You can transfer the balance of your existing loan to a new personal loan account and then get additional finances for your other needs. Sign the Loan Agreement and provide repayment instructions. This is a reason that most banks feature used car finance as an important component in their products, thus, these products are customized and added with extra benefits to appear as customer friendly as possible. At the same time, the bank also offers competitive interest rates on its car loans with EMIs amounting to as low as Rs. For more details click on the comparison tab. MyMoneyMantra's Personal Loan experts will help you in the disbursement of the loan. However, these lenders may charge extremely high interest rates and offer very low principal amounts.
Popular Personal Loan Interest Rates in UAE
The average annual percentage rate on a personal loan will range from 10% to 28% in Actual rates will vary based on how creditworthy you are, the length of the loan, the loan . Personal Loan: Compare Personal Loan Interest Rate from 30+ Banks Check Eligibility Calculate your Monthly EMI in 10 Secs Paperless Approval in 30 Mins Loan upto ₹ 30 Lakhs Apply Online Now Get Amazon Gift Card ₹ FREE. A personal loan is a short to medium term unsecured loan (no collateral) that you can use to meet current financial needs. Though most commonly used to meet expenses related to debt restructuring, vacations, unexpected medical expenses and down payments, a personal loan may be used for practically any type of expense.
Compare, check your eligibility and apply online instantly.
These factors include inflation, changes in government policies, etc. If the government modifies any monetary policy according to the changes in the financial environment, then your interest rates can change. Also, when there is an increase in inflation, your loan interest rates can increase. How to get better Interest Rates on Personal Loan. When you are looking for a personal loan, you are most likely having financial limitations. Hence, you need to be very careful while choosing a personal loan option.
You need to consider a few aspects of personal loan options when you want to pick one. The factors include EMIs, loan interest rates, processing fee, documentation, prepayment fee, time taken to approve and disburse the loan, responsiveness to alteration in interest rates after policy changes made by the RBI, and eligibility criteria laid by your lender. You can compare multiple loan options by keeping these above-mentioned points in mind and you can accordingly select any product.
You can apply for the loan by visiting a bank branch in India or by going to the official website of the bank. Many banks offer personal loans against fixed deposits. Some banks may require the applicant to be a resident Indian and the co-applicant can be the NRI who is a close relative of the applicant. The documentation process for NRIs is also minimal and simple. You will need to furnish certain relevant documents such as your visa, passport, salary certificate, and bank statements from both domestic and foreign banks.
Generally, the personal loan tenure for NRIs is up to 36 months. Personal Loan for NRI. Many banks offer the personal loan balance transfer facility that help you in minimizing the burden of your current loan. You can transfer the balance of your existing loan to a new personal loan account and then get additional finances for your other needs. This facility will help you secure a low interest rate.
Personal Loan Balance Transfer. Hence, you will have to take alternative measures to prove to your lender that you will be able to repay your loan on time. When you have a low CIBIL score, your lender will automatically assume that you will struggle to repay the loan and hence, may reject your application. You can use the following guidelines to make your lender believe in you and get your loan application approved:. When you want to select your personal loan tenure, you will need to consider your interest rate and your EMI amounts.
You need to remember that if you go for a longer loan tenure, your EMIs will be lesser. This way, you will incur less expenses for your personal loan. However, you also need to bear in mind that you will be paying higher interest if you choose a loan for a longer tenure.
You can calculate your EMIs by using a personal loan calculator which is available online. Many third-party websites and official websites of banks have an advanced EMI calculator. After computing your EMIs for different loan tenures, you will get an idea about how much you will spend each year. Accordingly, you can choose your loan tenure. You should also consider your prepayment terms. When you are sure that you will be prepaying your loan, you can enter these details in the EMI calculator.
You will get accurate results accordingly. You will most likely be asked to pay a prepayment penalty when you go ahead. If you want to prepay your loan within 1 or 2 years, you can go for a longer loan period so that your monthly payments will be lesser.
Many financial experts and advisors advise credit cardholders to clear their debts using a personal loan. It is a pretty popular method to handle credit card debts. You can take a personal loan if you are paying very high interest rates for your credit card. With a personal loan, you can get a comparatively lower interest rate. This way, you can save a decent amount of money when you clear your credit card dues with a personal loan.
You can also consolidate your credit card debts with the help of a personal loan into a single loan account. This strategy is very effective especially if you have several credit cards in your name. You do not have to remember your different payment deadlines. You can instead consolidate your debts into one personal loan account and then avoid late payment fees or overdraft fees.
You can track your repayments efficiently in one consolidated account and save funds also. While repaying your credit card debts with your personal loan, you can be extra careful with your other expenses to make sure that you start a disciplined lending process.
You will need to work very hard to ensure that you eliminate your heavy debt situation. You can achieve this by avoiding unnecessary expenses that can be made later. Every organisation or company in the world requires one key ingredient in order to make profits — Money, and the lack of it can hamper the growth of not just a company but also an entire nation.
Banks and lending institutions cater to a large chunk of the financial needs in the country, helping players establish themselves. Getting a loan, is however not as easy for someone who does not have access to banks, especially in rural areas. This is where the concept of Microfinance comes into the picture, ensuring that deserving candidates who require small to medium range loans get sufficient amounts to fund their dreams.
