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A personal loan is an unsecured loan that does not require any collateral/security for disbursal. Generally, with little to no paperwork, the loans are disbursed within a few hours to a few days. Both self-employed and salaried individuals can apply for a personal loan. Based on your earnings, credit score, and repayment ability, the lender will determine the loan eligibility. The lender will pull the credit report from CIBIL or any of the credit bureaus it is affiliated with after receiving the application. Once you meet the eligibility requirements, after signing the agreement, the lender will disburse the loan into your bank account.

The following benefits and features come with personal loans that make one opt for the same.

No Collateral/Security Required:

You don’t need to provide any collateral or security to get a personal loan, which is unsecured in nature. Thus, the loan sanction and disbursal depend firmly on your income and credit score.

Flexible Tenure:

The best part of a personal loan is that it gives you time to settle the dues. You will get a flexible loan tenure ranging from 1 to 5 years.

End use flexibility:

You can get the loan for numerous purposes such as travel, home renovation, purchase a laptop, latest smartphone, marriage etc.

Instant Loan Approval & Disbursal:

After reviewing credit profile and repayment capability, the lender sanctions the loan amount and communicates the same via an email or SMS. The disbursement process starts after the sanction, and within a few hours of the sanction, you get the loan amount credited to your account.

Greater Loan Amounts:

Time has changed. Personal loans of minimum INR 10,000 to maximum INR 40 lakh are issued by lenders today.

Eye-catching Interest Rates:

At attractive interest rates starting from 9.85 percent per annum, personal loans are affordable. As banks' cost of funds has come down hastily, the rate of personal loan interest rates has also dropped like secured loans.

Prepayment Allowed:

The prepayment means payment of the balance of the outstanding loan before the original tenure of the loan is completed. It now depends on the lender whether it allows you to pay in full or in parts beforehand.

Minimal Documentation:

The verification and documentation process has now become brief in today’s digital world. For an instant personal loan, this is applicable as they are quick to disburse and require minimum approval documents.

Depending on the type of borrower, the eligibility criteria for a personal loan differ. Here are some of the crucial eligibility criteria for personal loans that need to be kept in mind:

Age limit:

The age should be between 18-60 years for salaried and 21-65 years for self-employed.

Earning Amount:

A minimum net monthly income of INR 15,000-20,000 is considered for salaried and self-employed individuals to get their loan sanctioned.

Employment Tenure:

Salaried individuals need to serve in the organization for at least one year. In contrast, self-employed individuals need to have continuous business tenure of at least 3 years.

Residence Stability:

You must have lived at least 1-2 years in your present residence.

Credit Score:

750 or above with a good credit history.

Type of Organization/Business:

You can get the loan approval quickly if you are working in highly rated organizations and PSU. However, we offer loans to any individual from any organization or business like company, firm, proprietorship, private teachers, etc.

Note - The eligibility criteria explained above can vary from one lender to another.

When applying for a personal loan, don’t forget to submit the below-mentioned documents required by the lender.

Documents for Salaried

fiber_manual_recordIdentity Proof– PAN Card/ Aadhaar Card/ Voter ID/ Driving License/ Passport

fiber_manual_recordResidence Proof– Aadhaar Card/ Voter ID/Passport/Driving License/Electricity Bill/Telephone Bill

fiber_manual_recordIncome Proof– the last 3 months of salary slips, 6 months bank statement

fiber_manual_recordOffice Identity Card

fiber_manual_recordForm 16 or Income Tax Returns of the last 3 years

fiber_manual_recordCompletely filled personal loan application with photograph

Documents for Self-employed

fiber_manual_recordIdentity Proof– PAN Card/ Aadhaar Card/ Voter ID/ Driving License/ Passport

fiber_manual_recordResidence Proof– Aadhaar Card/ Voter ID/Passport/Driving License/Electricity Bill/Telephone Bill

fiber_manual_recordIncome Proof– 6 months of bank statement.

fiber_manual_recordOffice Address Proof– Electricity Bill/Landline Bill/GST or VAT Registration

fiber_manual_recordLast 3 years Income Tax Returns with computation of Income

fiber_manual_recordLast 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

fiber_manual_recordCompletely filled personal loan application with photograph

Interest Rates 10.75% - 24%
Processing Fee Differs from bank to bank; generally ranges between 1-3% of the loan amount
Loan Tenure 12 months to 60 months
Loan Amount ₹10000 - ₹40 lakhs
Lock-In Period Varies from lender to lender
Pre-closure Charges Differs; Generally between 2%-5% of the loan outstanding
Guarantor Required Varies on different conditions

The personal loan process involves three steps:

Step 1: Submit relevant documents that prove your income, age, address, and identity. After the submission of the documents, the verification process begins by the lender.

