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Submission: On October 12 via manual from IN — Scanned from IT
Submission: On October 12 via manual from IN — Scanned from IT
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Personal Loan
COMPARE AND APPLY PERSONAL LOAN ONLINE
FIND THE BEST PERSONAL LOAN FOR YOU
TYPE OF EMPLOYMENT
Salaried
Earn regular monthly income
Business Owner
Run own business
Self-employed Professional
Own a practice (e.g. Doctor, C.A, etc.)
Independent Worker
(e.g. driver, electrician, farmer, shopkeeper, etc.)
Student
Retired
Homemaker
Continue
Personal Loan - Get personal loans of up to Rs.40 lakh & above at attractive
rates starting at 10.49% p.a. with flexible tenures of up to 6 years.
PERSONAL LOAN DETAILS
A Personal loan is a type of unsecured loan that you can borrow from a bank or
financial institution if you require funds to pay for your financial needs.
Interest Rate
10.49% p.a. onwards
Loan Amount
Up to Rs.1 crore
Loan Tenure
Up to 7 years
Processing Fee
0% - 6% of the loan amount + GST
Top picks for you
Balance Transfer
Part-Payment Available
Top-up Loan Available
Door Step Service
No Guarantor Required
E-Approval
We found 17 Personal Loans
4.0 /5.0 from 97112 users
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BANK
HDFC
IndusInd Bank
Chola
MyShubhLife
Tata Capital
Fullerton
Home Credit
Kotak Mahindra
Ujjivan Small Finance Bank Ltd
InCred
Edelweiss Salaried Personal Loan
Standard Chartered Bank
YES BANK
HDB FINANCIAL SERVICES
Aditya Birla Finance Limited
IIFL Finance Ltd
IDFC First Bank
INTEREST RATE
10.49%
44%
Interest Rate range: 10.49% - 44%
INSTANT LOANS UP TO RS. 40 LAKHS
100% Paperless Approval
Ad
HDFC BANK PERSONAL LOAN
Loan Amount:Up to ₹40L
Fixed:10.50% - 24.00%
Tenure:1 - 5 Years
Processing Fee:₹ 4,999
Apply Now
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Fees & EligibilityFeatures
FEES & CHARGES
* Pre-closure fee = 4% of principal outstanding (plus applicable tax) in 2nd
year. 3% (plus applicable tax) in 3rd year & 2.5% (plus applicable tax)
afterwards
* Part-payments can be made only after 12 months. For part payments between 13
to 24 months, a fee of 4% is applicable on the part-payment amount. 3% is
applicable on payments between 25 to 36 months. 2% is applicable post 36
months
* Part-payments are allowed only twice during the loan tenure and once a year.
The amount cannot exceed 25% of the principal outstanding
ELIGIBILITY CRITERIA
* Salaried - Age at least 21 and less than 60
* Self-employed - Age at least 21 and less than 65
* Applicant should be earning at least ₹ 20,000 per month as net income (₹
25,000 for applicants from Madhya Pradesh)
DOCUMENTS
* KYC - PAN, address and ID proof
* Income proof, bank statement and a photograph
WHAT YOU'LL LOVE
* Conditional pre-closure after 1 year
* This offer is available only if all necessary documents are uploaded online
PERKS
* Balance Transfer
* Top-up Loan Available
* Part-Payment Available
* No Guarantor Required
* Door Step Service
* E-Approval
LOANS UPTO RS. 5 LAKHS.
100% Paperless Approval
Ad
INDUSIND BANK PERSONAL LOAN
Loan Amount:Up to ₹50L
Fixed:10.49%
Tenure:5 Years
Processing Fee:Up to 3.00%
Apply Now
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Fees & EligibilityFeatures
FEES & CHARGES
* Pre-closure fee = 4% of principal outstanding (plus applicable tax)
ELIGIBILITY CRITERIA
* Age at least 23 years and less than 58 years for salaried
* Age at least 28 years and less than 68 years for self-employed
* For salaried, 2 years minimum overall work experience with 1 year minimum
experience in current company
* For self-employed, at least 5 years of experience after relevant
qualification
DOCUMENTS
* KYC - PAN, address & ID proof
WHAT YOU'LL LOVE
* Pre-qualified offer - NO income documents required
* Easily complete KYC online via video call with bank representative
* Quick approval, flexible tenure
* No guarantor required
* Has pre-closure option
PERKS
* Balance Transfer
* Top-up Loan Available
* Part-Payment Available
* No Guarantor Required
* Door Step Service
* E-Approval
THINK ABOUT
* No part-payment option
* Pre-closure allowed only after repayment of 12 EMIs
INSTANT DISBURSAL
100% Paperless Approval
TURBOLOAN POWERED BY CHOLA
Loan Amount:₹1L -₹3L
Fixed:15.00% - 21.00%
Tenure:Up to 3 Years
Processing Fee:3.00%
Apply Now
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Fees & EligibilityFeatures
FEES & CHARGES
* Pre-closure fee = 4% of principal outstanding (plus applicable tax)
DOCUMENTS
* Salary account bank statement (Last 3 months)
WHAT YOU'LL LOVE
* Instant E-approval
* Same day disbursement
* Minimal documentation
PERKS
* Balance Transfer
* Top-up Loan Available
* Part-Payment Available
* No Guarantor Required
* Door Step Service
* E-Approval
INSTANT LOANS STARTING FROM RS. 75,000
MYSHUBHLIFE
Loan Amount:₹75K -₹5L
Fixed:26.00%
Tenure:1 - 4 Years
Processing Fee:3.00%
Apply Now
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Fees & EligibilityFeatures
FEES & CHARGES
* Pre-closure fee = 3% - 5% on principal outstanding
ELIGIBILITY CRITERIA
* Minimum age - 21 years; Maximum age - 60 years
DOCUMENTS
* KYC - PAN, current address and ID proof
* Bank statement
* Selfie
WHAT YOU'LL LOVE
* Instant loan from ₹ 75,000 to ₹ 5 lakhs
* No hidden fees or charges
* Quick approval and disbursal
* Conditional pre-closure after 12 months. Pre-closure charges applicable
* Affordable EMI plans
PERKS
* Balance Transfer
* Top-up Loan Available
* Part-Payment Available
* No Guarantor Required
* Door Step Service
* E-Approval
THINK ABOUT
* No part-payment facility
ZERO PROCESSING FEE & 6-YEAR TENURE
100% Paperless Approval
TATA CAPITAL PERSONAL LOAN
Loan Amount:Up to ₹35L
Fixed:10.99% - 29.00%
Tenure:6 Years
Processing Fee:Up to 3.00%
Apply Now
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Fees & EligibilityFeatures
FEES & CHARGES
* Part-prepayments can be made only after 6 months. They are allowed only once
a year with a minimum gap of 6 months between two part-prepayments. Amount
prepaid cannot exceed 25% of the principal outstanding and a charge of 2.5%
(plus applicable taxes) will be applied amounts above 25% of the principal
outstanding
* Foreclosure is allowed only after 6 months. A foreclosure charge of 3.5% +
GST is applicable on the principal outstanding after 6 months. In case of
foreclosure within 6 months after a part-prepayment, a foreclosure charge of
3.5% (plus applicable taxes) will be levied on the principal outstanding plus
part-prepayment amount
* For loans above ₹ 7 lakhs, a 12-month clean payment track is a must for loan
foreclosure and a charge of 3.5% + GST applies unless loan is closed with own
funds
* For overdraft cases, loan foreclosure is allowed only after 6 months and a
charge of 4.5% + GST is applicable on the dropped-down limit amount
ELIGIBILITY CRITERIA
* Salaried - Age at least 24 and less than 55
* Self-employed - Age at least 25 and less than 65