With a majority of the Indian population residing in rural areas, access to banks is limited, with microfinance institutions catering to millions. The concept of inclusive growth has made them a reliable ally, contributing towards the development of the community and thereby the nation.
These Microfinance Institutions offer loans to people from the lower income group, people who would generally not be in a position to avail loans from major players. With the number of microfinance institutions increasing on a steady basis, customers are spoilt for choice, with each MFI bringing something unique to the sector. Listed below are the top 10 MFIs in the country. Borrowers can take a personal loan against Mutual Funds or similar debt instruments.
In case your income is lower, the mutual fund investment will make up for the lower income and it also enhances your loan eligibility. The debt instruments are a safer option and less volatile. The rate of interest charged on the loan will be lower than the rates provided for unsecured personal loan. To avail a loan against mutual fund, an application has to be filled by the joint holders of the mutual fund portfolio to seek for a loan.
The loan amount sanctioned is a percentage of the value of the units held in the folio on the date of giving the loan. If the borrower defaults on the loan, then the lender can ask for the units in the portfolio to be redeemed. The proceeds will be used to pay the lender.
Personal loan is an unsecured loan that is given without any security. The end use of the money is not monitored either. You can take a personal loan to meet any personal financial requirement or to repay your credit card bill, to buy electronic items, to take a vacation or to even meet the expenses of a wedding or any other function.
A salaried individual, self-employed professionals and self-employed non-professionals can apply for a personal loan.
The minimum age of the applicant must be not less than 21 years and the maximum age of the applicant at loan maturity must be 65 years. Yes, usually the banks charge a processing fee of percent on the loan amount.
You can however negotiate with the bank to reduce the fee. Personal loan can be repaid in equal monthly instalments or EMI. You can provide a post-dated cheque or can give a standing order with your bank or through electronic transfer.
What is an EMI? Personal loans can be prepaid in parts or fully at any stage. Some banks might charge a prepayment penalty whereas some banks will not. Some banks will not allow the part-prepayment. So, check all the documents before finalising with the bank. Yes, you can club the income of your spouse to boost your eligibility to avail a personal loan. The banks do not usually let you take a loan exceeding 40 percent of your net salary. Generally, the minimum amount limit that one can take a personal loan is Rs.
Yes, you have the option to choose either the fixed or floating rate of interest. The interest rate varies from banks to banks and it is within percent depending on your profile and the scheme that you opt for. Banks disburse the loan within 72 hours to 7 working days provided all the documents are in place. If your CIBIL score is high and if you have a good repayment history, then the bank will offer you a lower interest rate.
If you have been a customer for a particular bank for a while, then the bank might reduce the personal loan interest rate or other such charges. Some banks will also provide you additional services. You need to submit an identity proof as well as residence proof, your latest salary slip, form no. But, if you apply for a loan with your existing banker, then you will be eligible for a relationship discount.
The executives will not disturb you with cold sales calls. The best way to apply for an personal loan is by using the online loan application tool at BankBazaar. The maximum and minimum loan amount depends on the underlying bank as well as the personal financial details of the loan seeker. Various banks offer different tenure for personal loans.
The most common tenure period offered by majority of banks and NBFCs ranges between 12 to 60 months. Managing multiple debts is a headache. Consolidate your debts with a Personal Loan under a single rate of interest. Credit Card interest rates are higher than Personal Loan interest rates. Taking a loan or getting a new Credit Card is good for your Credit Score provided you pay your dues on time. Take a Personal Loan to pay for one-time expenses that might crop up.
If a Personal Loan seems to be the answer, take that leap now. Do you look at only interest rates to choose your Personal Loan? Know how to choose a Personal Loan already? We have loans with zero processing fee, low prepayment charges, higher tenure and short waiting period for foreclosure.
Not a good idea. Take what you need. A Personal Loan to fulfill your whims and fancies — not such a good idea. Save up for that kind of thing. Another rejected application might just hurt your Credit Score more.
A very long tenure may not be a good idea since this means you pay higher interest. Get your finances in order and pay more every month. Before you know it, the EMIs have been taken care of. Personal Loans are so easy to get that people have fairy tale notions about it. Here are a few things to keep in mind to avoid rejection of your application. If you have a poor credit score, you can still apply for a secured Personal Loan. It means you can take a loan against the security of a collateral.
Just like with all loans, there is a limit on the Personal Loan amount you can borrow. The maximum amount will depend on your eligibility factors, such as income, age etc. No, it does so otherwise. A Personal Loan is an excellent way to consolidate your debts under one interest rate. Personal Loan rates are cheaper than Credit Card interest rates.
We are living in the 21st century — technology, internet. You can now apply for a Personal Loan online and get approval the very same day. It is easy to get one and will help with your financial problems. BankBazaar is offering you an attractive deal on Personal Loan that you simply should not miss! Select any one of the Personal Loan products from participating banks on the BankBazaar. BankBazaar reserves the right to modify, add or discontinue the terms and conditions at any time without any notice.
In case you are wondering how to pay the various fees for your world-class course, you need not fret. You can apply for a premium education loan offered by leading financial institutions in India.
