Personal Loans

Compare & Apply for Personal Loan

Choose Your Work Profile

Current City of Residence?

Date Of Birth

Current Company Name

Take Home Monthly SalaryIt is the fixed Net Monthly Salary credited to your account AFTER all deductions. Do not include any incentives, bonus or one-time payments

Mode of Salary

Required Loan Amount?

Joining Date in Current Company?

Total Work Experience?

Current Residence Ownership?

Any Earlier Loan Taken?

Cibil Score?

One step away from checking your Loan Offers!

Personal Loans

Get your Personal Loan from an option of best lenders at low rate of interest

When it comes to personal loans, then they are an unsolicited form of amount and credit that is popular for you to meet your demands and even your short term requirements as well. These personal loans are used for multi-purpose which means that they are entirely natural and therefore they can be used for various things including your wedding, any medical emergency or even having your home renovated to having your dream vacation right now. In fact, with the help of personal loans, you can get your financial problems sorted quickly and at a low rate of interest.

What are the benefits and features of having personal loan?

  1. You don't have to require collateral for using a personal loan for yourself.  One of the main benefits of having personal loan is that you don't have to provide a collateral for the same.
  2. Everyone needs proper documentation in this age of digitization. But if you have personal loans, then you don't have to get through the process of lot of literature for yourself.
  3. You can get your personal loan approved from the right type of bank that you want. In times of financial emergencies, it becomes hard for you to get through a mortgage, but this approval will help you to reduce time in the whole process.
  4. It is entirely multipurpose. This means that you can try to do anything you want with the help of your personal loan that you intend to take.

What is personal loan eligibility?

There are some different eligibility options for several loans from various banks. The eligibility criteria for the salaried and even the self-employed are different.

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)

  • ₹20,000(non-metro cities)
  • ₹25,000(metro cities)

Loan Amount

Up to ₹50 lacs depending on the credit profile

Work Experience

Salaried

  • Employed at the current company for at least 6/12 months

Self-Employed

  • Business tenure of at least three years (continuous)
  • ITR of the last three years

What are the documents required for a personal loan?

Here are the documents required by salaried individuals for a personal loan.

  1. Identity and age proof.
  2. PAN Card
  3. Residence proof like passport, driving license, Aadhar Card, utility bills, etc. 
  4. Bank statements for the last three months. 
  5. Salary slips for the last three months.

Here the documents required by self-employed individuals for a personal loan (known as a business loan).

  1. Identity and age proof.
  2. PAN Card.
  3. Residence proof like passport, driving license, Aadhar Card, utility bills, etc.
  4. Bank statements for the last three months.
  5. Income tax returns of the last three years.
  6. Last three years, CA Certified Auditor Balance Sheet with Profit and Loss Statement.

Personal loan comparison table

Here is the personal loan comparison table for various banks

BANK/NBFC

Interest Rate(pa)

Loan Amount

Processing Fees

Part Payment

Pre-closure Charges

Locking Period

Tenure

IDFC First Bank

11.69% - 15.00% (BT rates starts from 11.50%)

1Lakh to 20Lakhs

Up to 2.0% of the loan amount

Up to 40% of the loan amount every year

3% on your principal

Three months

12 to 60 months

HDFC Bank

10.99% - 20.00%

50k to 40Lakhs

Up to 2.50% of the loan amount subject to a minimum of ₹1,999/- & Maximum of ₹25000/-

Up to 25% of Principal Outstanding allowed

13-24 Months - 4% of Principal

 

12 Months

12 to 60 months

ICICI Bank

11.50% - 16.75%

50k to 25 Lakhs

Up to 2.25% per annum of loan amount plus GST

Not available

5% per annum

Six months

12 to 60 Months

Axis Bank

11.29% - 17.00%

1 Lakh to 20 Lakhs

Up to 2.5% of the loan amount

Up to 25% of Principal Outstanding allowed

4% plus applicable

One month

12 to 60 Months

Kotak Bank

11.00% - 24.00%

1Lakh to 30Lakhs

Up to 2.5% of the loan amount + GST and other applicable statutory levies

-

5% of the outstanding amount

12 months

12 to 48 Months

TATA Capital

12.5%-19.00%

75k to 20Lakhs

From ₹999/- Up to 2.0% of the loan amount and applicable Service Tax

Up 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
 

6 Months

12 to 72

 

 

Months

IndusInd Bank

11.49% - 20.00%

1Lakh to 20Lakhs

Up to 2.50% of the loan amount plus tax

-

4% of the principal
 

1 Year

12 to 60 Months

Fullerton

12% - 28%

75k to 20Lakhs

2% - 6% of the loan amount plus GST

 