* Applicants should be currently employed, with at least 1 year with their
current employer
DOCUMENTS
* KYC - PAN, address and ID proof
* Income proof, bank statement and a photograph
WHAT YOU'LL LOVE
* Conditional pre-closure and part payment after 12 months
* Maximum loan term of 6 years
* 25% part payment allowed in a year
* No guarantor required
PERKS
* Balance Transfer
* Top-up Loan Available
* Part-Payment Available
* No Guarantor Required
* Door Step Service
* E-Approval
INSTANT LOANS UP TO RS. 25 LAKHS
100% Paperless Approval
FULLERTON PERSONAL LOAN
Loan Amount:Up to ₹25L
Fixed:11.99%
Tenure:5 Years
Processing Fee:6.00%
Apply Now
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Fees & EligibilityFeatures
FEES & CHARGES
* Pre-closure fee = 3% - 7% of principal outstanding (plus applicable tax)
ELIGIBILITY CRITERIA
* Age limit - 21 years to 65 years
* Salaried individuals with minimum net monthly income of ₹ 15,000 and above
* For salaried individuals residing in metro cities, a minimum net monthly
income of ₹ 20,000 and above is required
DOCUMENTS
* Photo ID proof
* Current address proof
* Last 3 months bank statement
* Last 3 months salary slips
* Passport-size photograph
WHAT YOU'LL LOVE
* No hidden charges
* No guarantor required
* Conditional pre-closure after 6 months
PERKS
* Balance Transfer
* Top-up Loan Available
* Part-Payment Available
* No Guarantor Required
* Door Step Service
* E-Approval
THINK ABOUT
* No part-payment facility
INSTANT LOAN UP TO 2 LAKHS
HOME CREDIT
Loan Amount:Up to ₹5L
Fixed:24.00% - 34.00%
Tenure:4 Years
Processing Fee:2.50% - 5.00%
Apply Now
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Fees & EligibilityFeatures
FEES & CHARGES
* Pre-closure fee = ₹ 0. Allowed only after 6 months
ELIGIBILITY CRITERIA
* Age limit - 19 years to 58 years
* Salaried individuals with minimum net monthly income of ₹ 15,000 and above
DOCUMENTS
* KYC - PAN, current address and ID proof
* Bank statement of salary account via netbanking (mandatory)
WHAT YOU'LL LOVE
* Loan up to ₹ 2 lakhs with instant online approval
* No processing fee or pre-payment charges
* Disbursal within a day
* No guarantor/collaterals required
* Conditional pre-closure allowed after 6 months
PERKS
* Balance Transfer
* Top-up Loan Available
* Part-Payment Available
* No Guarantor Required
* Door Step Service
* E-Approval
THINK ABOUT
* No part-payment option
INTEREST RATE FROM JUST 10.50%
100% Paperless Approval
KOTAK MAHINDRA BANK PERSONAL LOAN
Loan Amount:Up to ₹40L
Fixed:10.99%
Tenure:5 Years
Processing Fee:3.00%
Apply Now
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Fees & EligibilityFeatures
FEES & CHARGES
* Pre-closure fee = 5% of principal outstanding (plus applicable tax)
ELIGIBILITY CRITERIA
* Age - At least 21 and less than 55
* Applicants must be salaried Indian residents working at MNCs, public
companies or other large private organisations
* Monthly income should be more than ₹ 25,000
DOCUMENTS
* KYC - PAN, address and ID proof
* Income proof, bank statement and a photograph
WHAT YOU'LL LOVE
* Conditional pre-closure after 1 year
* This offer is available only if all necessary documents are uploaded online
PERKS
* Balance Transfer
* Top-up Loan Available
* Part-Payment Available
* No Guarantor Required
* Door Step Service
* E-Approval
THINK ABOUT
* No part-payment facility
FIRST-TIME BORROWERS
UJJIVAN SMALL FINANCE BANK
Loan Amount:Up to ₹30L
Fixed:11.49% - 16.49%
Tenure:3 Years
Processing Fee:2.00%
Apply Now
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Fees & EligibilityFeatures
FEES & CHARGES
* Preclosure fee = Within 1 year - 2%; After 1 year - 1%
* Part-payment fee = No part payments
ELIGIBILITY CRITERIA
* Age - 22 to 58 years old
* The person must have a monthly income of Rs. 20,000 and above
* For salaried, minimum 2 years overall experience is required.
DOCUMENTS
* KYC-PAN, address & ID proof
* Income proof, bank statement and one photograph
WHAT YOU'LL LOVE
* No guarantor required
* New-to-credit customers are eligible
PERKS
* Balance Transfer
* Top-up Loan Available
* Part-Payment Available
* No Guarantor Required
* Door Step Service
* E-Approval
THINK ABOUT
* Preclosure charges
* No part payments
NO CREDIT HISTORY REQUIRED
100% Paperless Approval
INCRED PERSONAL LOAN
Loan Amount:₹50K -₹7.5L
Fixed:16.00% - 36.00%
Tenure:1 - 4 Years
Processing Fee:2.00% - 5.00%
Apply Now
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Fees & EligibilityFeatures
FEES & CHARGES
* Pre-closure fee = Up to 5% of the total principal outstanding
* Part-payment fee = Up to 5% of the part-payment amount
ELIGIBILITY CRITERIA
* Salaried - Age at least 21 and less than 56 years
* Minimum monthly income of ₹ 15,000
DOCUMENTS
* KYC - ID proof and current address proof
* Bank statement
* Selfie
WHAT YOU'LL LOVE
* Customers with no credit history are eligible
* No guarantor required
* Prepayment is allowed after 6 months
PERKS
* Balance Transfer
* Top-up Loan Available
* Part-Payment Available
* No Guarantor Required
* Door Step Service
* E-Approval
THINK ABOUT
* Pre-closure charges
* Part-payment charges
LOAN UP TO 20 LAKHS FOR SALARIED
EDELWEISS SALARIED PERSONAL LOAN
Loan Amount:Up to ₹20L
Fixed:25.00%
Tenure:4 Years
Processing Fee:2.00%
Apply Now
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Fees & EligibilityFeatures
ELIGIBILITY CRITERIA
* Age - At least 21 and less than 56
* Minimum 3 years of total work experience or minimum 1 year with current
company
DOCUMENTS
* Photo ID proof
* Current address proof
* Last 6 months bank statement
* Passport-size photograph
WHAT YOU'LL LOVE
* No hidden charges
* No guarantor required
* Faster repayments & bigger savings
PERKS
* Balance Transfer
* Top-up Loan Available
* Part-Payment Available
* No Guarantor Required
* Door Step Service
* E-Approval
THINK ABOUT
* 4% pre-closure charges on amount prepaid
NO INCOME DOCS REQUIRED
STANDARD CHARTERED BANK
Loan Amount:₹1L -₹6L
Fixed:10.60% - 18.00%
Tenure:5 Years
Processing Fee:2.25%
Apply Now
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Fees & EligibilityFeatures
FEES & CHARGES
* Pre-closure fee = 5% within 1 year of tenure, 4% within 2 years, 2% within 3
years, and 1% after 3 years
ELIGIBILITY CRITERIA
* Age at least 21 and less than 62
DOCUMENTS
* KYC-PAN, address & ID proof
* Photograph
WHAT YOU'LL LOVE
* Pre-qualified offer: No income documents required
* Pre-closure and part-payment available
* No guarantor required
PERKS
* Balance Transfer
* Top-up Loan Available
* Part-Payment Available
* No Guarantor Required
* Door Step Service
* E-Approval
BALANCE TRANSFER
YES BANK PERSONAL LOAN
Loan Amount:Up to ₹40L
Fixed:10.99% - 20.00%
Tenure:5 Years
Processing Fee:2.50%
Apply Now
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Fees & EligibilityFeatures
FEES & CHARGES
* Preclosure fee = 13-24 months of EMI repayment - 4% of principal outstanding.
* Preclosure fee = 25-36 months - 3% of principal outstanding.