No matter which institute of IIM you have secured a seat in, you can apply for a personal loan from any of the listed financial institutions.
The website of IIM has a certain list that gives the names of different institutions that provide loans for management courses. The loan quantum ranges from Rs. You do not need any collateral to apply for this loan. Click here to know more about these loans. A personal loan is typically taken for emergencies or for other types of personal requirements. However, these personal loans do not provide tax benefits, deductions, or exemptions.
Loans like home loans come with tax benefits. However, you could enjoy get tax benefits for a personal loan application by trying out some interesting financial strategies.
If you use a personal loan to buy a house, then you will be able to claim tax deductions that are generally offered for a home loan. You can claim tax benefits under Section 24 or Section 80C by proving that you utilised the loan specifically for purchasing your house.
Click here to find out more about how you can claim tax exemptions or benefits with personal loans. Microfinance is described as microcredit or micro-loans. It is provided by banks or financial institutions to those who are economically underprivileged in the society. This form of financing is offered commonly to small and middle-sized enterprises.
The main purpose of microfinance is to help out those who live in remote areas where they do not have proper access to mainstream banking services. Microfinance includes offering loans, savings deposits, credit, insurance, etc. There are several microfinance institutions in the country that are exclusively dedicated to building and providing microfinance.
Microfinance can be taken by poor people who are unemployed, who deal in contract labour, and who live below poverty line BPL. Learn everything about microfinance by clicking here.
Have you been struggling to pay your credit card bills? You can find a solution to this problem that recurs on a monthly basis by applying for a personal loan. Credit card interest rates are very high and hence, you will end up spending a lot on your card payments. You can stop your credit card transactions and start focussing on clearing your previous bills.
This can be done with a personal loan that comes with a low interest rate. You could go for debt consolidation with the help of balance transfer options.
You may also choose to transform your credit card dues into EMIs. Click here to learn more ways to clear your dues with a personal loan. Struck by a financial emergency and are looking for a Personal Loan? You can borrow a minimum of Rs. The loan tenure ranges between 12 to 60 months. If you are a salaried applicant, you need to be at least 21 years of age and no older than 58 years at loan maturity, with at least 1 year of service with the current employer and earning at least Rs.
Self-employed individuals have to be at least 24 years of age and no older than 65 years at loan maturity, with at least 3 years of experience in your current profession, earning at least Rs.
Keep these documents handy: Stay up to date! Daily finance news at your fingertips. Explore Personal Loans on Mobile App. Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. According to the National Financial Inclusion Survey , the majority of debt was due to loans taken for agricultural purposes.
These outstanding loans are nearly equal to the annual income earned by such families. The survey noted that the average annual income of the rural agricultural household was around Rs. These loans were mostly borrowed from financial institutions.
The chairman of NABARD said that the survey showed the option for banks to lend money to a different set of people rather than the same set. The survey also stated that only one out of two rural households save money, whereas only one out of ten households invested their money. The survey covered , people and 40, households in districts across 29 states in India.
It also covered other aspects, such as investments, pension, insurance, remittance, and savings. The banking sector in India has been struggling with the increase in bad corporate debt off late.
Reports suggest that defaulting on agriculture loans have risen to This is despite the agricultural loan waiver schemes and an increment in minimum support prices MSPs by the Central government. The app had been used to disburse over 10, pre-approved personal loans to the amount of Rs. The apps success in the personal loan segment has gained popularity due to the facility of having pre-approved loans offered to customers.
Additionally, these loans are disbursed without the customer having to submit any documentation to the bank. Artificial Intelligence AI has brought a significant transformation in the finance industry. By automating several repetitive manual tasks it has made the industry more efficient and robust sector which was otherwise not possible to achieve manually.
Moreover, due to the optimisation of the effort and time invested, the cost is also reduced. However, even though AI has created a momentous impact on the finance sector, especially in areas like risk management, cybersecurity, intelligent predictions, fraud detections, high-frequency trading, embedded AI algorithms, etc. With more efficient and smarter use of this technology, the finance sector will be able to offer better and more efficient services to the customers.
Also, no cheque bouncing charges will be applied to these customers. Indiabulls Housing Finance has held the hike of interest rate for customers in Kerala by two months and waived off the penalty for delay in EMI payment in August and September for home-loan customers. LIC has decided not to charge any interest for premium payment delay for its Kerala-based customers.
Apart from waiving all the basic charges, LIC has also opened a new cell to address the claims from Kerala at the earliest. Reserve Bank data suggests that bank credit has increased by At the same time last year, bank advances were at Rs. The increment in advances was higher than the growth reported in the fortnight ending with July During the fortnight for which the reporting happened, bank deposits increased by 8.
The non-food credit grew to Loans provided to agriculture and associated activities went down to 6. The personal loan segment has also witnessed a growth of In a bid to entice customers to invest more on fixed deposits, many banks might decide to increase the fixed deposit rates even more to offer higher returns.
While State Bank of India SBI increased its deposit rates during the first week of August , HDFC Bank - the second-largest private sector bank - has also followed suit by increasing its deposit rates by 60 basis points or 0. Looking at the rise in credit demand and decline in liquidity, experts are predicting an increase in the number of banks to hike their rates. On 6 June , the RBI increased the repo rate by 25 basis points to the current 6. After the monetary policy meeting the average hike in deposit rates has been calculated to stand at 13 basis points while the Marginal Cost of funds-based Lending Rate MCLR has increased by 5 basis points on an average.
