A Personal loan is a loan that do not require a collateral so it is called as unsecured loan, it is also known as debt consolidation loan or signature loan, funds abtained from personal loan can be utilised for any financial needs.
myloansoffers.in assist you in every step in all your loans process .
1)IndusInd Personal loan
Eligibility & Documents Required
Salaried Employee
Personal Loan Eligibility for salaried employee
- Minimum age at the time of application should be 21 years.
- Maximum age at personal loan maturity should be 60 years or retirement age whichever is earlier.
- Minimum net monthly income should be Rs.25000
- Should have completed minimum 2 years in employment and minimum 1 year in the current organisation.
- Should have completed minimum 1 year of stay at the current residence, if rented.
Documents for Salaried Employees
- Application :Application form with photograph
- Proof of Identity:Self-attested photocopy of any one of the following:
- Driving license
- Passport
- Voters ID
- Aadhaar
- PAN
- KYC:Valid identity/Residence/Signature proof
- Income proof:
- Form 16/ITR for last 3 years
- Latest 3 months salary slip
Self employed professionals
Eligibility
- Minimum age at the time of application should be 25 years
- Maximum age at loan maturity should be 65 years
- Minimum annual net income post tax should be Rs.4.8 lakh
- Should have 4 years of post qualification experience
Personal Loan Documents for Self Employed Professionals
- Application :Application form with photograph
- Proof of Identity:Self-attested photocopy of any one of the following:
- Driving license
- Passport
- Voters ID
- Aadhaar
- PAN
- KYC:Valid identity/Residence/Signature proof
- Income proof:
- Form 16/ITR for last 3 years
- Latest 3 months salary slip
2) Axis Bank Personal Loan
Individuals who can take a Personal Loan:
- Salaried Employees
- Salaried doctors
- Employees of public and private limited companies
- Government sector employees including Public Sector Undertakings, Central and Local bodies
- Minimum age of 21 years
- Maximum age of 60 years at the time of maturity of the Personal Loan
- Minimum net monthly income – Rs. 15,000
Documents required for Personal Loan
- Duly filled application form
- KYC documents
- Loan agreement duly signed and Standing Instruction (SI) Request / ECS Forms
3)HDFC Bank Personal Loan
Eligibility Criteria
- Employees of private limited companies, employees from public sector undertakings, including central, state and local bodies
- Individuals between 21 and 60 years of age
- Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
- Those who earn a minimum of 25,000 net income per month
Documents required
- Identity proof (copy of passport/voter ID card/driving license/Aadhaar)
- Address proof (copy of passport/voter ID card/driving license/Aadhaar)
- Bank statement of previous 3 months (Passbook of previous 6 months)
- Two latest salary slip/current dated salary certificate with the latest Form 16
4)ICICI bank Personal Loan
Eligibility Criteria for Salaried
Criteria* | Salaried |
---|---|
Age | 23 years – 58 years. |
Net Salary** | Salaried individuals with minimum monthly income Rs.30,000 |
Total years in job/profession | 2 Years |
Years in current residence | 1 Year |
**The minimum salary requirement will differ depending on the profile (Type of employer, having relationship with ICICI Bank etc.) of the customer.
Eligibility Criteria for Self Employed
Criteria* | Self Employed |
---|---|
Age | 28 years (self employed individuals) and 25 years (for doctors); Maximum age – 65 years |
Minimum Turnover | Rs. 40 lakh for non-professionals; Rs. 15 lac for professionals; as per audited financials |
Minimum Profit After Tax | Rs. 2 lac for Proprietorship Firm/Self employed Individuals and Rs. 1 lac for non-professionals as per audited financials |
Business Stability | In current business for at least 5 years and minimum 3 years for doctors |
Existing relationship with ICICI Bank | Minimum 1 year liability relationship (current or savings account) or Asset relationship (loan) either live or closed in the last 36 months; repayment track as required |
5) IDFC First Bank Personal Loan
ELIGIBILITY
For Salaried Individuals:
- Minimum Age: 23 years
- Maximum Age: at the time of loan maturity – 60 years or retirement, whichever comes first
For Self-Employed Individuals:
- The business must have been in existence for a minimum period of 3 years
- Minimum Age: 25 years
- Maximum Age: 65 years at the time of loan maturity
Documentation
Instant Personal Loan disbursal through digital loan journey:
- Valid KYC
- 3 months’ bank statement
- Net Banking or Debit Card details to set up e-Mandate
- eSign/eStamp for faster disbursal
6)Kotak Mahindra Bank
Personal Loan Eligibility Criteria
Any Indian resident who is an active employee of an MNC, Public or Private limited company and is between 21- 58 years of age is eligible for availing a personal loan at Kotak Mahindra.
