Personal Loan

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What is a Personal Loan?

A personal loan is an unsecured loan, where the loan amount ranges between Rs. 1 lakh and Rs. 1 crore. It is provided to salaried individuals. However, some banks and NBFCs have special loan schemes for self-employed professionals such as lawyers, doctors, architects, Chartered Accountants etc. This is a multi-purpose loan by which you can fund more than one financial need.

The key reason why people opt for this loan is because of minimal documentation, quick processing time, and no restriction on end-use of the fund.

Features and Benefits of a Personal Loan

  • Personal loan is a collateral-free loan, meaning, you do not have to provide any asset as security to the bank/NFBC.
  • The loan amount is quickly disbursed within 48 hours of loan approval.
  • Interest rate starts at 10.99%, which is much cheaper than other unsecured loans like on credit cards, where rates can be as high as 36%.
  • The tenure is flexible, between 1 year and 5 years.
  • The loan application process is completely online and there is only a minimal paperwork involved.

What is the Purpose of Personal Loans?

Personal loans are used for multiple purposes, some of which are given below:

  • To consolidate debts, such as paying off soft loans, credit card bills, other existing loans with a single personal loan.
  • To purchase gadgets and electronics items such as iPhone, smartphones, laptops, computers, etc.
  • To fund expenses resulting from a holiday tour, vacation getaway, business travel trip, etc.
  • To pay for home renovations and repairs.
  • To cover the cost of events such as wedding, engagement, etc.
  • To arrange finances for medical and educational expenses.

Things to Consider before You apply for a Personal loan

  • Compare Banks and Financial Institutions: Before applying for the loan, you must compare personal loan scheme across banks and NBFCs. Go through details such as interest rate, loan amount offered, eligibility criteria, repayment tenure, fees, charges, and other terms and conditions, before selecting a particular loan scheme and provider.
  • Credit Score: Your credit score must be 750+ to avail the loan. Click- CIBIL score for FREE to check your credit score for free on our website.
  • Documents Required: You have to submit income proof, identity proof, residence proof, and other necessary documents as required by the fund-provider. Keep soft-copy of these documents with you if you are applying online. If applying offline at a branch-office, you will require xerox of the original documents. Carry the original documents for verification.
  • Annual Percentage Rate (APR): Know APR of loans online- which is the total cost of loan as per the annual interest.
  • Other Fees and Charges: Apart from the interest rate on the loan, you should also check for other fees and charges applicable, such as original fee, late payment charges, prepayment or foreclosure charges etc. These charges influence the total cost of the loan.

Types of Personal Loans Offered in India

Personal Loan Types

Features and Details of the Loan

Banks and NBFCs that Offer the Loan

Loans For Unemployed

This loan is given to individuals who do not draw any income.

Interest rate is generally high.

Collateral may be needed or excluded.

Government loan plans, TATA Capital, Max Finance, etc.

Personal Loan for Business Start-up

This loan is provided to small and medium enterprises and start-ups.

Interest rate is zero for first 15 months, after which the average rate of interest is from 7.9% to 19.9%.

ICICI Bank, Standard Chartered, TATA Capital, SIDBI (small industries development bank of India), Oriental Bank, IFCI (India finance corporation of India), Bank of Baroda, Kotak Mahindra, etc.

Small Cash Loan or Payday Loan/Same-day Loan

This is a short term loan provided to only salaried individuals.

The loan is to meet instant cash needs. Approval is given within minutes.

Loan disbursal is done within few hours to 24 hours of loan approval. Interest rate is as low as 0.1% per day.

Loanbaba.com

Low CIBIL Score Personal Loan

This loan is given to people with low credit score or low CIBIL score.

The interest rate is generally high.

Getting personal loan on low CIBIL score is not easy, however, some banks and NBFCs may offer funds if they find other eligibility criteria of the borrower, sufficient enough to give the funds.

The financial institution may then offer a secured personal loan by keeping a collateral or security.

Unsecured Loans for Women

There are some special loan schemes for female entrepreneurs.

