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Personal Loan – Low interest rate personal loans from a wide range of lenders
Personal loans are an unsecured form of credit that is popular to meet immediate requirements. It is multi-purpose in nature and therefore can be used for various purposes including wedding, home renovation, travel purposes and more. Moreover, there is no restriction for the amount borrowed and can be used for any purpose they want. In fact, a personal loan can help you build your credit faster when compared with other forms of credit. This is because of the risk it carries due to being unsecured.
All in all, a personal loan can offset any temporary financial crisis.
Benefits and Features of Personal Loan
No collateral required
One of the benefits associated with an online personal loan is that it is unsecured in nature. This means you don’t need to pledge any collateral for your loan. Although this can be a reason for your interest rate, you can get a low-interest personal loan easily if you meet the eligibility requirements.
Minimal Documentation
In this age of digitisation, the process of verification and documentation has now become short. This is applicable for an instant personal loan as they are fast in disbursal and require minimum documents for approval.
Easy Approval
You can get personal loans that are quick and easy in approval. This is why it is the best bet in times of financial emergency. Moreover, the process has become digital; thus reducing time in the verification process.
Multipurpose in nature
A personal loan can be used for anything except for investment and illegal activities. Apart from that, it is multipurpose in nature and can be used for anything. Other forms of credit when taken are for a specific purpose and can be used only for the same. For example, a home loan is used for purchasing a house whereas a car loan is taken to buy a car. However, a personal loan can be taken to offset any immediate requirements.
Personal Loan Eligibility
Personal loans are provided by most of the banks/NBFCs but with different eligibility requirements. However, there are certain criteria that are common for all financial institutions. The eligibility criteria to get an online personal loan approval for salaried and self-employed individuals are:
Age | 18/21 years - 60/65 years |
Employment Type |
1. Salaried 2. Self-Employed professionals |
Credit score | 750 or above with a good credit history |
Minimum Net Income (Monthly) |
|
Loan Amount | Up to ₹50 lacs depending on the credit profile |
Work Experience |
Salaried
|
Documents Required for Personal Loan
The common documents required for an online personal loan approval are given below:
For Salaried Individuals
1. Identity & Age Proof
2. Completely filled personal loan application with photograph
3. PAN Card
4. Residence proof - Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
5. Bank statements for the last 3 months(preferably your salary account)
6. Salary Slips of last 3 months
7. Form 16 or Income Tax Returns of last 3 years
For Self-Employed Individuals
1. Identity & Age Proof
2. Completely filled personal loan application with photograph
3. PAN Card
4. Residence proof - Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
5. Bank statements for the last 3 months(preferably your salary account)
6. Salary Slips of last 3 months
7. Last 3 years Income Tax Returns with computation of Income
8. Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Personal Loan Comparison Table
Here is a comparison table of the popular personal loans online along with their processing fees, preclosure charges and interest rate:
BANK/NBFC | Interest Rate(pa) | Loan Amount | Processing Fees | Part Payment | Pre-closure Charges | Locking Period | Tenure |
IDFC First Bank | 12.00 % to 21% | 1 Lakhs to 40 Lakhs | Up to 2.0% of the loan amount | Up to 40% of loan amount every year | 5% on your principal outstanding + GST | 1 Month | 12 to 60 months |
HDFC Bank | 11.25%- 17.75% | 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
25-36 Months - 3% of Principal Outstanding >36 Months - 2% of Principal Outstanding >48 months - 0% |
12 Months | 12 to 60 months |