During a landmark ruling, the appellate tribunal has ruled that the assets of people suspected of criminal activity cannot be claimed by the Enforcement Directorate if the said property has already been pledged to a bank in order to borrow a loan.
This is due to the fact that if the pledged assets are not available to the bank for the recovery of their dues, it will become a case of infringement of the Money Laundering Act.
As per the order passed by Justice Manmohan Singh, Chairman of the Tribunal, on 2 August , the properties that have been mortgaged with the appellant bank cannot be confiscated of attached unless a direct or indirect link is established.
The order further states that since the properties had been used to secure loans before any fraud was committed by the borrower, they cannot be the subject matter of any other attachment afterwards. This ruling can put an end to the squabbling of banks that are fighting to recover money from defaulters who have been convicted by investigating agencies such as Central Bureau of Investigation CBI and Enforcement Directorate ED.
If the ruling is upheld in the future, it will help banks recover their money from prosecuted defaulters and clean up their loan books.
However, the investigation agencies can appeal against this order in the Supreme Court. The Agriculture Minister of Bihar, Mr.
The primary objective of the campaign is to promote smart agriculture which, in turn, will further enhance green coverage.
This will promote integrated cultivation of moringa in 30 acres and smart food cultivation in acres of land in the state. Mazumdar, millets have been accepted in the state as a smart food crop since it uses less underground water. Additionally, they also have a better nutritional value compared to other existing staple crops.
During the campaign, Mr. Prem voiced his concerns regarding the rapid climate change and stated that it is a rising concern for all since it has a very widespread effect. He further commented that this will especially impact the farmers in Bihar since they are more vulnerable towards it.
These funds will be utilised in the development of suitable infrastructure within the state for the development of the livestock sector at a decent pace.
The primary objective of this event was to create awareness regarding DEDS among the government officials, bankers, and farmers of the state. During this event, Dr. Mani emphasized the importance of dairy activities and animal husbandry, and elaborated how these sectors are playing a key role in influencing the pattern of livelihood among the rural population of the state.
He also emphasized on the need to promote a decent growth of livestock-based farmer producer organizations FPOs in the state on a cluster basis. This will, in turn, help the dairy sector as well as the animal husbandry sector to grow in Arunachal Pradesh.
Furthermore, the animal husbandry and dairy development secretary, Mr. Bidol Tayeng, explained why it is important for the state government to help double the income of the farmers by the end of the year Tayeng also outlined the commitment of the Arunachal Pradesh Government as reflected in the Budget These funds are expected to help the government set up high-tech cattle breeding units in the state while revamping Arun Dairy.
Call it a "conflict of interest".. Enter your number below. Home Personal Loan Personal Loan. Get your personal loan quote in just seconds. We need a little info to see if you qualify for discounts. Did you mean this? Over 25 offers to compare! Breaking down offers We're obsessed with giving you a degree view of offers. Still have a gazillion questions? We'll connect you to the bank We know the bank guys really well! Emergency, Marriage or Travel. We'll connect you to the bank.
Show offers with interest rate range upto:. We found 33 Personal Loan. Features Reviews What you'll love. Features What you'll love. Close Compare, check your eligibility and apply online instantly.
Personal Loan is Rated as "Great! Personal Loan You're eligible for a Personal Loan if you: Are legally adult enough to handle it. Have still got it. Get a regular pay check. Make more than a basic buck. So am I eligible? Your eligibility depends on. Earn more than minimum income required.
Maximum allowed personal loan is Rs. EMIs of other loans lower your eligibility. How much can I borrow? Boost your eligibility by. Pay off your credit card bills.
Choose longer tenure loan up to 5 years. What's my loan eligibility amount then? Nothing gets done without that paperwork which we'll happily carry over to the bank for you, no sweat.
Here's what you'll need: Photo ID and age proof 2. Signed application form with photograph 3. Last 6 months bank statement 5. Documentation for salaried applicants: Last 3 months salary - slips Form 16 or Income Tax Returns 6.
Documentation for self-employed applicants: Interest Rate Monthly reducing balance Personal Loan Application Checklist. Personal Loan Interest Rates. View the small print on your loan document carefully: Make sure you read even the tiniest print on your loan document to be aware of everything regarding your loan.
You can read the small print to keep yourself aware of all the terms and conditions of your loan. Compare multiple personal loan options: You can compare the annual percentage rate APR of several personal loans available in the market.
This will help you get a proper idea about the costs that you will incur with this personal loan. Choose your personal loan amount by assessing your repayment ability: A personal loan typically ranges from 1 to 5 years. You can fix the loan tenure according to your loan amount, your other monthly expenses, and the income that you earn on a monthly basis. Select your personal loan amount as per your convenience: You can choose your personal loan amount depending on your repayment capability, your income, and your expenditures.
