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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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What is 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 a personal loan for any unforeseen financial need. In today's time when everything is digitizing, getting a personal loan is quicker through online process. Whether you are a 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 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 a personal 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 personal loan, the charges such as processing fee and prepayment charges would jump a little. Reasons to avail a personal loan could be:

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

List of Top Banks Providing Personal Loans in India 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 lakhs2,162Upto 2.50% of the loan amount subject to a minimum of ₹999+GSTNil- Upto 4% of the principal outstanding + GST
HDFC Bank11.25%-21.25%For Salaried-Up to ₹ 25 lakhs. For Self-employed- Up to ₹ 15 lakhs2,187-2,7190.99%-2.50% of the loan amount (minimum ₹1,999)Nil-Up to 4% of the principal outstanding + GST
Standard Chartered Bank10.99%-14.49%Up to ₹ 30 Lakhs2,174-2,353ZEROUp to 5% of the principal outstanding + GST
ICICI Bank10.99%-18.49%Up to ₹ 40 lakhs2,174-2,566Upto 2.25% of loan amount + GST5% of principal outstanding + GST
Bajaj Finserv10.99%-16%For Salaried- Up to ₹ 25 lakhs. For Self-employed-Up to 30 lakhs 2,174-2,432Up to 2% of the loan amount4% on principal outstanding + GST
SBI10.65%-15.05%Up to ₹ 15 lakhs2,157-2,382Nil-0.5% 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 principal outstanding + GST
Axis Bank15.50%-24.00%Up to ₹ 50 lakhs2,405-2,8771.50% to 2.00% + GSTNIL

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

Eligibility Criteria Required for Personal Loan

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 a loan. However, for your understanding, we have mentioned below the criteria in general for both salaried and self-employed individuals.

Eligibility for Salaried Individuals

  • Minimum age of the applicant: 21 years
  • Maximum age of the applicant: 58 years
  • Minimum work experience: 1 Year
  • Minimum Net Monthly Income: ₹ 20,000

Eligibility for Self Employed Individuals

  • Minimum age of the applicant: 24 Years
  • Maximum age of the applicant: 65 Years
  • Minimum work experience: 3 Years
  • Minimum Net Annual Income: ₹1 lakh

Documents Checklist Required for Personal Loan

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, checkout the documents below, which are required to apply for a personal loan.

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

Personal Loan EMI Calculator

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 personal 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 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 ₹)
2,00,00010.75%117,65311,8362,11,836
2,00,00010.75%29,29823,1612,23,161
2,00,00010.75%36,52434,8672,34,867
2,00,00010.75%45,14546,9532,46,953
2,00,00010.75%54,32459,4152,59,415

Amortization Table

YearPrincipal (in ₹)Interest (in ₹)Balance Amount (in ₹)
131,92519,9571,68,074
235,53116,3511,32,542
339,54512,33792,996
444,0127,87148,984
549,0222,8990

Why choose Wishfin to apply for a personal loan?

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 a personal loan 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.

How to Apply for Personal Loan on Wishfin?

The process of applying for this type of 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 for a personal loan online. Visit the site, follow few simple steps and it's done!

Features and Benefits of a Personal Loan

  • Easy Loan Availability: When it comes to availing this loan, you don't need to worry as there are many lenders in the market that offer you the same credit facility. You can choose a lender of your choice and get the finances to meet your needs.
  • Simple Documentation: Whileoffering you this credit facility, the lenders do not ask for a list of documents. Well, as there is no asset verification is required, hence this loan can easily be availed by submitting the minimal documents.
  • Fastest Approval: In case of a personal loan, less legal formalities and documentation are needed, hence the lenders usually approve the loan application quickly.
  • No Collateral/ Security Required: A personal loan is given on the basis of the financial stability of the borrower. As a result, the lenders don’t ask for any security or collateral from the borrower.
  • Multi Purpose Loan: A borrower has the freedom to use the loan money for many purposes.
  • Flexible Tenures:This credit facility comes with a flexibility tenure option that makes it more convenient for a borrower to repay the loan amount easily in the future.
  • Higher Amount: On the basis of the income profile, generally, a borrower can get a loan ranging between ₹ 50,000 to ₹ 30 Lakhs.

Personal Loan Application Form

To apply for a personal loan, you need to fill an application form first. If you are applying online, you can fill this form by visiting the banks site or you can also visit the branch near you. In this application form, you are required to fill your personal as well as professional details such as:

  • Name of the applicant/s
  • Date of Birth
  • Residence Details
  • Purpose of Loan
  • Office Address for self-employed
  • Income Details

How to get a personal loan with bad credit?

Availing a personal loan with bad credit is possible as there are a lot of NBFCs that offer this unsecured credit facility to such applicants. Usually, a score of below 650 is considered to be a bad credit but you would be glad to know that it varies from lender to lender. As far as availing a loan with bad credit is concerned, an applicant can get a personal loan from these NBFCs but generally at a higher interest rate. Yes, these lending institutions offer such applicants this unsecured loan at a much higher interest rate, which ultimately increases the overall loan burden. Individuals can directly apply online or choose an offline mode to get this loan while submitting the required documents.

When is the best time to go for balance transfer on a personal loan?

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 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:

Suppose if an individual has taken a 5- year loan of Rs.2 Lakh at an interest rate of 16% per annum and is paying the EMI of ₹ 4,864, which would lead to an Interest repayment of ₹ 91,817.

The Interest paid so far in 2 years amounts to ₹ 55,066.

The outstanding balance now stands at ₹1,38,339, which if transferred to a lender offering 11% rate for the remaining 3 years, the EMI would fall to ₹4,529.

The BT would result an Interest repayment of ₹24,706 over the course of 3 years from now.

Now if we add the Interest paid so far in 2 years and Interest to be paid over the next 3 years, the resultant amount would be ₹79,772.

SAVINGS: INTEREST TO BE PAID WITH THE EXISTING LENDER-(INTEREST PAID SO FAR IN 2 YEARS +INTEREST TO BE PAID IN OVER NEXT 3 YEARS)

₹91,817 - ₹79,772 = ₹12,045

Personal Loan FAQs

What is the minimum loan limit for a Personal Loan?

Generally, the minimum loan amount that is offered for a personal loan is ₹50,000/-.

What is the maximum loan limit for a Personal Loan?

In general, the maximum loan amount that a borrower can take is ₹50 lakhs.

Is there any security required to take a personal loan?

Well, there is no security required for a personal loan as it is an unsecured loan.

Does CIBIL score matters when it comes to a Personal 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.

What is the disbursal time in case of a Personal Loan?

If all the documents are ready, a borrower can get a loan within 72 hours to 3-4 working days.

Are there any fee and charges payable?

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 personal loan is concerned.

Is personal loan for self-employed available?

Yes, you would be glad to know that there are many NBFCs and banks that offer a personal loan 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. 

What is the process to apply for a personal loan?

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 a personal loan.