[rio-emi-calculator]
Introduction
A personal loan is a type of unsecured loan, meaning you don’t need to use any assets to guarantee the loan. Basically, if someone offers you a personal loan, they’re just lending you money and there’s no collateral involved.
What is a Personal Loan?
A personal loan is a type of loan that is typically used for personal expenses, such as home repairs, medical bills, or debt consolidation.
Personal loans are usually unsecured, which means they are not backed by collateral, such as a home or car. This makes personal loans a riskier proposition for lenders, and as a result, personal loans usually have higher interest rates than secured loans.
Personal loans can be obtained from banks, credit unions, and online lenders.
The process for getting a personal loan varies by lender, but generally includes a credit check and an application.
Approval for a personal loan is based on factors including credit score, income, and employment history.
Once approved, the borrower will receive the funds from the loan in one lump sum. The borrower then has a set period of time to repay the loan, with interest.
Personal loans typically have shorter repayment terms than other types of loans, such as mortgages or auto loans.
If you’re considering taking out a personal loan, it’s important to compare offers from multiple lenders to ensure you’re getting the best possible. It’s also important to read the fine print carefully before signing any loan agreement to avoid any unpleasant surprises later.
Features and Benefit of Personal Loan
- Peronal loan interest rate starts from 10.49%/ annum
- Repayment tenure is from 3 months to 6 years, so you can decide on your EMI as per your convenience by deciding on the amount and tenure.
- loan disbursal after completing the Bank requirement happens in 3 to 4 days.
- Personal loans are for your personal needs so you can avail this loan for many purposes.
Types of Personal Loans
There are generally two types of personal loans: secured and unsecured.
Secured Loan & Unsecured Loan
A secured loan is one that requires collateral, such as a home or car. An unsecured loan does not require collateral.
The most common type of personal loan is an unsecured loan.
Unsecured loans are typically easier to qualify for than secured loans because they don’t require collateral. However, unsecured loans usually have higher interest rates than secured loans.
Some lenders may offer personal loans that are specifically for debt consolidation or home improvement. These loans usually have lower interest rates than other types of personal loans because they’re used for a specific purpose.
If you have good credit, you may be able to qualify for a 0% APR introductory rate on a new personal loan. This means you won’t have to pay any interest on the loan for a certain period of time, which can save you money.
Personal Loan can be Availed as
- Durables Consumer Loan-This type ofpersonal loan can be availed for purchasing consumer durables items like washing machine, refrigerators, Mobile phones etc
- Home renovation also comes under personal loan category, you can avail the loan for repaiing or renovating house.
- Vacation loan– you can avail this type of travel loan under personal loan category, this helps you to easily manage your travel expenses.
- Education loan:You can also avail personal loan for funding education, banks provides you loan for fees,lodging and boarding.
- Wedding Loan:Personal loan can be availed for funding functions like Marriages , it comes under the special category of wedding loan and cover all the expenses of wedding.
How To Get Approved For A Personal Loan
If you’re considering a personal loan, you may be wondering how to get approved. The process is actually fairly simple and straight forward, as long as you meet the basic eligibility requirements. Here’s what you need to know about how to get approved for a personal loan:
The first step is to check your credit score. Personal loan lenders will typically look at your credit score to determine your eligibility and interest rate. If you have a good credit score, you’re more likely to be approved for a loan and get a lower interest rate.
Next, compare personal loans from multiple lenders to find the best offer. Be sure to compare interest rates, fees, and repayment terms before choosing a loan.
Once you’ve found the right loan, it’s time to apply. Most lenders will require some basic information about your financial situation and employment history. They may also run a hard credit check, which can impact your credit score.
If you’re approved for the loan, the lender will send you the money either by direct deposit or through a personal check. Be sure to read over the terms of your loan carefully before signing any documents.
Personal loans can be a great way to finance big purchases or consolidate debt. Just be sure to do your research and compare offers before taking out a loan.
