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A Personal Loan is one of the best remedies of modern life’s financial concerns. Today, almost everyone comes across cash crunch situations and financial requirements that need funds at the moment, while one can gradually pay them over the period of time, these requirements may vary from education for self or family, medical requirements, need to travel or fulfil a long wishlist of a gadget and several other requirements.
While there are several ways to get access to funds, asking friends and family may be a risky proportion, thus the best bet is to opt for personal loans from financial institutions.
Some key benefits of Personal Loans?
- While business loans and property loans need collaterals. A Personal loan unlike these loans requires a person to have a decent credit profile against which credit is given.
- There is no requirement of multiple documentation and one needs not visit branches to submit physical documents for personal loans.
- A Personal Loan is quick and one needs not wait for a long time to get the loans processed. These days the entire process is online and transparent.
- Keep your credit utilisation ratio under 30% to enhance your credibility.
The Best Type of Personal Loan in India:
| S. No. | Bank Name | Interest Rate (p.a) | Loan Amount |
|---|---|---|---|
| 1 | Yes Bank | 10.75% - 16.99% | ₹1 lakh - ₹25 lakhs |
| 2 | ICICI Bank | 11.50% - 16.75% | ₹50k - ₹25 lakhs |
| 3 | HDFC Bank | 10.99% - 17.00% | ₹50k - ₹40 lakhs |
| 4 | Kotak Bank | 10.75% - 18.00% | ₹1 lakh - ₹30 lakhs |
| 5 | Tata Capital | 12.5%-19.00% | ₹75k - ₹20 lakhs |
| 6 | IndusInd Bank | 11.49% - 20.00% | ₹1 lakh - ₹20 lakhs |
| 7 | IDFC First Bank | 11.69% - 15.00% | ₹1 lakh - ₹20 lakhs |
| 8 | Bajaj Finserv | 12.00% - 16.00% | ₹1 lakh - ₹20 lakhs |
| 9 | IIFL | 12.99% - 20.00% | ₹1 lakh - ₹20 lakhs |
Personal Loan - Documents Required
The lenders seek the following documents from the personal loan applicants. These documents can be submitted either as hard copy by physically visiting the bank or by uploading a scanned copy on the digital platform/website of the lender.
Employees need the following standard documents and it may change as per the lender.
- Valid Identity Proof e.g. Voter ID Card, PAN Card
- Address Verification Proof e.g. Aadhar, Passport, DL and Utility Bills
- Previous 3 Months Bank Statements
- Latest Salary Slips
Self-Employed Professional often need following documents for a personal loan
- Proof of Identity like a Passport, Voter ID Card or Aadhar
- Proof of Address like a Passport, Aadhar Card or Utility Bills
- Age Proof like Birth Registration and School Certificates
- PAN Card
- Latest Bank Statements
- Past Income Tax Returns of Last 3 Years
- Balance Sheet and P/L Statements Audited by a registered Chartered Accountant
Eligibility of a Personal Loan
There are some different eligibility options for several loans from various banks. The eligibility criteria for the salaried and even the self-employed are different.
| Age | 23 years - 65 years |
| Profession Type | 1. Employee |
| Credit score | Above 650 |
| Minimum Monthly Income | 1. Metros - ₹25,000 2. Non-Metros - ₹20,000 |
| Loan Eligibility | Upto ₹50 Lacs As Per Applicant’s Credit Profile |
| Work Profile | Continuation of 6 Months |
Different lenders have different eligibility criteria but more or less the same in the above-stated aspects.
Here are a few Dos and DONTs to improve your personal loan eligibility.
| Do's | Dont's |
|---|---|
| Before applying for a personal loan, check the eligibility. | Avoid taking multiple loans simultaneously. |
| Apply for the amount for which you are eligible for on account of your financial stats. | Don’t forget to make the loan repayments on time. |
| Pay the EMIs on time. This is essential for maintaining a good credit score. | Avoid having a high credit utilisation ratio. |
| Keep your credit utilisation ratio under 30% to enhance your credibility. | Don’t apply for a loan with different lenders frequently. |
Types of Personal Loans
Marriage Loan
A personal loan may be used to overcome are the marriage related expenses and make your big event a memorable one with the marriage loan.
Check Eligibility
Medical Emergency Loan
We may never know when we need some additional funds for medical emergencies, a personal loan will help us to sail through such emergencies using a medical loan.
Check Eligibility
Education Loan
Personal Loan can be used to sponsor education for self or someone in the family using the education loan.
Check Eligibility
Vacation Loan
While it becomes difficult to save for a vacation, a personal loan becomes handy as one can avail a vacation loan and repay later.
Check Eligibility
Car Loan
One can buy a car using a Car Loan, which is a form of personal loan and plan their lives better both in form of mobility and financially.
Check Eligibility
Home Improvement Loan
While one can get a Home Loan to buy the house of their dreams, it may become a distant dream to renovate the home, for which one may go for a Home Improvement Loan in form of a Personal Loan and fulfil their home improvement requirements.
Check EligibilityPersonal Loan Specific FAQs
How can I use a Personal loan?
Yes, lenders do not place a boundation on specific usage of personal loans. However, it should not be for unlawful purposes.
How to avail a Personal Loan?
Visit LoansJagat.com enter personal details and requirements, choose the best lender and fill a simple form to apply.
Can I know my loan eligibility?
Loan eligibility depends upon the individual’s credit profile, which includes credit rating, work type, location and several other parameters.
What is an average repayment tenure?
It could be between 1 year to 5 years as per the terms for the loan.
Can I know the amount?
The amount is directly proportional to the credit profile and one’s ability to repay that includes income and existing debts.
What is the time take for the application?
While the traditional lenders take weeks or even months to process, one can get a personal loan in just a few days with the fintech enablers like LoansJagat.
How to compare lenders?
LoansJagat provides a unique platform where one can compare the top Banks and NBFCs and choose the lender that offers the best terms as per your requirement.
How to Repay?
While the most common method is the EMIs where one can pay in instalments every month, some lenders also have flexible repayments and payments are generally made through ECS or auto-debit to the bank accounts.
Why LoansJagat?
LoansJagat offers free facilities for loan seekers to check loan eligibility, find the best lender and apply at their convenience. LoansJagat also offers dedicated relationship managers to assist throughout the entire process of a Loan. With multiple awards, top partnerships and proven customer service, the advantages are manifolds.
Is a guarantor necessary?
No, the personal loans offered by LoansJagat are collateral-free and do not require any guarantor.
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