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Verification

Documents Required :
For Salaried : PAN Card, Residence Proof (Aadhaar / Voter Card), Salary slip, 6 months Net Banking Statement.
For Self Employed : PAN Card, Residence Proof (Aadhar, Voter Card etc.), 3 years ITR + Balance Sheet, 12 months Net Banking Statement, Business Registration Proof.

Submit Documents : Clear Documents can be mailed to info@emibaba.com or whatsapp to 9582782782

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:

Personal Loan – Lowest Interest Rates

Banks/Rates Salaried
  Category A Category B Others
       
ICICI Bank 13.49% – 14% 16% 16%
(Specific Companies Only) (Salary Greater Than 75,000) (Salary Above 75,000)
15.50% 16.50% 16.50%
(Salary Greater Than 75,000) (Salary Between 50,000 -75,000) (Salary 50,000 -75,000)
16% 17% 17%
(Salary Between 50,000 -75,000) (Salary Between 35,000 -50,000) (Salary 35,000 – 50,000)
16.50% 17.50% 17.50%
(Salary between 35,000 -50,000) (Salary Between 20,000 -35,000) (Salary 20,000 -35,000)
17% 17.50% 17.50%
(Salary between 20,000 -35,000) (Salary Less Than 20,000) (Less Than 20,000)
17%    
(Salary Less Than 20,000)    
       
HDFC Bank 13.99% – 14.75% 15.75% 20%
(Specific Companies Only) (Salary Greater Than 75,000)
15.75% 16.25%
(Salary Greater Than 75,000) (Salary Between 50,000 -75,000)
16.25% 17%
(Salary Between 50,000 -75,000) (Salary Between 35,000 -50,000)
17% 18.25%
(for 35,000-50,000 salary) (Salary Less Than 35,000)
18.25% 11.99% – 13.75%
(Salary Less Than 35,000) (Special Rate for Loan Between 10lakhs – 20lakhs)
11.99% – 13.75%  
(Special Rate for Loan Between 10lakhs – 20lakhs)  
       
Bajaj Finserv 15% – 16% 16% 16.50% – 17%
       
ING Vysya 13.50% 13.50% 14.99%
Salary Greater Than 1.5 Lakhs Salary Greater Than 1.5 Lakhs (Salary Above 75,000)
13.75% 13.75% 16.75%>
Salary Between 1 Lakh – 1.49 Lakhs Salary Between 1 Lakh – 1.49 Lakhs (Salary 40,000 -75,000)
13.99% 14.25% 18.25%
Salary Between 75000 – 1 Lakh Salary Between 75000 – 1 Lakh (Salary 25,000 – 40,000)
16.25% 16.25%  
Salary between 40,001 – 69,999/td> Salary between 40,001 – 69,999 0.5% Waiver for Ing Salary Account Holder)
17.25% 17.25%  
Salary between 25000-40000 Salary between 25000-40000  
0.5% Waiver for Ing Salary Account Holder) 0.5% Waiver for Ing Salary Account Holder)  
       
Kotak Bank 13.50% 16.50% 17%
(For Special Companies)    
15%    
       
Fullerton India 16% – 32% 16% – 32% 16% – 32%
       
Standard Chartered Bank 16% – 17% 17% – 18% 19% – 22%
       
HDB Financial Services 16% 16% 17%
Salary Greater Than 75000 Salary Greater Than 75000 Salary Greater Than 75000
17% 17% 18%
Salary 35,000-75,000 Salary 35,000-75,000 Salary 35,000-75,000
18% 18% 21%
Salay Less Than 35,000 Salay Less Than 35,000 Salay Less Than 35,000
       
Citibank 16% 17% 17%
Salary Less Than 30,000 Salary Less Than 30,000 Salary Less Than 30,000
15% 16% 16%
Salary Greater Than 35,000 Salary Greater Than 35,000 Salary Greater Than 35,000
       
IndusInd Bank 14% 14.50> 15%
Salary Greater Than 1 Lakh Salary Greater Than 1 Lakh Salary Greater Than 1 Lakh
14.50% 15% 15.50%
Salary Between 50,000 – 1 Lakh Salary Between 50,000 – 1 Lakh  
16% 15.50% 16.50%
Salary Less Than 50,000 Salary Less Than 50,000 Salary Less Than 50,000
       
Axis Bank 15% 17% 19% – 20%
(For Super CAT A)
16%
(For CAT A)

*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 Interest Rates

Personal Loan Details
Interest Rates 10.75% – 35%
Processing Fee Differs from bank to bank; generally ranges between 1-3% 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 Varies on different conditions
 

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 ?

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 10.75% – 16.99% ₹1 lakh – ₹25 lakhs
2 ICICI Bank 11.50% – 16.75% ₹50k – ₹25 lakhs
3 HDFC Bank 10.99% – 20.00% ₹50k – ₹40 lakhs
4 Kotak Bank 11.00% – 24.00% ₹1 lakh – ₹30 lakhs
5 Tata Capital 11.75%-19.00% ₹75k – ₹20 lakhs
6 IndusInd Bank 11.49% – 20.00% ₹1 lakh – ₹20 lakhs
7 IDFC First Bank 11.69% – 15.00% BT rates starts from 11.50%) ₹1 lakh – ₹20 lakhs
8 Bajaj Finserv 12.00% – 16.00% ₹1 lakh – ₹20 lakhs
9 IIFL 12.99% – 20.00% ₹1 lakh – ₹20 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 10.75% – 16.99%
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% – 16.75%
Loan Tenure 12-60 months
Age 23 years to 58 years (at the time of loan maturity)
Processing Fee Up to 2.25% per annum of loan amount plus GST
Lock-in period 6 months
Prepayment/ Preclosure charges Up to 5% per annum of the principal outstanding plus service tax
 

*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 10.99%-20%
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 11.00% – 24.00%
Loan Tenure 12-48 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 12.00% – 16.00%
Loan Tenure 12-60 months
Age 25 years – 58 years
Processing Fee Up to 3.99% of the loan amount
Lock-in period 1 months
Prepayment/ Preclosure charges 4% plus applicable taxes on principal outstanding
 

*The figures provided in the table are indicative subject to change from time.

IIFL Personal Loan

Personal loans by IIFL are super fast in terms of disbursal. They are available at 0% part payment charges after a year.

Particulars Salaried Individual
Interest Rate 12.99% – 20.00%
Loan Tenure 12-60 months
Age 21 years – 60 years
Processing Fee Up to 2.00% of the loan amount plus GST
Lock-in period 9 months
Prepayment/ Preclosure charges Up to 4% of the Principal Outstanding
NIL after 12 Months
 

*The figures provided in the table are indicative subject to change from time.

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 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 for non-metro cities and ₹20,000 for metro cities.