Step 2: In the verification process, the lender will check whether you are eligible for the loan or not. If you pass the eligibility criteria set by the lender, then you get loan approval. Otherwise, your application will get rejected.

Step 3: After getting the approval, lender will sign the agreement with you and the loan amount will be disbursed to your bank account.

For a specified time period, a personal loan is issued and this time period is known as the loan repayment tenure. You are supposed to pay off the debt after you have taken out a loan by the end of the tenure of the loan repayment through EMIs.However, if you plan to pay off your loan prior to the expiration of the loan repayment period, it is called pre-payment or foreclosure.

There are 2 types of repayment. They are full pre-payment and part pre-payment.

Full Pre-Payment: You pay off the entire unpaid loan balance before the expiration of the tenure of the loan repayment.

Part pre-payment: You pay off a part of the entire unpaid loan balance before the end of the loan repayment tenure.

Tie-ups with Banks/Financial Institutions: We have formed alliances with numerous banks and financial institutions.

Unbiased Expert Advice: We take pride in offering unbiased advice to our customers regarding personal loans and other products. Our specialists use their knowledge of the market to inform you which lender is best for your cause.

Hassle-free Process: You don’t have to worry about visiting banks numerous times to check the loan application status. We handle all the process and keep you in the loop to ensure that you get the updated information.

No Hidden Cost: We don’t charge any fees to the borrower.

Attractive Cashbacks: Receive cashback and vouchers when you are applying for a loan through us.

Step 1: Fill the eligibility form

You must complete the eligibility form in the first step, which involves filling in the following details:

fiber_manual_recordFull Name(As per PAN Card)

fiber_manual_recordEmail Address

fiber_manual_recordMobile Number

fiber_manual_recordCurrent Residence Pincode

fiber_manual_recordCurrent Company Name

fiber_manual_recordMonthly in-hand salary

Step 2: Select from the multiple offer(s)

Based on the information you provided in Step-1, you will be given a list of lenders by our representative. Pick the lender that you wish to go ahead with from the list. But, please remember to consider the following points when picking the lender:

fiber_manual_recordInterest rate offered

fiber_manual_recordLoan amount

fiber_manual_recordLoan Tenure

fiber_manual_recordEMI

Step 3: Apply for the loan

In this step, you have to give detailed information about your personal details and bank details. Once you submit your loan application, our representative will contact you to cross verify the details before sending the application to the selected lender.

Let’s see an example of a personal Loan to understand better:

You get a 5-year personal loan of INR 7 lakh at an interest rate of 12% per annum.

As per these details, you will most likely pay an EMI of INR 15,571. The interest obligations will amount to INR 2,34,267 over the next 5 years.

The total amount payable will be INR 9,34,267

The below comparison table contains popular personal loans along with their processing fees, preclosure charges, and interest rate:

BANK/NBFC Interest Rate(pa) Loan Amount Processing Fees Part Payment Payment/foreclosure Charges Locking Period Tenure
IDFC First Bank 11.69% - 15.00% (BT rates starts from 11.50%) 1Lakh to 20Lakhs Up to 2.0% of the loan amount Up to 40% of loan amount every year 3% on your principal outstanding + GST 3 months 12 to 60 months
HDFC Bank 10.99% - 20.00% 50k to 40Lakhs Up to 2.50% of the loan amount subject to a minimum of ₹1,999/- & Maximum of ₹25000/- Up to 25% of Principal Outstanding allowed 13-24 Months - 4% of Principal Outstanding HDFC Bank 10.99% - 20.00%
ICICI Bank 11.50% - 16.75% 50k to 25 Lakhs Up to 2.25% per annum of loan amount plus GST Not available 5% per annum of principal outstanding plus GST 6 months 12 to 60 Months
Bajaj Fiserv 11.00% - 24.00% 1Lakh to 30Lakhs Up to 2.5% of the loan amount + GST and other applicable statutory levies NIL 5% of the outstanding amount + GST on principal outstanding 12 months 12 to 48 Months
TATA Capital 11.75%-19.00% 75k to 20Lakhs From ₹999/- Up to 2.0% of the loan amount and applicable Service Tax Up to 25% of the principal outstanding (2% of the amount paid + GST) TATA Capital 11.75%-19.00% 75k to 20Lakhs
IndusInd Bank 11.49% - 20.00% 1Lakh to 20Lakhs Up to 2.50% of the loan amount plus tax NIL Salaried: 4% of the principal outstanding after repayment of 12 EMIs. IndusInd Bank 11.49% - 20.00%
Fullerton 12% - 25% 65k to 20Lakhs 3% - 6% of the loan amount plus GST NIL Within 7 months to 17 months - 7% Fullerton 12% - 25%
IIFL 12.99% - 20.00% 1Lakh to 20Lakhs Up to 2% of the loan amount plus GST NIL Up to 4% of the Principal Outstanding IIFL 12.99% - 20.00%
RBL Bank 14.00% - 20.00% 1Lakh to 20Lakhs 1.5% of the loan amount (Non Refundable fee of Rs 7500 Upfront, Rest at the time of disbursal) NIL NIL 12 months 12 to 60 Months
Yes Bank 10.75% - 16.99% 1Lakh to 25Lakhs Up to 2.50% of the loan amount subject to a minimum of ₹999/- plus taxes 20% Principal Outstanding for 12 – 24 months Yes Bank 10.75% - 16.99% 1Lakh to 25Lakhs
Axis Bank 12.00% - 24.00% Up to INR 30 lakhs 1.50% to 2.00% + GST NIL NIL NIL NIL