ICICI Bank | 11.50% - 17.25% | 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 Finserv | 12.49% -15.30% | 1 Lakh to 20 Lakhs | Up to 2.0% of the loan amount |
Normal Loan - Should be more than 1 EMI (2% + applicable taxes on part-payment amount paid) Flexi Loan - Unlimited part payment Allowed (Min. Rs. 100 ) without any charges |
4% plus applicable taxes on Loan amount | 1 month | 12 to 60 Months |
Kotak Bank | 10.75% -17.99% | 1Lakh to 30Lakhs | Up to 2.5% of the loan amount + GST and other applicable statutory levies | - | 5% of the outstanding amount + GST on principal outstanding | 12 months | 12 to 60 Months |
TATA Capital | 11.25%-18.75% | 75K- 25 Lakhs | From ₹999/- Up to 3.00% of the loan amount and applicable Service Tax |
Part-payment up to 25% of the principal outstanding (No part-payment charges)
More than 25% of the principal outstanding (2.50% part-payment charges on the part-payment exceeding 25% of principal outstanding)
*Maximum of 50% of the principal outstanding permissible |
>6 months - 3.5% of principal outstanding
For Loan amount >=7Lacs - NIL Preclosure BT - 5% of the principal outstanding |
6 Months | 12 to 72 Months |
IndusInd Bank | 11.50% -19.0% | 1Lakh to 25Lakhs | Up to 3.00% of the loan amount plus tax | - | Salaried: 4% of the principal outstanding after repayment of 12 EMIs. | 1 Year | 12 to 60 Months |
Fullerton | 11.99% - 25% | 65k to 25Lakhs | Upto 4.5% of the loan amount plus GST |
Within 7 months to 17 months - 7% Within 18 months to 23 months - 5% Within 24 months to 35 months - 3% After 36 months - NIL |
6 Months | 12 to 60 Months | |
IIFL | 12.99% - 20.00% | 1Lakh to 20Lakhs | Up to 2% of the loan amount plus GST | - |
Up to 4% of the Principal Outstanding
12 Months - NIL |
6 Months | 12 to 60 Months |
RBL Bank | 11.99%- 18.0% | 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 | 10.99% - 15.99% (BT Special rates - 10.75%) | 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 • 20% Principle Outstanding for 25 – 36 Months • 25% Principal Outstanding for 37 – 48 Months • 25% Principal Outstanding for 49 – 60 Months 1% plus applicable taxes on part payment amount paid |
13 – 24 months - 4% of principal outstanding 25 – 36 months - 3% of principal outstanding 37 – 48 months - 2% of principal outstanding >48 Months - Nil |
12 months | 12 to 60 Months |
Credit Saison India | Starting from 13%* | 50K to 5 Lac | Up to 3.0% of the loan amount | Not Allowed | 5% on your principal outstanding + GST | 6 Months | 12 to 60 months |
InCred Financial Services | Upto 36% p.a. | Upto 10 lakhs | Upto 5% of the loan amount | Not Allowed |
Within 1 Year: 5% of Outstanding Amount + GST
After 1 Year: 4% of Outstanding Amount + GST |
Upto 6 months | Upto 60 months |
*The figures provided in the table are indicative subject to change from time.
Representative Example:
With a representative 10.75% APR based on borrowing ₹ 10 lacs and repaying over 60 months with 60 monthly repayments. Monthly repayments of ₹ 21618.
Types of Personal Loan:
Here are the different types of online personal loan:
Personal Loan EMI Calculator
When you plan to apply for a personal loan, EMI plays the most important factor. Whether or not the EMI will fit in your monthly budget can help in deciding your personal loan. This is where a personal loan EMI calculator can help you. A loan calculator helps you get the following results:
Personal Loan Interest Rates
Personal Loan Details | |
Interest Rates | 10.75%- 25% |
Processing Fee | Differs from bank to bank; generally ranges between 1-4% of the loan amount |
Loan Tenure | 12 months to 60 months |
Loan Amount | ₹15000 - ₹50 lakhs |
Lock-in period | Varies from lender to lender |
Preclosure Charges | Differs; Generally between 2%-5% of the loan outstanding |
Guarantor Required | Based on the credit profile |
Why should you apply for a personal loan at IndiaLends?
IndiaLends is a one-stop solution for all your financial needs. In here, we try to provide you with the best services that are hassle-free and quick in nature. For personal loans, we provide you with a comparative analysis of what different banks are offering and assist you in your final decision.
