Apply For a Loan
Get Personal Loan At Low Interest Rate From A Wide Range Of Lenders
Personal loans are an unstable type of loan that is well known to meet prompt necessities. It is multi-purpose in nature and thusly can be utilized for different purposes including wedding, home renovation, travel purposes and the sky is the limit from there. In addition, there is no limitation for the amount borrowed and can be utilized for any reason they need. Indeed, a personal loan can help you construct your credit quicker when analyzed for different types of credit. This is a result of the danger it conveys due to being unstable.
In the end, a personal loan can balance any temporary financial crisis.
Benefits and Features of Personal Loan
No need of collateral
One of the advantages related with an online personal loan is that it is unstable in nature. This implies you don’t have to promise any guarantee for your advance. Although this can be a justification for your interest rate, you can get a low-interest personal loan effectively if you meet the eligibility requirements.
Minimal Documentation
In this period of digitisation, the process of documentation and verification has now gotten short. This is applicable for fast personal loan as they are quick in disbursal and require least documents for approval.
Quick & Easy Approval
You can get personal loan that are fast and simple in approval. This is the reason it is the smartest option in the midst of financial crisis. In addition, the process has gotten computerized; accordingly diminishing time in the confirmation cycle.
Multipurpose in nature
A personal loan can be utilized for anything aside from investment and illegal activities. Aside from that, it is multipurpose in nature and can be utilized for anything. Different types of credit when taken are for a particular reason and can be utilized uniquely for the equivalent. For instance, a home loan is utilized for buying a house while a car loan is taken to purchase a car. Nonetheless, a personal loan can be taken to balance any immediate requirements.
Eligibility for Personal Loan
Personal loans are given by the vast majority of the banks/NBFCs yet with various eligibility requirements. Nonetheless, there are sure rules that are basic for all financial institutions. The eligibility criteria to get an online personal loan approval for salaried and self-employed people are:
| Age | 18/21 years – 60/65 years |
| Employment Type | 1. Salaried 2. Self-Employed professionals |
| Credit score | 750 or above with a good credit history |
| Minimum Net Income (Monthly) |
|
| Loan Amount | Up to ₹50 lacs depending on the credit profile |
| Work Experience | Salaried
Self-Employed
|
Documents Required for Personal Loan
The common documents required for an online personal loan approval are given below:
For Salaried Individuals
1. Identity & Age Proof
2. Completely filled personal loan application with photograph
3. PAN Card
4. Residence proof – Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
5. Bank statements for the last 3 months(preferably your salary account)
6. Salary Slips of last 3 months
7. Form 16 or Income Tax Returns of last 3 years
For Self-Employed Individuals
1. Identity & Age Proof
2. Completely filled personal loan application with photograph
3. PAN Card
4. Residence proof – Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
5. Bank statements for the last 3 months(preferably your salary account)
6. Salary Slips of last 3 months
7. Last 3 years Income Tax Returns with computation of Income
8. Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Personal Loan Comparison Table
Here is a comparison table of the popular personal loans online along with their processing fees, preclosure charges and interest rate:
| BANK/NBFC | Interest Rate(pa) | Loan Amount | Processing Fees | Part Payment | Pre-closure Charges | Locking Period | Tenure |
|---|---|---|---|---|---|---|---|
| IDFC First Bank | 12.00 % to 21% | 1 Lakhs to 40 Lakhs | Up to 2.0% of the loan amount | Up to 40 % of the loan amount each year | 5% on your principal outstanding + GST | 1 Month | 12-60 months |
| HDFC Bank | 11.25%- 17.75% | 50K to 40 Lakhs | Up to 2.50% of the loan amount subject to a minimum of ₹1,999/- & Maximum of ₹25000/- | Up to 25% of Principal Outstanding allowed | 13-24 Months – 4% of Principal Outstanding 25-36 Months – 3% of Principal Outstanding >36 Months – 2% of Principal Outstanding >48 months – 0% | 12 Months | 12 to 60 months |
