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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!
Your EMIs need not be so high! Trim your monthly burden using Balance Transfer Options suggested by our experts.
Banks differ in terms of the offered Interest Rates. Now Rate your bank based on the Rate it offers.
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|
|HDFC Bank||10.99%-20.70%||For Salaried-Up to ₹ 25 lakhs. For Self-employed- Up to ₹ 15 lakhs||2,174-2,688||0.99%-2.50% of the loan amount||Nil-Up to 4% of the principal outstanding + GST|
|Standard Chartered Bank||10.99%-14.50%||Up to ₹ 30 Lakhs||2,174-2,353||NIL - Upto ₹1000||NIL - Upto 2% of the principal outstanding + GST|
|ICICI Bank||10.99%-18.49%||Up to ₹ 40 lakhs||2,174-2,566||₹999 to 2.25% of loan amount + GST||5% of principal outstanding + GST|
|Bajaj Finserv||10.99%-16%||Upto 25 lakhs (only for salaried)||2,174-2,432||Up to 2% of the loan amount||4% on principal outstanding + GST|
|SBI||11.85%-15.10%||Up to ₹ 15 lakhs||2,219-2,374|
Nil-0.5% of the loan amount + GST
|Nil-3% of the principal outstanding + GST|
|Kotak Mahindra Bank||10.99%-17.99%||Up to ₹ 15 lakhs||2,174-2,539||0.99% to 2% of the loan amount+ GST||5% of principal outstanding + GST|
|Axis Bank||15.50%-24.00%||Up to ₹ 15 lakhs||2,405-2,877||1.50% to 2.00% + GST||NIL|
**The above EMI calculations are based on a tenure of 5 Years.**
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 10.99% per annum. However, in general, the rate of interest offered on this unsecured loan ranges from 10.99% 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 ₹)|
Let's just understand the concept of personal loan eligiblity 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 eligiblity 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.
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.
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 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:
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.
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 ₹40 lakhs.
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.
Q. Are there any fee and charges payable?
A. 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-1 year as far as prepayment/foreclosure for a perosnal loan is concerned.