Some of the loan schemes are Dena Shakti Scheme by Dena Bank, Udyogini Scheme by Punjab & Sind Bank, Mahila Udyam Nidhi Scheme by SIDBI etc.,

Punjab and Sind Bank, Dena Bank, Citibank, ICICI Bank, Kotak Mahindra, IndusInd Bank, TATA Capital, Bank of Baroda, Fullerton, etc.

Govt. Loans for Small Scale Businesses

This loan is provided to small scale businesses.

As these are launched by the government of India, the interest rates charges are usually low.

State Bank of India, Bank of Baroda, Andhra Bank, Government loan schemes such as SIDBI, SIDCO, NSIC (National small industries corporation limits, WASME (World association for small and medium enterprises), NABARD (National bank for agriculture and rural development, etc.

Loan for Corporate

The loan is given for active businesses and industrial houses.

Secured and unsecured loan is offered.

HSBC, Bank of Baroda, Citibank, Kotak Mahindra, ICICI Bank, Standard Chartered, Allahabad Bank, IndusInd, Tata Capital, HDFC, etc.

Marriage Loan

The loan is to fund wedding expenses.

Loan amount between Rs. 5 lakhs and Rs. 20 lakhs.

Interest rate from 10.99% to 34%.

Bank of Baroda, HDFC, SBI, PNB, ICICI, Axis Bank, Tata Capital,  Citibank, Kotak Mahindra, IDBI etc.

Medical Loan

To pay for medical costs such as hospitalization, surgery etc.

Loan amount can go up to Rs. 25 lakhs.

Unsecured form of lending.

TATA Capital, State Bank of India, Arogya Finance etc.

Home Improvement Loan

This loan is provided to fund house furnishing, renovation, or repair, etc.

The rate of interest is fixed and ranges between 9% and 12.5% per year.

There is a possibility of 100% cover, while some offer up to 90% of the home improvement expenses.

Canara Bank, HDFC, ICICI, PNB, DHFL, Bank of Baroda, etc.

Personal Loan Eligibility

Some of the eligibility factors are mentioned below:

  • Age: You must be above 21 years of age.
  • Income: Your net monthly income must be at least Rs. 25,000.
  • Credit Score: A credit score of 750+ is considered as a good credit score to avail the loan. However, you can even the loan with a credit score of 650+.
  • Employment History: A work experience of minimum 1 year is preferred. You must be able to provide income proofs. Cash salary is not acceptable.
  • Ongoing EMIs: As a thumb rule, your on-going EMIs should not be more than 60% of your Salary.

Personal Loan EMI Calculator

You can use our FREE personal loan EMI calculator before applying for a personal loan India. With EMI calculator personal loan, you can get the following details:

  • The right loan amount you need as per your salary.
  • A suitable interest rate on the loan.
  • The loan tenure ideal as per your income profile.

Documents Required for a Personal Loan

Here is a list of documents needed for salaried, professional, and self-employed applicants for a personal loan:

  • Identity Proof (any of the following): Voter ID Card, Aadhar Card,  Passport, Employer issued ID Card, Electricity Bill, Ration Card, Driver’s License, PAN Card, Life Insurance Premium Receipt, Title deed/utility bill/municipal tax receipt, Mobile/Telephone Bill.
  • Age proof (any of the following): Birth Certificate, Ration Card, PAN Card, Passport,  Voter ID, Aadhar Card, Life Insurance Premium Receipt , Secondary school certificate (Class 10).
  • Residence proof: Ownership and Title Deeds of Property, Electricity Bill, Ration Card, Telephone Bills, Government-issued Employee Residence Proof.
  • Photo ID
  • Signed application form with passport sized photographs
  • Salary slips of last three months
  • Form 16 or proof of Income Tax Returns
  • Bank statement of last six months
  • Income tax returns and computation of income of last three years
  • Audited balance sheet and profit & loss account of the last three years, which is certified by a Chartered Accountant

Personal Loan Interest Rates

One of the important things before applying for personal loans involves checking of interest rates offered by banks and NBFCs. The Personal Loan Interest Rates will differ from one bank/lender/NBFC to the other on grounds of your profile, income, need of loan amount, loan tenure, credit score and history, and other factors.

