Personal Loan
Quick solution for managing financial emergencies with instant approval and competitive interest rates
Overview & Benefits
What is a Personal Loan?
An unsecured loan from banks or NBFCs to fulfill immediate personal needs without collateral. It's a signature loan applied using financial details and creditworthiness, offering quick disbursal with competitive interest rates.
Common Uses
- • Wedding expenses and event planning
- • Medical emergencies not covered by insurance
- • Education fees and exam/curricular activities
- • Home renovation or relocation
- • Debt consolidation for better financial management
Key Features & Benefits
Street Approval
Online process with quick approval within 24 hours
Quick Disbursement
Digital transfer to your bank account immediately
Minimal Documentation
Only essential documents required
No Collateral
No need to risk your valuables
Flexible Rates
Choose floating or fixed interest rates
Paperless Process
Completely online, no branch visits
Customizable Tenure
12 to 84 months based on your needs
No Foreclosure Charges
Per RBI guidelines on floating rates
Eligibility & Application Process
Eligibility Criteria
*Requirements may vary based on applicant profile
Required Documents
- •Identity & Address ProofAadhaar card & PAN Card
- •Bank StatementLast six months
- •Salary SlipLatest three months (for salaried)
- •Photograph2-3 passport-sized photos
Simple 5-Step Application Process
Search Personal Loan and click on the result
Search Personal Loan and click on the result
Fill details including name, address and income information
Upload required documents
Wait for instant approval
Once approved, loan amount is directly submitted to your account
Interest Rates, Charges & Repayment
Interest Rates & Charges
Reasonable interest rates starting from 9.99% per annum based on lender, credit history, and loan size.
| Specifics | Charges |
|---|---|
| Interest Rate | Starting from 9.99% per annum |
| Loan Processing Fees | 0.5% to 4% of principal amount |
| Pre-payment/Foreclosure | Floating Rate: NIL Fixed Rate: 2% - 5% on outstanding principal |
| Legal Fees | As per actuals |
| Stamp Duty Charges | As per actuals |
| EMI/Cheque Bounce | Approximately ₹400 per bounce |
Repayment Options
Monthly interest payments followed by lump sum principal payment. Not open to individuals only.
Monthly payments at set amount comprising both principal and interest.
- • Partial prepayment to decrease principal amount
- • Foreclosure to end loan soon (with associated charges)
Repayment Tips
- • Increase down payments to decrease EMI directly
- • Assess financial situation and set EMI considering expenditures
- • For multiple debts, prioritize ones with high interest rates
- • Pay more than minimum amount to pace up loan repayment
Compare Top Lenders
Compare interest rate, tenure, and charges to find the best deal from top banks and NBFCs.
| Bank | Interest Rate | Loan Amount | Tenure | Processing Fee |
|---|---|---|---|---|
| HDFC Bank | 10.90% - 24.00% p.a. | Up to ₹10L | 1-5 years | ₹6,500 + GST |
| Kotak Bank | 10.99% - 16.99% p.a. | Up to ₹10L | Up to 6 years | Up to 3% |
| ICICI Bank | 10.65% - 16.99% p.a. | Up to ₹50L | 1-6 years | Up to 3% |
| Axis Bank | 10.55% - 21.80% p.a. | Up to ₹40L | Up to 7 years | Up to 2% |
| SBI Bank | 10.30% - 15.30% p.a. | Up to ₹50L | 1-6 years | Up to 3% |
Frequently Asked Questions
What are the interest rates on personal loans?
Interest rates typically range from 9.99% to 24% per annum based on your credit score, income, and lender policies.
What is the processing fee for a personal loan?
Processing fees generally range from 0.5% to 4% of the principal loan amount plus applicable GST.
What is the prepayment fee for a personal loan?
For floating rate loans, there are typically no prepayment charges. For fixed rate loans, charges may range from 2% to 5% of the outstanding principal.
How do I calculate the total cost of a personal loan?
Use an EMI calculator with loan amount, interest rate, and tenure to determine monthly EMI and total interest payable over the loan period.
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