Apply now and get instant approval for Personal Loan
|Personal Loan Details -|
|Loan Amount||Rs. 1 Lakh to Rs. 15 Lakh|
|Interest Rate||10.50% onward|
|Tenure||1 year to 7 years|
|Processing Fee||Up to 2% of the loan amount|
|Prepayment Charges||Up to 5% of the outstanding principal|
Below-given are the benefits and features of a personal loan:
Personal loans are used for multiple purposes, some of which are given below:
|Purpose of a Personal Loan||Details|
|1. Debt Consolidation||To consolidate debts, such as paying off soft loans, credit card bills, other existing loans with a single personal loan.|
|2. Big-ticket Purchases||To purchase gadgets and electronics items such as iPhone, smartphones, laptops, computers, etc.|
|3. Holiday or Travel Loan||To fund expenses of a holiday tour, vacation getaway, business travel trip, etc.|
|4. Home Renovation||To manage expenses of home renovations and repairs.|
|5. Wedding||To cover the cost of events such as wedding, engagement, etc.|
|6. Medical Emergency||To arrange finances for medical and educational expenses.|
|7. Education||To handle the cost for higher education of children.|
Below-mentioned are things to keep in mind before you drop a personal loan application:
|Things to Consider Before Application||Details|
|1. Compare Banks and Financial Institutions||Before applying for the loan, you must compare personal loan schemes 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.|
|2. Credit Score||Your credit score must be 650+to avail the loan. Click- > Get CIBIL Score for FREE to check your credit score for free on our website.|
|3. Documents Required||You have to submit income proof, identity proof, residence proof, and other necessary documents as required by the fund-provider. Keep a 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.|
|4. Annual Percentage Rate (APR)||Know APR of loans online. APR is the total cost of loan as per the annual interest.|
|5. 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.|
Below-mentioned are the personal loan eligibility norms:
|Things to Consider Before Application||Details|
|1. Age||You must be above 21 years of age.|
|2. Income||Your net monthly income must be at least Rs. 25,000.|
|3. Credit Score||A credit score of 650+ is considered as a good credit score to avail the loan.|
|4. Employment History||Minimum work experience of 1 year is preferred. You must be able to provide income proofs. Cash salary is not acceptable.|
|5. Ongoing EMIs||As a thumb rule, on-going EMIs should not be more than 60% of your income.|
Here is a list of documents needed for salaried, professional, and self-employed applicants for a personal loan:
|Documents Required||Individuals||Self-employed, Firms, Partnerships|
|Filled and signed application form||It is required||It is required|
|Proof of Identity||PAN card, Driving License, Passport, Voter ID, Govt issued i-card, Aadhaar Card||PAN card, Driving License, Passport, Voter ID, Govt issued i-card, Aadhaar Card|
|Proof of Income||Last 6 months salary slip, last 2 years Form 16, bank account statement of the last 6 months reflecting credited salary||Bank account statement of the last 6 months and last 2 years ITR|
|Proof of Address||Driving License, Election ID card, Passport, Telephone/bank statement Electricity/ Mobile bill (latest up to 3 months old)||Utility bill/bank statement latest up to 3 months old, TAN allotment letter, lease or rent agreement, registry copy|
|Proof of Age||Birth certificate, School/college leaving certificate, Passport, Driving License, PAN card, Voter id card, Employee ID card (only for PSU/ Government employees)||Birth certificate, School/college leaving certificate, Passport, Driving License, PAN card, Voter id card, Employee ID card (only for PSU/ Government employees)|
|Certificate and Business Existence Proof||Certificate of practice, PAN, VAT/ sales tax/ excise/service tax registration, Trade license, Copy of partnership deed, registration certificate issued by RBI, SEBI|
One of the important things to do before applying for personal loans is checking the interest rates offered by banks and NBFCs. The Personal Loan Interest Rates will differ from a financial institution to another on grounds of your individual profile, repayment capacity, income, required loan amount, loan tenure, credit score, and other factors.