Interest Rate

Starting at 10.99% onwards

Processing Fees

May vary from lender/Bank/NFBC to other

Loan Tenure

1 Year to 5 Years

Pre-closure Charges

May vary from one lender/Bank/NFBC to other

Personal Loans Interest Rates By Top Banks and NBFCs

Bank Loan Amount Personal Loan Interest Rates* Lowest EMI per lakh for Max Tenure

SBI Bank Personal Loans

Rs. 50 Lakhs Max 10.99% - 15.99% Rs. 2,174 for 60 months

HDFC Bank Personal Loans

Rs. 40 Lakhs Max 10.99% - 20.75% Rs. 2,174 for 60 months

ICICI Bank Personal Loans

Rs. 20 Lakhs Max 10.99% - 22.00% Rs. 2,174 for 60 months

Axis Bank Personal Loans

Rs. 50 Lakhs Max 15.50% - 24.00% Rs. 2,405 for 60 months

RBL Bank Personal Loans

Rs. 20 Lakhs Max 14.50% - 23.00% Rs. 2,353 for 60 months

Kotak Bank Personal Loans

Rs. 50 Lakhs Max 10.99% - 24.00% Rs. 2,174 for 60 months

Capital First Personal Loans

Rs. 15 Lakhs Max 12% - 18% Rs. 2,224 for 60 months

Tata Capital Personal Loans

Rs. 20 Lakhs Max 10.99% - 19.00% Rs. 2,174 for 60 months

Bajaj Finserv Personal Loans

Rs. 25 Lakhs Max 11.99% - 16.00% Rs. 2,224 for 60 months

Fullerton India Personal Loans

Rs. 20 Lakhs Max 11.99% - 23.99% Rs. 2,224 for 60 months

Why Choose Loanbaba to Help You Find a Personal Loan?

We at Loanbaba offer you personal loan schemes and offers from top banks and NBFCs in India. Being one of the leading FinTech firms, and an online platform that helps one access secured and unsecured loans, we ease your borrowing decision. Some of the features you can use for free on our website are as follows.

  • Check Eligibility and EMI: Use personal loan eligibility and EMI calculator to check your loan eligibility and EMI, within seconds.
  • Banks and NBFCs Offers in Real-time: Our online personal loan comparison tool will help you top banks and NBFCs for personal loan offers.
  • Grab Instant Quotes from Top Lenders: You will get instant quotes, interest rates, and offers from popular banks and NBFCs on our website.
  • E-approval Within No Time: You will receive instant approval of your personal loan application if you have submitted the required documents and meet the fund-provider’s loan eligibility criteria.

Guaranteed Privacy and Transparency: Your personal loan application is sent to the bank/NBFC electronically, thus there is no risk to your privacy as information you share with us, is never shared with any unconcerned party.

Frequently Asked Questions on Personal Loans

Given below are some of the important questions you may have about Loanbaba Personal Loan.

