan at Lowest Interest Rates 2018

Want to know the personal loan interest rates of top banks in India? If yes, all you need to do is just glance at the table below to know every detail.

LendersInterest Rate (p.a)Loan Amount (in ₹)EMI per lakh(in ₹)Processing FeesPrepayment Charges
YES BankStarting at 10.75%Up to ₹20 lakhs2,162Up to 2.50% of the loan amount subject to a minimum of ₹999+GSTNil- Up to 4% of the principal outstanding + GST
HDFC Bank11.25%-21.50%For Salaried-Up to ₹25 lakhs. For Self-employed- Up to ₹15 lakhs2,187-2,7340.99%-2.50% of the loan amount (minimum ₹1,999)Nil - Up to 4% of the principal outstanding + GST
Standard Chartered Bank12%-17%Up to ₹30 Lakhs2,224-2,485Nil-1% of the loan amountUp to 5% of the principal outstanding + GST
ICICI Bank10.99%-18.49%Up to ₹40 lakhs2,174-2,566Up to 2.25% of loan amount + GST5% of the principal outstanding + GST
Bajaj Finserv10.99%-16.00%For Salaried - Up to ₹25 lakhs2,174-2,432Up to 3% of the loan amount4% of the principal outstanding + GST
SBI11%-15.40%Up to ₹15 lakhs2,174-2,400Nil - 1% of the loan amount + GSTNil - 3% of the principal outstanding + GST
Kotak Mahindra Bank10.99%-20.99%Above ₹20 lakhs2,174-2,7050.99% to 2.50% of the loan amount+ GST5% of the principal outstanding + GST
Axis Bank15.75%-24.00%Up to ₹30 lakhs2,419-2,8771.50% to 2.00% + GSTNIL
Fullerton India14.00%-33.00%Up to ₹30 lakhs2,733-3,7772.00% of loan amount + GST0-4% of the principal outstanding
RBL Bank13.00%-18.00%Up to ₹20 lakhs2,275-2,5392.00%-2.5% of the loan amount + GST3%-5% of the principal outstanding
Induslnd Bank10.99%-16.00%Up to ₹15 lakhs2,174-2,4321.00%-3.00% of the loan amount + GSTAs applicable by the bank
Tata Capital10.99%-18.00%Up to ₹25 lakhs1,903-2,281₹999-2.50% of the loan amount + GST4% of the principal outstanding
DCB Bank12.00%Up to ₹5 lakhs2,6332.00% of loan amount + GSTAs Applicable by the Bank

**The above EMI calculations are based on a tenure of 5 Years.**

Eligibility Criteria

Let's just understand the concept of personal loan eligibility with an example below.

Suppose, Raman Verma, a 28-year-old Sales Manager by profession wanted to avail a personal loan for a family trip to Singapore. He had applied for a loan, but the lender had rejected his application. Now, this thing came as a surprise to him as he was not expecting the same. On asking the reason, the bank replied that he was not eligible, i.e. he didn't meet the eligibility criteria/norms set by the bank. That's Right! Before offering the loan amount to the borrowers,the lenders do check the eligibility and if an applicant does not meet the norms, availing a loan would be difficult for him/her.

Though different lenders have their own eligibility criteria for salaried and self-employed, one should always check the eligibility before applying for a loan. However, for your understanding, we have mentioned below the criteria in general for both salaried and self-employed individuals.

ParticularsSalariedSelf-employed
Minimum age of the applicant21 years24 years
Maximum age of the applicant58 years65 years
Minimum work experience1 year3 years
Minimum Income₹ 20,000 (monthly)₹1 lakh (annual)

Documents Required

So, now that you know the significance of eligibility, let's just move on further and understand another crucial aspect, i.e. documentation. It is one of the common reasons of loan rejection as many people while applying for a loan usually don't pay much attention to it. Just like Mr.Akash Sharma, who failed to submit one necessary document. And, as a result, his personal loan approval got delayed. The bank asked him to submit a complete set of documents to proceed further with the approval process. So, if you don't want your application to be rejected or delayed, check out the documents below, which are required to apply for this credit facility.