* Preclosure fee = 37-48 months - 2%. No fee applicable above 48 months of EMI
repayment
* Part-payment fee = 2% plus applicable taxes on the part-payment amount
ELIGIBILITY CRITERIA
* Age limit for salaried - 25 years to 53 years
DOCUMENTS
* KYC-PAN, address & ID proof
* Income proof, bank statement and a photograph
WHAT YOU'LL LOVE
* Has pre-closure option
PERKS
* Balance Transfer
* Top-up Loan Available
* Part-Payment Available
* No Guarantor Required
* Door Step Service
* E-Approval
THINK ABOUT
* Part-payment charges
BALANCE TRANSFER
100% Paperless Approval
HDBFS PERSONAL LOAN
Loan Amount:Up to ₹20L
Fixed:12.00% - 31.00%
Tenure:5 Years
Processing Fee:Up to 2.00%
Apply Now
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Fees & EligibilityFeatures
FEES & CHARGES
* Preclosure fee = 4% of principal outstanding (plus applicable tax)
ELIGIBILITY CRITERIA
* Age limit for salaried - 22-60 at the time of loan maturity
* For salaried minimum income Rs.20,000
* Cities : Chennai, Bangalore, Hyderabad, Secunderabad, Mumbai, Pune
DOCUMENTS
* KYC-PAN, address & ID proof
* Income proof, bank statement and one photograph
WHAT YOU'LL LOVE
* No guarantor required
* Conditional pre-closure - only after 12 months
PERKS
* Balance Transfer
* Top-up Loan Available
* Part-Payment Available
* No Guarantor Required
* Door Step Service
* E-Approval
ZERO PART-PAYMENT FEE
ADITYA BIRLA CAPITAL PERSONAL LOAN
Loan Amount:Up to ₹50L
Fixed:10.99%
Tenure:7 Years
Processing Fee:3.00%
Apply Now
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Fees & EligibilityFeatures
FEES & CHARGES
* Preclosure fee = 4% of principal outstanding in the 1st year; 3% in the 2nd
year and 2% thereafter
* Part payment fee = ₹0
ELIGIBILITY CRITERIA
* The applicant will have to be a permanent employees of Aditya Birla Financial
Services Group
* At least 23 years old and no older than 60 years old
* Minimum net monthly income that is not less than ₹45,000
DOCUMENTS
* KYC-PAN, address & ID proof
* Income proof, bank statement (latest 6 months), salary slip (latest 3 months)
WHAT YOU'LL LOVE
* No guarantor required
* Conditional pre-closure - only after 6 months
* Has part payment option
PERKS
* Balance Transfer
* Top-up Loan Available
* Part-Payment Available
* No Guarantor Required
* Door Step Service
* E-Approval
ZERO PRE-CLOSURE FEE
100% Paperless Approval
INDIA INFOLINE FINANCE LTD. PERSONAL LOAN
Loan Amount:Up to ₹5L
Fixed:12.75% - 44.00%
Tenure:4 Years
Processing Fee:2.00% - 6.00%
Apply Now
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Fees & EligibilityFeatures
FEES & CHARGES
* Preclosure Fee= ₹0
ELIGIBILITY CRITERIA
* Age at least 25 and less than 60
* Minimum Monthly Income ₹25,000
* Sourcable Location will Mumbai, Delhi, Pune, Banglore, Hyderabad & Chennai.
DOCUMENTS
* KYC-PAN, address & ID proof
* Income proof, bank statement and one photograph
WHAT YOU'LL LOVE
* Pre-closure only after 12 months with no charges
* No guarantor required.
PERKS
* Balance Transfer
* Top-up Loan Available
* Part-Payment Available
* No Guarantor Required
* Door Step Service
* E-Approval
THINK ABOUT
* No part payment option
* Conditional pre-closure - only after 1 Year
QUICK LOAN DISBURSAL
IDFC FIRST BANK PERSONAL LOAN
Loan Amount:Up to ₹5L
Fixed:10.49%
Tenure:1 - 5 Years
Processing Fee:Up to 3.50%
Apply Now
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Fees & EligibilityFeatures
FEES & CHARGES
* Pre-closure fee = 5% of principal outstanding
* Late payment fee = 2% of unpaid EMI or ₹ 300, whichever is higher
ELIGIBILITY CRITERIA
* Salaried - Age at least 23 and less than 58
* Self-employed - Age at least 28 and less than 68
* If self-employed, business must have been in existence for a minimum of 3
years and its profit after tax (PAT) for the last 2 years should be positive
DOCUMENTS
* KYC - PAN, current address and ID proof
WHAT YOU'LL LOVE
* Contactless process – Get your loan disbursed within 1 working hour. No
physical meetings or document signing
* No income documents required
* Convenient repayment plans
* Quick disbursal
* Top-up facility for existing customers
PERKS
* Balance Transfer
* Top-up Loan Available
* Part-Payment Available
* No Guarantor Required
* Door Step Service
* E-Approval
THINK ABOUT
* Displayed EMI amount is tentative. Final details will be as per KFS document.
Updated On - 12 Oct 2024
FREE Credit Score - Check Now
TYPES OF PERSONAL LOAN
There are two types of personal loan schemes. They are:
* Unsecured Personal Loan: Under these types of loan schemes, you don't need to
provide any security or collateral to the bank. If you meet all the
eligibility criteria and have a decent credit score, then you can avail
yourself of an unsecured personal loan.
* Secured Personal Loan: Under these types of personal loan schemes, you will
need to provide some form of security or collateral to the bank. A business
loan or a gold loan is an example of a secured loan as you may have to
provide some form of property to apply for a business loan and gold if you
wish to avail a gold loan.
TOP PERSONAL LOAN SCHEMES AND OFFERS
You can either visit the official website of the bank to directly apply for a
personal loan or visit the BankBazaar.com website to compare different loans and
then apply for one which suits you best.
Bank
Best For
Key Highlights
HDFC Personal Loan
Self-Employed Professional
* Interest rates (rack interest) ranging between 10.75% p.a. and 24.00% p.a.
* Tenure of up to 5 years
* Loans of up to Rs.40 lakh
Kotak Mahindra Personal Loan
Quick Turnaround Time
* Interest rates starting at 10.99% p.a.
* Loans of up to Rs.40 lakh
* Tenure of up to 5 years
Tata Capital Personal Loan
Flexible Interest Rates
* Interest rates starting at 10.99% p.a.
* Tenure of up to 6 years
* Loans of up to Rs.35 lakh
Standard Chartered Personal Loan
Short-term Requirement
* Interest rates starting from 11.49% p.a.
* Tenure of up to 5 years
* Loan amount of up to Rs.50 lakh
IDFC First Personal Loan
Top-Up Loans
* Interest rate starting at 10.99% p.a.
* Loans of up to Rs.10 lakh
* Tenure of up to 5 years
SMFG India Credit Personal Loan
Quick Approval
* Interest rates starting at 13% p.a.
* Loans of up to Rs.30 lakh
* Tenure of up to 60 months
IIFL Personal Loan
Easy Eligibility Checks
* Interest rates starting at 12.75% p.a.
* Loans of up to Rs.5 lakh
* Tenure of up to 42 months
HDBFS Personal Loan
Special Offers
* Interest rates up to 36% p.a.
* Loans of up to Rs.20 lakh
* Tenure of up to 5 years
SBI Personal Loan
Different Income Categories
* Interest rates starting at 11.35% p.a.
* Loans of up to Rs.30 lakh
* Tenure of up to 6 years
PNB Personal Loan
Affordable Interest Rates
* Interest rates from 11.40% p.a. onwards
* Loans of up to Rs.20 lakh
* Tenure of up to 72 months
Yes Bank Personal Loan
Quick Approval
* Interest rates ranging from 10.99% p.a. to 20% p.a.
* Loans of up to Rs.40 lakh
* Tenure of up to 6 years
Union Bank of India Personal Loan
Suitable for first time borrowers
* Interest rates (rack interest) ranging between 11.75% p.a. and 15.45% p.a.
