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Int Rates :
10.25%-12.25%
Max Tenure :
1-6 Years
Loan Amt :
Min. 50,000 Max. as per eligibility
Processing Fee:
Rs 4719
Int Rates :
13.00% - 15%
Max Tenure :
1-7 Years
Loan Amt :
Upto Rs.35 Lacs
Processing Fee:
Upto 1.50%
Int Rates :
10.75% - 13.45%
Max Tenure :
1-5 Years
Loan Amt :
Min. 50,000 Max. as per eligibility
Processing Fee:
upto 3999 + GST
Int Rates :
10.50% - 17.50%
Max Tenure :
1-6 Years
Loan Amt :
Min. 50,000 Max. as per eligibility
Processing Fee:
Rs.4999 for Special offers otherwise 1% - 1.5%
Int Rates :
11.00% - 12.50%
Max Tenure :
1-5 Years
Loan Amt :
Rs.1,00,000 - Rs.50,00,000
Processing Fee:
1%
Int Rates :
10.50% - 16.99%
Max Tenure :
1-5 Years
Loan Amt :
Rs.100,000 - Rs.20,00,000
Processing Fee:
0.99% - 2.0% of Loan Amount
Int Rates :
11.99% - 17%
Max Tenure :
1-6 Years
Loan Amt :
Rs.75,000 - Rs.15 Lacs
Processing Fee:
1.50%-2.00%
Int Rates :
11.99% - 26%
Max Tenure :
1-5 Years
Loan Amt :
Rs.50,000 - Rs.15,00,000
Processing Fee:
1.00%-2.00%
Int Rates :
12.99% - 20%
Max Tenure :
1-5 Years
Loan Amt :
Rs.1,00,000 - Rs.25,00,000
Processing Fee:
0.5% -2%
Int Rates :
10.75% - 16.99%
Max Tenure :
1-6 Years
Loan Amt :
Rs.100,000 - Rs.40,00,000
Processing Fee:
1-2%
Int Rates :
10.75% - 16.99%
Max Tenure :
1-5 Years
Loan Amt :
Rs.100,000 - Rs.30,00,000
Processing Fee:
1.00%-2.00%
Int Rates :
99
Max Tenure :
99
Loan Amt :
99
Processing Fee:
99
Int Rates :
10.25%-12.25%
Max Tenure :
1-6 Years
Loan Amt :
Min. 50,000 Max. as per eligibility
Processing Fee:
Rs 4719
Int Rates :
13.00% - 15%
Max Tenure :
1-7 Years
Loan Amt :
Upto Rs.35 Lacs
Processing Fee:
Upto 1.50%
Int Rates :
10.75% - 13.45%
Max Tenure :
1-5 Years
Loan Amt :
Min. 50,000 Max. as per eligibility
Processing Fee:
upto 3999 + GST
Int Rates :
10.50% - 17.50%
Max Tenure :
1-6 Years
Loan Amt :
Min. 50,000 Max. as per eligibility
Processing Fee:
Rs.4999 for Special offers otherwise 1% - 1.5%
Int Rates :
11.00% - 12.50%
Max Tenure :
1-5 Years
Loan Amt :
Rs.1,00,000 - Rs.50,00,000
Processing Fee:
1%
Int Rates :
10.50% - 16.99%
Max Tenure :
1-5 Years
Loan Amt :
Rs.100,000 - Rs.20,00,000
Processing Fee:
0.99% - 2.0% of Loan Amount
Int Rates :
11.99% - 17%
Max Tenure :
1-6 Years
Loan Amt :
Rs.75,000 - Rs.15 Lacs
Processing Fee:
1.50%-2.00%
Int Rates :
11.99% - 26%
Max Tenure :
1-5 Years
Loan Amt :
Rs.50,000 - Rs.15,00,000
Processing Fee:
1.00%-2.00%
Int Rates :
12.99% - 20%
Max Tenure :
1-5 Years
Loan Amt :
Rs.1,00,000 - Rs.25,00,000
Processing Fee:
0.5% -2%
Int Rates :
10.75% - 16.99%
Max Tenure :
1-6 Years
Loan Amt :
Rs.100,000 - Rs.40,00,000
Processing Fee:
1-2%
Int Rates :
10.75% - 16.99%
Max Tenure :
1-5 Years
Loan Amt :
Rs.100,000 - Rs.30,00,000
Processing Fee:
1.00%-2.00%
Int Rates :
99
Max Tenure :
99
Loan Amt :
99
Processing Fee:
99
| # | Financial Institutions | Rate of Interest | Processing Fee | Loan Amount | Fore Closure Conditions and Charges | Part Payment Option | Disbursal TAT | Minimum Monthy Income | Tenure |