For Salaried Individuals

  • Loan Application Form
  • 2 Passport size photos
  • Salary Slips for last 3 months
  • Identity Proof PAN Card or Driving License or Voter ID Card or Adhaar Card, etc.
  • Residence Proof (Driving License/Voter ID Card/Adhaar card, etc.)
  • Last 3 months Bank Statements
  • Employment Proof
  • Signature Proof

For Self Employed Individuals

  • Loan Application Form
  • 2 Passport size photos
  • Identity Proof PAN Card or Driving License or Voter ID Card or Adhaar Card, etc.
  • Office Residence Proof
  • Income Proof: Audited financials for the last 2 years
  • Last 6 months Bank Statements
  • Employment Proof
  • Signature Proof

Why Choose Wishfin?

Want to grab the best deal for a personal loan? Looking for an expert assistance for a hassle-free loan journey? Well, if you are nodding your head in Yes, Wishfin is the answer to your questions. We provide you an online platform, where you can compare, choose and apply for this credit facility in the simplest manner. Our experts help you at every step, right from comparing the offer of top banks to finally applying for the loan option of your choice. The decision is yours! We just ensure that you grab the best deal online at Wishfin.

  • Pleased to Help You: We believe in offering customer friendly services to all our customers. This is the reason that we make best efforts to please our customers with our flexible and customized financial services.
  • Modern Secure Process: With our certified and secure process, we ensure to keep all the hassle away from you. Yes, we do every possible bit to make your journey safe and secure with us.
  • Trusted by Millions: We are known for providing reliable and unmatched services to all our customers, hence are trusted by millions of people. Well, what more to say as our numbers speak the volume about us. 

Personal Loan Apply Online

The process of applying for personal loan can be understood in 3 simple steps:

  1. Check Eligibility: Before you apply for a loan, it is important to check your eligibility. Different banks have different eligibility norms, so in order to get the finances, you need to meet the eligibility criteria set by your favorite lender.
  2. Compare Interest Rates: The next step is to compare the interest rates of all the lenders, offering you the same credit facility. After doing the comparison, it would be easier for you to take a calculative decision.
  3. Apply Online: After choosing the lender, all you need to do is just apply online. Visit the site, follow few simple steps and it's done!

Apply on WhatsApp

Have you ever imagined to apply for a personal loan on WhatsApp? Well if not! It's time that you should think about the same. Yes, now applying for a personal loan on WhatsApp is possible with Wishfin. You simply need to give a missed on 8130633535 so as to start the process. Get ready to be a part of the one-of-its-kind experience, where you don’t need to fill the boring, lengthy forms. Now applying for a personal loan on WhatsApp is just a chat away.

Importance of CIBIL While Availing Loan

CIBIL plays a pivotal role in availing a personal loan as most of the lenders do check the same before offering this credit facility to the borrowers. If an applicant is having a good score, it helps him in grabbing the best personal loan deal, which also determines his creditworthiness. Thus, helps an individual in availing a loan faster and easier. Usually, most of the lenders do prefer a score of 700 or above out of 900 while giving approval to a loan and will not consider or reject an application if the score doesn’t meet their expectations. 

Reasons to Avoid the Rejection of Loan Application

  • Bad Credit/CIBIL Score
  • Incomplete/Incorrect Information
  • Default in Previous Loan/Credit Card
  • Mismatching of Signatures
  • Not Meeting the Eligibility Criteria/Norms

Tips for Personal Loan

Compare Different Lenders: It is always advisable to compare various lenders so as to get the best deal. Compare them on various parameters such as interest rates in order to know which lender offers the best deal.

Read Fine print carefully: Before signing the dotted line, make sure you have gone through the entire loan agreement. Read each and every clause carefully before signing the agreement.

Do not send multiple applications: Avoid sending multiple loan applications to different lenders as it harms your credit score and creates a negative impression in the eyes of the lenders.

Limit what you borrow: Be careful with the loan amount that you are looking for. Set a limit that you actually require and avoid excessive borrowing so as to reduce your repayment burden.

Watch out for a fee and other charges: The moment you decide to avail a loan, do not neglect the processing fee and other charges related to the same. An applicant needs to bear the same while taking a loan.

Ensure that Your EMIs are Pocket-friendly: Before saying yes to a lender, it is important that you should calculate your EMIs. Make sure that your monthly installments are affordable so that easily repay the loan.