Personal Loan

Personal loans with rates starting at 10.75%*

Loans for everyone, under one roof! It’s safe and secure.

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

Personal loans are an unsecured form of credit that is popular to meet immediate requirements. It is multi-purpose in nature and therefore can be used for various purposes including wedding, home renovation, travel purposes and more. Moreover, there is no restriction for the amount borrowed and can be used for any purpose they want. In fact, a personal loan can help you build your credit faster when compared with other forms of credit. This is because of the risk it carries due to being unsecured.

All in all, a personal loan can offset any temporary financial crisis.

Benefits and Features of Personal Loan

No collateral required

One of the benefits associated with an online personal loan is that it is unsecured in nature. This means you don’t need to pledge any collateral for your loan. Although this can be a reason for your interest rate, you can get a low-interest personal loan easily if you meet the eligibility requirements.

Minimal Documentation

In this age of digitisation, the process of verification and documentation has now become short. This is applicable for an instant personal loan as they are fast in disbursal and require minimum documents for approval.

Easy Approval

You can get personal loans that are quick and easy in approval. This is why it is the best bet in times of financial emergency. Moreover, the process has become digital; thus reducing time in the verification process.

Multipurpose in nature

A personal loan can be used for anything except for investment and illegal activities. Apart from that, it is multipurpose in nature and can be used for anything. Other forms of credit when taken are for a specific purpose and can be used only for the same. For example, a home loan is used for purchasing a house whereas a car loan is taken to buy a car. However, a personal loan can be taken to offset any immediate requirements.

Personal Loan Eligibility

Personal loans are provided by most of the banks/NBFCs but with different eligibility requirements. However, there are certain criteria that are common for all financial institutions. The eligibility criteria to get an online personal loan approval for salaried and self-employed individuals are:

Age18/21 years – 60/65 years
Employment Type1. Salaried
2. Self-Employed professionals
Credit score750 or above with a good credit history
Minimum Net Income (Monthly)
  • ₹15,000(non-metro cities)
  • ₹20,000( metro cities)
Loan AmountUp to ₹50 lacs depending on the credit profile
Work ExperienceSalaried
  • Employed at current company for at least 6/12 months
Self-Employed
  • Business tenure of at least 3 years (continuous)
  • ITR of last 3 years
 

Documents Required for Personal Loan

The common documents required for an online personal loan approval are given below:

For Salaried Individuals

1. Identity & Age Proof

2. Completely filled personal loan application with photograph

3. PAN Card

4. Residence proof – Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)

5. Bank statements for the last 3 months(preferably your salary account)

6. Salary Slips of last 3 months

7. Form 16 or Income Tax Returns of last 3 years

For Self-Employed Individuals

1. Identity & Age Proof

2. Completely filled personal loan application with photograph

3. PAN Card

4. Residence proof – Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)

5. Bank statements for the last 3 months(preferably your salary account)

6. Salary Slips of last 3 months

7. Last 3 years Income Tax Returns with computation of Income

8. Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Personal Loan Comparison Table

Here is a comparison table of the popular personal loans online along with their processing fees, preclosure charges and interest rate:

BANK/NBFCInterest Rate(pa)Loan AmountProcessing FeesPart PaymentPre-closure ChargesLocking PeriodTenure
IDFC First Bank11.69% – 15.00% (BT rates starts from 11.50%)1Lakh to 20LakhsUp to 2.0% of the loan amountUp to 40% of loan amount every year3% on your principal outstanding + GST3 months12 to 60 months
HDFC Bank10.99% – 20.00%50k to 40LakhsUp to 2.50% of the loan amount subject to a minimum of ₹1,999/- & Maximum of ₹25000/-Up to 25% of Principal Outstanding allowed13-24 Months – 4% of Principal Outstanding

25-36 Months – 3% of Principal Outstanding

>36 Months – 2% of Principal Outstanding

>48 months – 0%
12 Months12 to 60 months
ICICI Bank11.50% – 16.75%50k to 25 LakhsUp to 2.25% per annum of loan amount plus GSTNot available5% per annum of principal outstanding plus GST6 months12 to 60 Months
Bajaj Fiserv12.00% – 16.00%1 Lakh to 20 LakhsUp to 3.99% of the loan amountShould be more than 1 EMI (2% + applicable taxes on part-payment amount paid)4% plus applicable taxes on principal outstanding1 month12 to 60 Months
Kotak Bank11.00% – 24.00%1Lakh to 30LakhsUp to 2.5% of the loan amount + GST and other applicable statutory levies5% of the outstanding amount + GST on principal outstanding12 months12 to 48 Months
TATA Capital11.75%-19.00%75k to 20LakhsFrom ₹999/- Up to 2.0% of the loan amount and applicable Service TaxUp to 25% of the principal outstanding (2% of the amount paid + GST)

*Maximum of 50% of the principal outstanding permissible
>6 months – 4% of principal outstanding

>12 months – NIL

BT – 5% of the principal outstanding
6 Months12 to 72 Months
IndusInd Bank11.49% – 20.00%1Lakh to 20LakhsUp to 2.50% of the loan amount plus taxSalaried: 4% of the principal outstanding after repayment of 12 EMIs.