Checklist before taking a Personal Loan
- Interest rates– first thing you must check while taking a personal loan is the rate of interest bank charges , every bank and financial institution have different parameters for deciding on the interest rates,so check for the interest ratesoffered by the banks.
- Processing fee-always check for the processing fee charge by the bank, before availing personal loan, you can save good amount of money as it is negotiatiable .
- Repayment and Foreclosure charges are different for different banks, so check it befor finalising th bank.
Eligibility & Documents Required for Personal Loan
Eligibility
- Applicant should be in the age group of 18 to 65 years.
- Good Cibil score is mandatory for availinging personal loan
- Repayment capacity-Bank will check your source of income for confirming your repayment capacity.
Documents:
- Identity proofs: Aadhaar card/govt id/Pan card /Passport/Voter id
- Address proof: Passport/Election id/Driving license
- Income proof: Form 16/last 6 months bank statement/salary slip
Personal Loan Interest Rates from different banks
BANK | INTEREST RATE | EMI/MONTH |
---|---|---|
ICICI BANK PERSONAL LOAN | 10.50 % | Rs 2150 |
HDFC BANK PERSONAL LOAN | 11% | Rs2175 |
SBI PERSONALLOAN | 10.55% | Rs 1880 |
AXIS BANK | 10.75 | Rs 2160 |
BAJAJ FINSERY PERSONALLOAN | 12.99% | Rs 2275 |
INDUSIND BANK | 10.49% | Rs 2149 |
KOTAK BANK | 10.99% | Rs 2584 |
FULLETRON INDIA | 11.99% | Rs 2630 |
TATA CAPITAL | 10.49% | Rs 1885 |
IDFC BANK PERSONAL LOAN | 10.49% | Rs 2150 |
Things to do after closing a Personal Loan
- NOC(No Objestion Certificate)- Take NOC from the bank , NOC means that you have fully paid your Loan amount and that their is no outstanding balance.
- Collect Original Document Submitted to the bank- Bank ask for some documents in original when you avail a personal loan,so make sure you collect them back once you close the loan.
- Cibil score- Its Banks responsibility to update the Cibil, once the loan is fully paid,the sooner the better, ask your Bank to do it at the earliest.
How to Apply for a personal loan
- Check for your eligibility
- Get your Required Documents ready
- For personal loan click here to contact Rajneesh Sharma from myloansoffers.in
Must read: Everything you need to know about Home Loan
FAQ
A personal loan is a type of unsecured loan, meaning there is no collateral required to secure the loan. Personal loans are typically used for large purchases or debt consolidation.
To get approved for a personal loan, you will need to have good credit and a steady income. Lenders will also look at your debt-to-income ratio to determine if you can afford the loan payments.
Personal loans typically have fixed interest rates and monthly payments. The loan term can vary from 2-7 years.
SR NO | BANK NAME/INSTITUTION | PRODUCT | CONTACT PERSON | NUMBER |
