Bank Name Rate of Interest Processing Fees Tenure Action
14.75%
2.5%
1 – 5 years
12%
1%
1 – 4 years
11.49%
2.5%
1 – 5 years
11.99%
2.25%
1 – 4 years
12%
2.5%
0.3 – 5 years
14.5%
2.5%
1 – 5 years
16%
2.5%
1 – 5 years
14%
2%
1 – 5 years
15.95%
2%
1 – 3 years
11.99%
2.5%
1 – 5 years
11.49 %
2%
1 – 5 years
18%
1%
15/30/90 Days
11.49%
3%
1 – 5 years
14 %
2.5%
1 – 4 years
15%
2%
6 – 36 months
15%
₹ 1,000
1 – 12 months
12%
5%
3 – 36 months
24%
3%
3 – 36 months
12%
6%
3 – 36 months
15.5%
2.5%
3 – 36 months

What is a Personal Loan?

Personal Loan is an unsecured Finance offered by a Bank / Financial Institution based on the credibility and re-payment capacity of the Borrower.This funds generally used for paying off debts, Unexpected medical expenses, Going on Vacations, Home improvement, Buying Appliances and latest GadgetsAs it is an un-secured loan (No Collateral), the rate of interest is little higher and Tenure is shorter than secured loan

Personal Loan Eligibility Factors and Key Documents:

A Personal Loan is offered based on certain factors that determine the eligibility of the borrower. Some of these are enumerated below.

DOCUMENTS REQUIRED FOR PERSONAL LOAN:-

Personal Loan Interest Rate MCLR linked rate of interest starting at 10.99%
Loan Amount  Minimum amount: 50,000
Maximum amount: 50 Lakhs
Loan Tenure Ranges between 12 months to 60 months
Nature of Personal Loan Unsecured Loan (No security or collateral is required)
Loan Turnaround Time Loan disbursement within 7 working days from the date of submission of loan application
Processing Fee Ranges between 1% to 2% of loan amount
Prepayment Ranges between 1% to 2% of loan amount
Eligibility Criteria
Credit Score Good repayment record on past loan repayments, credit card monthly payments and loan instalments etc.
Good Credit Score (700 and above)
Rating of the company you are employed with affects Personal Loan terms
Type of Company Listed companies get a higher loan amount
Applicant should be a long-term employee of the  current organization
Repayment Capability of the borrower Continuity of business is checked for a Self-employed business owner
Varies from bank to bank
Age  Normally 21 years and above is required
Salaried Employee
Who can apply? Self-Employed
Self-Employed Professionals
DOCUMENTS SALARIED BUSINESS MAN/ PROFSSIONAL
KYC Photo Photo
Pan Card Pan Card
Aadhar Card Aadhar Card
INCOME PROOF Salary slip – 3 months ITR, Computation,P&L, Balance sheet -3 Years
Bank statement -6 months Current account statement- 1 Year
Existing Loan Statement if any Existing Loan Statement if any