| ICICI Bank | 11.50% – 17.25% | 50K to 25 Lakhs | Up to 2.25% per annum of loan amount plus GST | Not applicable | 5% per annum of principal outstanding plus GST | 06 months | 12-60 months |
| Bajaj Fiserv | 12.49% -15.30% | 1 Lakhs to 20 Lakhs | Up to 2.0% of the loan amount | Normal Loan – Should be more than 1 EMI (2% + applicable taxes on part-payment amount paid) Flexi Loan – Unlimited part payment Allowed (Min. Rs. 100 ) without any charges | 4% plus applicable taxes on Loan amount | 1 month | 12 to 60 Months |
| Kotak Bank | 10.75% -17.99% | 1 Lakhs to 30 Lakhs | Up to 2.5% of the loan amount + GST and other applicable statutory levies | – | 5% of the outstanding amount + GST on principal outstanding | 12 months | 12-60 months |
| TATA Capital | 11.25%-18.75% | 75K- 25 Lakhs | From ₹999/- Up to 3.00% of the loan amount and applicable Service Tax | Part-payment up to 25% of the principal outstanding (No part-payment charges) More than 25% of the principal outstanding (2.50% part-payment charges on the part-payment exceeding 25% of principal outstanding) *Maximum of 50% of the principal outstanding permissible | >6 months – 3.5% of principal outstanding For Loan amount > = 7Lacs – NIL Preclosure BT – 5% of the principal outstanding | 06 months | 12-72 months |
| IndusInd Bank | 11.50% -19.0% | 1 Lakhs- 25 Lakhs | Up to 3.00% of the loan amount plus tax | – | Salaried: 4% of the principal outstanding after repayment of 12 EMIs. | 1 Year | 12 to 60 Months |
| Fullerton | 11.99%-25% | 65K-25 Lakhs | Upto 4.5% of the loan amount plus GST | – | Within 7 months to 17 months – 7% Within 18 months to 23 months – 5% Within 24 months to 35 months – 3% After 36 months – NIL | 06 Months | 12-60 months |
| RBL Bank | 11.99%- 18.0% | 1 Lakhs to 20 Lakhs | 1.5% of the loan amount (Non Refundable fee of Rs 7500 Upfront, Rest at the time of disbursal) | NIL | NIL | 12 months | 12 to 60 Months |
| Yes Bank | 10.99% – 15.99%(BT Special rates – 10.75%) | 1 Lakhs to 25 Lakhs | Up to 2.50% of the loan amount subject to a minimum of ₹999/- plus taxes | 20% Principal Outstanding for 12 – 24 months 20% Principle Outstanding for 25 – 36 Months 25% Principal Outstanding for 37 – 48 Months 25% Principal Outstanding for 49 – 60 Months 1% plus applicable taxes on part payment amount paid | 13 – 24 months – 4% of principal outstanding 25 – 36 months – 3% of principal outstanding 37 – 48 months – 2% of principal outstanding >48 Months – Nil | 12 months | 12 to 60 Months |
*The figures provided in the table are indicative subject to change from time.
Representative Example:
*The figures provided in the table are indicative subject to change from time.
Representative Example:
With a representative 10.75% APR based on borrowing ₹ 10 lacs and repaying over 60 months with 60 monthly repayments. Monthly repayments of ₹ 21618.
Types of Personal Loan:
Here are the different types of online personal loan:
- Personal Loan for Home Improvement
There’s something that can be always done to your home and this is the situation where a personal loan can assist you in fixing them. From redesigning your kitchen to making your home an ideal blend of solace and solidness, a personal loan for home improvement can be the arrangement.
- Personal Loan for wedding
In India, an ordinary wedding cost ₹25 lakhs on a normal! Debilitating every one of your reserve funds for all the wedding costs is certifiably not an ideal choice. This is the sitaution where you apply online personal loan and cover the costs. Now, planning a wedding is now easy.
- Personal Loan for Travel
Aside from home redesign or wedding, you can get personal loan to cover your travel costs. Since it is advantageous and a financial choice, it very well may be an open choice. Additionally, it can substitute your uses with your credit card and help you save money on interest costs.
- Personal Loan for Fresh Funding
Meeting working capital necessities can be an overwhelming cycle and without raising new assets, the regular tasks can get influenced. A personal loan can be the best alternative choice to meet your momentary working capital requirements, for example, cover accounts payable, wages, and so on.
- Top Up Personal Loan
Top up personal loan is a facality given by financial institutions to clients that permits you to acquire a specific measure of cash over your personal loan. The interest rate for a top up loan is somewhat higher than the normal personal loan.