* Tenure of up to 5 years
* Loans of up to Rs.15 lakh
IndusInd Bank Personal Loan
Flexible tenure
* Interest rates starting at 10.49% p.a.
* Loans of up to Rs.50 lakh
* Tenure of up to 6 years
IDBI Bank Personal Loan
Simple application process
* Interest rates ranging between 10.55% and 13.30% p.a.
* Tenure of up to 5 years
* Loans of up to Rs.5 lakh
Axis Bank Personal Loan
Minimum documentation
* Interest rates starting at 11.25% p.a.
* Loan amount of up to Rs.40 lakh
* Tenure of up to 7 years
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PERSONAL LOAN INTEREST RATES
The personal loan interest rates vary between 10.49% p.a. and 36% p.a. Depending
on the loan amount availed by you, your credit score, and repayment tenure, the
interest rate charged on your loan is decided. If you maintain a high credit
score and have a good relationship with the bank, then the interest rate on your
personal loan can be lowered.
HOW TO APPLY FOR A PERSONAL LOAN ONLINE
Applying for a personal loan online can be a convenient and straightforward
process. Here's a step-by-step guide:
* Step 1: Research Lenders - Start by researching various lenders to find the
best fit for your needs. Consider factors such as interest rates, repayment
terms, fees, and customer reviews.
* Step 2: Check Eligibility - Before applying, check the eligibility criteria
set by the lender such as age, income, credit score, employment status, and
residency.
* Step 3: Gather Documents - Prepare the necessary documents such as
identification proof, address proof, income proof and any other documents
required by the lender.
* Step 4: Calculate Loan Amount - Determine the loan amount you need and ensure
it aligns with your financial situation and repayment capability.
* Step 5: Visit Lender's Website - Go to the website of the chosen lender. Most
lenders have an online loan application process on their website.
* Step 6: Fill Out Application Form - Complete the online application form
accurately with all the required information. This typically includes
personal details, employment details, income details, loan amount, and
purpose of the loan.
* Step 7: Upload Documents - Upload the scanned copies or digital copies of the
required documents as specified by the lender.
* Step 8: Review and Submit - Review all the information you've provided to
ensure accuracy. Double-check the terms and conditions before submitting the
application.
* Step 9: Wait for Approval - After submitting the application, the lender will
assess your application, including your creditworthiness.
* Step 10: Loan Approval - If your application is approved, you'll receive a
loan offer detailing the loan amount, interest rate, repayment terms, and
other conditions. Review the offer carefully before accepting it.
* Step 11: Sign Agreement - If you're satisfied with the loan offer, you'll
need to electronically sign the loan agreement.
* Step 12: Disbursement - After signing the agreement, the lender will disburse
the loan amount to your bank account. This process typically takes a few
days.
* Step 13: Repayment - Make sure to repay the loan as per the agreed-upon terms
to avoid any penalties or negative impact on your credit score.
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USES OF PERSONAL LOAN
What can you use a personal loan for? Since it is an unsecured loan without the
need for any collateral, there are very few limitations on how you can use a
personal loan. It can broadly be used for consolidating your debt (from other
loans or credit cards), making high-value purchases for which you do not have
cash in hand, or for emergency situations.
It cannot be used for speculative purposes or for making investments in the
stock market. Some of the common reasons that people take out personal loans for
includes meeting sudden business or educational expenses, paying for a vacation,
buying high-end electronic gadgets or household appliances, wedding expenses,
emergency medical expenses, home renovations, etc.
It can also be used for buying a vehicle if the rate of interest is lower than
that of a vehicle loan. Thus, a personal loan has a wide variety of uses and can
come in handy for meeting either planned or emergency expenditure.
PERSONAL LOAN ELIGIBILITY CRITERIA
The following factors are taken into consideration when a lender goes through
your loan application. If you meet these criteria, you are eligible for a
personal loan:
Criteria
Salaried
Self-Employed
Age
21 years to 60 years
22 years to 55 years
Net Monthly Income
Rs.15,000
Rs.25,000
CIBIL Score
Above 750
Above 750
Minimum Loan Amount
Rs.50,000
Rs.50,000
Maximum Loan Amount
Rs.25 lakh
Rs.50 lakh
PERSONAL LOAN EMI CALCULATOR
Use BankBazaar Personal loan EMI calculator to calculate your EMI beforehand to
plan and manage your finances in a better way. Personal Loan calculator lets you
check your loan eligibility and helps you compare loans offered by different
banks.
All you need to do is enter the loan details, including your preferred loan
amount, interest rate, tenure, and processing fee. Hit "Calculate" to check your
EMI.
The result is followed by an amortisation table, which will give you a detailed
break-up of your repayment schedule.
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DOCUMENTS REQUIRED TO APPLY PERSONAL LOAN
You must submit a set of documents that lenders require when approving a
personal loan application. Here are the details for the documents needed for a
personal loan.
Requirements
Salaried Individuals
Self Employed
Proof of Identity
Passport, Voter's ID, Driving License or PAN Card
Passport, Voter's ID, Driving License or PAN Card
Proof of Residence
Passport or utility bills
Passport or utility bills
Proof of Income
Bank statement of salary account for the past two years
Audited financial statement of the past two years
If you are an NRI looking to borrow a personal loan, these are the documents
that you will need to submit to the lender:
* Copy of your Passport
* Visa Copy
* Your official Email ID or the Email ID of the HR
* Bank Statements
* Salary Certificate or salary slips
* NRO/NRE bank statements of the last 6 Months
* Proof of Identity, Residence, Income, and Assets
* Recent passport-size Photographs of yourself and the guarantors
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PERSONAL LOAN FEES AND CHARGES
The following are the charges and fees of the personal loans available from
various institutions.
* Processing fee
* Goods and Services Tax (GST)
* Verification charges
* Charges levied for issuing duplicate statement
* Penalty for defaults
* Penalty for pre-payment and part payment of loan
In addition to these, the lenders might also levy charges for documentation,
stamping, credit administration, collection, and so on. The levy and the rates
of these fees and charges differ from lender to lender. However, you can check
the fees and charges which are levied by the top lenders in India before you
apply for a personal loan.
PRE-PAYMENT AND PART PAYMENT IN PERSONAL LOAN
A personal loan is given for a stipulated time period. This period is known as
the loan repayment tenure. After you have taken a loan, you are expected to pay
the debt off by the end of the loan repayment tenure through EMIs. However,
after availing a loan, if you decide to pay off your debt before the end of the
loan repayment period, it is called pre-payment or foreclosure.
TYPES OF PRE-PAYMENT:
There are 2 types of pre-payment. They are full pre-payment and part pre-payment
and part payment.
1. Full Pre-Payment:
If you are paying off the whole outstanding loan amount before the end of the
loan repayment tenure, it is known as full pre-payment.
Advantages of full pre-payment:
* You can avoid paying hefty interest on your loan amount.
* If you have the money to pay off your debt completely, you might as well get
rid of the debt.
* You can avoid paying pre-payment interest as well, if you have taken the loan
from a lender who does not charge an interest on pre-payment of the loan.
Disadvantages of Full Pre-Payment:
* If your lender charges a penalty on pre-payment of the loan amount, you might
have to pay a big chunk of money for pre-paying your loan.
* Before you foreclose a loan, check the other factors related to it.
Foreclosing a personal loan means that you would be paying out a huge sum of
money at once. This might not always be the best option.
2. Part pre-payment:
If you are paying off a part of the outstanding loan amount before the end of
the loan repayment tenure, it is known as part pre-payment.
Advantages of part pre-payment:
* You can choose to pay off a part of your outstanding loan amount if you have
some readily available money.
* Part paying your loan will reduce the outstanding principal amount which, in
turn, will reduce the effective EMI amount.
* The overall interest that you pay will also reduce significantly.
Disadvantages of part pre-payment:
* If you do not make the part payment soon enough, you will not be able to
maximize your savings.
* If your lender charges a fee for part payment of personal loans, you might
have to spend a significant amount of money for the same.