Here are a few reasons for you to apply for a personal loan at IndiaLends:
Fast assistance
IndiaLends offers 24*7 services for all its customers. You can contact us at anytime of the day and we will try our best to get back to you as soon as possible. Moreover, the process for personal loan approval is fast and quick in nature. You can simply write to us at support@indialends.com for any grievances, complaints or feedbacks.
Customer needs in forefront
Your needs are our priority. We promise to deliver you with services that are best on our capabilities. By handpicking the personal loan offers based on customer profile, we try to give you the most personalised experience. The services for all our customers are free of cost.
Compare Offers Online
With more than 40 lenders as partners, you can compare the different offers of financial institutions to make the right call. In fact, we help you find the best lender as per your eligibility requirements. There is a personalised relationship lender for every customer who helps him/her select the bank of his/her choice.
Real-time customer support
Our customer support team is fast and efficient to clear all your doubts regarding personal loan eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.
How To Apply For A Personal Loan at IndiaLends?
Applying for a personal loan involves three simple steps:
Step-1: Fill the eligibility form
In the first step, the customer needs to fill in the eligibility form which includes filling the following details:
Step-2: Select from the multiple offer(s)
You will be given a list of lenders based on the information provided by you in Step-1. The offer could be one or more than one based on your profile. Out of the list, select the lender you wish to go ahead with. Please remember to consider the following points when choosing the lender:
Step-3: Apply for the loan
This step is an extended version of Step-1 where you have to give more details on your application. This is where you give a detailed information about your personal details and bank details.
Once you submit your application, our representative will contact you to cross verify the details before sending the application to the respective lender.
Best Personal Loans in India
S. No. | Bank Name | Interest rate (p.a) | Loan Amount |
1 | Yes Bank | 10.99% - 15.99% (BT Special rates - 10.75%) | ₹1 lakh - ₹25 lakhs |
2 | ICICI Bank | 11.50% - 17.25% | ₹50k - ₹25 lakhs |
3 | HDFC Bank | 11.25% - 17.75% | ₹50k - ₹40 lakhs |
4 | Kotak Bank | 10.75% - 17.99% | ₹1 lakh - ₹30 lakhs |
5 | Tata Capital | 11.25%- 18.75% | ₹75k - ₹25 lakhs |
6 | IndusInd Bank | 11.50% to 19.00% | ₹1 lakh - ₹25 lakhs |
7 | IDFC First Bank | 12.00 % to 21% | ₹1 lakh - ₹40 lakhs |
8 | Bajaj Finserv | 12.49%-15.30% | ₹1 lakh - ₹20 lakhs |
9 | IIFL | 12.99% - 20.00% | ₹1 lakh - ₹20 lakhs |
10 | RBL Bank | 11.99% - 18.0% | ₹1 Lakh - ₹20 Lakhs |
11 | Fullerton | 11.99% - 25% | ₹65K - ₹25 Lakhs |
*The figures provided in the table are indicative subject to change from time.
Yes Bank Personal Loan
YES Bank personal loans are personalised, faster and easier.
Particulars | Salaried Individual |
Interest Rate | 10.99% - 15.99% (BT Special rates - 10.75%) |
Loan Tenure | 12-60 months |
Age | 22 to 60 years (at the time of loan maturity) |
Processing Fee | Up to 2.50% of the loan amount subject to a minimum of ₹999/- plus taxes |
Lock-in period | 12 months |
Prepayment/ Preclosure charges |
13 – 24 months - 4% of principal outstanding 25 – 36 months - 3% of principal outstanding 37 – 48 months - 2% of principal outstanding >48 Months - Nil |
*The figures provided in the table are indicative subject to change from time.
ICICI Personal Loan
ICICI personal loans are flexible, quick and convenient and have competitive interest rates.
Particulars | Salaried Individual |
Interest Rate | 11.50% to 17.25% |
Loan Tenure | 12-60 months |
Age | 23 years to 58 years |
Processing Fee | Up to 2.25% per annum of loan amount plus GST |
Lock-in period | 6 months |
Prepayment/ Preclosure charges | 5% per annum of the principal outstanding plus GST |
*The figures provided in the table are indicative subject to change from time.