Choose an affordable interest rate: Make certain that you an economical interest rate for your personal loan. With a low-interest rate, your loan expenses will be low and you can repay it without any hassle. You will also avoid any defaults on loans. Check your EMIs properly: You will need to compute your EMIs before you fix your personal loan amount. This will help you plan your expenses efficiently.
You can multiply this loan EMI with your loan tenure to find out your precise loan amount. You can then choose the lowest loan amount. Compare the processing fee: Most banks and NBFCs charge a processing fee for a personal loan. You can compare this fee and then decide which loan product you want. Be wary about automatic payments: If you choose standing instruction or ECS as your loan payment mode, you will need to be careful about the direct debiting of money. You should make sure that no additional amount is deducted from your account unnecessarily.
You will need to monitor your loan payments on a regular basis to ensure that everything is being done properly. Select fixed or variable interest rate according to your preference: When you choose fixed interest rate, your loan payment will remain fixed throughout the loan tenure.
When you select variable interest rate, your loan payment will depend on the rate. Hence, the loan payment will increase if the rate increases and the loan payment will reduce if the rate reduces. Before you proceed to apply for a personal loan from any bank or NBFC, you will need to assess your credit history thoroughly. This will give you an idea about the loan amount that you will receive. You need to make sure your credit history looks decent before you apply for a loan. You can go for a fixed rate or a variable rate according to your preferences.
You need to check the interest rate for your personal loan before you actually apply for one. Since a personal loan is unsecured in nature, your lender may charge a very high-interest rate. You will not be giving any asset as a collateral or security to your lender and hence, your interest rate will be a little high compared to rates charged for other loans.
Assess the need for your personal loan: You will need to be clear about the need for your personal loan. You can take it for funding your wedding arrangements, for paying your hospital bills, for buying medicines, etc. Before you apply for the loan, you will need to assess if you really want the loan. If you are planning to take a personal loan for investing in shares or other financial instruments, then it may not be a great idea.
Find out about the various fees and charges associated with your personal loan: When you prepay a personal loan or when you miss your payment deadlines for your personal loan, you will most likely be asked to pay a penalty fee. It will depend on your lender. You will need to assess these penalty fees properly before you apply for a loan. Do proper research to get the best rate for your personal loan: You can choose a low-interest rate for your personal loan as it will help you have a cost-efficient loan.
What are the Different Types of Personal Loans? Checklist for Applying for Personal Loan. First, you need to check if you are eligible for a personal loan.
Next, you need to find out if you will receive the loan amount that you are interested in. You will need to submit certain important documents mandatorily as sources of proof. You will need to give a proof of your residential address, your photo identity, your income, and your job status or job continuity. You will also need to provide with your bank statements and a recent passport size color photograph. For proof of address, you can give your ration card, utility bill or passport. If you are a salaried employee, you can get the most recent salary slips for 3 months, bank statements for a period of 6 months, and Form If you are a self-employed individual, you can furnish your income tax returns, profit and loss account, income statement, and balance sheet for income proof.
For office address proof, you can give property document, utility bills, or maintenance bills. Along with these documents, you will need to submit your duly-filled loan application form with relevant details.
You must make sure that you have filled every field with accurate details. If you miss out on filling any of the fields, your loan approval process may get delayed. To avoid any delay or confusion, you can fill the form properly. Be aware of your credit score: When you plan to apply for a personal loan, you need to be fully aware of your credit score. Only after you have these details, it makes sense to apply for a loan. You should decide your lender and your loan amount as per your credit score.
If your credit score is pretty low, you can work on improving it within a specific period and then apply for a loan. This will ensure that you do get your loan approved.
If you have made any late payment for your previous loans or credit card bills, then you can try waiting for a few months. You can apply for a new loan after this gap. Select your lender as per your credit score: Each lender responds to different credit scores differently. According to your credit score, you can decide a suitable lender that will offer customized loans to you as per your specific needs.
Conventional banks and NBFCs may not offer personal loans if you have a pretty low credit score. In such cases, you can approach the new-age lenders who may agree to provide you with a loan with certain terms and conditions.
Make sure you check your debt-to-income ratio properly: The loan amount that you apply for and the income that you earn on a monthly or annual basis should be proportionate.
Your debt amount and income should match each other properly. If you apply for a personal loan quantum which is much higher than your monthly income, then your application may not get accepted.
Hence, you should choose your loan amount very sensibly to make certain that you do get the loan. When you have urgent financial requirements: You can go for a personal loan when you are in need of money quickly. Whenever you have a financial emergency, you can choose a reliable personal loan to meet your requirements conveniently.
A personal loan is generally approved and disbursed very quickly. When you want very minimal documentation: The documentation process is also minimal for personal loans.
Hence, if you do not have the time to make arrangements for other documents, you can choose a personal loan instead. For other secured loans , you will be required to furnish documents regarding the title deed of the asset, etc. It will take time for you to arrange these documents. If you want to use the funds from a loan for multiple purposes, you can go for a personal loan.
You will not have to mention the purpose of your personal loan to your lender. Hence, you do not need to get any supporting documentation for this type of loan. When you want to consolidate your debts: You can also go for a personal loan if you are planning to consolidate your debts. You can combine your multiple debts into a single personal loan account and clear your debts together.
