Personal Loan – Compare and Apply Online at Lowest Rate of Interest

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Personal Loan is a collateral-free loan (unsecured) which can be used to fund any personal expenses like a wedding, buying furniture or expensive jewelry, medical emergency, etc. Usually, the personal loan is taken for immediate financial needs and it can be repaid in 2-5 years.

Best Banks to Get Personal Loan (Interest Rates & Comparison Chart)

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Should You Go For Personal Loan?

• The interest rates of personal loans are very high and it varies from 10.8% to 20% p.a. depends upon various factors like repayment risk, eligibility loan amount, tenure, etc.
• Personal loans can be helpful in case of immediate financial needs but it can be harmful to your financial health. You should consider a personal loan only when you don’t have any other option.
• Before applying for the personal loan, you should compare the interest rates and other charges of all the major banks.
• Don’t borrow more than you can pay. Properly calculate the EMI, Interest and other charges before going for a personal loan.
• Keep the loan tenure as short as possible to minimize the interest cost.

 

Key Features: Personal Loan

#1. Collateral Free Loan 

In general, the bank offers unsecured personal loans and you don’t need to provide any security to the bank in the form of property or an asset.

#2. No Restriction on Fund Utilization

Unlike the home loan and car loan, the Personal Loan can be used for any purpose whether its regular expenses or any immediate financial need.

#3. Simple KYC & Quick Approval 

Generally, banks do not ask for security to approve the personal loan, therefore, the application process is very simple and you can apply online for instant approval of the personal loan.

Personal Loan Eligibility Criteria

 

Check – Personal Loan Eligibility Calculator

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Documents Required For Personal Loan

Check List for Salaried Class Applicant:

#1. Photo ID & Age Proof – Aadhar Card, PAN Card, Driving License, Passport, Voter ID Card, etc.

#2. Address Proof – Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement etc.

#3. Signed Loan Application Form

#4. Income Proof –

• Bank Statement of the last 6 months showing Salary Credit
• Salary Slip of 6 Month
• Form-16 or Income Tax Return of Last 2 Years 

Check List for Self-Employed / Business Class Applicant:

#1. Photo ID & Age Proof – Aadhar Card, PAN Card, Driving License, Passport, Voter ID Card, etc.

#2. Address Proof – Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement etc.

#3. Signed Loan Application Form

#4. Business Proof – PAN, GST Registration, Copy of Company Registration Certificate, Copy of partnership deed, Trade license, certificate of practice or registration certificate issued by RBI, SEBI

#5. Income Proof –

• Bank Statement of the last 6 months
• Income Tax Returns of Last 3 Years
• Audited Balance Sheet and Profit & Loss Account of Last 3 Years

 

Personal Loan EMI

EMI Per 100,000 Rupees of Loan

Here is the calculation of monthly installments (EMI) for the loan of Rs. 1,00,000 at different interest rate levels and different tenure of the loan. The below calculation is based on the loan of Rs. 1 lakh and the EMI will change in proportionate to the change in the amount of Loan. For example, if the Loan Amount is Rs. 2 lakh then below EMI will be double:

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Total Interest Payment Per 100000 Rupees of Loan

The calculation of total interest to be paid (over the period of the loan) for the loan amount of Rs. 1,00,000 at different levels of interest rate and tenure is given below. The interest amount will change in-proportionate to the change in the amount of loan. For example, if the Loan Amount is Rs. 50,000 then below interest amount will be half of the shown amount:

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