- Personal Loan Balance Transfer
Did you realize you can save thousands on your interest costs on a personal loan? Indeed, that is the thing that an balance transfer can assist you with. You can take care of your existing loan with another loan at a lower-interest rate. Kindly note there is a charge charge associated with a personal loan balance transfer.
Personal Loan EMI Calculator
At the point when you intend to apply for a personal loan, EMI plays the main factor. Regardless of whether the EMI will fit in your month to month spending plan can help in choosing your personal loan. This is the situation where a personal loan EMI calculator can help you. A loan calculator assists you with getting the following outcomes:
- Monthly Repayments – EMI you will be paying every month
- Total interest payable – Total interest on your loan
- Total amount to pay – The total amount which is a sum of principal and interest
Personal Loan Interest Rates
| Personal Loan Details | |
| Interest Rates | 10.75%- 25% |
| Processing Fee | Differs from bank to bank; generally ranges between 1-4% of the loan amount |
| Loan Tenure | 12 months to 60 months |
| Loan Amount | ₹15000 – ₹50 lakhs |
| Lock-in period | Varies from lender to lender |
| Preclosure Charges | Differs; Generally between 2%-5% of the loan outstanding |
| Guarantor Required | Based on the credit profile |
Why should you choose Eazysalary for a personal loan?
Eazysalary is a one-stop answer for all your financial requirements. In here, we attempt to furnish you with the best administrations that are without bother and speedy in nature. For personal loans, we furnish you with a comparative analysis of what various banks are offering and help you in your official choice.
Here are a few reasons for you to apply for a personal loan at Eazysalary:
Fast assistance
Eazysalary offers 24*7 administrations for every one of its clients. You can get in touch with us at whenever of the day and we will make an honest effort to get in contact with you quickly. Also, the cycle for personal loan approval is quick and speedy in nature.
You can just keep in touch with us at support@eazysalary .com for any complaints, feedbacks or grievances.
Customer needs is our priority
Your requirements are our priority. We guarantee to convey you with services that are best on our abilities. By handpicking the personal loan offers dependent on client profile, we attempt to give you the most customized insight. The services for every one of our clients are liberated from cost.
Compare Offers Online
With in excess of 40 loan specialists as accomplices, you can look at the different offers of financial institutions to settle on the right decision. Truth be told, we help you track down the best loan specialist according to your eligibility requirements. There is a customized relationship loan specialist for each client who helps him/her select the bank of his/her decision.
Real-time customer support
Our customer support group is quick and effective to clear the entirety of your questions with respect to personal loan eligibility, procedures, offers, documentation and repayment choices. We even contact with the particular loan specialist on your behalf.
How To Apply For A Personal Loan at Eazysalary ?
Three simple steps to apply for personal loan:
Step-1: Fill the eligibility form
In the first step, the customer needs to fill in the eligibility including the following details:
- Full Name(As per PAN Card)
- Email Address
- Current Residence Pincode
- Employment Type
- Current Company Name
- Monthly in-hand salary
- Mobile Number
Step-2: Select from the multiple offer(s)
You will be given a list of loan specialists dependent on the data given by you in Step-1. The offer could be one or more dependent on your profile. Out of the list, select the loan specialist you wish to proceed with. Kindly make sure to consider the following points while picking the moneylender:
- Interest rate offered
- Loan amount
- Loan Tenure
- EMI
Step-3: Apply for the loan
This step is an extended version of Step-1 where you have to give more details on your application. This is where you give a detailed information about your personal details and bank details.
Once you submit your application, our representative will contact you to cross verify the details before sending the application to the respective lender.
Best Personal Loans in India
| S. No. | Bank Name | Interest rate (p.a) | Loan Amount |
|---|---|---|---|
| 1 | IDFC First Bank | 12.00 % to 21% | 1Lakhs- 40 Lakhs |
| 2 | YES Bank | 10.99% – 15.99% (BT Special rates – 10.75%) | 1 Lakhs- 25 Lakhs |
| 3 | HDFC Bank | 11.25% – 17.75% | 50K to 40 Lakhs |
| 4 | Kotak Bank | 10.75% – 17.99% | 1Lakhs to 30 Lakhs |
| 5 | Tata Capital | 11.25%- 18.75% | 75K to 25 Lakhs |
| 6 | ICICI Bank | 11.50%-17.25% | 50 K to 25 Lakhs |
| 7 | IndusInd Bank | 11.50% to 19.00% | 1 Lakhs- 25 Lakhs |
| 8 | Bajaj Finserv | 12.49%-15.30% | 1 Lakhs to 20 Lakhs |
| 9 | RBL Bank | 11.99%-18.0% | 1 Lakhs to 20 Lakhs |
| 10 | Fullerton | 11.99% to 25% | 65K to 25 Lakhs |
*The figures provided in the table are indicative subject to change from time.
