Personal Loan For Wedding
Personal Loan For Travel
Personal Loan For RenovationAs an individual who's looking for the best personal loan in India, it can get difficult to compare Banks by visiting each website. Hence to make matters more easy for you, we have created a list that include personal loan interest rates from Top Banks and NBFCs in India. With the help of this list, you can compare personal loans and find the best deal that can help you solve all your problems and expenses.
| BANK NAME | Max. Loan Amount | Interest Rate Starts from | Processing Fee(Up to) |
|---|---|---|---|
| AXIS BANK | Rs. 50 Lakh | 10.40% Interest Rate | 1.50% |
| STANDARD CHARTERED BANK | Rs. 50 Lakh | 11.0% Interest Rate | 1.00% |
| KOTAK MAHINDRA BANK | Rs.25 Lakh | 10.40% Interest Rate | 1.25% |
| ICICI BANK | Rs.50 lakh | 10.50% Interest Rate | Rs. 4999 |
| BAJAJ FINSERV LTD. | Rs.35 lakh | 11.5% Interest Rate | 2.0% |
| HDFC BANK | Rs.50 lakh | 10.49% Interest Rate | Rs. 4999 |
| INDUSIND BANK | Rs.25 lakh | 10.50% Interest Rate | 1.0% |
| HDB FINANCIAL SERVICES | Rs.20 lakh | 12% Interest Rate | 2.0% |
| IDFC FIRST BANK | Rs.25 lakh | 10.50% Interest Rate | 1.50% |
| TATA CAPITAL FINANCE | Rs.25 lakh | 11.0% Interest Rate | 1.0% |
| ADITYA BIRLA FINANCE LIMITED | Rs. 25 Lakh | 14.00% Interest Rate | 1.50% |
| YES BANK | Rs.50 lakh | 10.45% Interest Rate | 1.50% |
| LOAN TAP | Rs.5 lakh | 18% Interest Rate | 2.0% |
Disclaimer - Please note, the numbers indicated on our website is gathered from publicly available sources online. These are considered as accurate and reliable to the best of our knowledge. However, such information or interest rates might change depending on the credit qualifications and may be subject to changes on a daily scale without any notice or corresponding changes on this Website. As such, be informed that the above rates / information is purely intended for information purpose only and should never be considered as financial advice in any manner. Ruloans.com accepts no liability for any loss arising from the use of this above information.
Personal loans are titled as multipurpose loans in India. This is because you can use the loan amount for any reason. Personal loans are meant to make your life easy and hence no matter what is the reason you need it for, this loan will always help you clear all problems.
You can choose to opt a personal loan for these reasons:
The best part of a personal loan is that you can get it quickly. Hence in the Banking industry we call this as an instant personal loan. India is a city with a population of more than 130 crores. Such a huge audience is split in multiple states. Keeping this in mind, Banks and NBFCs all over India provide instant approval on personal loans.
When there is a unique situation of a personal loan required immediately, you can be rest assured as there are major Banks and NBFCs spread across your area. All you have to is visit any of the Banks and apply for the loan at the lowest interest rates. Are you wondering if we could help you with a list of Banks along with the locations? Yes we can!
Apply for personal loan in below locations:
| Ahmedabad | Bangalore | Bhopal | Delhi |
| Gujarat | Hyderabad | Indore | Jaipur |
| Jodhpur | Kolkatta | Lucknow | Mangalore |
| Nagpur | Nashik | Pune | Raipur |
| Surat | Varanasi |
Banks offer instant personal loans to an individual who fulfill the eligibility set. These criteria varies from bank to bank and the borrower profile. Banks and NBFCs provide instant personal loans by dividing their customer's profession and their income history. You can refer the following table for a complete understanding of personal loan eligibility:
| Minimum age limit | 21 to 28 years |
| Maximum age limit | 58 to 68 years |
| Employment type | Salaried individual, Business individual, Self employed professional etc |
| Income limit | Rs. 15,000 for non metro cities and Rs 20,000 for metro cities |
| Loan Tenure | 12 - 72 months |
When it comes to applying for a personal loan, there is a simple list of documents that you need to furnish in advance. What we like about a personal loan is the easy documentation process. Being unsecured, no property documents are needed to be kept as collateral. This helps any individual to apply for this loan without any hassle. Anyway, here are some of the documents that are required to apply for a personal loan:
| For Salaried Employees | For Self Employed Borrowers: |
|---|---|
| Identity Proof | Identity Proof |
|
|
| Address Proof: | Address Proof: |
|
|
| Income & Bank Statement: | Income & Bank Statement: |
|
|
| Additional documents you can give: | Additional documents you can give: |
|
|
There are multiple Features and Benefits an individual can avail when he/she applies for a personal loan online or offline. Here are some of the most unique features and benefits:
Easy availability everywhere:
The main reason why an Instant Personal Loan is very famous with the masses is because of its easy availability. Major Banks give this loan to everyone living in India who work on salary basis. A personal loan can be acquired at the lowest interest rates within 24 to 48 hours* of loan application being submitted along with the required documents.
