Personal Loan – Low interest rate personal loans from a wide range of lenders



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)

₹15,000(non-metro cities)

₹20,000( metro cities)

Loan Amount Up to ₹50 lacs depending on the credit profile

Work Experience Salaried

Employed at current company for at least 6/12 months

Self-Employed

Business tenure of at least 3 years (continuous)

ITR of last 3 years

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

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

*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 for Home Improvement

There’s something that can be always done to your home and this is where an instant personal loan can help you fulfill them. From remodelling your kitchen to making your house a perfect mix of comfort and durability, a personal loan for home renovation can be the solution.

Personal Loan for wedding

In India, a normal wedding cost ₹25 lakhs on an average! Exhausting all your savings for all the wedding expenses is not an ideal option. This is where you apply online personal loan and cover the expenses. Now, planning a wedding is now easy.

Personal Loan for Travel

Apart from home renovation or wedding, you can get personal loan to cover your travel expenses. Since it is convenient and an economic option, it can be an open option. Moreover, it can alternate your uses with your credit card and help you save on interest costs.

Fresh Funding Meeting working capital requirements can be a daunting process and without raising fresh funds, the everyday operations can get affected. A personal loan can be the best alternative option to meet your short-term working capital requirements such as cover accounts payable, wages, etc

Top Up Personal Loan

Top up personal loan is a facility provided by financial institutions to customers that allows you to borrow a certain amount of money over your personal loan. The interest rate for a top up loan is slightly higher than the regular personal loan.

Personal Loan Balance Transfer

Did you know you can save thousands on your interest costs on a personal loan? Well, that is what a balance transfer can help you with. You can pay off your existing loan with a new loan at a lower-interest rate. Please note there is a charge associated with a personal loan balance transfer. .

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:


Monthly Repayments - EMI you will be paying every month

Total interest payable - Total interest on your loan

Total amount to pay - The total amount which is a sum of principal and interest

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:


Full Name(As per PAN Card)

Email Address

Current Residence Pincode

Employment Type

Current Company Name

Monthly in-hand salary

Mobile Number

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:


Interest rate offered

Loan amount

Loan Tenure

EMI

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 RBL Bank 11.99% - 18.0% ₹1 Lakh - ₹20 Lakhs

10 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.


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.


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:


Between the age of 18/21 years - 60/65 years

Must be salaried or self-employed

Credit score of 750+ with a good credit history

Minimum monthly income of ₹15000 for non-metro cities and ₹20,000 for metro cities

Should be employed at the current organisation for at least 6/12 months or business tenure of at least 3 years (continuous)

4. What is the eligibility for personal loan?


The eligibility criteria for a personal loan are given below:


Between the age of 18/21 years - 60/65 years

Must be salaried or self-employed

Credit score of 750+ with a good credit history

Minimum monthly income of ₹15000 for non-metro cities and ₹20,000 for metro cities

Should be employed at the current organisation for at least 6/12 months or business tenure of at least 3 years (continuous)

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.

Post a Comment

0 Comments