Yes Bank Personal Loan
YES Bank personal loans are personalised, faster and easier.
| Particulars | Salaried Individual |
|---|---|
| Interest Rate | 10.99% – 15.99% (BT Special rates – 10.75%) |
| Loan Tenure | 12-60 months |
| Age | 22 to 60 years (at the time of loan maturity) |
| Processing Fee | Up to 2.50% of the loan amount subject to a minimum of ₹999/- plus taxes |
| Locking Period | 12 months |
| Prepayment/ Preclosure charges | 13 – 24 months – 4% of principal outstanding 25 – 36 months – 3% of principal outstanding 37 – 48 months – 2% of principal outstanding >48 Months – Nil |
*The figures provided in the table are indicative subject to change from time.
ICICI Personal Loan
ICICI personal loans are flexible, quick and convenient and have competitive interest rates.
| Particulars | Salaried Individual |
|---|---|
| Interest Rate | 11.50% to 17.25% |
| Loan Tenure | 12-60 months |
| Age | 23 years to 58 years |
| Processing Fee | Up to 2.25% per annum of loan amount plus GST |
| Locking Period | 6 months |
| Prepayment/ Preclosure charges | 5% per annum of principal outstanding plus GST |
*The figures provided in the table are indicative subject to change from time.
HDFC Personal Loan
HDFC bank personal loan is one of the popular products of this bank. The personal loans are easy-to-get, hassle-free and superfast.
| Particulars | Salaried Individual |
|---|---|
| Interest Rate | 11.25% – 17.75% |
| Loan Tenure | 12-60 months |
| Age | 21 years to 60 years |
| Processing Fee | Up to 2.50% of the loan amount subject to a minimum of ₹1,999/- & Maximum of ₹25000/- |
| Locking Period | 12 months |
| Prepayment/ Preclosure charges | 13-24 Months – 4% of Principal Outstanding 25-36 Months – 3% of Principal Outstanding >36 Months – 2% of Principal Outstanding >48 months – 0% |
*The figures provided in the table are indicative subject to change from time.
Kotak Bank Personal Loan
Kotak bank personal loans are quite popular in India. It provides personal loans at minimal documentation and flexible EMI’s.
| Particulars | Salaried Individual |
|---|---|
| Interest Rate | 10.75%-17.99% |
| Loan Tenure | 12-48 months |
| Age | 21 years – 58 years |
| Processing Fee | Up to 2.5% of the loan amount + GST and other applicable statutory levies |
| Locking Period | 12 months |
| Prepayment/ Preclosure charges | 5% of the outstanding amount + GST on principal outstanding |
*The figures provided in the table are indicative subject to change from time.
Bajaj Finserv Personal Loan
The Bajaj personal loans are non-collateral loans with minimal documentation. Moreover, the loans are available at flexible EMI’s ranging from a year to 5 years.
| Particulars | Salaried Individual |
|---|---|
| Interest Rate | 12.0% to 21% |
| Loan Tenure | 12-60 months |
| Age | 25 years- 58 years |
| Processing Fee | Up to 2.0% of the loan amount |
| Locking Period | 1 month |
| Prepayment/ Preclosure charges | 4% plus applicable taxes on Loan amount |
*The figures provided in the table are indicative subject to change from time.
IDFC First Bank
Be it your any financial requirement, IDFC First Bank is offering a Personal loan for your every need at the best interest rates with simple eligibility criteria.
| Particulars | Salaried Individual |
|---|---|
| Interest Rate | 12.49% to 15.30% |
| Loan Tenure | 12-60 months |
| Age | 23- 60 years |
| Processing Fee | Up to 2.0% of the loan amount |
| Locking Period | 1 month |
| Prepayment/ Preclosure charges | 4% plus applicable taxes on Loan amount |
*The figures provided in the table are indicative subject to change from time.