Minimum documentation needed:
The best feature of a personal loan is that it requires minimum documentation. Because this is an unsecured loan, you don't need to keep any property as mortgage with Bank. Most of the documents are KYC related and hence is easy to acquire. You can give these documents and get the loan approved. This is the reason why personal loans are approved quickly without any kind of hassle.
Pre-approved offers:
The best part of Personal loans is that Banks often give pre approved offers online with attractive interest rates to the customers that have an account with them. As a customer, you can be receiving these offers and get the loan amount instantly within your account.
Quicker loan approval:
Most of the lenders give personal loans to people who work on salary and don't need a lot of documentation. In terms of online personal loan approval, they get approved quickly as this approval takes not more than one to two working days. The mechanism of approving personal loan with lowest interest rates is known to be quick, efficient and hassle free.
Multipurpose loan:
The amount from an instant personal loan can be used for practically any kind of immediate purpose. That's what makes it multi-purpose. Yes, an individual can use it for a wedding, sort medical expenses, house renovation etc as per your needs. The main fact is that you can mainly use a personal loan to overcome any of your immediate needs. Borrowers can apply and access the loan amount without disclosing the loan purpose to Banks.
Absence of collateral/mortgage:
If you wish to get an approval on a personal loan, you do not need to keep any of your own assets or property as a collateral or mortgage. Personal loan interest rates are approved purely on the basis of your income details and financial history. Also, all your documents and information are safe with the Bank.
| Step 1 : Visit the 'Personal Loan' page on our website online and click on 'Apply Now' box. |
| Step 2 : You will have to fill out your personal and financial information online. Once completed, our loan calculator checks your eligibility. |
| Step 3 : Our loan calculator will then present you with a list of Banks and NBFCs that are suitable as per your eligibility criteria online. This list will include names of lenders, interest rates, required documents. |
| Step 4 : You can choose the lender of your choice from this list online. Then you can fill the application form and upload the required documents. Here, if needed, you can call or mail us for advice. Their contact details can be easily found on our website. |
| Step 5 : Your loan application will then be sent electronically to the bank you selected. You will be receiving the direct status & instant approval of your application via SMS, email or you can visit & track it on our website too. |
A personal loan agent is a direct individual who work as a channel/business partner with a Bank/NBFC. This partner will generate and convert personal loan leads from different locations. For every lead generated, he/she will earn a high level of payout (commission/income).
Personal loan agents are also called as DSA loan agents. The main criteria for this individual is to generate loan leads and generate revenue for the company. When you apply from a personal loan agent, you get an opportunity to unlock the best deals and discounts with lowest interest rates available in the market.
Someone whose work makes him/her a salaried employee, can apply for a personal loan at lowest interest rates from major Banks and financial institutions in India. This is a hassle free direct experience and takes just a few minutes only. Banks give this facility to every Indian resident.
Apart from looking for interest rates that is feasible, you must also look for processing fees and any other administrative fees that the Bank can charge as per their policies.
As an individual, everyone wishes to get the lowest interest rates from a Bank. They wish to get the best personal loan experience. But this is only possible when you have an amazing credit score. Here are some ways you can improve your credit score & get an immediate personal loan at lowest interest rates.
Following these pointers will improve your credit score and allow you to get the best interest rates that the Bank has to offer.
If someone is looking for the best personal loan experience, there are certain Do's and Don'ts of personal loan that any individual must follow. By doing this, you ensure that your loan gets approved quickly.
Do's - Keep all documents ready, maintain a good credit score, maintain a stable source of income and then research to find the lowest interest rates being offered.
Don'ts - Never default on any loan EMI payment, unstable income source & incomplete documentation as the loan taking experience will then be full of hassles and you might get the loan at highest interest rates.
If you wish to get the best personal loan, firstly you must maintain a good credit score. Doing so makes you look good in the eyes of the lender and hence taking a personal loan will be a blissful experience.
Pre payment of money paid in a personal loan is when Banks allow you to pay off your loan money sooner than the loan tenure. In particular, these direct facilities depend from Bank to Bank and might be chargeable or free. The procedure is safe and secure.
Part payment of money paid in a personal loan is when Banks allow you to pay a direct part of your loan money that's higher than your regular loan EMI. In particular, you can get this facility but the costs will be variable from Bank to Bank. Like pre-payment, this process too is safe and secure.
As an individual that is applying for a personal loan, we understand it can get especially difficult. Hence when you visit our website, we provide a user friendly and safe experience and you can check the status of your borrowed loan amount along, interest rates on balance transfer, along with the personal loan application.