The following are some of the other criteria for availing a Personal loan.
- A net Salary of Rs.25,000/- per month for Corp Sal (Salary with Kotak) , A net Salary of Rs.30,000/- per month for Non-Corp Sal (Salary with other bank) , A net Salary of Rs.20,000/- per month for Kotak Employee.
- A person who has a minimum educational qualification of being a graduate.
- An active resident of a city for at least 1 year
- A minimum work experience of at least 1 year
Documents Required For Salaried Individual
Proof of Identity like Passport/ PAN Card, Aadhar card, Voter’s ID, Driving License |
Proof of Residence like Utility Bill, Passport or Leave and License Agreement |
Bank Statement for the last 3 months with income details |
Salary slip for the last 3 months |
2-3 Passport Size photograph |
7) CITIBANK
Avail a Citi personal loan online and enjoy unmatched benefits such as
- Avail personal Loan amount up to Rs.30,00,000
- Loan funds credited to your bank account in 48 hours
- Get your personal loan eligibility in just 4 hours
- Fixed interest rate for predictable monthly payments
- Part pre-payment option availabl
- Balance consolidation for your Credit Card and Personal Loan outstanding
8) SBI BANK
Features
- Loan up to 20 lakhs.
- Low interest rates.
- Interest on daily reducing balance.
- Low processing charges.
- Minimal documentation
- Zero hidden costs.
- Provision for second Loan
- No security, no guarantor.
Eligibility
- Individuals with Salary Account with SBI.
- Minimum monthly income Rs. 15000/.
- EMI/NMI Ratio less than 50%.
- Employees working with
- Central/ state/ quasi government,
- Central PSUS and profit making state PSUS,
- Educational institutions of national repute,
- Selected corporates with or without relationship with the bank.
- Term Loans Amount
- Minimum Loan Amount – Rs. 25,000
- Maximum Loan Amount – Rs. 20 lakhs / 24 times NMI
- Overdraft Loans Amount
- Minimum Loan Amount – 5 lakhs
- Maximum Loan Amount – Rs. 20 lakhs / 24 times NMI
- Second Loan is eligible any time after disbursement of first loan, subject to the overall EMI/NMI ratio of 50%.
- Second Loan is eligible only on regular EMI repayments of the first loan.
Terms and Conditions
- Penal Interest @2% p. m would be charged over and above the applicable interest rate on overdue amount for the period of default.
- Prepayment charges of 3% on prepaid amount. No prepayment/ foreclosure charges if account is closed from the proceeds of a new loan account under same scheme.
- Minimum repayment period is of 6 months and maximum repayment period is of 6 years or remaining period of service (whichever is lower).
9) TATA CAPITALS
ELIGIBILITY & DOCUMENTATION
Eligibility
You need to meet some basic conditions to be eligible for a Personal Loan. Following are the general Personal Loan eligibility factors:
Documentation
You need to submit:
The documents required to establish your credentials like Voter Card, Aadhaar Card.
Proof of identity and proof of residence.
Income documents – salary slip for the last three months.