|Interest Rate||Starting at 10.50% onwards|
|Processing Fees||1% to 3% of the borrowed principal amount|
|Loan Tenure||1 Year to 5 Years|
|Pre-closure Charges||May vary from one lender/Bank/NFBC to other|
|Bank||Loan Amount||Personal Loan Interest Rates||Lowest EMI per lakh for 5 years Tenure|
|SBI Personal Loans||Upto Rs. 20 lakhs||10.50% - 11.20% onward||Rs. 2,149|
|HDFC Bank Personal Loans||Upto Rs. 40 Lakhs||10.75% onward||Rs. 2,162|
|Muthoot Finance Personal Loan||Upto Rs. 10 Lakhs||14% onward||Rs. 2,327|
|Small Business FinCredit (SBFC) Personal Loan||Upto Rs. 10 Lakhs||13.75% onward||Rs. 2,314|
|ICICI Bank Personal Loans||Upto Rs. 20 Lakhs||11.25% onward||Rs. 2,187|
|Axis Bank Personal Loans||Upto Rs. 15 Lakhs||12% onward||Rs. 2,224|
|RBL Bank Personal Loans||Upto Rs. 20 Lakhs||14% onward||Rs. 2,327|
|Kotak Bank Personal Loans||Upto Rs. 15 Lakhs||10.99% onward||Rs. 2,174|
|Capital First Personal Loans||Upto Rs. 40 Lakhs||10.75%||Rs. 2,162|
|Tata Capital Personal Loans||Upto Rs. 25 Lakhs||10.99% onward||Rs. 2,174|
|Bajaj Finserv Personal Loans||Upto Rs. 25 Lakhs||12.99% onward||Rs. 2,275|
|Fullerton India Personal Loans||Upto Rs. 20 Lakhs||12.99% onward||Rs. 2,275|
The online personal loan EMI Calculator helps to calculate the monthly instalment amount that you have to pay towards repayment. On the calculator enter the desired loan amount, interest rate, and tenure.
We have provided an example of the total cost of a personal loan:
A personal loan comes with a fixed tenure. The tenure is the repayment period. You are expected to repay the debt via EMIs within this fixed tenure. But anytime if you want to repay the loan sooner than the end of repayment period, you can opt for: Part pre-payment or Foreclosure.
|Details||Full Pre-payment/Foreclosure||Part Pre-payment|
|What is?||If you pay off the entire outstanding before the end of tenure, then it is known as full pre-payment or foreclosure.||If you pay a part of the outstanding amount before the tenure’s end, then it is known as part pre-payment.|
One of the benefits of foreclosure is that you save on the interest payout.
You can also save on the prepayment interest if the lender does not charge an interest on foreclosure of the loan.
One of the benefits of part pre-payment is that you can use excess funds in hand to pay a portion of the outstanding amount.
Thus, any interest thereby charged would be on the reduced outstanding principal amount.
So, you can expect the EMI amount to also reduce. Also, the total interest payout will also decrease.
However, if the lender charges a penalty on foreclosure, then you may have to pay a good amount of interest.
This is why before foreclosing a loan, check the factors related to it. Full pre-payment may not always be the right option.
|Several lenders charge a fee for part-payment. You need to check the charge for part-payment and analyze if it is the best to pay off a portion of the outstanding principal or not.|
We at Loanbaba offer you personal loan 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.
To apply for personal loan at Loanbaba:
Given below are some of the FAQs on personal loans in India:
Loanbaba provides loans through the NBFC - (Amros Commercial Private Limited). This is a certified NBFC. It is also tied up with other banks and financial institutions for loan purposes.
Download the Loanbaba app for Android devices from Google Play. We are also accessible on the web.
The customer's data is transferred through a secured connection on our portal and is not shared with any unconcerned third party.
Loanbaba tracks the applicant's credit history through the income and other relevant documents submitted to decide the credit limit.
The loan agreement contains all the details about the loan offer, fees and charges, EMI schedule, and other terms and conditions. The customer has to sign the loan agreement before getting the loan amount.
If the loan is approved and disbursed, it cannot be cancelled. The borrower has to repay the entire loan amount + interest amount as per the terms and conditions.
There are no hidden charges. All the fees and charges are mentioned to the customer upfront. Also, the charges are reflected in the loan agreement.
The processing fees are deducted upfront from the loan amount at the time of disbursal. This practice is followed by almost every lending institution.
Yes, late payment charges apply if the borrower misses the EMI payment after the due date. The charges will be mentioned in the loan agreement.
Loanbaba supports repayment through NACH and the borrower has to comply with the set-up of NACH for auto deduction of EMI on the due date. However, repayment is also possible through other methods.
The borrower cannot postpone the EMI date. The loan agreement has all the details about the EMI schedule. And the borrower has to abide by the same.
If the borrower is unable to pay the EMI on the due date, then late payment charges will apply as per the conditions mentioned in the loan agreement. Loanbaba follows fair practices when recovering the dues from the borrower. It does not use any coercion to recover dues. However, the borrower is expected to adhere to the EMI payment obligations.
The borrower can prepay the loan any time before the due date. There are no prepayment charges for a small cash loan and instant personal loan.
The borrowers will receive an email from Loanbaba at their registered email address. They will only receive this email after paying all the EMIs, successfully. The email will contain the loan closure document.
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