HDFC Personal Loan
HDFC bank personal loan is one of the popular products of this bank. The personal loans are easy-to-get, hassle-free and superfast (https://www.hdfcbank.com/personal/borrow/popular-loans/personal-loan).
HDFC APR Calculator link -
https://www.hdfcbank.com/personal/tools-and-calculators#/Footer
- For accessing APR Calculator Navigate to Loans section on the page.
Particulars | Salaried Individual |
Interest Rate | 11.25% - 17.75% |
Loan Tenure | 12-60 months |
Age | 21 years - 60 years |
Processing Fee | Up to 2.50% of the loan amount subject to a minimum of ₹1,999/- & Maximum of ₹25000/- |
Lock-in period | 12 months |
Prepayment/ Preclosure charges |
13-24 Months - 4% of Principal Outstanding 25-36 Months - 3% of Principal Outstanding >36 Months - 2% of Principal Outstanding >48 months - 0% |
*The figures provided in the table are indicative subject to change from time.
Kotak Bank Personal Loan
Kotak bank personal loans are quite popular in India. It provides personal loans at minimal documentation and flexible EMI’s.
Particulars | Salaried Individual |
Interest Rate | 10.75% - 17.99% |
Loan Tenure | 12-60 months |
Age | 21 years - 58 years |
Processing Fee | Up to 2.5% of the loan amount + GST and other applicable statutory levies |
Lock-in period | 12 months |
Prepayment/ Preclosure charges | 5% of the outstanding amount + GST on principal outstanding |
*The figures provided in the table are indicative subject to change from time.
Bajaj Finserv Personal Loan
The Bajaj personal loans are non-collateral loans with minimal documentation. Moreover, the loans are available at flexible EMI’s ranging from a year to 5 years.
Particulars | Salaried Individual |
Interest Rate | 12.0% to 21% |
Loan Tenure | 12-60 months |
Age | 25 years - 58 years |
Processing Fee | Up to 2.0% of the loan amount |
Lock-in period | 1 month |
Prepayment/ Preclosure charges | 4% plus applicable taxes on principal outstanding |
*The figures provided in the table are indicative subject to change from time.
IIFL Personal Loan
Personal loans by IIFL are super fast in terms of disbursal. They are available at 0% part payment charges after a year.
Particulars | Salaried Individual |
Interest Rate | 12.99% - 20.00% |
Loan Tenure | 12-60 months |
Age | 21 years - 60 years |
Processing Fee | Up to 2.00% of the loan amount plus GST |
Lock-in period | 9 months |
Prepayment/ Preclosure charges | Up to 4% of the Principal Outstanding NIL after 12 Months |
*The figures provided in the table are indicative subject to change from time.
IDFC First Bank Personal Loan
Particulars | Salaried Individual |
Interest Rate | 12.49% to 15.30% |
Loan Tenure | 12-60 months |
Age | 23 years - 60 years |
Processing Fee | Up to 2.0% of the loan amount plus GST |
Lock-in period | 1 month |
Prepayment/ Preclosure charges | 4% plus applicable taxes on Loan amount |
*The figures provided in the table are indicative subject to change from time.
RBL Personal Loan
Particulars | Salaried Individual |
Interest Rate | 11.99% to 18.00% |
Loan Tenure | 12-60 months |
Age | 25 years - 60 years |
Processing Fee | 1.5% of the loan amount (Non Refundable fee of Rs 7500 Upfront, Rest at the time of disbursal) |
Lock-in period | 12 Months |
Prepayment/ Preclosure charges | NIL |
*The figures provided in the table are indicative subject to change from time.
Tata Capital Personal Loan
Particulars | Salaried Individual |
Interest Rate | 11.25% to 18.75% |
Loan Tenure | 12-72 months |
Age | 25 years - 60 years |
Processing Fee | From ₹999/- Up to 3.00% of the loan amount and applicable Service Tax |
Lock-in period | 6 months |
Prepayment/ Preclosure charges |
>6 months - 3.5% of principal outstanding For loan amount >= 7lakhs - NIL Preclosure BT - 5% of the principal outstanding |
*The figures provided in the table are indicative subject to change from time.