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MODES OF LOAN PAYMENT OR REPAYMENT
There are a number of repayment modes which are offered by lenders. Although
these modes might differ from lender to lender, the most common modes of
repayment can be summed up as follows:
1. Electronic Clearance System (ECS): The ECS or Electronic Clearance System is
one of the most commonly used repayment methods. It is an electronic mode
through which funds are transferred from one bank to another.
2. Post Dated Cheques (PDCs): Post Dated Cheques, as the name suggests, are
cheques which are issued by you for a future date. The lender will use these
cheques on the mentioned date to deposit or encash the amount mentioned on
it.
3. National Automated Clearing House: The National Payment Corporation of India
(NPCI) offers a program called NACH to all the banks and financial
institutions. The NACH allows the processing of transactions in real time.
This method can be used for your loan repayments.
4. Debit mandate or standing instruction: You can give an instruction to your
bank to pay off a particular amount of money to another bank or bank account
at a regular interval. This is known as standing instruction or debit
mandate. Your bank will be paying off the stipulated amount towards the
repayment of your loan on a regular basis through this system.
DIFFERENT TYPES OF PERSONAL LOANS IN INDIA
One can use your loan for any purpose as long as it is legal. However, there are
certain lenders who provide different loan products on the basis of the purpose
which is mentioned by the borrower in the loan application. On the basis of
utilization, these are the different types of personal loans that can be availed
in India:
Types
Definition
Personal Loan for Wedding
As the name suggests, a loan which is offered particularly for the purpose of
meeting the expenses of a wedding is a wedding loan.
Personal Loan for Home Renovation
A home renovation loan allows you to pay for repairs or renovations to your
home.
Personal Loan for Vacations
A holiday loan is specially designed for vacations. You can avail a holiday loan
and pay off the expenses on a later day through easy EMI payments.
Personal Loan for Pensioners
A loan which is specifically offered to pensioners is known as a pension loan.
Personal Loan for Festivals
Certain lenders offer a personal loan exclusively for festivals. If you are
looking for a loan to make arrangements for a festival, you can apply for a
festival loan.
Medical Emergency Personal loans
Medical loans are basically loans taken out for the purpose of financing medical
care.
Note:Do not forget to check the eligibility criteria for the different types of
personal loans before you apply for one.
BUY NOW PAY LATER
Several retailers and banks are offering the Buy Now Pay Later (BNPL)scheme,
where borrowers who do not have a credit history can avail a short-term credit.
The credit-worthiness of the borrower is done with the help of analytics.
Tips for Using Buy Now Pay Later
Some of the main tips that must be considered when you opt for BNPL are
mentioned below:
1. Know your budget.
2. Read the returns policy carefully.
3. Check all the penalties and fees.
4. Understand the terms and payment details.
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PERSONAL LOAN TOP UP
A personal loan customer can avail an additional loan amount through the top-up
facility over his/her existing loan. The loan amount will be subject to the
terms and conditions set by the financial lender, while the interest rate may be
the same as the existing loan or could be up to 1% more than the interest rate
of the current loan. The tenure of the top-up personal loan will be subject to
that of the existing loan.
KEY FEATURES AND BENEFITS
* Existing personal loan customers are eligible for the loan top-up provided
that they have paid their EMIs regularly and have no pending payments.
* Quick or instant disbursal of the top-up loan amount.
* Minimum documentation required.
* Zero processing fee offered by a number of lenders.
* No collateral required.
PERSONAL LOAN BALANCE TRANSFER
The personal loan balance transfer facility gives customers the benefit of
transferring their existing loan to another financial lender. This can be done
if the other financial lender is offering a better interest rate, the tenure is
a lot more flexible, they wish for a top up on their existing loan, etc.
KEY FEATURES AND BENEFITS
* Get a reduced interest rate on the existing loan amount.
* Option to top-up the loan.
* Avail flexible repayment options.
* Avail benefits such as zero processing fee, waiver of last EMI benefit, etc.
* To get better customer care service.
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HOW TO CHOOSE THE RIGHT PERSONAL LOAN
Given below are the steps which you can follow to choose the right personal loan
for yourself:
Loan amount: Before proceeding with your decision to apply for a personal loan,
it is crucial to determine the loan amount you require. Once you have
established the desired loan amount, you can then calculate the equated monthly
installment (EMI) obligations based on the loan amount and tenure. Comparing
loan offerings from various lenders allows you to select a personal loan option
that aligns with your budget and financial goals.
Loan repayment tenure: Choosing a longer tenure reduces your monthly EMI burden
but entails paying more total interest over the loan duration. Conversely,
opting for a shorter tenure increases your EMI but results in savings on
interest payments. Select a tenure that matches your repayment timeframe; for
short-term needs, a longer tenure may not be necessary. Look for lenders
offering flexible tenure options to find a suitable arrangement that suits your
budget and repayment capacity.
Rate of interest: When acquiring a personal loan, prioritize the interest rate
as the primary factor. Strive to secure the lowest interest rate feasible to
reduce the overall loan expenses. Well-established banks typically provide
considerably lower interest rates compared to private lenders, who might levy
excessive rates. Thoroughly research and compare interest rates offered by
various banks to discover the most advantageous deal, utilizing online tools to
streamline the comparison process.
Minimum documentation: Managing a protracted application process can be tedious,
especially when urgent funds are needed. Many online lenders offer streamlined
procedures with minimal documentation, leveraging technology for swift
verification and decision-making. Explore pre-approved loan offers from familiar
banks or lenders for expedited approval, often requiring minimal additional
information. Documentation requirements may vary based on the loan amount, with
smaller loans typically involving simpler applications.
Processing Fees: The processing fee is a one-time charge levied by the lender to
cover administrative costs associated with handling your loan application. When
assessing lenders, consider both their processing fees and interest rates to
pinpoint the most economical choice. Avoid prioritizing a low processing fee if
it comes with a significantly higher interest rate compared to other lenders.
Zero Collateral: Personal loans are typically unsecured, meaning there's no
requirement to offer collateral as security for the loan. This lack of
collateral criteria often enhances the accessibility of personal loans for
eligibility, contrasting with secured loans like mortgages or auto loans. Since
no assets are pledged as collateral, there's no jeopardy of forfeiting them if
the loan defaults.
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WHY IS PERSONAL LOAN BECOMING FAMOUS IN INDIA
Some of the reasons why personal loan is becoming famous in India are given
below:
Amidst high inflation, a segment of the extensive Indian middle class has
curtailed expenditure on non-essentials over the past year, while concurrently
opting for credit to purchase consumer products. This trend has contributed to
India's consumption resilience, even amidst global economic slowdown
post-pandemic. Unsecured loans, which necessitate no collateral, serve as a
significant driver of this consumption surge.
The banking regulator has cautioned lenders to monitor unsecured loans closely,
encompassing consumer goods loans, personal loans, and credit cards. While
current official data doesn't raise significant concerns, certain lending
indicators merit attention.
Despite financial constraints, Indians are increasingly inclined towards travel,
driven by millennials, young professionals, and the burgeoning middle class.
Additionally, consumers are keen on upgrading consumer durables and are open to
EMI options if product prices are beyond immediate affordability.
HOW TO IMPROVE YOUR CHANCES OF GETTING A PERSONAL LOAN?
* Credit Clean-up: One of the main factors taken into consideration by lenders
is your credit score. Getting a personal loan is easier with a high credit
score. If your score is low, you must check your reports to see if there are
any errors. Sometimes, simple errors could have an adverse effect on your
scores, and if you find any of these, you must report them to CIBIL.
* Rebalancing your income and debts: Lenders ask for proof of income when you
apply for personal loans in order to ascertain your debt-to-income ratio.
Consider the sale of liquid assets like stocks or earning more through a
part-time job to increase your annual income. Doing so will increase your
debt-to-income ratio and increase your chances of getting a loan.
