Instant Personal Loan for Salaried Online
Get to Choose the Best Lender for your Personal Loan Needs
A Personal Loan is one of the best remedies of modern life’s financial concerns. Today, almost everyone comes across cash crunch situations and financial requirements that need funds at the moment, while one can gradually pay them over the period of time, these requirements may vary from education for self or family, medical requirements, need to travel or fulfil a long wishlist of a gadget and several other requirements. While there are several ways to get access to funds, asking friends and family may be a risky proportion, thus the best bet is to opt for personal loans from financial institutions.
Some key benefits of Personal Loans?
- While business loans and property loans need collaterals. A Personal loan unlike these loans requires a person to have a decent credit profile against which credit is given.
- There is no requirement of multiple documentation and one needs not visit branches to submit physical documents for personal loans.
- A Personal Loan is quick and one needs not wait for a long time to get the loans processed. These days the entire process is online and transparent.
- A Personal Loan is not bound by a purpose and one can use the loan amount for any requirement as one needs.
What is eligibility of a Personal Loan?
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||23 years - 65 years|
|Profession Type||1. Employee|
|Credit score||Above 650|
|Minimum Monthly Income||1. Metros - ₹25,000
2. Non-Metros - ₹20,000
|Loan Eligibility||Upto ₹50 Lacs
As Per Applicant’s Credit Profile
|Work Profile||Continuation of 6 Months|
What are the documents required for a personal loan?
Employees need the following standard documents and it may change as per the lender.
- Valid Identity Proof e.g. Voter ID Card, PAN Card
- Address Verification Proof e.g. Aadhar, Passport, DL and Utility Bills
- Previous 3 Months Bank Statements
- Latest Salary Slips
Self-Employed Professional often need following documents for a personal loan
- Proof of Identity like a Passport, Voter ID Card or Aadhar
- Proof of Address like a Passport, Aadhar Card or Utility Bills
- Age Proof like Birth Registration and School Certificates
- PAN Card
- Latest Bank Statements
- Past Income Tax Returns of Last 3 Years
- Balance Sheet and P/L Statements Audited by a registered Chartered Accountant
What is Personal Loan Comparison Table?
Here is the personal loan comparison table for various banks
|Financial Institution||Interest (% P.A)||Loan Amount (INR Lacs)||Processing Fee (Up to % of Loan Amount)||Part Payment (Up To)||Pre Payment Charges||Lock-In (No. of Months)||Tenure (Up To Months)|
|IDFC First Bank||11.69 - 15||20||2||40% of Amount Annually||3% on Remaining Principal||3||60|
|HDFC Bank||10.99-20||40||2.5||25% of Remaining Principal||4% on Remaining Principal||12||60|
|Axis Bank||11.29-17||20||2.5%||25% of Remaining Principal||4||1||60|
|TATA Capital||12.5-19||20||2||25% of Remaining Principal||4%||6||72|
|Yes Bank||10.75-16.99||25||2.5||20% of Remaining Principal||NA||12||NA|
For instance, on a 10.99% APR in a personal loan of INR 10 lacs with a tenure of 5 Years, the monthly repayments or EMI stand out to be ₹21737 only.
Why should one choose LoansJagat.com for availing a Personal Loan?
- Choose the best Lender: LoansJagat provides one the facility to enter their requirements and get the terms and conditions of the top lenders to make an informed decision.
- Get the Best rate of Interest: One can make an informed decision and choose the lender with the best interest rate for their personal loan requirements.
- Access Information at One Place: Being a collaborative platform. Loans Jagat provides complete information at one place itself without any need of visiting multiple physical or digital branches.
- Simple Way to Apply: Applying for a Personal Loan on LoansJagat is simple as one can simply provide information, make a choice of the best lender as per their needs and fill a simple form for online personal loan application
- Online Facility: The entire process at LoansJagat is available online and one can also choose the offline process if they require the same.