Within seven months to 17 months - 6%
 

6 Months

12 to 60 Months

IIFL

12.99% - 20.00%

1Lakh to 20Lakhs

Up to 2% of the loan amount plus GST

-

Up to 4% of the Principal Outstanding

 

6 Months

12 to 60 Months

RBL Bank

14.00% - 20.00%

1Lakh to 20Lakhs

1.5% of the loan amount (Non-Refundable fee of Rs 7500 Upfront, Rest at the time of disbursal)

NIL

NIL

12 months

12 to 60 Months

Yes Bank

10.75% - 16.99%

1Lakh to 25Lakhs

Up to 2.50% of the loan amount subject to a minimum of ₹999/- plus taxes

• 20% Principal Outstanding for 12 – 24 months

 

13 – 24 months -

12 month

 

Illustrative Example:

With a representative 10.99% APR for a personal loan borrowing of ₹ 10 lacs and repayment tenure of over 5 years, one stands to pay monthly repayments/EMI for  ₹21737 only.

Why should I apply personal loan at LoansJagat.com ?

  • Option to choose from Multiple Lenders: LoansJagat.com helps you to compare various personal loan options along with their interest rates, processing fees, EMI before applying for an ideal one as per the information (salary, income, residence, etc.) you have provided on the website.
  • One Platform for all Information: LoansJagat.com, India's best loans platform has collaborated with various private sector banks and NBFCs to offer various personal loan offers on a single online platform.
  • Compare, Choose and Apply: LoansJagat.com provides you the convenience of  hassle free personal loan application from the best bank/NBFC without visiting individual websites of banks and other lenders. Simply Compare, choose and apply for the best personal loan option available for your customised profile.
  • Apply online/Offline: Online services saves both time and money. You can apply for a personal loan at LoansJagat without any hassle for both online and offline way with doorstep services. Also, LoansJagat eases the experience of online personal loan application by offering paperless approval of loan and hence helping conserve the environment.
  • Data Privacy Assured: All personal loan applications submitted with LoansJagat.com are sent electronically to the concerned bank department assuring complete privacy and transparency.
  • Free Of Charge, No hidden fees:- Loansjagat services are free of cost for all our customers. We are authorised and associated channel partner of various banks and NBFCs for distribution of loan, pan India.

How to apply for personal loan at LoansJagat.com ?

To apply for personal loan with LoansJagat, simple steps need to be followed: -

Step 1. Eligibility Check: The first step is to check your eligibility by entering your personal and financial details such as your required loan amount, monthly salary, company name, current loan EMI amount(if any) along with email ID and mobile number.

Step 2. Multiple Bank Offers: On the basis of your eligibility, various customised bank offers will be flashed. Compare and choose the best loan offer that suits your requirement.

Step 4. Simply Apply:- After choosing the best offer, fill the basic details and submit the application for quick loan approval.

Step 5:- Quick Loan Disbursal:- Our team will assist you through the whole process required        to be done for loan processing and disbursal at your convenience with end to end support.

Types of Personal Loans:

  1. Personal loan for home improvement options. This a kind of credit that you can have if you want to improve the working conditions of your home. This will help you to fill the instant loan options from remodeling kitchen to make your house a perfect place to live in.
  2. Personal loan is used for the wedding as well. In the current market, a wedding can cost you up to lacs, and it can be costly for you. In India, to fund your regular marriage, you can have the Personal loan for yourself and repay it back in easy monthly instalments at your ease.
  3. A personal loan is also needed for the long-loved vacation that you needed to have. This means that with the use of cash, you can have it to fund your travel to the favorite destination that you want. As vacation at right age is more precious than saving for the older age vacations.
  4. A personal loan balance transfer is something which you can do for reducing your existing Rate of Interest on your running loan amount. Also by transferring your loan from one bank to another bank you may be eligible for getting more funds in your bank account in the form of Top up of current loan. It is very good option of reducing EMI burden and getting funds at the same time.

Personal loan rate of interests

Interest Rates

10.75% - 28% p.a

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

₹1lakh - ₹50 lakhs

Lock-in period

Varies from lender to lender

Preclosure Charges

Differs; Generally between 2%-6% of the loan outstanding

Guarantor Required

Varies on different conditions

The best type of Personal loan 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% - 17.00%

₹50k - ₹40 lakhs

4

Kotak Bank

10.75% - 18.00%

₹1 lakh - ₹30 lakhs

5

Tata Capital

12.5%-19.00%

₹75k - ₹20 lakhs

6

IndusInd Bank

11.49% - 20.00%

₹1 lakh - ₹20 lakhs

7

IDFC First Bank

11.69% - 15.00%

₹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

Compare and Apply Personal Loans with Best Intereset Rates in India

Personal Loan Specific FAQs

How can Personal Loan be used?
A Personal Loan can be used to meet any financial emergencies like meeting a medical expense, managing in wedding, going for higher education or even to complete a long-pending trip. One can use a personal loan for any legal usage and lenders do not specify a particular usage for a personal loan.