  • 1) What is the minimum and maximum personal loan amount I can borrow?
    You can borrow between Rs. 1 lakh and Rs. 20 lakhs from financial institutes.
  • 2) How to decide which financial institute will be best for my personal loan?
    Each financial institution, be it a bank or NBFC will have its own set criteria and conditions regarding eligibility, individual monthly income, credit score etc. The institution which satisfies your personal loan requirements will be the one that is the best for your needs. At Loanbaba, you can understand which financial institution provides you the best offer as you can select and apply with banks and NBFCs of your choice after knowing all the details of their personal loan schemes.
  • 3) What Facilities Loanbaba.com Offers for Personal Loan?
    • Loanbaba.com has an active tracking tool for loan application
    • Real-time Personal loan EMI calculator, Personal loan eligibility calculator
    • All financial tools on the website are free of cost
    • High level of encryption for data security
  • 4) Should I always choose the lowest EMI possible before finalizing the loan provider?
    You should not always pick the lowest EMI possible when selecting a loan provider. You should look at many other factors such as your repayment capacity. If you can pay larger EMIs, then you can close the loan early and save on the additional interest paid otherwise on a longer tenure. Also, understand other charges applicable by the lender, before finalizing the one.
  • 5) How to Repay the Personal Loan?
    You may have to pay timely equal monthly instalments or EMI. The money can be transferred electronically to the bank, or provide post-dated cheques for the payments.
  • 6) What is the Best Interest Rate for Personal Loan?
    The interest rate on personal loan will vary from bank to bank, and depend on your profile or the loan scheme you choose. However, the interest rate can start at as low as 10.99%
  • 7) Do I get to Choose between Fixed and Floating Interest Rates?
    You can browse through banks and financial institutes about floating and fixed interest rate offers, and select the one that suits your needs.
  • 8) How to get a personal loan at the lowest interest rates?
    • Maintain a good CIBIL score to get lower interest rates on personal loan
    • Improve your repayment capacity by reducing other debts and increasing your monthly income.
    • If you have a good relationship with the NBFC or bank, then it can assist you in securing lower interest rate on personal loan.
  • 9) Which are some of the best banks for personal loan, and NBFCs in India?
    Many financial institutes offer personal loan, and the best one would be that which provides you a low rate of interest, the lowest charges, flexible tenure, and easy eligibility criteria. Some of the providers to choose are TATA Capital, Bajaj Finserv, Fullerton India, Capital First, HDFC Bank, ICICI Bank, SBI, Axis Bank, PNB, etc.
  • 10) What are the benefits of personal loan?
    Here is a brief view of benefits of personal loan India:
    • The loan is unsecured and requires no collateral or security.
    • Many NBFCs and banks to choose from.
    • Minimum amount to be borrowed is Rs. 1 lakh and maximum goes up to Rs. 20 lakhs.
    • The loan applicant is to be salaried, though there could be schemes for professionals and self-employed individuals as well.
    • The funds can be used for multiple purposes.
    • Low interest rate starting from 10.99%.
    • Repayment tenure is up to 5 years.
  • 11) How do I apply online for an instant personal loan?
    To apply for instant personal loan at Loanbaba, you can drop your loan application online and fill the details asked such as your name, loan amount required, employment status etc. You can check the top banks and NBFCs for personal loans in India and apply for paperless loan today to get immediate quotes. You can get in touch with us give a missed call on 7668876688. You can also email us at customersupport@Loanbaba.com.
  • 12) Is there a Processing Fee Involved?
    Usually banks will charge you a processing fee (sometimes negotiable) for the loans, which is about 2 to 3 percent of the borrowed amount.
  • 13) When is a Personal Loan Disbursed?
    If all the documents required for personal loan application is in place, the loan amount can be disbursed within 24 to 72 hours.
  • 14) Is there a Need for a Guarantor?
    No, you do not need a guarantor to apply for personal loans.
  • 15) Is Part-prepayment accepted?
    You may be allowed to partly pay for the personal loan after a certain point of time. However, some banks may charge a prepayment fee.
  • 16) How to compare personal loan interest rates?
    You can compare interest rates of personal loan at Loanbaba.com. We list the top providers of the loan so that you can find all loan offers on one platform. You must be careful to check if the rate of interest is floating or fixed and also the APR etc.

Personal Loan Reviews


Overall Rating

4.4/5

25reviews
Rating Breakdown
5
4
3
2
1
Most Helpful Reviews
  • loanbaba
    April 12, 2019
    Perfect Personal Loan Amount
    I borrowed Rs. 20,000 Personal Loan amount for 3 months tenure. Got the amount in a day. Thankful.
    0

    loanbaba
    April 01, 2019
    Instant Personal Loan
    I had to take Personal Loan due to an unforeseen situation, but really glad that Loanbaba helped me out in dire times with fast disbursal.
    1

    loanbaba
    March 30, 2019
    Personal Loan Online
    Loanbaba small cash loan online is just a thing one needs for instant cash emergencies. It was a piece of cake to apply for the loan, did not even take 2 minutes.
    0

    loanbaba
    March 18, 2019
    Personal Loan Rate
    A Personal Loan for every need at affordable interest rate. I have taken the loan for the third time from Loanbaba and it is completely trustable and quick as promised.
    0

    loanbaba
    March 17, 2019
    Happy with Small Cash Loan
    It was too good to be true. I actually received the loan amount within 2 hours of my loan application. I am really taken aback pleasantly by the quick service and the executive’s prompt help with Personal Loan.
    1