- Assured Data Privacy: LoansJagat has strict data privacy policies with no spamming and data selling activities.
- Free For Life: Loansjagat being authorised partner of the top banks and NBFCs does not seek any fee from the consumers and all its services remain free for the loan applicants.
Personal Loan Application Process at LoansJagat.com?
LoansJagat offers a simple loan application process. Here are the top steps:-
Step 1. Eligibility Check : One can simply check their personal loan eligibility by entering their personal details, that include Name, Email, Mobile Number and PAN Number along with the requirement.
Step 2. Receive Offers : Based upon the requirements mentioned in the above steps and the loan eligibility one will receive offers from top Banks and NBFCs.
Step 3. Apply : Pick the best offer that suits your personal loan requirements and simply apply online while a dedicated relation officer assists along with the entire journey
Step 4. Disbursal : The entire process is automated and transparent and one can track their approval status and the disbursal happens directly in the provided Bank Account.
- Rate of Interest varies between 10.75 to 28 per cent per annum
- Banks might charge a processing fee between 1 to 3% of the loan amount
- Generally, the tenure is up to 60 Months
- One may avail an amount up to 50 Lacs as per their profile
- While the new-age lenders do not charge pre-closure charges, some charge around 2% of the outstanding amount.
What are the constituents of personal loan?
|Interest Rates||10.75% - 28% p.a|
|Processing Fee||1%-3% on an average|
|Tenure||From 1 Year Up to 60 Months|
|Amount||Up to ₹50 lakhs|
|Lock-in period||Specific to Lender|
|Pre Payment Penalty||2% - 6% as per Leder|
|Guarantor Required||Specific to Lender|
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|
Types of Personal Loans
- Marriage A personal loan may be used to overcome are the marriage related expenses and make your big event a memorable one with the marriage loan
- Medical Emergencies We may never know when we need some additional funds for medical emergencies, a personal loan will help us to sail through such emergencies using a medical loan
- Education Personal Loan can be used to sponsor education for self or someone in the family using the education loan
- Vacation While it becomes difficult to save for a vacation, a personal loan becomes handy as one can avail a vacation loan and repay later.
- Car One can buy a car using a Car Loan, which is a form of personal loan and plan their lives better both in form of mobility and financially
- Home Improvement Loan While one can get a Home Loan to buy the house of their dreams, it may become a distant dream to renovate the home, for which one may go for a Home Improvement Loan in form of a Personal Loan and fulfil their home improvement requirements.
Compare and Apply Personal Loans with Best Intereset Rates in India
How can I use a Personal loan?
Yes, lenders do not place a boundation on specific usage of personal loans. However, it should not be for unlawful purposes.
How to avail a Personal Loan?
Visit LoansJagat.com enter personal details and requirements, choose the best lender and fill a simple form to apply
Can I know my loan eligibility?
Loan eligibility depends upon the individual’s credit profile, which includes credit rating, work type, location and several other parameters
What is an average repayment tenure?
It could be between 1 year to 5 years as per the terms for the loan.
Can I know the amount?
The amount is directly proportional to the credit profile and one’s ability to repay that includes income and existing debts.
What is the time take for the application?
While the traditional lenders take weeks or even months to process, one can get a personal loan in just a few days with the fintech enablers like LoansJagat.
How to compare lenders?
LoansJagat provides a unique platform where one can compare the top Banks and NBFCs and choose the lender that offers the best terms as per your requirement.
How to Repay?
While the most common method is the EMIs where one can pay in instalments every month, some lenders also have flexible repayments and payments are generally made through ECS or auto-debit to the bank accounts.
LoansJagat offers free facilities for loan seekers to check loan eligibility, find the best lender and apply at their convenience. LoansJagat also offers dedicated relationship managers to assist throughout the entire process of a Loan. With multiple awards, top partnerships and proven customer service, the advantages are manifolds.
Is a guarantor necessary?
No, the personal loans offered by LoansJagat are collateral-free and do not require any guarantor.