---|---|---|---|---|
1 | AADHAAR HOUSING FINANCE LTD | HL | Rajneesh Sharma | myloansoffers.in |
2 | AAVAS FINANCIERS LIMITED(AU HOUSING FINANCE) | HL | myloansoffers.in | |
3 | ADITYADITYA BIRLA FINANCE LTD | BL/PL/PL-DIG/HL/LAP/STSL(Small ticket secured loans) | myloansoffers.in | |
4 | ADITYA BIRLA HOUSING FINANCE LTD | LAP/SSLT(SMALL TICKET SECURED LOAN) | myloansoffers.in | |
5 | ANAND RATHI GLOBAL FINANCE LTD | LAP | myloansoffers.in | |
6 | AROHAN FINANCIAL SERVICES PVT LTD | BL | myloansoffers.in | |
7 | APAC FINANCIAL SERVICES PVTLTD | BL | myloansoffers.in | |
8 | AVANSE FINANCIALSERVICES PVTLTD | BL,EL,LAP | myloansoffers.in | |
9 | AXIS BANK LTD | PL/HL/LAP/BL/OD | myloansoffers.in | |
10 | BAJAJ FINANCE LTD | PL/BL/LAPHNI/LAP | myloansoffers.in | |
11 | BANK OF BARODA | HL | myloansoffers.in | |
12 | BLUE JAY FINLEASE LTD | BL | myloansoffers.in | |
13 | CAPITAL FIRST HOME FINANCE | HL/LAP/BL | myloansoffer.in | |
14 | CAPITAL FIRSTLTD | myloansoffers.in | ||
15 | CAPITAL FLOT ZEN LEFIN LTD | PL/PL | myloansoffers.in | |
16 | CAPRI GLOBAL CAPITAL LTD | LAP | myloansoffers.in | |
17 | CHOLAMANDALAM INVESTMENT AND FINANCE | LAP | myloansoffers.in | |
18 | CITY BANK | HL/LAP/PL/WC | myloansoffers.in | |
19 | CLIX CAPITALSERVICES PVT LTD | BL/PL/LAP | myloansoffers.in | |
20 | CLIX HOUSING FINANCE LTD | HL/LAP | myloansoffers.in | |
21 | COINTRIBE TECHNOLOGIES PVT LTD | BL | myloansoffers.in | |
22 | DBS BAN KLTD | HL/SME | myloansoffers.in | |
23 | DCB LTD | HL/LAP/PL | myloansoffers.in | |
24 | DEUTSCHE BANK | LAP/BL | myloansoffers.in | |
25 | DHANVARSHA FINVEST LTD | LAP | myloansoffers.in | |
26 | DHFL PRAMERICA LIFE INSURANCE CO.LT | LIFYC | myloansoffers.in | |
27 | DIGIKREDIT FINANCE PVTLTD(SME CORNER) | LAP/BL | myloansoffers.in | |
28 | ECL FINANCE LTD | BL/LAP/PL | myloansoffers.in | |
29 | EDELWEISS RETAIL FINANCE LTD | BL | myloansoffers.in | |
30 | EDELWEISS HOUSING FINANCE | HL/LAP | myloansoffers.in | |
31 | EQUITAS SMALL FINANCE LTD | BL/OD | myloansoffers.in | |
32 | FEDBANK FINANCIAL SERVICES LTD | HL/LAP | myloansoffers.in | |
33 | FEDERAL BANK LTD | HL/LAP | myloansoffers.in | |
34 | FULLERTON INDIA CREDIT.CO.LTD | LAP/BL/ELIT/PL | myloansoffers.in | |
35 | FULLERTON INDIA HOME FINANCE LTD | HL/LAP | myloansoffers.in | |
36 | HDB FINANCIAL SERVICES LTD | BL/PL/LAP | myloansoffers.in | |
37 | HDFC BANK | LAP/HL/LRD/DOD/PL/PL/GL | myloansoffers.in | |
38 | HDFC LTD | HL/LAP/LAP | myloansoffers.in | |
39 | HERO FINCORP LTD | BL/LAP | myloansoffers.in | |
40 | GRUH FINANCE LTD | BL | myloansoffers.in | |
41 | HERO HOUSING FINANCE LTD | HL/LAP | myloansoffers.in | |
42 | ICICI BANK LTD | PL/CC/WC/BL/HL/LAP | myloansoffers.in | |
43 | ICICI HOME FINANCE COMPANY LTD | HL/LAP | myloansoffers.in | |
44 | IDFC BANK LTD | HL/PL/LAP/BL | myloansoffers.in | |
45 | INCRED FINANCE SERVICES PVT LTD | PL/BL | myloansoffers.in | |
