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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
Your monthly income will be the critical factor determining your loan amount and the interest rate.
The age criteria may differ from lender to lender, but those aged between 21 and 58 years are more likely to get a loan.
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.
A good credit history is like good health. Maintaining one does not hurt. And it only helps when you want a loan.
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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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:
There are various types of personal loan offered by many lenders. Let’s just take a look at all of them below.
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.
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.
|Lenders||Interest Rate (p.a)||Loan Amount (in ₹)||EMI per lakh(in ₹)||Processing Fees||Prepayment Charges|
|YES Bank||Starting at 10.75%||Up to ₹20 lakhs||2,162||Up to 2.50% of the loan amount subject to a minimum of ₹999+GST||Nil- Up to 4% of the principal outstanding + GST|
|HDFC Bank||11.25%-21.50%||For Salaried-Up to ₹25 lakhs. For Self-employed- Up to ₹15 lakhs||2,187-2,734||0.99%-2.50% of the loan amount (minimum ₹1,999)||Nil - Up to 4% of the principal outstanding + GST|
|Standard Chartered Bank||11.50%-14.50%||Up to ₹30 Lakhs||2,199-2,353||Nil-1% of the loan amount||Up to 5% of the principal outstanding + GST|
|ICICI Bank||10.99%-18.49%||Up to ₹40 lakhs||2,174-2,566||Up to 2.25% of loan amount + GST||5% of the principal outstanding + GST|
|Bajaj Finserv||10.99%-16.00%||For Salaried - Up to ₹25 lakhs||2,174-2,432||Up to 3% of the loan amount||4% of the principal outstanding + GST|
|SBI||10.95%-15.35%||Up to ₹15 lakhs||2,172-2,397||Nil - 1% of the loan amount + GST||Nil - 3% of the principal outstanding + GST|
|Kotak Mahindra Bank||10.99%-20.99%||Above ₹20 lakhs||2,174-2,705||0.99% to 2.50% of the loan amount+ GST||5% of the principal outstanding + GST|
|Axis Bank||15.75%-24.00%||Up to ₹30 lakhs||2,419-2,877||1.50% to 2.00% + GST||NIL|
|Fullerton India||14.00%-33.00%||Up to ₹30 lakhs||2,733-3,777||2.00% of loan amount + GST||0-4% of the principal outstanding|
|RBL Bank||13.00%-18.00%||Up to ₹20 lakhs||2,275-2,539||2.00%-2.5% of the loan amount + GST||3%-5% of the principal outstanding|
|Induslnd Bank||10.99%-16.00%||Up to ₹15 lakhs||2,174-2,432||1.00%-3.00% of the loan amount + GST||As applicable by the bank|
|Tata Capital||10.99%-18.00%||Up to ₹25 lakhs||1,903-2,281||₹999-2.50% of the loan amount + GST||4% of the principal outstanding|
|DCB Bank||12.00%||Up to ₹5 lakhs||2,633||2.00% of loan amount + GST||As Applicable by the Bank|
**The above EMI calculations are based on a tenure of 5 Years.**
|Bank of Baroda||11.80%-16.80%|
|Bank of India||12.00%-14.00%|
|Bank of Maharashtra||11.75%-12.75%|
|Canara Bank||10.90%- 15.05%|
|Central Bank of India||11.25%-12.60%|
|Jammu and Kashmir Bank||12.30%-14.30%|
|Karur Vysya Bank||13.40%-15.90%|
|Lakshmi Vilas Bank||13.15%|
|Oriental Bank of Commerce||11.40%|
|Punjab and Sind Bank||12.80%-14.05%|
|Punjab National Bank||12.00%-15.00%|
|United Bank of India||13.45%-14.20%|
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.
|Minimum age of the applicant||21 years||24 years|
|Maximum age of the applicant||58 years||65 years|
|Minimum work experience||1 year||3 years|
|Minimum Income||₹ 20,000 (monthly)||₹1 lakh (annual)|
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.
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.
The process of applying for personal loan can be understood in 3 simple steps:
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.
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.
If you do not have an idea of an EMI you are going to pay, you could well be left rattled! You would ask why? Scroll below to know the same.
Aman and Harshit were two best friends and both of them had applied for a loan to fulfill their varied needs. Though Aman knew about an EMI Calculator, thus he used the same before availing the loan. While on the other hand, Harshit didn't research much and had availed the loan without calculating his EMIs. As a result, Harshit had defaulted on his loan as his monthly installments were not pocket-friendly while for Aman it was a smooth sail. Now you must have got an idea of the role an EMI Calculator can play to smoothen your repayment journey.
A Personal Loan EMI Calculator is one such magical tool that lets you know the exact calculations of your loan EMIs, Interest Outgo and Total Amount Payable in just a few seconds. This smart device after taking into account -Loan Amount, Tenure and Interest Rate, fetches the accurate values in the simplest manner. Well, to make you understand better, below is a table showing the calculations on a loan amount of ₹2,00,000, taken for a tenure of 5 years at an interest rate of 10.75% per annum. However, in general, the rate of interest offered on this unsecured loan ranges from 10.75% to 24% per annum.
Table for EMI per month, Total Interest Outgo and Total Amount
|Amount (in ₹)||Interest Rate (p.a)||Loan Tenure (in Years)||EMI (in ₹)||Total Interest Outgo (in ₹)||Total Amount (Principal + Interest) (in ₹)|
|Year||Principal (in ₹)||Interest (in ₹)||Balance Amount (in ₹)|
Talking about personal loan balance transfer, it is one such decision that should be taken wisely. However, the best time to go for the same is when your existing lender offers a loan at higher interest rates so that you can save more on repayment. But before you finalize a lender ensure that you compare different lenders to grab the best deal. Do not go for BT if the difference in rates is marginal as it won’t be worthy then. Plus, you also need to bear the additional charges in order to opt for BT.
Let’s just take a look at the calculations below:
|Loan Amount||₹ 2,00,000|
|Existing Interest Rate||16% per annum|
|BT Initiated after||2 Years|
|Total Interest for 5 Years @ 16%||₹91,817|
|Interest Paid (2 years)||₹ 55,066|
|Loan Outstanding (For BT)||₹1,38,339|
|New Interest Rate||11% per annum|
|Total Interest to be paid After BT||₹24,706|
|Total Interest Paid in New and Old Rate||₹79,772|
|Total Savings after BT||₹12,045|
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.
Generally, the minimum loan amount being offered by the lender is ₹50,000/-.
In general, the maximum loan amount that a borrower can take is ₹30 lakhs.
Well, there is no security required as it is an unsecured loan.
Yes, CIBIL score and credit history are important when it comes to PL. Banks often prefer the CIBIL score of 700-750 out of 900.
If all the documents are ready, a borrower can get a loan within 72 hours to 3-4 working days.
Yes, at the time of availing a loan, a borrower needs to pay a one-time processing fee ranges between 1.50%-2.50% of the loan amount. While on the other hand, for pre-closing a loan, there are prepayment/foreclosure charges, which usually range between 3%-5% of the principal outstanding. However, some banks have a lock-in period of 6 months to 1 year as far as prepayment/foreclosure for a loan is concerned.
Yes, you would be glad to know that there are many NBFCs and banks that offer this credit facility to self-employed individuals as well. You just need to compare various lenders on different parameters and then decide the one offering you the best deal.
Well, an applicant can either apply online or offline for this unsecured credit facility. If you want to apply online, you can have an option of the digital lending mobile apps or you can simply visit a bank's official website. However, if you prefer an offline mode, you can directly visit the bank branch with all the required documents to apply for the same.