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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.
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
A good understanding with the bank goes a long way in negotiating better terms for a loan. Being a known and trusted customer helps.
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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Choose your desired EMI first... then identify the loan that fits your pocket!
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Banks differ in terms of the offered Interest Rates. Now Rate your bank based on the Rate it offers.
The personal loan interest rates vary from bank to bank depending on the eligibility criteria. The interest rates on this loan for self-employed and for salaried is different in some of the banks. Here are the personal loan interest rates of the top banks in India:
|Lenders||Interest Rate (p.a)||Loan Amount (in ₹)||EMI per lakh(in ₹)||Processing Fees||Prepayment Charges|
|HDFC Bank||10.99%-19.50%||For Salaried-Up to ₹ 25 lakhs. For Self-employed- Up to ₹ 15 lakhs||2,419-2,649||Up to 2.50% of the loan amount or Minimum of ₹ 1,000/- & Maximum of ₹ 25000/- for Salaried Customers||Up to 4% of the principal outstanding + GST|
|ICICI Bank||11%-18.49%||For Salaried- Up to ₹ 20 lakhs For Self-employed- Up to ₹ 30 lakhs||2,199||Up to 2.25% of loan amount + GST||5% of principal outstanding + GST|
|Bajaj Finserv||11.99%-16%||Upto 25 lakhs (only for salaried)||2,326||2.25% to 3% of the loan amount||4% on principal outstanding + GST|
|SBI||11.90%-16.55% per annum (unsecured), 10.55%-15.65% per annum (secured)||Up to ₹ 15 lakhs||2,247-2,461||1% of the Loan Amount + GST||3% of the principal outstanding + GST|
|Kotak Mahindra Bank||11%-18.45%||Up to ₹ 15 lakhs||2,199-2,877||Up to 2% of the loan amount+ GST||5% of principal outstanding + GST|
|Axis Bank||15.50%-24.00%||Up to ₹ 15 lakhs||2,419||1.50% to 2.00% + GST||NIL|
**Above mentioned stats are assumed based on tenure of 5 years.**
Different banks different eligibility criteria when it comes to offering a personal loan. In general, the eligibility is:
The documentation process for a personal loan is easy. Since a personal loan is a non-collateral loan (unsecured loan), the documents required are less as compared to other loans. The general list of documents that a borrower must while applying for a loan are as follows:
Personal Loan EMI calculator is the tool that is used to calculate the monthly installments of the loan amount according to the tenure and rate of interest offered. Since the calculator is available online, a borrower can easily calculate the EMIs in advance. In general, the rate of interest offered on this unsecured loan ranges from 11% to 24% per annum. However, 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 11% 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 ₹)|
The process of applying for this type of loan can be understood in 3 simple steps:
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:
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 salaried or self-employed, one can easily avail this loan and get the finances instantly to meet their varied personal needs. When it comes to availing this loan, you can easily avail it either online or by visiting the branch near you. 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.
A personal loan is a great way to meet up the financial needs in a temporary financial crisis. One of the main reasons why people opt for a personal loan is that it is a non- collateral loan and there are no conditions when it comes to usage of the fund. Yes, banks/NBFc offer you the funds instantly so that you can meet your varied needs without any hassle. You can apply for it anytime, from anywhere so as to get the money. This credit facility comes handy for all your personal needs be it a wedding, travelling, home renovation, medical emergency, paying credit card debt and so on.
There are certain factors that are kept in mind while availing the personal loan to the borrower. Some of the common factors that affect personal loan eligibility are:
Q. What is the minimum loan limit for a Personal Loan?
A. Generally, the minimum loan amount that is offered for a personal loan is ₹50,000/-.
Q. What is the maximum loan limit for a Personal Loan?
A. In general, the maximum loan amount that a borrower can take is ₹40lakhs.
Q. Is there any security required to take a personal loan?
A. Well,, there is no security required for a personal loan as it is an unsecured loan.
Q. Does CIBIL score matters when it comes to a Personal Loan?
A. 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.
Q. What is the disbursal time in case of a Personal Loan?
A. If all the documents are ready, a borrower can get a loan within 72 hours to 3-4 working days.