46 | INDIA INFOLINE FINANCE LTD | BL | myloansoffers.in | |
47 | INDIA INFOLINE HOUSING FINANCE LTD | HL/LAP | myloansoffers.in | |
48 | INDIABULLS CONSUMER FINANACE LIMITED | BL/PL | myloansoffers.in | |
49 | INDIABULLS HOUSING FINANCE LTD | HL/LAP | myloansoffers.in | |
50 | INDOSTAR CAPITAL FINANCELTD | HL/LAP | myloansoffer.in | |
51 | INTELECASH MICROFINANCEIVL FINANCE LTD | BL/PL/LAP | myloansoffers.in | |
52 | JM FINANCIAL SERVICES LTDJRG FINCORP LTD | LAP | myloansoffers.in | |
53 | JRG FINCORP LTD | myloansoffers.in | ||
54 | KUSH HOUSING FINANCE PVT LTD | HL/LAP | myloansoffers.in | |
55 | KOTAK MAHINDRA BANK | DOD/OD/BL/LAP/HL/PL | myloansoffers.in | |
56 | KOTAK MAHINDRA PRIME LTD | CL | myloansoffers.in | |
57 | L&T HOUSING FINANCE LTD | HL/LAPPL/BL | myloansoffers.in | |
58 | AADRI INFIN LTD(LENDING KART) | myloansoffers.in | ||
59 | LIC HOUSING FINANCE LTD | HL | myloansoffers.in | |
60 | MAGMA FINCORP LTD | BLBL | myloansoffers.in | |
61 | MAGMA HOUSING FINANCE LTD | HL/LAP | myloansoffers.in | |
62 | NEOGROWTH CREDIT PVT LTD | BL | myloansoffers.in | |
63 | NIYOGIN FINTECH LTD | BL | myloansoffers.in | |
64 | ORIX LEASING AND FINANCIAL SERVICES LTD | LAP | myloansoffers.in | |
65 | PIRAMAL HOUSING FINANCE LTD | HL/LAP | myloansoffers.in | |
66 | PNB HOUSING FINANCE LTD | HL/LAP/GI | myloansoffers.in | |
67 | RATNAKAR BANK | CC/DOD.HL/PL/BL/LAP | myloansoffers.in | |
68 | RATTANINDIA FINANCE LTD | BL | myloansoffer.in | |
69 | RELIANCE HOME FINANCELTD | HL/LAP | myloansoffers.in | |
70 | RELIARE FINVEST LTD | BL | myloansoffers.in | |
71 | RELIGARE HOUSING FINANCE CORP LTD | LAP | myloansoffer.in | |
72 | SHRIRAM CITY UNION FINANCELTD | BL | myloansoffers.in | |
73 | SHRIRAM HOUSING FINANCE LTD | LAP | myloansoffers.in | |
74 | STANDARD CHARTED BANK | OD/HL/LAP/BL/PL/WC | myloansoffer.in | |
75 | SUNDARAM BNP PARIBAS | HL/LAP | myloansoffer.in | |
76 | TATA CAPITAL FINANCIAL SERVICES PVTLTD | LAP/BL/PL/CL/LAS | myloansoffer.in | |
77 | TATA CAPITAL HOUSING FINANCE LTD | HL/LAP | myloansoffers.in | |
78 | THE INVESTMENT TRUST OF INDIA | BL | myloansoffers.in | |
79 | VISTAAR FINANCIAL SERVICES PVTLTD | BL | myloansoffers.in | |
80 | YES BANK LTD | DOD/HL/PL/LAP/BL | myloansoffers.in | |
81 | INSTA CAPITAL PVT LTD | BL | myloansoffers.in | |
82 | INTELLEGROW | SMALL TICKET LOANS | myloansoffers.in | |
83 | JANA SMALL FINANCE LTDPVT | LAP | myloansoffers.in | |
84 | THE KARUR VYASVA BANK LTD | HL/PL/LAP | myloansoffers.in | |
85 | TVS CREDIT SERVICES LTD | LAP | myloansoffers.in | |
86 | UGROW CAPITAL LTD | BL/HL/LAP | myloansoffers.in | |
87 | FINTREE FINANCE PVT LTD | BL/PL | myloansoffers.in | |
88 | POONAWALA FINANCE | PL/BL | myloansoffers.in | |
89 | PROFECTUS CAPITAL | BL | myloansoffers.in | |
90 | FT CASH | BL | myloansoffers.in | |
91 | MUTHOOT FINANCE | BL/PL | myloansoffers.in |