You can also choose a personal loan for a balance transfer. You can clear your credit card bills with a personal loan. Your interest rates will be lower compared to your personal loan.
It is financially sensible to clear off a high-interest debt by taking a low-interest debt. When you do not want to hand over any asset to a lender: If you go for any other loan, it will mostly be secured in nature.
Hence, if you are not interested in putting any of your assets at risk in the form of a collateral, then you should ideally select a personal loan.
If you cannot arrange money instantly from other sources for hospitalization bills, you can apply for a personal loan and make sure the treatment is done properly. My Credit Score is Below Will I Get a Personal Loan?
If you are earning a pretty high income with excellent job stability, your lender will believe that you have a good repayment ability.
You can negotiate with your lender for a good interest rate by giving proper documents to prove your income. The lender will then rely on your capability to repay each installment on time.
If you have been shifting from one job to another for a long period, your income flow will get affected and this can affect your interest rate for loans also. Your credit history and credit score: One of the most important factors that has an impact on your personal loan interest rate is your credit score.
It is ascertained according to your credit history. If you have previously taken a loan or a credit card in your name, you will be given a credit score as per your repayment behavior. If you have repaid your previous credits within the prescribed time limit, your credit score will be good. CIBIL will evaluate your payment ability and create a credit report and provide you with a credit score. In India, a positive credit score is usually above It ranges from to and is the lowest credit score and is the best credit score.
Your relationship with your lender: If you maintain a good relationship with your bank or NBFC that is offering a personal loan to you, you will be able to procure a good interest rate. If you have opened a savings bank account or a fixed deposit with a bank already, you would have established loyalty with this bank. When you approach the same bank for a personal loan, it is highly likely for you to get a good interest rate.
The bank would not want to miss having you as a borrower for a loan and hence, the bank will agree to provide you with an attractive interest rate. To prevent you from going to a competitor bank, your present bank will agree to give you a competitive interest rate for your personal loan. If you are working in a well-established company when you apply for a personal loan, you will be able to obtain a great interest rate for your personal loan.
On the other hand, if you are employed with a new start-up or a pretty unstable company, you may not be able to get an attractive interest rate. Generally, lenders assume that big and well-established companies provide a steady career to their employees. Hence, they prefer employees with a regular flow of income. Therefore, if your organization is well-renowned and famous, your interest rate will be low.
What are the Advantages and Disadvantages of Personal Loans? Advantages of Personal Loans: A personal loan is unsecured in nature wherein you do not have to provide any collateral or security while applying for the loan. You only need to assure your lender that you will pay the loan installments on time. Then, your lender will sanction your loan and get it processed. Personal loans are always easily accessible in different parts of the country.
Almost every bank and NBFC offers personal loans with simple documentation at affordable prices. You do not have to mention the reason for applying for the loan and you can obtain it from the bank quickly. When you apply for a personal loan, you do not have to fret about arranging numerous documents for the approval. You will have to furnish only your basic documents while applying for the loan and you are good to go.
You will not be asked to provide any asset as security and hence, you do not have to give any title or verification for the assets. When you are applying for a personal loan, you do not have to worry about getting in touch with a middleman.
Getting a loan with the help of a middleman or an agent can delay your loan application process. You will also be forced to pay high brokerage fees when you need the help of a middleman. For a personal loan, you can directly go to a bank or a non-banking financial corporation and start the application process.
Can be used for any purpose: Your personal loan can be utilized to fund any requirement. You can finance your home renovation, your higher education course, your wedding, your medical expenses, etc. You will not have to specify the purpose of obtaining this loan to your lender.
You can decide what you want to do with your funds. However, it is very important that you are clear about how you want to utilize your funds before receiving the money.
Quick processing of loan: When you apply for a personal loan, it will get processed and approved very quickly. This is because it does not need any security or guarantee.
Special offers and schemes: Since personal loans are one of the most popular categories of loans, banks and NBFCs release many exclusive offers while providing personal loans. You can also enjoy special schemes for personal loans given by certain lenders. A few professionals such as accountants, lawyers, and doctors get special personal loan offers.
Disadvantages of Personal Loans: Personal loans are generally economical. However, since you do not offer any asset as a security or collateral to your lender, your lender may charge a high-interest rate. Personal loan interest rates are higher when compared to other secured loan interest rates such as home loans, car loans, etc.
If you are interested in a personal loan, you should make sure that you have maintained a good credit history. Otherwise, your personal loan application may get denied. To avoid rejection of your loan, you will need to make sure that you have a decent credit history before you apply for a loan. You should work hard to prevent any form of default of payments. You could try applying for a personal loan from a bank with which you already have a savings account or a fixed deposit.
This way, you would have established a good relationship with your banker and hence, it will be easy to get a loan from the same banker. No option to pay the loan in parts: Sometimes, when you take a personal loan from certain bankers or NBFCs, you may not be allowed to pay your loan in parts.
You may be asked to pay your full loan amount in one go for the full loan tenure. In the beginning of your loan tenure, your payments will mainly comprise the interest and this will result in high expenses.
Bad loans for people with low credit rating: Certain people with low credit scores may somehow get a loan from certain lenders. I sincerely appreciate the help in my tough time given by Paisaba.. I sincerely appreciate the help in my tough time given by Paisabazaar, and very Satisfied with Mukesh's overall help.
