An unsecured loan that comes to you without having to submit any collateral for the same
Interest Rate 13% p.a onwards
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.
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.
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.
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.
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.
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.
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.
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.
*Actual rate of interest will depend upon the eligibility criteria of lender
2022 All Rights Reserved