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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In the latest monetary policy meet held on March 24-27 2020, the RBI has decided to give a 3-month moratorium period for all outstanding loans as on March 1, 2020. Remember, this is not an EMI WAIVER. The move is in line with the economic pressures induced by the Coronavirus outbreak. So, this could mean some savings for you on your loan and help you deal with the likely situation of less or no income. Your credit score will not reduce if you don't pay the EMI. But doing so can raise your interest liability as banks would like to cover their losses, which is likely to be the case on deferred EMI payments, by increasing the interest component of the EMI after the moratorium period gets over. So, if you have the money, keep paying to reduce your interest liability.
A personal loan is a non-collateral (unsecured) loan that can be given to salaried as well as self-employed applicants. 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 compared to applications processed through bank branches. Whether you are salaried or self-employed, you can easily avail this loan and get the money instantly to meet your varied personal needs. The best part about 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 with flexible tenure options. The loan disbursal would require paying a one-time processing fee that can vary from lender to lender. Reasons to avail this loan could be:
Lenders offer a variety of personal loans to align with the changing needs of the consumers. Let’s take a look at all of them below.
Collateral Free: Being an unsecured loan it comes easily to you without any hassle. Yes, an applicant doesn’t need to give any security or collateral to the bank as far as availing this loan is concerned.
Instant Approval: The loan application gets an instant approval if the documents are clear. There are very less formalities for the loan approval. It only tells that you can access the loan easily.
Minimal Documentation: The documentation process involved in the personal loan is simple and hassle-free. To avail this loan, you need to submit minimal documents to the lender.
Attractive Interest Rates: The attractive rates will help reduce your EMI and interest outgo.
Multi-purpose Loan: One of the biggest advantages of this loan is you can avail it 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 single detail.
|List of Banks/Lenders||Personal Loan Interest Rate (p.a)||Loan Amount (in ₹)||EMI per lakh(in ₹)||Processing Fees||Prepayment Charges|
|YES Bank||Starting at 10.99%||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||10.75%-21.45%||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||10.99%-18%||Up to ₹50 Lakhs||2,199-2,539||Zero||1%-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|
|State Bank of India (SBI)||10.45%-14.70%||Up to ₹15 lakhs||2,177-2,403||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||16%-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|
|IndusInd 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.**
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 went online to check the rate of interest applicable to the loan. After that, he applied for a loan, but the bank rejected his application. Now, this thing came as a surprise to him as he was not expecting the same. On asking for the reason, the bank replied that he was not eligible, i.e. he didn't meet the loan eligibility criteria/norms. Yes, before offering the loan amount to the borrowers, lenders do check the eligibility, and if an applicant does not meet the norms, it becomes difficult for the concerned individual to get the loan.
Applicants should, therefore, check the eligibility before applying for a loan. For your understanding, we have mentioned below the criteria in general for both salaried and self-employed individuals.
|Eligibility Criteria||For Salaried||For Self-employed|
|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 Net Income||₹15,000-25,000 (monthly)||-|
|Minimum Profit After Tax||-||₹1-2 lakh (annual)|
Note - The eligibility criteria would, however, vary from one lender to another.
Now that you know the significance of eligibility, let's just move on further and understand another crucial aspect, i.e. documentation. If you don't pay attention to the required personal loan documents, chances are that the loan application may get rejected by the lender. 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 set of personal loan documents to proceed further with the approval process. So, if you don't want your personal loan application to be rejected or delayed, check out below the documents you need to submit to access the loan.
Want to grab the best personal loan deal? 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 with 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 loans 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 you think about the same. Yes, now applying for a bank personal loan on WhatsApp is possible with Wishfin. You simply need to give a missed on 8130633535 to kickstart 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. Apply via WhatsApp and get an instant personal loan approval.
CIBIL plays a pivotal role in availing instant personal loan as most lenders check the same before offering this credit facility to the borrowers. If an applicant is having a good credit score, it helps him/her in grabbing the best personal loan deal. The reason being a good score determines one's high level of creditworthiness. It thus helps an individual in availing a loan faster and easier. Usually, most lenders prefer a score of 700 or above out of 900 while giving approval to a loan. This will even make the lender approve the loan at a lower interest rate. However, the lender will not consider or reject an application if the credit score doesn’t meet their expectations.
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 to figure out the lender that offers the best deal.
Read Fine Print carefully: Before signing on 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 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 loan 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 you can pay the same on time.
You can get personal loans ranging from ₹50,000 to ₹15 lakh based on your personal loan eligibility. There are few lenders who can offer upto ₹25 lakh and even beyond. The exact loan amount would, however, depend on your income, repayment potential, credit score, etc. Apply Now
Normally, lenders take 3-7 days to disburse the loan after the loan application form is submitted. But in some cases, such as medical emergencies, the loan can be disbursed within 24 hours. Apply Now
Yes, lenders allow a co-applicant on a personal loan. The co-applicant that the lender recognizes should be your spouse or an immediate family member. Bringing in a co-applicant can help you avail high loan amounts. However, the Personal loan request can be rejected if the co-applicant has had a poor credit track record. Contact us
Normally, lenders can charge a processing fee of 1% to 2% of the loan amount plus the applicable GST. The fee varies from lender to lender. Apply Now
No, most lenders charge customers when they prepay the personal loan. The actual charges can, however, differ across lenders. Some lenders like Axis bank provide the prepayment facility without any charges. There are other lenders who do not extend this facility to personal loan seekers. Normally, the prepayment charges are somewhere around 2%-6% of the principal outstanding amount plus the applicable GST.
Balance Transfer is a facility wherein you can transfer your balance (amount left to be paid) loan to another lender from the existing lender. The new lender provides you with the Balance Transfer Facility provided your repayment track record is good with the existing lender. This new lender then pays off your balance amount to the old lender. Once this transfer is made, you’re now liable to the new lender. You can avail this facility to pay the EMIs at a lower interest rate. Apply Now
Now applying for Personal Loans is as easy as chatting on WhatsApp
Ignore these points before applying for a Personal Loan and risk application rejection from banks
Did you know, you can actually get a Personal Loan without CIBIL score verification?