I will surely recommend others about paisabazaar and my self incase in future need any sort of help will surely seek Paisabazaar and its assistance. Please read the Terms and Conditions of this document carefully before accepting.
Please click on the link below to read and understand the Important Information section below. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.
We shall protect and keep confidential the Credit information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased promptly upon the earlier of: The relationship between you and the Parties shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of [Mumbai].
Please wait while page is loading Please wait while PAN card is getting verified Personal Loan Starting How are you currently employed? Your net monthly income?
Why Choose a Personal Loan? It can be taken for any personal reason, such as: Points to Consider before Applying for Personal loan To choose from the best personal loan offers is important, but equally important are numerous other factors that should be taken to prevent personal loan becoming the burden causing a big hole in the pocket.
Plan your budget and stick to it: How much the loan would cost in interest per year. Personal Loan Interest rates can range from Suppose you take a personal loan of Rs 5 lakhs for 3 years at an interest rate of Then, your EMI amount will be Rs 16,, while you will make a total payment of Rs 5,93, over the 3 years. So, in this case, your processing fee could vary from Rs 5, to Rs 32, For more details click on the comparison tab.
Do a complete and detailed market survey of the various Personal Loan options like their interest rates, the pre-payment charges levied, and any other terms and conditions.
Look for zero processing fees and zero-penalty for pre-payment option. In case this is not available, then prefer borrowing with lowest cost. Sometimes additional costs add up and make a huge difference even after you are offered lower interest rates Look for payment delivery charges such as early payment charges Carefully look at the risk involved for situation when you are unable to repay the loan amount Always ask for customized personal loan quotes from at least three providers, as many banks offer personalized plans.
Do not just fall for lower rates, check whether the banks are offering it on flat interest rate basis or reducing balance basis. It is an unsecured loan which means a loan offered without keeping any assets e. Unsecured personal loans are offered based on the applicant's credit history. If you have not defaulted on payments of an earlier loan and have paid all your credit card bills on time, you will be viewed as a low-risk borrower.
Interest rates for personal loan is allocated according to the customer's salary, the amount being borrowed, loan tenure and other criteria that differ from one lender to another. The repayment time period is fixed and ranges from 1 to 5 years. A personal loan requires minimum paper work and is often approved within 48 hours of submitting an application.
What are the different types of Personal Loans? Medical Loan For funding medical expenses, such as hospitalization, surgery, etc. Marriage Loan For funding the marriage expenses Loan amount ranges between 5 lac to 20 lac Interest rates vary between Personal Loan Eligibility Criteria. To ensure the same, they consider numerous factors before providing personal loans: Applicant should have been employed by your current organization or been involved in your business for a certain number of years Income: Applicants should have the lender stipulated monthly repaying capacity or minimum salary Age: Applicant must qualify for the applicant age bracket defined by the lending institution Credit Rating: Applicant should have the bank specified credit score and suitable credit history Existing EMIs: Applicant should not have any other loan liabilities or must have strong ability to take addition debts.
Documents Required for Personal Loan. The list of essential documents you need for a personal loan are: To apply for a Personal Loan submit one of the following documents as identity proof: List of documents that are accepted for age proof to apply for Personal Loan are: For address proof confirming your present residential address, submit any one document from the list: Government-issued employee residence proof Ownership and title deeds of property Telephone bills Ration card Electricity bill Income Proof For salaried individuals: A copy of latest salary slips months depending upon the bank or salary certificate Form 16 and a copy of ITR for the last two years Copy of the appointment letter or an employment certificate to prove job continuity Last 3 months' salary account statements Proof of employment certificate Last two years' computation of income, Profit and Loss statement, and balance sheet certified by a C.
Latest six months' bank statement of all your bank accounts Last two years' sales and copies of acknowledged IT returns as proof of turnover. Personal Loan Interest Rates. Checklist for Applying for Personal Loan. Depending on your income and repayment capacity, decide upon the loan amount you need and for how much duration. Checkout eligibility criteria of different banks and identify in which one do you fit the most. For your immediate monetary requirements, knowing about the processing time of personal loan can be of great help.
Your complete loan experience depends upon the interest rate, processing charges, prepayment charges and other such charges. Know them before hand to take a well-informed decision. Your financial health will define your credit worthiness. Make sure you have all the necessary documents to prove your strong credit history and income. Jot down the list of documents required to apply for personal loan. Do not ignore independent foreclosure policy and charges of different banks. Top 10 Providers for Personal Loans in India.
The 4 different types of personal loans that SBI offers are: SBI Saral personal loan interest rate is The interest rate for the Jai Jawan Pension Loan scheme is Axis Bank offers personal loans for both salaried and self-employed individuals. Personal loans from Axis Bank are available from Rs.
The personal loan interest rates charged by the bank ranges between This is floating rate and is subject to market fluctuations. Axis bank offers eDGE loyalty points on personal loans.
These points can be redeemed for cash surplus and discounts. Interest rates as low as Personal Bank by Punjab National Bank is offered to: Salaried applicants Self-employed applicants Pensioners drawing their pension through any of the PNB branches in the country Highlights: Punjab National Bank offers floating interest rate to the applicants. Base Rate - 9. Guarantor required Bank offers a personal loan of up to 20 times the net monthly income for salaried individuals and up to Rs.