* Consider Co-signers/Guarantors: If you are finding it hard to get a personal
loan on your own accord, you can apply for one by adding a co-signer or
guarantor. The person you choose as a guarantor must have a good credit
score. Their main aim is to guarantee that you will repay the loan. However,
they will also be liable to repay the loan themselves if you are unable to do
so. Picking an individual with a credit score over 750 will considerably
increase your chances of getting a personal loan.
* Limit Your Borrowing: It can be risky to ask for more money than you require
to meet your financial targets. Make sure that you calculate how much you
need and apply only for that specific amount.
* Choose the Right Lender: Every lender has their own requirements when it
comes to credit scores and income. When looking for personal loans, pick a
lender whose eligibility criteria you meet and apply accordingly. The problem
with applying with multiple lenders is that each of them will check your
credit score, and each time your full credit report is pulled out, your
credit score drops, albeit marginally.
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HOW TO AVOID REJECTION OF PERSONAL LOAN APPLICATIONS?
The approval of a personal loan application depends on many factors. When you
apply for a loan, you should make sure that you are fulfilling all the factors
to ensure the approval of your loan application. The eligibility criteria for
personal loans may vary from lender to lender. However, there are some common
criteria which include the age of the applicant, his or her income, credit
score, the status of employment, and so on. Before you apply for a loan, make
sure that all the eligibility criteria are being fulfilled. This will help you
avoid the rejection of your loan application. Although there are other options
that you can resort to in case your loan application gets rejected, it is
recommended to double-check before applying to avoid the chances of rejection of
loan application.
HOW TO CHECK PERSONAL LOAN STATUS?
There are two main modes of checking the status of your loan application. Most
lenders offer both online and offline modes through which you can keep tracking
your loan status.
ONLINE MODE:
Most lenders offer the option of logging in to their official portal to help you
track the status of your loan application. You can use the application number or
reference number which is issued by the lender for this purpose. On the other
hand, if you have applied for a loan through a third-party aggregator website
such as BankBazaar, you can just log in to its web portal and track the status
of your loan application directly.
OFFLINE MODE:
If you are not comfortable using the online platform, you can also track the
status of your personal loan application through offline means. You can visit
the branch office of your loan provider and check the status of your loan
application. On the other hand, you can also connect with your lender over the
telephone through their helpline or customer care number.
For both these methods, you would be required to provide a few basic details
such as your name and the application number or reference number. Head to
BankBazaar to know more about how to track your personal loan status.
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HOW TO GET PERSONAL LOAN STATEMENT?
You can easily get in touch with your lender either through their online web
portal or in person and request your loan statement. On most lender websites,
you can just log in using your online credentials and provide your loan account
number.
Once you have tracked your account, you can request a statement which is either
sent to your registered email ID or provided in the form of a PDF file which can
be downloaded. Similarly, you can also visit the branch office of the lender
from where you have availed the loan and place a request for a statement. In
addition to that, you can raise a request for your personal loan statement
through phone banking as well.
TIPS FOR SUCCESSFUL PERSONAL LOAN APPLICATION
There are a few important things to keep in mind when searching for a personal
loan. Check out list of most helpful tips that will certainly help you with your
personal loans.
1. Assess the need for your loan
2. Do proper research to get the best rate
3. Check your credit history
4. Review the fine print on your loan document carefully
5. Choose your loan tenure by assessing your repayment ability
6. Choose an affordable interest rate
7. Select your loan amount as per your convenience
8. Check your EMIs properly
9. Compare the processing fee
10. Select fixed or variable interest rate according to your preference
Do's
Don'ts
Do proper research before you apply for a loan
Do not sign your loan documents without understanding every point
Do read the fine print carefully
Do not make multiple inquiries regarding loans from different banks
Do save your money carefully when you are repaying
Do not take a personal loan without any serious purpose
Do pay your loan instalment promptly every single time
Do not be in a hurry to end your loan comparison process
Do evaluate your credit score thoroughly
Do not forget to pay your loan instalments
Do apply for an affordable loan amount
Do not accept bad loan products
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THINGS TO DO AFTER CLOSING A PERSONAL LOAN
If you have recently paid off your personal loan (either repaid or foreclosed),
you might have the idea that your obligation towards the loan is over. However,
that is not the case. There are certain things that you should do after paying
off your personal loan.
* No Dues Certificate (NDC): The No Dues Certificate (NDC) is issued by your
lender once you pay off the debt. This is one of the most important documents
that you should collect immediately after paying off your loan. It is also a
wise decision to retain this document for an extended period of time. This
certificate validates the repayment that you have made. Without this
document, you cannot prove that you have paid off your debts. In case you are
looking forward to taking another loan in the near future, you will need this
document to prove that your previous loan has been paid off. Usually, this
document is issued on spot by your lender if you are paying off the final
amount through hard cash. If you are paying via check or NEFT or any other
means, the lender will issue the NDC and will either send it to your
registered address or will ask you to collect it from the branch office of
the lender.
* Statement of Account (SoA): The Statement of Account or SoA, along with the
NDC will help you prove that your debts have been completely paid off and
have been paid on time. This is an optional document which is often issued by
certain lenders. If your lender provides this document, you should consider
getting it. However, you should also look for any sorts of discrepancies in
the credit score. If you find something wrong, you can use the SoA to make
the necessary changes to it.
* Collection of unused cheques: If you have some cheque leaves which have not
been used, you should collect those as well. The collection of the No Dues
Certificate and the unused cheque leaves, usually, marks the end of the
closure process for the loan.
* Check your credit score after closing the loan: This is just a
recommendation. It is not compulsory to check the credit score after the
closure process ends. However, it is recommended that you check the score to
make sure there are no differences in the score. If there are some chances of
you availing another loan within 1 to 2 years of the closure of the current
loan, it is highly recommended that you check the credit scores right after
the closure of the loan.
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PERSONAL LOAN DISBURSEMENT
Personal Loan Disbursement is basically the process of the financial lender
remitting the loan amount in the bank account of the customer. The loan
disbursal takes place after the submission of relevant documents of the customer
and the verification and approval of the financial lender. Financial lenders
offer personal loan disbursals in a few seconds, while other take a few hours to
a few days to disburse the loan amount following approval.
HOW CAN I REPAY MY PERSONAL LOAN?
There are a number of ways by which you can repay your loan. These include:
* Via Electronic Fund Transfer (EFT)
* By cheque
* By physically paying at a branch of the lender
* Via standing instruction for automatic deduction from your account
RISKS AND CONSIDERATIONS
Some of the risks related to a personal loan scheme are mentioned below:
* High interest rate: If your credit score is low, then the bank may charge you
a higher interest rate since you might be at a risk of not being able to pay
your loan amount on time. Similarly, if you delay the payment of loan or
credit card bills, or any other loans, your credit score will drop, making it
difficult to apply for a personal loan. If you do apply for a loan in the
future, the bank will charge you a higher interest rate.
* Debt Burden and Financial Implications: If you avail yourself of a personal
loan, then it must be understood that it is a debt you owe to the bank.
Hence, it becomes important that you repay your loan on a timely basis. If
you fail to repay the loan amount on time, then you would be penalised for it
which in turn means you will have to pay more of your pocket, which in turn
will deplete your savings further. Hence, always avail a loan amount which
you can repay on time and do research all the personal loan schemes before
applying for the one most suitable for you.
* Impact on credit score: If you fail to repay your personal loan on time, your
credit score will be affected which in turn will make it more difficult to
apply for loans in future. Before applying for a personal loan, make sure you
do not have any outstanding amount or EMIs to be paid to any lenders. Repay
all your existing loans and then apply for a personal loan so that your
credit score remains high, and you avail a personal loan at a lower interest
rate.
* Hidden fees and charges: Most banks when offering personal loans may also
levy certain charges apart from the processing fee. These fees might be
prepayment fees, cancellation fees, prepayment fees, etc. Hence, do check or
simply enquire with the bank about such fees and charges so that you can
decide better the personal loan scheme most suitable for you.
