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What is a Personal Loan?

A personal loan is an unsecured form of loan provided to salaried individuals on the basis of certain criteria such as employment history, income, scope for repayment, credit score etc. In an unsecured loan, the bank or NBFC does not demand any collateral. With a personal loan, you can meet n-number of expenses. You, as a borrower can be provided this loan for any financial needs and purposes.  At Loanbaba.com, you can apply for personal loan online and get funds between Rs. 1 lakh and Rs. 20 lakhs within a short span. The tenure of loan is between 1 year and 5 years.

Loanbaba personal loan is pretty easy to apply for, as all the procedure from application to documentation is performed online.  Mostly the loan is taken for expenses such as marriage, travel, education, medical emergency, home renovation etc. Eligibility is judged on factors such as credit score, monthly salary, repayment capacity, employment history etc.

Our website provides a list of top banks and NBFCs offers for personal loan, which you can select, and apply. You can use our free-of-cost personal loan EMI calculator and personal loan eligibility calculator to understand the equated monthly instalment (EMI) payable through the loan tenure, and your ability to apply for the loan.

Why Choose a Personal Loan/What is the Purpose of Personal Loans?

Though you can apply personal loan online if you are self-employed, we at Loanbaba provide this loan service to only salaried individuals. There is no restriction on the end use of this product. Collateral free personal loans are used for multiple purposes, some of which are given below:

  • To pay off debts, such as soft loans,  credit card  bills etc.
  • To purchase gadgets and electronics items such as iPhone, smartphones, laptops, computers, etc.
  • To spend on holiday tour, vacation getaways, travel trips.
  • To fund home renovations and repairs.
  • To pay for expensive events such as wedding, engagement etc.
  • To fund medical and education
  • Personal  loan for business can be taken for funding business activities, operations, advertisements, equipments, and more.

Personal loan instant cash helps to generate the cash flow when you do not have adequate funds for important expenses. The key reason why people opt for this loan is because of minimal documentation, quick processing time, no restriction on use of funds, and funding extension till Rs. 20 lacs. In case you need personal loan urgent, then you can check out Loanbaba for best offers.

Things to Consider before You apply for a Personal loan

  • It is wise to apply for a personal loan only after you understand how much funds you need to borrow. You must borrow only the amount you require.
  • You can  personal loans  and offers at our website to know which bank or NBFC is providing you a suitable offer in terms of tenure, interest rate, loan amount, other benefits etc.
  • You should check your credit report or CIBIL score for FREE at Loanbaba.com. A good credit score will help you secure the funds faster.
  • You must check for customized persona loan quotes on our website and understand other essentials of persona loan online criteria, such as documentations, information about  guarantor.
  • Know about annual percentage rate (APR) of loans online- which is the total cost of loan as per the annual interest. Personal loan interest rates at our website, starts at 10.99% onwards.
  • Know the other charges involved. Many financial institutions can offer unsecured personal loans at zero processing fees or zero-penalty prepayment, while others may incur some charges.
  • To get best personal loan online India, do a detailed market survey of all personal loan options regarding interest rates, prepayment charges, other terms and conditions, and costs.
  • Understand if the lending institution is providing flat interest rate or rates on reducing balance basis. Also, know the risks involved if you are unable to repay the loan on time.
  • Look for customized personal loan quotes at Loanbaba.com from multiple banks and NBFCs and pick a suitable plan.

Benefits, Features and Types of Personal Loan

  • Personal loan Loanbaba is offered online and asks for minimal paperwork. The procedure is completely paperless. The repayment tenure  ranges between 1 year and 5 years.
  • No requirement of providing security or assets (vehicle, gold, house etc.) to the lending institute.
  • You can get the loan urgently as well, as the approval of loan sometimes takes as less as 48 hours when documentation is completed appropriately.
  • The charges applicable on personal loan are processing fees (up to 1% of the loan amount), documentation charges, prepayment fees, late payment penalties, cheque swap or cheque bounce charges etc.
  • Interest rate for personal loan (starting from 10.99%), is based on bank or NBFC norms, applicant’s monthly salary, age, financial position, credit score etc.
  • If you have a  strong credit score  and history, there is a greater chance of getting the loan. To maintain a good credit score, you should not default on loan repayments, and should pay credit card bills on time.

