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Personal Loan

An unsecured loan that comes to you without having to submit any collateral for the same

Interest Rate 13% p.a onwards

Features and Benefits

Quick
Disbursal

Personal loans are generally disbursed quicker than other types of loans. Turnaround times can be as short as a few minutes if you can avail of a pre-approved loan offer.

Flexible End
Use

Personal loans can be used for multiple purposes, such as to meet expenses of a medical emergency, travel, house renovation, debt consolidation, etc.

Flexible
Tenure

You can select the duration that best suits your needs. Personal Loans usually come with flexible tenure ranging from 12 months to 60 months.

Minimal
Documentation

Personal loans can be available with minimal documentation. Key documents that lenders generally need the applicant to provide include a proof of identity, a proof of address and proof of income.

Unsecured
Loan

One of the important feature of personal loan is it being an unsecured loan. This means that to avail a personal loan you don’t have to provide any collateral such as a house or a car.

Flexible Loan
Amount

The personal loan amount that gets disbursed is based on a person's repayment history, monthly income and other factors. Lenders offer personal loans of the amount as low as Rs. 10,000.

Features and Benefits

Quick
Disbursal

Personal loans are generally disbursed quicker than other types of loans. Turnaround times can be as short as a few minutes if you can avail of a pre-approved loan offer.

Eligibility Criteria

Age

The minimum and maximum age to avail Personal Loan is 20 and 60 years respectively. However, many banks requires a minimum age of 21 years.

Age

The minimum and maximum age to avail Personal Loan is 20 and 60 years respectively. However, many banks requires a minimum age of 21 years.

Loan Amount

You can get a personal loan of upto Rs 75 Lakh, subject to your eligibility, which is calculated based on your net take-home salary. Some banks usually limit the maximum eligibility to 10 - 27 times of net monthly income.

Loan Amount

You can get a personal loan of upto Rs 75 Lakh, subject to your eligibility, which is calculated based on your net take-home salary. Some banks usually limit the maximum eligibility to 10 - 27 times of net monthly income.

Employment

Salaried persons working in government, private, or MNC companies can avail of a personal loan by submitting relevant proofs such as ITR and salary slips.

Employment

Salaried persons working in government, private, or MNC companies can avail of a personal loan by submitting relevant proofs such as ITR and salary slips.

Work Experience

The minimum work experience may vary in banks. However, banks prefer individuals with job stability with at least 3 years of total experience and 6 - 12 months of current work experience.

Work Experience

The minimum work experience may vary in banks. However, banks prefer individuals with job stability with at least 3 years of total experience and 6 - 12 months of current work experience.

Credit Score

Many lenders link the interest rate with your credit score. Higher the credit score, lower the interest rate.

Credit Score

Many lenders link the interest rate with your credit score. Higher the credit score, lower the interest rate.

Geographic Location

The area in which you reside plays a crucial role in determining whether or not you will qualify for a personal loan. In cities where the cost of living is high the minimum salary requirement is higher than cities with low cost of living.

Geographic Location

The area in which you reside plays a crucial role in determining whether or not you will qualify for a personal loan. In cities where the cost of living is high the minimum salary requirement is higher than cities with low cost of living.

Eligibility Criteria

Age

The minimum and maximum age to avail Personal Loan is 20 and 60 years respectively. However, many banks requires a minimum age of 21 years.

Best Personal Loan Interest Rates in India 2022

Name
Bank/NBFC
Interest Rate (p.a.)
EMI/5 lakh for 5 yrs (Rs.)

Best Personal Loan Interest Rates in India 2022

Name
Bank/NBFC
Inerest Rate (p.a.)
EMI/5 lakh for 5 yrs. (Rs.)
HDFC Bank
HDFC Bank
Bank
14% onwards
11,634 onwards
Axis Bank
Axis Bank
Bank
14.50% onwards
11,764 onwards
RBL Bank
RBL Bank
Bank
13.0% onwards
11,377 onwards
ICICI Bank
ICICI Bank
Bank
13.0% onwards
11,374 onwards
Saraswat Bank
Saraswat Bank
Bank
13.5% onwards
11,505 onwards
Induslnd Bank
Induslnd Bank
Bank
11.5% onwards
10,966 onwards
Bank of Baroda
Bank of Baroda
Bank
10.5% onwards
10,747 onwards
Bandhan Bank
Bandhan Bank
Bank
11.0% onwards
10,869 onwards
IDFC First Bank
IDFC First Bank
Bank
10.5% onwards
10,744 onwards

*Actual rate of interest will depend upon the eligibility criteria of lender

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