A Personal Loan is a type of unsecured advance profited by people based on particular criteria, for example, level of wage, business history, financial assessment, and extension for reimbursement. The advance is typically taken for the satisfaction of individual needs from a managing an account establishment or a non-keeping money monetary organization (NBFC). Borrowers can utilize online devices accessible at impartial budgetary sites, for example, the Personal Loan EMI Calculator, to evaluate the intrigue payout all through the residency before applying for an individual advance.
A brief money related emergency can transpire independent of his or her general monetary status. Individual advances are an incredible method to counterbalance any such transitory budgetary emergency as it enables the clients to profit a credit with no preconditions on the utilization of assets. Individual advances have a speedy endorsement component with advances getting cleared as ahead of schedule as inside 24-48 hours of the advance application accommodation.
Bank/NBFC | Rate of Interest | Loan Processing Charges | Prepayment/ Foreclosure Charges | Cheque Bounce Charges |
Axis Bank | 15.50% to 24% | 1.50% to 2.00% + GST as applicable | Nil | Rs. 500 per cheque bounce + GST as applicable |
SBI | Personal Loans Scheme (SBI Saral): 8. 50% above Base Rate floating | 2.02%-3.03% of the loan amount. | Nil | NA |
HDFC Bank | 15.75% to 20% | Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 25000/- for Salaried Customers. | Salaried – 13-24 Months – 4% of Principal Outstanding, 25-36 Months – 2% of Principal Outstanding >36 Months – NIL | NA |
Bajaj Finserv | 16% | 2% – 3% of the loan amount | Nil | Rs. 1,000 for every bounce |
ICICI Bank | 13.99% to 18.00% | Up to 2.25% of loan amount plus GST | The lower of the two amounts given below: 1) 5% of principal outstanding or 2) Interest outstanding for the unexpired period of the loan. | NA |
Various banks and NBFC’s offer personal loans to all applicants fulfilling their basic eligibility criteria. While different banks have different minimum eligibility criteria, the criteria common for most banks and NBFCs for individuals requesting a personal loan include:
Particulars | Salaried | Self-Employed |
Age(Min-Max) | 23 years to 58 years | 28 years to 65 years (25 years for doctors) |
Income | Rs.17,000 (Rs.25,000 for metro cities) |
|
CIBIL Score | Above 750 | Above 750 |
Minimum Loan Amount | Rs.75,000 | Rs.75,000 |
Maximum Loan Amount | Rs.20,00,000 | Rs.15,00,000 |
Different banks and NBFCs have different minimum documentation requirement for personal loans. The common documents required by most banks and NBFCs for individuals requesting a personal loan include :
Personal Loan Application Checklist
Different banks and non-banking financial companies offer different interest rates for personal loans. Most banks have their own unique different classification based on which interest rates are calculated. Personal loan interest rates of various banks vary from 10.85 to 18.50% depending on the eligibility criteria, the loan amount and the tenure period of the personal loan.
Bank Name | Interest rates |
SBI | 12.5% to 16.5% p.a. |
ICICI | 11.59% to 18.49% p.a. |
Axis Bank | 15.50% to 24% p.a. |
HDFC Bank | 15.75% to 20% p.a. |
Citibank | 14.25% to 19.99% p.a. |
Standard Chartered | 11.99% to 17% p.a. |
TATA Capital | 13.99% to 17.5% p.a. |
Oriental Bank | 11.20% to 12.95% p.a. |
Capital First | 13% to 18.45% p.a. |
IndusInd Bank | 11.25% to 26% p.a. |
Fullerton India | 21% to 40% p.a. |
Kotak Mahindra | 11.5% to 24% p.a. |
Aditya Birla | 14% to 16% p.a. |
Before you apply for a personal loan, you need to make sure that you focus on certain elements carefully so that you make a sensible financial decision.
Copyrights © 2017 - 2024 All Rights Reserved.