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 who live in Mumbai.

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 reasonable.


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.

Small Business 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

To fund marriage 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 Calculator

You are eligible for online personal loan apply with financial institutions if you are a salaried individual. You can use our free-of-cost personal loan eligibility calculator to understand your loan eligibility. Some of the eligibility factors are mentioned below:

  • Age: You must fall between the age brackets as given by the financial institution.
  • Income: You must meet the minimum monthly income criteria as specified by the financial institute. The detail helps the banks and NBFCs to understand your repayment ability.
  • Credit Rating: You must submit your credit report to the bank or allow the financial institution to access the same. Credit score also helps the financial institution to know your credit worthiness.
  • Repayment Ability: You must be employed with the current firm for a certain number of years, have a good income, and low number of debts.
  • Existing  EMIs: You should not have too many ongoing debts and should portray strong ability to pay the personal loan you want.

Documents Needed for Personal Loan

Here is a list of documents needed for salaried, professional, and  self-employed  applicants for 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 most important things to do before you online apply personal loan is, interest rate 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 of Top Banks

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

SBI Bank Personal Loans Interest Rates

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

HDFC Bank Personal Loans Interest Rates

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

ICICI Bank Personal Loans Interest Rates

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

Axis Bank Personal Loans Interest Rates

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

RBL Bank Personal Loans Interest Rates

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

Kotak Bank Personal Loans Interest Rates

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

Capital First Personal Loans Interest Rates

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

Tata Capital Personal Loans Interest Rates

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

Bajaj Finserv Personal Loans Interest Rates

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

Fullerton India Personal Loans Interest Rates

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

Complete Checklist to Apply for Personal Loan

You can get adequate funds to meet any financial requirement with personal loan online. However, there are certain factors to remember when you apply for loan online personal funds.

  • Charges and Interest Rates: You must know the rate of interest on loan, and other charges such as prepayment charges, fees, processing charges etc. This will help you make a well-informed decision.
  • Eligibility: You must understand the eligibility criteria provided by the financial institution with which you want to apply for instant personal loan online India. Also, you can apply with the lending institute for whom you meet the eligibility criteria.
  • Repayment History: Your  credit worthiness  is judged by your credit score, which also helps banks understand your repayment capacity. You should provide the banks with all the documents that give details of your credit history.
  • Loan Tenure and Amount: The loan amount is up to Rs. 20 lakhs. The loan tenure is decided based on factors such as the loan amount, repayment ability, your income etc.
  • Documents Needed: Keep all the essential documents required to apply for online personal loan, ready to be submitted on our website.
  • Processing Time for the Loan: At Loanbaba, you get quick processing of personal loan. However, processing time depends on timely submission of documents, and the lender.
  • Foreclosure: Know the involved  foreclosure charges  and other terms, as foreclosure charges may vary from one financial institution to other.

Top Providers of Personal Loan in India

In India, almost every financial institution (NBFCs and banks), provides unsecure personal loan. We give you names of some of the top providers of personal loan in India: State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Capital First, Kotak Mahindra, TATA Capital, Fullerton India, Bajaj Finserv, RBL Bank etc. At our website, you can check for cash loan apply online and loan terms, rates, tenures, and other conditions by the banks and NBFCs.

Some of the best providers of personal loan in India are mentioned below:

As far as personal loans are concerned, HDFC is market leader. Along with the personal loan, the bank offers an accidental cover (personal) of up to 8 lakh and a critical illness cover of Rs. 1 lakh. The bank offers a high quantum of loan which can be sanctioned to any individual. There are no prepayment charges after 36 months of loan. For women applicants, HDFC offers a pre-sanctioned personal loan of up to 3 lakh with complimentary access to lifestyle diva products and services.