Self Employed: 4% of the principal outstanding after repayment of 6 EMIs
1 Year12 to 60 Months
Fullerton12% – 25%65k to 20Lakhs3% – 6% of the loan amount plus GST Within 7 months to 17 months – 7%
Within 18 months to 23 months – 5%
Within 24 months to 35 months – 3%
After 36 months – NIL
6 Months12 to 60 Months
IIFL12.99% – 20.00%1Lakh to 20LakhsUp to 2% of the loan amount plus GSTUp to 4% of the Principal Outstanding

>12 Months – NIL
6 Months12 to 60 Months
RBL Bank14.00% – 20.00%1Lakh to 20Lakhs1.5% of the loan amount (Non Refundable fee of Rs 7500 Upfront, Rest at the time of disbursal)NILNIL12 months12 to 60 Months
Yes Bank10.75% – 16.99%1Lakh to 25LakhsUp to 2.50% of the loan amount subject to a minimum of ₹999/- plus taxes• 20% Principal Outstanding for 12 – 24 months
• 20% Principle Outstanding for 25 – 36 Months
• 25% Principal Outstanding for 37 – 48 Months
• 25% Principal Outstanding for 49 – 60 Months


1% plus applicable taxes on part payment amount paid
13 – 24 months – 4% of principal outstanding
25 – 36 months – 3% of principal outstanding
37 – 48 months – 2% of principal outstanding
>48 Months – Nil
12 months12 to 60 Months

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

Representative Example:

With a representative 10.75% APR based on borrowing ₹ 10 lacs and repaying over 60 months with 60 monthly repayments. Monthly repayments of ₹ 21618.

Types of Personal Loan:

Here are the different types of online personal loan:

    • Personal Loan for Home Improvement

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

    • Personal Loan for wedding

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

    • Personal Loan for Travel

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

    • Fresh Funding

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

    • Top Up Personal Loan

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

    • Personal Loan Balance Transfer

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

 

 

Personal Loan Interest Rates

Personal Loan Details
Interest Rates10.75% – 35%
Processing FeeDiffers from bank to bank; generally ranges between 1-3% of the loan amount
Loan Tenure12 months to 60 months
Loan Amount₹15000 – ₹50 lakhs
Lock-in periodVaries from lender to lender
Preclosure ChargesDiffers; Generally between 2%-5% of the loan outstanding
Guarantor RequiredVaries 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 NameInterest rate (p.a)Loan Amount
1Yes Bank10.75% – 16.99%₹1 lakh – ₹25 lakhs
2ICICI Bank11.50% – 16.75%₹50k – ₹25 lakhs
3HDFC Bank10.99% – 20.00%₹50k – ₹40 lakhs
4Kotak Bank11.00% – 24.00%₹1 lakh – ₹30 lakhs
5Tata Capital11.75%-19.00%₹75k – ₹20 lakhs
6IndusInd Bank11.49% – 20.00%₹1 lakh – ₹20 lakhs
7IDFC First Bank11.69% – 15.00% BT rates starts from 11.50%)₹1 lakh – ₹20 lakhs
8Bajaj Finserv12.00% – 16.00%₹1 lakh – ₹20 lakhs
9IIFL12.99% – 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.

ParticularsSalaried Individual
Interest Rate10.75% – 16.99%
Loan Tenure12-60 months
Age22 to 60 years (at the time of loan maturity)
Processing FeeUp to 2.50% of the loan amount subject to a minimum of ₹999/- plus taxes
Lock-in period12 months
Prepayment/ Preclosure charges13 – 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.

ParticularsSalaried Individual
Interest Rate11.50% – 16.75%
Loan Tenure12-60 months
Age23 years to 58 years (at the time of loan maturity)
Processing FeeUp to 2.25% per annum of loan amount plus GST
Lock-in period6 months
Prepayment/ Preclosure chargesUp 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.

ParticularsSalaried Individual
Interest Rate10.99%-20%
Loan Tenure12-60 months
Age21 years – 60 years
Processing FeeUp to 2.50% of the loan amount subject to a minimum of ₹1,999/- & Maximum of ₹25000/-
Lock-in period12 months
Prepayment/ Preclosure charges13-24 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.

ParticularsSalaried Individual
Interest Rate11.00% – 24.00%
Loan Tenure12-48 months
Age21 years – 58 years
Processing FeeUp to 2.5% of the loan amount + GST and other applicable statutory levies
Lock-in period12 months
Prepayment/ Preclosure charges5% 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.

ParticularsSalaried Individual
Interest Rate12.00% – 16.00%
Loan Tenure12-60 months
Age25 years – 58 years
Processing FeeUp to 3.99% of the loan amount
Lock-in period1 months
Prepayment/ Preclosure charges4% 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.

ParticularsSalaried Individual
Interest Rate12.99% – 20.00%
Loan Tenure12-60 months
Age21 years – 60 years
Processing FeeUp to 2.00% of the loan amount plus GST
Lock-in period9 months
Prepayment/ Preclosure chargesUp 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.