* Potentially fraudulent activities: There is always a risk of potentially
fraudulent activities when you are looking to apply for a personal loan. Top
banks and lenders will always conduct their due diligence and will check your
credit score, employment status, etc. before deciding to approve your loan
application. A fraudulent company will not be interested in your credit score
and will promise you approved loans, while also asking you for upfront
payment. Make sure you conduct your own research such as whether the company
offering you a loan is a registered entity and recognised by the Reserve Bank
of India (RBI). If you have received any suspicious links which promise to
approve your loan application, do not click on it. Do conduct proper research
and check if the loan offering entity is authentic or not and then decide
whether to apply for a loan from them.
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FAQS ON PERSONAL LOANS
1. What is a Personal loan?
Personal Loan is a type of loan which you can avail to meet your immediate
financial requirements. You wish to go on a trip, or need funds for
marriage, or simply need cash to purchase any electronic appliance, or for
any other reason, then you can simply compare the various personal loan
schemes offered by various banks and apply for the one most suitable for
you.
2. How does a personal loan work?
You borrow a loan when you require credit. Once you submit your loan
application to a lender for a personal loan, the lender verifies and
approves it. Post this, the loan amount is disbursed into your bank
account. Once you receive the loan amount, you will need to repay the
lender via EMIs for the loan repayment tenure.
3. What is the maximum amount of loan I can get?
The maximum amount of loan depends on your monthly income. In India, there
are lenders who offer up to Rs.40 lakh.
4. What is a prepayment and how does it help in repaying my loan?
If you happen to get some extra money, you can pay it towards your loan
even before the EMIs are due. This is called prepayment. Every prepayment
you make goes towards reducing the outstanding principal component of your
loan. And since the principal reduces, your interest cost will also reduce.
Also, your tenure gets shortened this way, helping you pay off the loan
ahead of time.
5. What is the CIBIL score required to avail a personal loan?
Usually, banks will require your CIBIL score to be above 720 to provide a
personal loan. In case your credit score is less, your application may be
rejected or the personal loan will be provided with high interest rates.
6. What should I do if my personal loan application is rejected?
If your personal loan application is rejected, then it is mostly either due
to your low credit score or you do not meet the eligibility criteria. If
you meet the eligibility criteria and improve your credit score, your
personal loan application will not be rejected.
7. Can you get a mortgage loan if you have a personal loan?
Yes, you can, but it depends on your income and your ability to pay the
EMIs of both the home loan and the personal loan.
8. What can a personal loan be used for?
A personal loan can be used for holidays, to start a small business,
purchasing consumer goods, to purchase a vehicle, to pay friends and
family, to pay medical bills, and debt consolidation.
9. What is a pre-approved personal loan?
A pre-approved loan is one where the customer can apply for a loan and
possibly doesn't need to submit documents or go through the verification
process as he/she shares a healthy relationship with the bank as an
existing customer and has a clean repayment record.
10. What is Standing Instruction (SI)?
Standing instructions are basic instructions given by a bank customer to
the bank to make a payment to another bank account or the bank at regular
intervals or as a one-time payment, as per the requirement. As per the
instructions, the money in the bank account of the customer will be debited
and remitted to another account as per the specified time of the customer.
11. Do personal loans offer tax exemptions?
Personal loans only offer tax exemptions if you are using the loan amount
for renovation of your house, to pay for educational expenses, or to expand
your business.
12. Can I get a personal loan during Covid-19?
Yes, some of the leading banks in India were offering COVID-19 personal
loans. If you wish to apply for a personal loan, you can do so by applying
for it online on the bank's official website. Applying online was
recommended since the process was fast and hassle-free and allowed you to
maintain the social distancing norm laid down by the Government of India.
The interest rates offered vary from bank to bank and hence it was
recommended you compare various personal loans and then avail the one which
you felt was suitable for you. However, due to Covid now being kept under
check and with social distancing norms being eased, Covid based personal
loan schemes offered by most banks have now ceased to exist. However, you
can check with your bank whether they are still offering these types of
personal loan schemes to their customers or not.
13. How is my prepayment fee calculated?
This depends on your lender. Some lenders charge you a fixed fee for each
prepayment. Others may charge you a percentage of the amount outstanding or
a percentage of the amount prepaid.
14. Do personal loan pre-closures have certain terms and conditions?
Yes, financial lenders have their terms and conditions when it comes to
personal loan foreclosures. Usually, financial lenders allow loan
pre-closures only after the payment of 12 EMIs and charge a foreclosure
charge + GST on the outstanding loan amount.
15. How can I get my address changed in my Personal loan account?
You can change your address of residence linked to your Personal loan
account via your net banking account or by visiting the bank branch. At the
bank branch, you will have to fill in the address-change form and submit
relevant address proof documents that are authorised or attested by the
State or Central Government.
16. What is the minimum salary that an individual is required to earn to apply
for a personal loan?
The minimum salary requirement will vary from lender to lender. Most
lenders, however, will require you to earn at least Rs.15,000. If you
reside in a metropolitan city, you may have to earn between Rs.20,000 and
Rs.25,000.
17. What should I do if I want to repay my loan (partially or in full) during
the loan repayment term?
Most lenders will allow you to make pre-payments or pre-close your loan
during the loan repayment term. You will, however, have to pay a nominal
charge to the lender for doing the same. Keep in mind that most lenders
will only allow you to prepay or pre-close your loan after 1 year of
borrowing the loan. If you want to prepay/pre-close your loan, ensure that
you inform your lender of the same.
18. How do I cancel my personal loan after the loan is disbursed?
You can cancel your loan application before the loan amount is disbursed
into your account by submitting a written application for the same. You
will also need to pay the loan cancellation fee to the lender. Once the
loan amount has been disbursed into your account, most lenders will not
allow you to cancel it. You can, however, pre-close the loan. If you are
thinking of cancelling your loan because you pay a high interest rate on
your loan, you can consider transferring your outstanding loan balance to
another bank or financial institution.
19. How often should I repay my Personal loan?
This depends on the lender you choose. Normally, every personal loan
repayment is calculated on the basis of a monthly repayment pattern. It
includes the principal and interest components that you're expected to
repay each month.
20. Are there any charges for prepaying my personal loan?
Some lenders may ask you to pay a fee if you want to prepay a part of your
loan. Others may either waive the fee or may not have prepayment charges at
all.
21. When will a bank reject my personal loan application?
A bank can reject your personal loan application if you apply for a loan
for which you are not eligible. It can also reject your application if you
fail to submit the documents it requires.
22. How to Track Personal Loan Application status?
BankBazaar.com offers its loan applicants an active tracking tool through
both email and SMS allowing them to track daily updates of their loan
application.
23. How do I obtain a Duplicate Repayment Schedule for my Personal loan
account?
You can request the bank for a personal loan duplicate repayment schedule
either via your net banking account or by calling the customer care unit or
by writing to them via your registered email ID.
24. What happens if a personal loan is not paid?
If the borrower fails to pay the EMI, the bank charges a penal interest on
the overdue amount. Financial lenders usually charge a penal interest of
2%-3% per month of the overdue amount.
25. Where can I get a personal loan with bad credit and no checking account?
It could be hard to get a traditional personal loan from a bank with a poor
credit score and no checking account. However, certain lenders offer types
of personal loans such as payday loans for those with a poor credit score.
That said, the interest charged will be quite high.
26. Can I pay more than my EMI in personal loan?
Over your EMI, after a certain period following the disbursement of the
loan, you can make a part-payment towards the loan. The part payment will
further deduct the outstanding principal amount of the loan.
27. What is the easiest personal loan to get?
Compare and apply online for personal loans at BankBazaar and get an
instant assistant from them.
28. How much loan can I get if I earn a monthly salary of Rs.60,000?
For personal loans, most lenders fix the minimum monthly income requirement
between Rs.15,000 and Rs.25,000. Thus, if you have a monthly income of
Rs.60,000, you can be fairly certain that you won't find it difficult to
borrow a loan. The exact amount that you will be offered will, however,
vary based on your repayment capacity, debt-to-income ratio, the lender's
terms and conditions, etc.