|---|---|---|---|---|---|---|---|---|---|
| 1 | HDFC | 10.25%-12.25% | Rs 4719 | Min. 50,000 Max. as per eligibility | 4% fo Loan Amount Less than 10 Lakhs and NIL Charges for Loan Amount More than 10 Lakhs(Allowed after 12 EMI's) | Yes | 3 - 4 Working Days | Rs 25000 | 1-6 Years |
| 2 | Bajaj Finance | 13.00% - 15% | Upto 1.50% | Upto Rs.35 Lacs | 4% Charges( Allowed after 1 EMI) | Yes | 24 Hrs | Rs 40000 for Metro and Rs 25000 for Non Metro | 1-7 Years |
| 3 | IDFC | 10.75% - 13.45% | upto 3999 + GST | Min. 50,000 Max. as per eligibility | Nil (For Loan amount>10 lakhs and 12 EMI paid), else 4% | No | 1 - 2 Working Days | Rs 20000 | 1-5 Years |
| 4 | ICICI | 10.50% - 17.50% | Rs.4999 for Special offers otherwise 1% - 1.5% | Min. 50,000 Max. as per eligibility | Nil (For Loan amount >10 lacs & 12 EMI paid), else 4% | No | 1 - 2 Working Days | Rs 25000 | 1-6 Years |
| 5 | Standard Chartered | 11.00% - 12.50% | 1% | Rs.1,00,000 - Rs.50,00,000 | Upto 5% | No | 1 - 2 Working Days | Rs 25000 | 1-5 Years |
| 6 | Kotak Mahindra | 10.50% - 16.99% | 0.99% - 2.0% of Loan Amount | Rs.100,000 - Rs.20,00,000 | Zero (if loan Amount is more than 10 lakhs) Else 4% | Yes | 3 - 4 Working days | Rs 25000 | 1-5 Years |
| 7 | Tata Capital | 11.99% - 17% | 1.50%-2.00% | Rs.75,000 - Rs.15 Lacs | 4% Charges( Allowed after 1 EMI) | Yes | 1 - 2 Working Days | Rs 25000 | 1-6 Years |
| 8 | Fullerton India | 11.99% - 26% | 1.00%-2.00% | Rs.50,000 - Rs.15,00,000 | 7% Before 12 EMI and 5% After 12 EMI | No | 4 - 5 Working Days | Rs 20000 | 1-5 Years |
| 9 | IndusInd Bank | 12.99% - 20% | 0.5% -2% | Rs.1,00,000 - Rs.25,00,000 | 4% Charges( Allowed after 12 EMI) | No | 4 working days | Rs 25000 | 1-5 Years |
| 10 | Yes Bank | 10.75% - 16.99% | 1-2% | Rs.100,000 - Rs.40,00,000 | 4% Charges( Allowed after 12 EMI) | Yes | 3 - 4 Working days | Rs 25000 | 1-6 Years |
| 11 | Axis Bank | 10.75% - 16.99% | 1.00%-2.00% | Rs.100,000 - Rs.30,00,000 | 4% Charges( Allowed after 1 EMI) | Yes | 48 Working days | Rs 20000 | 1-5 Years |
| 12 | asd | 99 | 99 | 99 | 99 | 99 | 9 | 9 | 99 |
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.
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.
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.
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.
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 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
|
The common documents required for an online personal loan approval are given below:
A personal loan is the best option to get access to funds in case of an emergency. Once you fulfill the necessary Personal Eligibility Criteria, you can meet any expense like medical emergency, travel needs, education fees, etc. with this simple, unsecured loan.
Here are different types of personal loans available in India:
