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?
- 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.
- 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.
- 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.
- 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 years - 65 years|
|Employment Type||1. Salaried
2. Self-Employed professionals
|Credit score||Above 750|
|Minimum Monthly Income||1. Metros - ₹25,000
2. Non-Metros - ₹20,000
|Loan Eligibility||₹50 Lacs
Depends on Individual's Credit Profile
|Work Profile||6 Months Experience in the Current Organisation for Salaried Professionals.
Business Continuity and ITR for last 3 years for Self-Employed Professionals.
What are the documents required for a personal loan?
Here are the documents required by salaried individuals for a personal loan.
- Identity and age proof.
- PAN Card
- Residence proof like passport, driving license, Aadhar Card, utility bills, etc.
- Bank statements for the last three months.
- Salary slips for the last three months.
Here the documents required by self-employed individuals for a personal loan (known as a business loan).
- Identity and age proof.
- PAN Card.
- Residence proof like passport, driving license, Aadhar Card, utility bills, etc.
- Bank statements for the last three months.
- Income tax returns of the last three years.
- Last three years, CA Certified Auditor Balance Sheet with Profit and Loss Statement.
What is 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||Upto 2.0% of the loan amount||Upto 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||Upto 2.50% of the loan amount subject to a minimum of ₹1,999/- & Maximum of ₹25000/-||Upto 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||Upto 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||Upto 2.5% of the loan amount||Upto 25% of Principal Outstanding allowed||4% plus applicable||One month||12 to 60 Months|
|Kotak Bank||11.00% - 24.00%||1 Lakh to 30Lakhs||Upto 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%||1 Lakh to 20 Lakhs||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%||1 Lakh to 20 Lakhs||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 month||12 to 60 Months|
|Yes Bank||10.75% - 16.99%||1 Lakh 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|
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 3. Simply Apply : After choosing the best offer, fill the basic details and submit the application for quick loan approval.
Step 4. 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.
What are the constituents of personal loan?
|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||₹1 lakh - ₹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|
Types of Personal Loans
- Marriage Loan Marriage is one of the important events of our life and a Personal Loan for Marriage takes care of all the expenses we need to make our special day shine with all the right memories, while we can pay the amount in instalments.
- Medical Loan One can never be prepared enough for a medical emergency, it dries up the funds at an unbelievable speed. A Medical Loan helps one to overcome these expenses with a carefully planned Loan
- Education Loan Education not only sets one free but also makes skilled for life, thus an education loan should actually be called one of the best investments. An Education Loan can be used for higher education and can be paid easily once you have the job.
- Vacation Loan Why dream of a vacation when one can pay for a vacation now and pay using instalments from their income. This can be simply planning for those with regular income and It can be a great tool to plan regular vacations and keep the body, mind and soul in sync.
- Car Loan A Car Loan is also an extension of personal loan which is used to buy a car of your choice. Since there is an asset against the loan once can get it a little cheaper than a normal loan or for a longer tenure.
- 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 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.
- Online Documentation
- Instant Approvals
- Needs a good Credit Rating
- Higher interest rates in comparison to secured loans
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.