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Personal Loan

Personal Loan Online ComaprisionComparision
Banks Interest Rate(%) Processing Fee Range Loan Amount Tenure Range  
SHRIRAM Housing Finance
SHRIRAM Housing Finance
11.5% - 18% 0.5% - 2% Min 1 Lac 1 - 5 Years Get QuoteEligible Documents
PNB Housing Finance
PNB Housing Finance
11.5% - 18% 0.5% - 2% Min 1 Lac 1 - 5 Years Get QuoteEligible Documents
Standard Chartered Bank
Standard Chartered Bank
11.5% - 18% 0.5% - 2% Min 1 Lac 1 - 5 Years Get QuoteEligible Documents
ICICI Bank
ICICI Bank
11.5% - 18% 0.5% - 2% Min 1 Lac 1 - 5 Years Get QuoteEligible Documents
HDFC Bank
HDFC Bank
11.5% - 18% 0.5% - 2% Min 1 Lac 1 - 5 Years Get QuoteEligible Documents
Yes Bank
Yes Bank
11.5% - 18% 0.5% - 2% Min 1 Lac 1 - 5 Years Get QuoteEligible Documents
Kotak Mahindra Bank
Kotak Mahindra Bank
11.5% - 18% 0.5% - 2% Min 1 Lac 1 - 5 Years Get QuoteEligible Documents
Reliance Capital
Reliance Capital
11.5% - 18% 0.5% - 2% Min 1 Lac 1 - 5 Years Get QuoteEligible Documents
LIC Housing Finance
LIC Housing Finance
11.5% - 18% 0.5% - 2% Min 1 Lac 1 - 5 Years Get QuoteEligible Documents
Aditya Birla Finance
Aditya Birla Finance
11.5% - 18% 0.5% - 2% Min 1 Lac 1 - 5 Years Get QuoteEligible Documents
Personal Loan Online OverviewOverview

Personal Loan Online

Cash is king in life. If you need something urgently and you get money to purchase or invest or spend for or a best utilisation for that, this situation is awesome. To have this in life, banks and NBFCs have come up with a product called "Personal loan online". They are willing to give a personal loan to people who are in need.

It has many plus points (Benefits):

  • It helps at any urgent cash crunch situation. It may be a Medical emergency, payments for a laptop, funding a trip to attend an urgent program, quick cash for marriage -- whatever the need, personal loans help in our lives.
  • No questions asked about the end use of the money. Your account gets credited with loan amount and it's up to you (the borrower), where to use it and how to use it. So, it is a very convenient financial help.
  • No collateral, security or guarantors are required for this loan. It is solely disbursed on the basis of an individual's credit-worthiness. This saves a lot of embarrassment and hassles.
  • Banks do take into account the income, employment, continuity of business and other factors. This is to establish the fact that the borrower will be able to repay the personal loan with interest in due time.
  • The secrecy and confidentiality is maintained by the financial institutes as there are no security or collateral requirements.
  • It can remain a secret between you and the bank. Moreover every bank has some privacy policies, which ensures adequate confidentiality.
  • It has very simple documentation and with minimal eligibility and zero collateral requirements i.e., A proof of identity, income proof and residence proof.
  • Loan amount can be more depending on a borrower's repayment capacity. Institutes are willing to give a personal loan ranging from Rs 25,000 /-to Rs 5, 00,000/-.Use personal loan EMI calculator to estimate your monthly installments. This is one of the reasons to take a personal loan online and many a times it is a best choice to meet big budget requirements.
  • Hence one should go for it when one needs it urgently. It is normal.

To make you acquainted with other few points to understand the product, we have indicated the following which will definitely help you.

Eligibility

Take a glance at our Loan Eligibility Calculator for further actions.

  • Salaried person (50% take home salary).
  • Professional and self employed persons and Business people.

Purpose

For any purpose including any social and financial commitment.

Amount

Private Banks: 5 lacs and more depending on the repaying capacity

Disbursement

Generally in one go.

Moratorium

No Moratorium, Repayment starts from next month.

Prepayment Issues

Public sector Banks -No prepayment penalties and Private Banks- may levy pre payment penalties.

Repayments and Collection

36 monthly EMIs. In case of big loans it is extended up to 60 EMIs.

We are here to help you out

A need in time and getting it in time are both enriching life.

Personal Loan Online FAQFAQ's

Q. How is the maximum EMI Amount calculated?

Ans. Banks mostly based their loan amount based on the maximum EMI amount that the individual can afford. This EMI usually capped at 30% to 40% of the applicant's net take home salary. If you have any existing loans, the maximum personal loan EMI will drop accordingly.


Q. Does my credit history and score affect my chances of a successful application?

Ans. A personal loan is usually based on criteria such as your monthly net income and your previous credit history including score. Hence, credit score plays a key role in both ensuring the success of the application as well as in determining the interest rate of the loan.


Q. Is there a prepayment penalty on personal loan?

Ans. Yes. Most banks and NBFCs charge a prepayment penalty of 1% to 3% on the outstanding principal amount of a personal loan.

Personal Loan User ReviewsUser Reviews