1.

What is the best personal loan?

The best personal credit varies from the credit profile of the borrower to the borrower. The credit score, monthly salary, employer, form of work, and others are part of a credit profile. All the above factors are considered to find the best personal loan.

2.

How can I get a personal loan?

To get a personal loan, you need to meet the eligibility requirements. Please refer to ‘Personal Loan Eligibility Criteria’  section mentioned above. 

3.

How long does it take to get approved for a personal loan?

The loan approval has become instant because of digitization. However, due to the documentation process, the disbursement may take 3-4 days.

4.

Can you pay off a personal loan early?

Yes! You can pay off a personal loan early. The method is known as a prepayment of a personal loan.

5.

What is the average interest rate on a personal loan?

Depending on the lender to lender, the interest rate on a personal loan ranges from 10.75% to 24%.

6.

How much personal loan can you get from banks/financial institutions?

The loan amount is dependent on your income, repayment potential, credit score, etc. Since there are different lenders, they have drafted their own minimum and maximum limits on a personal loan. Most banks offer a maximum INR 15 lakh-20 lakh loan, with a few raising the maximum limit to INR 40 lakh.

7.

Is the GST levied over the interest rate on a personal loan?

No, the Goods and Services Tax (GST) is not levied over the interest rate on a personal loan.

8.

What is an EMI?

An Equated Monthly Instalment (EMI) is an amount payable to the lender per month for principal and interest. The higher the interest rate, the higher the EMI number would be, and vice versa.

9.

Do lenders seek a credit score while sanctioning personal loans?

Of course, they do! Because it is an unsecured loan. Before sanctioning the loan, lenders have to be cautious. They need to check an applicant’s credit score to get an idea of his/her creditworthiness.

10.

What will happen if you pay EMI after the due date?

It will amount to the late payment, and penalty charges at 2% will be deducted from the account. The GST will also refer to the value of the late payment.

11.

Do lenders ask for a guarantor before disbursing a personal loan?

Public lenders often ask for a guarantor who may be your immediate member of the family, relative, or even your acquaintance. These lenders allow specific individuals who must have a banking relationship with them to become a guarantor.

12.

What happens when the lender approves your personal loan application?

On your mobile number and email address, you get the intimation of approval. Moreover, you get a loan sanction letter stating details such as loan amount, interest rate, and tenure.

13.

Can a personal loan be given on a joint basis?

Yeah, it can be given on a joint basis, provided that all the applicants are earning.

14.

How to make EMI payment on time?

You will get an ‘Auto Pay’ standing instruction set by the bank or NBFC where you are applying for a personal loan. With this, the EMI loan will be debited directly at the due date from the bank account. Just have the balance needed in your account so that the EMI processing remains accurate.

15.

Can I get a personal loan if any other loan is running?

If you have room for personal loan repayment in view of a running loan commitment, the lender would not have a problem disbursing a new loan. It all depends on what your salary is and the kind of opportunity for repayment you have. If you earn high and, without any hassle, can pay all loan obligations, the new loan will be disbursed to your bank account.

16.

How do I cancel my personal loan after the loan is disbursed?

Before the loan amount is disbursed into your account, you can cancel your loan application by sending a written application for the loan. You will also need to pay the lender the loan cancellation charge. Most lenders would not allow you to cancel it until the loan amount has been disbursed into your account. However, you will pre-close the loan.

17.

How can I repay my personal loan?

There are several ways by which you can repay your loan, including Electronic Fund Transfer (EFT), cheque, physically paying at a branch of the lender, and standing instruction for automatic deduction from your account. 

18.

What happens if a personal loan is not paid?

The bank charges penal interest on the overdue sum if the borrower fails to pay the EMI. Financial lenders typically charge a penal interest of 2 percent -3 percent per month of the overdue amount.