How can I get a Personal Loan?
One can get a personal loan basis their salary or regular income and such a loan is processed by leading Banks and NBFCs. LoansJagat offers a technology-led platform where one can get access to top lenders and choose the best personal loan for themselves.

Am I eligible for a Personal Loan?
While every lender has their own criteria for a Personal Loan, the primary creditworthiness revolves around the ability to repay the loans and willingness of the loan seeker. Salaried employees of trusted corporates are generally given an upper hand and a better credit score always helps.

What is the repayment tenure of a Personal Loan?
Normally, a personal loan which is considered a short term loan has to be repaid anywhere between 1 year to 5 years as per the Loan Agreement.

How much Personal Loan can I get?
The maximum amount of loan depends on your ability to repay the personal loan. As a general rule, the lenders may offer up to 3 times the CTC and the instalment should not exceed beyond 50 - 6o% of the net salary.

What is the Processing Time for a Personal Loan?
Traditionally the lenders took weeks and even months to process loans. However, with the intervention of fintech enablers like LoansJagat one can now get access to Personal Loans as quickly as between 24 to 48 hours, this has been made possible as one can complete entire documentation online itself.

Can I compare Personal Loan offers from various Lenders?
Yes, Now one can compare the Personal Loan offers from various lenders and choose the best offer to match their needs by visiting LoansJagat.com, where one can not just see the offers but also evaluate a loan offer basis all the terms and conditions set by various lenders. This makes opting for a Personal Loan simple and scientific.

What are the various ways to repay the Loan?
The most common method offered by the Banks and NBFCs is using EMIs or the equated monthly instalments which are deducted using the electronic clearing system. Some banks also ask the borrowers to submit post-dated cheques and a few modern lenders also offer flexible repayment options connected to business transactions. One should always clarify the repayment options, date and amount before entering a loan agreement.

How will I receive the Loan Amount?
As a standard practice, the lenders transfer the personal loan amount in the Bank account of the borrower

What is the advantage of choosing LoansJagat?
LoansJagat provides a technology platform where users can provide the basic information and instantly get access to personal loan offers from more than 40 lenders including the top Banks and NBFCS. With 15 years of dedicated professional service, LoansJagat also enables quick online documentation and provides complete support by providing a dedicated loan officer.

Is there a fee to be paid for availing Personal Loan?
The lenders like Banks and NBFCs often charge a one-time processing fee which may range from 1% of the loan amount to 3%. The fee is often negotiable.

Are there any other charges apart from Processing Fee?
Charges depend on the respective lenders and a common charge apart from the processing fee is Pre-payment charge which some lenders demand in case of the early closure of the loan. It could be somewhere between 2% to 5% depending upon the loan agreement.

Does a Personal Loan need Collateral?
The Personal Loans offered by the platform of LoansJagat do not require any collateral and are completely unsecured.

What is the impact of Credit Rating on the Personal Loan?
Credit ratings offered by the credit bureaus like CIBIL are used for evaluating the creditworthiness of the borrowers, a better rating leads to lower interest rates from the lenders.

What are some Pros and Cons of a Personal Loan?
Personal Loans provide the much-needed flexibility to use funds for meeting financial urgencies and unplanned expenses. Here are some highlights.

Pros -

  • Unsecured
  • Online Documentation
  • Instant Approvals

Cons -

  • Needs a good Credit Rating
  • Higher interest rates in comparison to secured loans
  • Penalties

Can my personal loan application get rejected?
Yes, While there’s close monitoring of applications and documents are verified, still, there are some chances of rejection depending upon the evaluation of the lenders. LoansJagat ensures one gets complete visibility and also access to multiple lenders for better chances of Loan Approval.

Do I need a guarantor?
No, A guarantor is not mandatory. However, in some exceptional circumstances, some lenders may demand the same.

What are the impacts of an EMI default?
An EMI delay or failure to pay has two impacts. Firstly, it attracts a late payment fee and Secondly, it reduces the credit ratings, which become trouble for future banking relationships.

Subscribe Now

CopyRights © 2019 Loansjagat. All Rights Reserved