The bank offers personal loan to both salaried individuals as well as self employed. The maximum quantum of loan sanctioned to salaried employees is Rs. 15 lakh; however it is Rs. 30 lakh in case of self-employed.

It is one of the leading non banking financial companies in India which offers personal loans up to Rs. 25 lakh for salaried employees. The borrowers are allowed for a prepayment of up to 6 times in a year.

SBI offers this loan for both categories of individuals i.e. salaried as well as self-employed. The bank sanctions a personal loan of up to 12 times the net monthly income of the pensioner or salaried employee subject to a maximum of Rs. 10 lakh.

The bank offers a high quantum of personal loan that can be sanctioned which is equal to Rs. 15 lakh. The interest rates offered by the bank are quite competitive. Along with multiple repayment options, the bank offers eDGE loyalty points for personal loan customers which can be redeemed in the form of discounts and cash surplus.

Personal Loan EMI Calculator

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

  • Know the right amount you need
  • Understand total interest amount to be paid on loan
  • Most appropriate loan tenure
  • Best personal loan interest rate as suited to your profile

Why Choose Loanbaba.com to Help You Find a Personal Loan?

We at Loanbaba.com offer you customized financial products and unsecure form of funding, such as personal loans. We are one of the leading online platforms who are associated with several public sector banks and private sectors banks, including non-banking financial companies to offer personal loan suited for your interest. You can apply for personal loan online on our website and get quick quotes from the financial institutes. We offer quick approval of loan application. Some of the features you can use for free at our website are as follows.

  • Check Eligibility: Use personal loan eligibility calculator to check your loan eligibility within seconds. This tool will offer quotes as per your credit history and eligibility criteria.
  • Banks and NBFCs 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 Loanbaba.com and as per your profile and eligibility.
  • E-approval Within No Time: You will receive instant approval of your personal loan application once you submit all the documents needed and qualify for the eligibility criteria.
  • Guaranteed Privacy and Transparency: Your personal loan application is sent to the lending institute electronically, thus there is no risk to your privacy as no information you share with us, is shared with any unconcerned party.
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    Frequently Asked Questions on Personal Loans

    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 need. At Loanbaba.com you can understand which financial institution will provide you 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 personal loan interest rates?

    You can interest rate personal loan at Loanbaba.com. We list the top providers of the loan so that you can loan offers under one platform. You must be careful to note that the  rate of interest is floating or fixed, and the APR etc.

    9) How to get personal loan lowest interest rates?

    There are many ways you can get lowest interest personal loan. One is by comparing loan offers at Loanbaba, and selecting the financial institute that offers the best rate, and other ways are mentioned below:

    • 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.

    10) For personal loan, which are some of the best banks and NBFCs in India?

    Many financial institutes offer personal loan, and the best one would be that provides you low rate of interest, 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.

    11) What are the personal loan benefits?

    Here is a brief view of benefits of personal loan India:

    • The loan is unsecured, and required no collateral or security.
    • Many NBFCs and banks to choose from.
    • Minimum amount to be borrowed is Rs. 1 lakh and up to Rs. 20 lakhs.
    • The loan applicant is to be salaried, though there could be schemes for professionals and self-employed as well.
    • The funds can be used for n-number of purposes.
    • Low interest rate starting from 10.99%.
    • Repayment tenure is up to 5 years.

    12) How do I apply online for an instant personal loan?

    To apply for instant personal loan at Loanbaba.com, you can drop your loan application online and fill the details asked such as your name, loan amount required, employment status etc. You can the top banks and NBFCs for personal loan India and apply for paperless loan today to get immediate quotes. You can get in touch with us on toll free number 18001038024 or give a missed call on 7668876688. You can also email us at customersupport@Loanbaba.com.

    13) 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.

    14) 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.

    15) Is there a Need for a Guarantor?

    No, you do not need a guarantor to apply for personal loans.

    16) Is Part-prepayment accepted?

    You may be allowed to partly par for the personal loan after a certain point of time. However, some banks may charge a prepayment penalty.

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