RBL Personal Loan
Apply for RBL Personal loan, a convenient way to meet immediate financial requirements at the best interest rates.
| Particulars | Salaried Individual |
|---|---|
| Interest Rate | 11.99 to 18.00% |
| Loan Tenure | 12-60 months |
| Age | 25 years to 60 years |
| Processing Fee | 1.5% of the loan amount (Non Refundable fee of Rs 7500 Upfront, Rest at the time of disbursal) |
| Locking Period | 12 Months |
| Prepayment/ Preclosure charges | NIL |
*The figures provided in the table are indicative subject to change from time.
Tata Capital
Tata Capital provides easy personal loans available at attractive interest rates, starting at 11.25%
| Particulars | Salaried Individual |
|---|---|
| Interest Rate | 11.25% to 18.75% |
| Loan Tenure | 12-72 months |
| Age | 25 years to 60 years |
| Processing Fee | From ₹999/- Up to 3.00% of the loan amount and applicable Service Tax |
| Locking Period | 6 months |
| Prepayment/ Preclosure charges | >6 months – 3.5% of principal outstanding For Loan amount >=7Lacs – NIL Preclosure BT – 5% of the principal outstanding |
*The figures provided in the table are indicative subject to change from time.
Personal Loan FAQs
1. Is it a smart thought to get a personal loan?
Personal loans can be an ideal arrangement during financial emergency. Be it wedding costs, home redesign or health related crisis, a personal loan can be your answer to meet the prompt financial requirements as they are not difficult to-get, quick in disbursal and require no guarantee.
2. What is the best personal loan?
The best personal loan contrasts from borrower to borrower’s credit profile. A credit profile incorporates the credit score, monthly income, employer, business type and others. All the above factors are considered to track down the best personal credit.
3. What is the procedure to get personal loan?
To get a personal loan, you need to meet the following eligibility requirements:
- Between the age of 18/21 years – 60/65 years
- Must be salaried or self-employed
- Credit score of 750+ with a good credit history
- Minimum monthly income of ₹15000 for non-metro cities and ₹20,000 for metro cities
- Should be employed at the current organisation for at least 6/12 months or business tenure of at least 3 years (continuous)
4. What is the eligibility for personal loan?
The eligibility criteria for a personal loan are given below:
- Between the age of 18/21 years – 60/65 years
- Must be salaried or self-employed
- Credit score of 750+ with a good credit history
- Minimum monthly income of ₹15000 for non-metro cities and ₹20,000 for metro cities
- Should be employed at the current organisation for at least 6/12 months or business tenure of at least 3 years (continuous)
5. Are personal loans good for your credit?
personal loans assume a significant part in choosing your credit score. The impact of missing an personal loan EMI can be antagonistic on your financial assessment. One reason for the equivalent is on the grounds that individual advances are unstable in nature.
6. How much time did it take for personal loan approval?
Due to digitisation, personal loan approval has become instant. However, the disbursal could take a period of 5-7 days due to the documentation process.
7. What is the best personal loan to get?
There is no such things as best personal loan. Every borrower needs to find the lender that best suits his/her needs. In order to do that, you can either compare the different lenders offline or apply at platforms such as Eazysalary who help you select the lender as per your requirements.
8. Can you pay off a personal loan early?
Of course you can pay off a personal loan early. This is known as prepayment of a personal loan. However, this could attract a specific amount as penalty which would differ from lender-to-lender.
9. What is the average interest rate on a personal loan?
The interest rate on a personal loan ranges from 10.75% – 35% which differs from lender to lender.
10. What do banks look at when applying for a personal loan?
The banks consider the following factors when looking at a personal loan application:
1. Age
2. Monthly Income
3. Credit Score
4. Credit History
5. Documents
11. Who has the best personal loan rates?
The best personal loan interest rates depend on the credit profile of a customer. In order to get the best rates, a customer must have a good credit score, consistent source of income, should be salaried/self-employed.
12. Which bank gives lowest interest rate for personal loan?
Currently, YES Bank offers personal loans starting from 10.75%. However, the interest rates can be different for customers based on their credit profile.
13. What should be the minimum salary for personal loan?
The minimum salary to get a personal loan is ₹15,000 fro non-metro cities and ₹20,000 for metro cities.
14. How can I get personal loan from Bajaj Finance?
To get a personal loan from Bajaj Finance, you can apply at their official website or apply at Eazysalary for easy approval and fast disbursal.