Personal Loan FAQs
1. Is it a good idea to get a personal loan?
Personal loans can be an ideal solution during financial crisis. Be it wedding expenses, home renovation or medical emergency, a personal loan can be your solution to meet the immediate financial requirements as they are easy-to-get, fast in disbursal and require no collateral.
2. What is the best personal loan?
The best personal loan differs from borrower to borrower’s credit profile. A credit profile includes the credit score, monthly income, employer, employment type and others. All the above factors are considered to find the best personal loan.
3. How can I get personal loan?
To get a personal loan, you need to meet the following eligibility requirements:
4. What is the eligibility for personal loan?
The eligibility criteria for a personal loan are given below:
5. Are personal loans good for your credit?
Personal loans play an important role in deciding your credit score. The effect of missing a personal loan EMI can be adverse on your credit score. One of the reasons for the same is because personal loans are unsecured in nature.
6. How long does it take to get approved for a personal loan?
Due to digitisation, personal loan approval has become instant. However, the disbursal could take a period of 5-7 days due to the documentation process.
7. What is the best personal loan to get?
There is no such things as best personal loan. Every borrower needs to find the lender that best suits his/her needs. In order to do that, you can either compare the different lenders offline or apply at platforms such as IndiaLends who help you select the lender as per your requirements.
8. Can you pay off a personal loan early?
Of course you can pay off a personal loan early. This is known as prepayment of a personal loan. However, this could attract a specific amount as penalty which would differ from lender-to-lender.
9. What is the average interest rate on a personal loan?
The interest rate on a personal loan ranges from 10.75% - 35% which differs from lender to lender.
10. What do banks look at when applying for a personal loan?
The banks consider the following factors when looking at a personal loan application:
1. Age
2. Monthly Income
3. Credit Score
4. Credit History
5. Documents
11. Who has the best personal loan rates?
The best personal loan interest rates depend on the credit profile of a customer. In order to get the best rates, a customer must have a good credit score, consistent source of income, should be salaried/self-employed.
12. Which bank gives lowest interest rate for personal loan?
Currently, YES Bank offers personal loans starting from 10.75%. However, the interest rates can be different for customers based on their credit profile.
13. What is the minimum salary for personal loan?
The minimum salary to get a personal loan is ₹15,000 fro non-metro cities and ₹20,000 for metro cities.
14. How can I get personal loan from Bajaj Finance?
To get a personal loan from Bajaj Finance, you can apply at their official website or apply at IndiaLends for easy approval and fast disbursal.
SKOCH Order-of Merit Awards, 2019.
IndiaLends was part of Inc42's 42Next 2018, a list of the 42 most innovative startups causing an impact in the Indian startup ecosystem.
Mayank Kachhwaha, Co-Founder & COO IndiaLends won Forbes India 30 under 30 entrepreneur.
Google selected IndiaLends for the 4th edition of the Launchpad Accelerator Program, at the Google Developers Launchpad Space in San Francisco.
Best Emerging Tech Vendor of the Year at ET BFSI Excellence Awards 2019.
Gaurav Chopra, Co-Founder & CEO IndiaLends won Entrepreneur of the year 2019 by Business World.
SKOCH Order-of Merit Awards, 2019.
IndiaLends was part of Inc42's 42Next 2018, a list of the 42 most innovative startups causing an impact in the Indian startup ecosystem.
Mayank Kachhwaha, Co-Founder & COO IndiaLends won Forbes India 30 under 30 entrepreneur.
Google selected IndiaLends for the 4th edition of the Launchpad Accelerator Program, at the Google Developers Launchpad Space in San Francisco.
Best Emerging Tech Vendor of the Year at ET BFSI Excellence Awards 2019.
Gaurav Chopra, Co-Founder & CEO IndiaLends won Entrepreneur of the year 2019 by Business World.
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