29. How much loan can I get if my salary is Rs.25,000?
With a monthly salary of Rs.25,000, you are likely to be eligible to borrow
a loan. However, the lender will also check if you have any other
outstanding loans, your credit score, repayment capacity, etc. before
deciding how much you can borrow. You can use a personal loan eligibility
calculator tool to know how much you are eligible to borrow with a monthly
salary of Rs.25,000.
PERSONAL LOAN NEWS
CANARA BANK INTRODUCES HEALTHCARE LOANS AND SAVINGS ACCOUNTS FOR WOMEN
Canara Bank unveiled Canara Heal on Wednesday, 3 April 2024, a
healthcare-focused loan product designed to cover hospitalization expenses not
fully met by TPA healthcare insurance claims for self and dependents. A
Bengaluru-based public sector bank introduced Canara Angel, a customized savings
account for women featuring unique benefits such as a Cancer Care policy and
pre-approved personal loan Canara ReadyCash. Additionally, it launched Canara
MyMoney, an Online Loan against term deposit product. At the launch event,
Canara Bank signed MoUs with MediAssist Healthcare Services Ltd and Bajaj
Allianz General Insurance Company Ltd., aiming to enhance healthcare
accessibility and affordability for customers through the Canara Heal product.
5 April 2024
NEW RBI RULES ON LOANS
With effect from 1 April 2024, the Reserve Bank of India (RBI) has updated its
guidelines with respect to penal charges and penal interest on loan accounts.
The RBI has prohibited banks and finance companies from imposing penal interest,
which typically falls on customers for late EMI payments. Furthermore, they are
not allowed to add extra charges to the interest rate.
However, banks can continue to impose penalties. They cannot compute extra
interest on these fees or include them in the loan amount.
1 April 2024
PERSONAL LOAN RATES COULD INCREASE BY 1.5%
The Reserve Bank of India (RBI) has introduced new regulations that will make
obtaining personal loans more expensive and stricter in 2024. All regulated
entities (REs) have been instructed by the central bank to comply with these
regulations by 29 February 2024.
The RBI's decision to implement these new rules stems from its observation of a
significant increase in the number of applications for and approvals of
unsecured loans in recent years. Consequently, the central bank has opted to
raise the risk weight on consumer credit from 100% to 125%.
Previously, for every Rs.100 lent as a personal loan, lenders were required to
maintain a risk weight of 100%, equivalent to Rs.100. However, under the new RBI
guideline, the risk weightage is set at 125% of Rs.100, amounting to Rs.125.
This adjustment will lead to an increase in the cost of unsecured lending for
financial institutions such as banks and Non-Banking Financial Companies
(NBFCs).
31 January 2024
PRIVATE BANKS AGGRESSIVELY EXPAND THEIR PERSONAL LOAN BOOK
Private banks have seen continued growth in their personal loan portfolios
during the September-December quarter despite the Reserve Bank of India (RBI)
increasing risk weights for unsecured loans. Based on the latest quarterly
reports from these banks, their personal loan portfolios have witnessed
year-on-year (yoy) increases ranging from 10% to 86%.
Key players such as ICICI Bank, Kotak Mahindra Bank, and Axis Bank have reported
growth rates of 37%, 32%, and 28% yoy, respectively. Meanwhile, other banks like
IndusInd Bank and Federal Bank have displayed more aggressive growth, with
increases of 57% and 86% yoy, respectively. The largest private lender, HDFC
Bank, experienced a relatively slower growth rate of 10% yoy.
30 January 2024
RBI REGULATIONS HAVE NO NEGATIVE IMPACT ON PERSONAL LOANS FROM SHRIRAM FINANCE,
ACCORDING TO REVANKAR
Umesh Revankar, the Executive Vice-Chairman of Shriram Finance, stated that the
personal loan segment of Shriram Finance has not been adversely impacted by the
Reserve Bank of India's tightening of norms on risk weights.
He explained that this lack of impact is primarily because most personal loan
customers are existing ones.
Additionally, Revankar mentioned that the company anticipates obtaining an asset
reconstruction company (ARC) license from the RBI during the last quarter of the
current financial year.
This ARC will operate as a 100% subsidiary of Shriram Capital and will focus on
acquiring retail loans, excluding microfinance loans.
28 January 2024
DIGITAL LENDERS PIVOT STRATEGY AS RBI'S RISK WEIGHT HIKE PROMPTS RETREAT FROM
SMALL-TICKET PERSONAL LOANS
In response to the Reserve Bank of India's (RBI) decision to increase risk
weights on unsecured loans, digital lenders are actively seeking to decrease
their exposure to small-ticket personal loans. Expecting a forthcoming rise in
funding costs, they have scaled back disbursal targets for loans below Rs.
50,000 and are contemplating diversifying their product offerings and customer
base.
Industry estimates suggest that 70-75% of digital lenders' total advances
comprise small-ticket loans below Rs. 50,000. Some digital lenders may decrease
their small-ticket loan portfolios and explore more secure portfolios due to the
anticipated increase in the cost of funds. This selectivity is expected to
reduce the credit flow to first-time borrowers, particularly young individuals
without a prior credit history, who may encounter difficulties in securing loans
from digital lenders as screening parameters are tightened. Various banks and
non-banking finance companies have also instructed their fintech partners to
limit the issuance of small personal loans.
8 December 2023
PAYTM SHIFTS STRATEGY & PHASES OUT EMPHASIS ON SMALL-TICKET LOANS BELOW RS.
50,000 WITH A FOCUS ON POSTPAID LOAN SEGMENT
Fintech powerhouse Paytm is adjusting its focus away from small-ticket loans
under Rs. 50,000, primarily impacting its postpaid loan segment. During an
investor call, Paytm revealed its intention to continue the postpaid offering,
albeit at a significantly reduced growth rate compared to previous levels. The
decision follows a recent report suggesting a temporary suspension of postpaid
loan operations due to increased caution among Paytm's NBFC partners following
the Reserve Bank of India's (RBI) tightened norms on unsecured lending.
Although the report claimed a withdrawal by major partner Aditya Birla Capital,
Paytm refuted the assertion, maintaining Aditya Birla Capital's ongoing
partnership. However, users have reported issues accessing the postpaid loan
section on the Paytm app, displaying a maintenance message. Despite this, Paytm
clarified that the postpaid loan product would not be discontinued but would be
restricted to certain users. The company stated that the recalibration of the
sub-Rs. 50,000 portfolio was prompted by recent macro developments and
regulatory guidance, aligning with its commitment to maintaining a healthy
portfolio.
8 December 2023
RBI DIRECTS LENDERS TO OFFER FIXED RATE OPTION TO PERSONAL LOAN BORROWERS DURING
INTEREST RATE RESET
The Reserve Bank of India (RBI) issued a directive to all regulated entities,
including banks and NBFCs, regarding personal loan borrowers on 18 August. The
directive mandates that borrowers of personal loans with floating interest rates
be offered the option to switch to a fixed interest rate regime during the
interest rate reset. Additionally, borrowers must have the flexibility to choose
between increasing their EMI or extending the loan tenure.
The supervisory reviews conducted by the RBI, along with feedback from the
public, have revealed several instances where lenders have unreasonably extended
the tenor of floating rate loans without proper consent or communication to
borrowers. Banks have the authority to alter interest rates during the loan term
by adjusting the internal benchmark rate and the spread, potentially negatively
impacting borrowers and monetary transmission. Complaints from borrowers include
arbitrary changes or resets of EMIs and unnotified extensions of loan tenures.
Furthermore, borrowers have expressed concerns about the lack of information
regarding foreclosure charges. The RBI has also identified that prolonged
elongation of loan tenures has concealed underlying stress in banks, emphasising
the need for increased transparency and borrower-focused practices within the
lending industry.
31 August 2023
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