UCO Cash Loan offered to: Marriage expenses Shifting an existing loan from another bank House restoration or other home related payments Buying consumer durables or equipment Travel expenditures Any other personal needs and emergencies Highlights: Rate of interest for personal loans ranges between HSBC offers maximum loan amount uptoRs.
Selected customers may be eligible for loans uptoRs. HSBC offers easy monthly repayment through: After 6 months the charges are NIL. Features of Standard Charted Personal Loan: Standard Chartered Personal Loan is offered to both salaried and non-salaried individuals. Bank offers flexible repayment tenures from 12 months to 60 months.
There is no need of security or guarantor to avail Standard Charted' Personal Loan. Documentation processes are easy and simple Personal loan online from Standard Chartered can be availed with instant approval. Standard Chartered offers personal loans up to Rs. Interest Rate Monthly reducing balance: Nil Pre Closure Charges: Pre-closure permitted after 1 year.
No guarantor required Andhra Bank Head quartered in Andhra Pradesh, Andhra Bank is a mid-sized public sector bank and has more than branches in India. Andhra Bank Personal Loan Details: No guarantor required Features of HDFC Personal Loan With its quick loan disbursal feature, HDFC Bank assures loan applicants that they would not have to go through delays and will enjoy fastest loan disbursal time as compared to a other private sector as well as public sector banks in the country.
HDFC Banks offer loans for salaried, self-employed individuals, working professionals at competitive interest rates. HDFC Bank is one of the leading banks to offer online personal loan applications and submissions with instant approval. HDFC Bank offers lower prepayment charges for personal loans compared to other banks.
A Personal Loan Calculator helps you to: Identify the right amount you need to borrow Figure out the amount of interest you would have to pay Know the most suited tenure for personal loan Borrow with the most competitive personal loan interest rate How to Calculate EMI on Personal Loans?
Why should you choose Paisabazaar for your Personal Loan assistance? Your benefit Our expertise in identifying the right deal is a benefit for those looking to take personal loan. Instant assistance Be it for higher education, marriage, shopping needs, a personal emergency, or just need of extra cash, you can anytime get instant cash with personal loans. We help you apply online No doubt, online services save time as well as money.
We let you compare, but that's not the limit Yes, we have a platform where you can compare schemes by companies offering personal loans, but that's not all at Paisabazaar's platter. A-Z customer support Paisabazaar's customer support team help the interested borrowers understand the complete process of availing personal loan or personal loan against mutual funds and clear all their doubts regarding eligibility, offers, procedures, documentation, and repayment options.
Here are disadvantages and advantages of personal loan Pros No collateral: It does not require any collateral or security to avail a personal loan; you can easily apply for a personal loan, as long as your Credit Score is good. As compared to other secured loans, personal loans require much less documentation. Several banks have introduced e-application process which is faster as well as hassle free. Some banks even offer pre-approved personal loans and e-approvals.
There is no capping on the usage of borrowed personal loan amount unlike other secured loans. While the guidelines for availing personal loan vary from bank to bank, qualification criteria are quite strict.
It is must to have a good credit history to avail personal loan. Interest rate of personal loan is though less than interest rates on Credit Cards but still higher than secured loans. Several banks charge prepayment penalty on prepayment of Personal Loans. Due to competition, several banks announce schemes on personal loans during festive season. Request for a personal loan quote at this time as such seasonal offers are good to get attractive interest rate deals.
Credit score can be a reason of rejection, and it can be a reason to get a better deal. You may bargain with banks for best personal loan deal on having a high credit score.
Latest News on Personal Loans. Despite facing some serious flak from the opposition parties in Maharashtra, the online initiative of Maharashtra Government to identify beneficiaries of farm loan waiver has received an overwhelming response front he farmers. By the end of 30th August , more than 4. In June , Maharashtra government announced the farm loan waiver of Rs. The government has anticipated targeting nearly 9 million farmers to take the benefit of the scheme.
He also said that it is important to ensure that the resolution process must have a logical conclusion so that it would not turn up to be an endless circle of appeals with no result. He concluded saying that the capital support from government is necessary for state owned banks even if it means cutting down on other allocation areas. Bajaj Finserv, one of the prominent financial companies in India has launched a festive offer with its lending arm Bajaj Finance Ltd, wherein they are offering personal loans for interest rates as low as The special festive offer interest rate will be offered on personal loans from 5th September to 11th September, Anyone applying for personal loan with Bajaj Finance during that period for above 12lakhs will get the special interest rate.
In a very strategic move, SBI has announced the waiver of processing fees on almost all retail loans they offer. The waiver will be up to percent of the processing fee on personal gold loans, car loans and other kind of personal loans available with them. Their retail push came after three weeks when they announced a marginal cut in their savings bank rate. Cess For Defence Personnel: Bajaj Finserv Personal Loan Bank of Baroda Personal Loan Personal Loan Write a review. Dinesh Shah Posted on: Feb 27 , Jan 30 , Parnika Sharma Posted on: Jan 3 , Jan 2 ,