What is Personal Loan ?
Personal loan is a loan that can be used by an individual for any generic purpose. Some examples of end use are: Marriage / Education /Medical emergency /Home renovation / Vacation/Holiday /Consumer goods /Consolidation of other debts
Personal Loan cannot be used for Investment in stock market, Any other speculative(high risk of loss) purposes, Illegal activities
- No Hidden Charges, Reasonable processing fees
- Special Offers for women borrowers/Cat A Companies
- No Security / No Collateral
- Flexible tenures upto 72 months.
- Interest Rates starts from 11.00% p.a*
Interest Rates – Personal Loan
Interest rates on any loan plays an important part so always choose the lowest one is beneficial. Personal loan interest rates for most of the banks starts from 11.49% to 22.00%. Some banks offer special interest rates to its customer on the basis of Company, Profile, Residential status, Income per month. Banks offer lowest rates to only CAT A based company employees. So have a look at major banks personal loan interest rates below
|Bank||Interest Rates||Processing Fees||Fore Closure Charges|
|HDFC Bank||11.29% - 20.00%||2% - 2.5% + Service Tax||Zero above 10 lakh, Otherwise 4.00%|
|Aditya Birla||11.50-13.00||1% + Service Tax||After 6 M- 4%, 12M-3%, 24M-2%|
|Bajaj Finserv||15.00% - 16.00%||2% - 2.5% + Service Tax||Upto 4.00%|
|Fullerton India||14.00% - 30.00%||2% - 4.0% + Service Tax||Upto 4.00%|
|ICICI Bank||11.49% - 20.00%||2% - 2.5% + Service Tax||Zero above 10 lakh & 12 EMI Paid, Otherwise 5.00%|
|Axis Bank||12.00% - 24.00%||2% - 2.5% + Service Tax||Nil after 1st Installment|
|TATA Capital||14.50% - 20.00%||2% - 2.5% + Service Tax||After 1 year 4.5%|
|Capital First||14.00% - 45.00%||2% - 4.0% + Service Tax||Upto 4.00%|
|RBL Bank||14.00% - 20.00%||2% - 2.5% + Service Tax||Zero after 12 EMI Paid|
Processing Fees and Charges
Normally bankers charge a processing fee of 2% to 3% of the loan amount, which may vary based on credit profile.
If you repay your personal loan earlier than the agreed time frame, also other important part lenders charge with pre-closure or default penalty of about 4% of the pre-closed loan amount.
Minimum of loan seasoning is six month means you cannot foreclose your loan before six month.
Personal Loan FAQ
How can I apply for a Personal Loan?you can get instant money for a wide range of your personal needs like renovation of your home, marriage in the family, a family holiday, your child's education, buying a laptop, medical expenses or any other emergencies. To Apply for Personal Loan you just need to click here and fill our query form. We will get back to you in 30 minutes.
What is the maximum tenure under Personal Loan?Maximum Loan Tenure depends on bank to bank and applicant job profile. Maximum Loan Tenure offer up to 72 months.
Personal Loan EMI CalculatorEMI is short form “Equated Monthly Instalment” or the Amount that is payable per month if you take a personal loan of a certain amount for a certain period. The calculation of EMI depends on 3 main factors:
· Personal Loan Amount – The Rupee value of the loan that you take
· Personal Loan Interest Rate – The interest rate that the bank will charge for the Personal Loan
· Tenure of Personal Loan – The period for which you take the Personal Loan
Is there any security or guarantor required for availing Personal Loan?No any collateral or security guarantee required for Personal Loan
What is the minimum and maximum amount of Personal Loan that I can get?You can get a Personal Loan from Rs. 1 lakh to Rs.75 lakhs. Some of the factors we consider when deciding a loan amount are:
Your requirement and eligibility
Your repayment capacity
For Salaried Customers
- One valid Identity proof
- Latest six months Bank statements
- Latest Residence proof
- Latest three month Salary slip
- If required guarantors & their same set of documents
For Self Employed Customers
- Three years ITR if more than 5 yrs in same business
- Profit & Loss Account , Balance Sheets & Audit report
- If company is Pvt ltd then MOA
- KYC of individual / company
- Six month bank statement