You can check the exclusive statement of your personal loan along with interest rates on the Bank's website that is safe and secure. Most of the Banks provide statements on their website so you can understand how much money you owe.
Personal loan Balance transfer in particular is one of the best experience provided by Banks in India. This service deals with interest rates in special. Here if you find another Bank that is offering lower interest rates than your Bank then you can shift your outstanding borrowed loan amount to the new Bank. EMI money paid post the change, you can give to the new Bank. You can also check with them for any overdraft facility being provided.
A personal loan disbursal takes place when you give your loan application for approval to the Bank. Once approved, this means you have accepted all the terms of the application (loan tenure, EMI amount & interest rates). Then the amount is disbursed to your account. Once that happens, EMI repayment amount will be paid from that same account.
There are different ways by which you repayment of your loan in person can take place. These ways allow you to get EMI paid without wasting any amount of time.
Below is the List of ways to repay your Personal Loan.
A Loan is like a materialistic thing. This can be anything like your own money, property, or other material goods that are given by some people and borrowed by some people. The main goal is of earning profit for lenders and give this via interest rates.
A personal loan in particular is an unsecured loan that a person can borrow from a public or private Bank or financial institution to pay for their financial needs without any security required by the borrower. There will be a lending tenure decided and an EMI amount based on interest rates! Also there is no need for you to keep any asset as mortgage with the Bank.
There are many lenders that are providing Personal Loan to any customer that needs it. These Personal loan providers are Banks and anyone else that specialize in providing such services to the audience. There are private banks, NBFC's or other (FI) financial institutions that do this full time so customers in India can have a great time. Examples like Ruloans and other institutions provide a personal loan at attractive interest rates.
The working process of a personal loan is simple & exclusive. You apply for a personal loan. The Banks check your lending eligibility along with loan tenure and interest rates that can be offered to you. The Banks then approve your loan application & will allow you to repay it via EMIs. The amount paid will continue until you've repaid all the money.
EMI is also called as an equated monthly installment. This lending amount is fixed and decided by the Bank as per the interest rates on your personal loan application. This amount must be paid by you until the loan tenure ends. You can ask them about the monthly EMI calculations too.
A credit score is a exclusive 3 digit score (0 to 900) with 900 being the best. Higher the better is the mantra for Banks. Here as high your score is, Banks allow certain perks and benefits on the amount you wish to borrow. You can receive special offers and lower interest rates by every lender.
The maximum loan amount you can receive will depend from Bank to Bank. In order to provide the best experience, customers have to fulfill a certain eligibility. Fulfilling this eligibility will help you with the lowest interest rates & maximum lending amount that the Bank can offer. Alternatively, you can ask them about increasing the loan amount if you aren't happy.
Yes, as part of your KYC documentation, having a PAN card will help you get through with the loan approval smoothly. Although it is not compulsory, but with your own PAN card, you can ensure the loan experience will be hassle free. Banks ask for this important document and failure to display it might increase interest rates.
If you are looking to borrow a personal loan, the minimum age limit for a salaried employee or a self employed professional will be between 21-24 as per Banks. There are some lenders that even provide loans at attractive interest rates to students.
The minimum work experience required for an individual to receive a personal loan will be 1 year at least. Banks ask this to understand your income stability. Most Banks allow working employees with more than 2-3 years of experience to apply for a personal loan.
For a salaried individual, Form 16 is necessary as it is one of the eligibility criteria set by them. Ensure you have these documents ready as without it, getting a hassle free loan experience is not possible. Also, failure to furnish this document might reduce your chances to receive good interest rates for your lending tenure and borrow a high amount.
Aadhaar card is one of the most confidential physical documents an individual can furnish if they wish to apply for a personal loan. Banks might ask you for this important document and hence you must ensure to have your own Aadhaar card ready.
Banks allow any person to apply for a personal loan. Banks ask certain documents that you must furnish. Once they receive it, they check your eligibility criteria and after that can decide if you must get the loan or no. If you don't match their criteria, Banks hold the power to reject your lending application. This means you won't be able to borrow money from the Bank.
Yes, an individual can club their income with their spouse (both must work as salaried employees) in order to get the personal loan. Banks will receive two sets of documents & this will increase your eligibility and you can get a high personal loan amount too.
1 : why you should give importance to personal loan eligibility
2 : 4 ways you can de stress with personal loans
3 : when should you apply for a quick personal loan in mumbai
4 : 4 numbers to know apart from your personal loan interest rates
5 : why should you opt for a long term personal loan
6 : how personal loan in india can increase your profit
7 : 5 questions to ask before applying for the best personal loans
8 : what is the minimum salary for personal loan
9 : which bank is best for personal loan in india
10 : reduce your emi and increase savings with personal loan balance transfer
11 : how to choose tenure for personal loans
12 : 3 requirements to get better interest rate on personal loans