DOCUMENTS REQUIRED FOR PERSONAL LOAN
Photo Identity Proof
A copy of your Voter ID / Passport / Driving License / Aadhaar Card
Income Proof
A copy of your Bank statements for the last six months
Salary Slips
A copy of your Salary Slips for the last three months
Address Proof
A copy of your Ration Card / Electricity Bill / Passport
Employment Certificate
A certificate stating one year of continuous employment
10) BANK OF BARODA
ELIGIBILITY AND DOCCUMENTATION
Salaried
Following documents are required for to apply for digital personal loan
- Aadhaar number connected with mobile number
- Pan number
- Netbanking credentials or digital bank statement for 12 months
- correspondence address proof
- we cam for clicking pictures and performing video KYC
Self employed
- Aadhaar number connected with mobile number
- Pan number
- Netbanking credentials or digital bank statement for 12 months
- ITR for 2 years
- correspondence address proof
- we cam for clicking pictures and performing video KYC
Criteria For getting Personal Loan at Best Interest Rates
- Credit score-A good credit score around 750 helps you in lowering your interest rates, for less credit score customers bank offers loans at relatively higher interest rates.
- check your Eligibility for the Limit then apply for loan, applying for Higher amount then your limit may leads to application rejection
- Duration of Loan-the Tenure of loan is a major factor for interest calculation for banks
- Most of the bank offers lower rate of interest for higher loan amount, comparing banks and negotiating deals with bank executive may fetch you the best interest rates.
- Never apply for multiple banks at the same time,it effect the Cibil in bad way and may leads to loan rejection.
PERSONAL LOAN ARE OFFERED ON FIXED RATE OF INTEREST FOR THE WHOLE LOAN TENURE
Personal loans are mostly offered on fixed rate of interest so the interest rate remains same throughout the loan tenure and the emi remains constant till the loan tenure irrespective of the change in repo rate or any other policy change
PERSONAL LOAN RATES FOR SALARIED EMPLOYEES
BANK | INTEREST | PROCESSING FEE | MAXIMUM LOAN AMOUT |
INDUSIND BANK | 10.49%-20% | min 0.75% to max 1.75% | 25 lakhs |
AXIS BANK | 10.49% to 16.75% | Rs 4999 | 25 lakhs |
HDFC BANK | 10.25% to 22 % | 2.55% or min 999 | 75 lakh |
ICICI BANK | 10.5% to 22% | up to 2.25% of loan sanctioned | 30 lakhs |
IDFC FIRST BANK | 10.49% to 11 % | up to 2% | 40 lakhs |
KOTAK MAHINDRA BANK | 10.25% TO 17.99% | starting from Rs 999 | 50 lakhs |
FEDERAL BANK | 10.49% to 17.99% | 0.%5 of loan amount or min 500 | 10 lakhs |
PERSONAL LOAN INTEREST RATE FOR SELF EMPLOYED
BANK | INTEREST RATE | PROCESSING FEE |
HDFC BANK | 10.85% tO 10.85% | Rs 499 |
YES BANK | 10.5% to 10.5% | Rs 1499 |
BANK OF BARODA | 11.05% to 14.10% | up to 2% on loan or 1000 to 10000 |
ICICI BANK | 10.5% to 10.5% | Rs1999 |
PERSONAL LOAN BALANCE TRANSFER
We can transfer our personal loan to another bank which is comparatively offering lower rate of interest through Peronal Loan balance transfer.
for example-if our existing loan is of 100000 to be paid in the tenure of 5 years at 14% rate of interest with existing emi of 207054.13/month, we can transfer this loan to a bank which offers 11% interest rate for 5 years our emi amount per month will then change to 20533.46/month
lets understand this in a table below
PARAMETERS | EXISTING LOAN | BALANCE TRANSFER |
Loan Amount | 1000000 | 1000000 |
Interest rate | 14% | 11% |
Tenure | 5 years | 5 years |
Emi | 23268.25 | 21742.42 |
Total Interest to be paid | 396095.05 | 304545.39 |
Total amount payable | 1396095.05 | 1304545.38 |
total saving | 91549.67 |
FAQ
Must read: How to get personal loan approved
Must read: Everything you want to know about home loans
Personal loan can be used for almost every type of expense like purchasing expensive home appliances to home renovation to medical bills to debt consolidation or even for funding your business,almost everything.
It depends upon lender to lender, most lenders have setit to Rs 30,000.
Personal loan tenure is from 12 months to 60 months.