Personal Loan

An secured loan given by banks without asking what is going to be used for.

Customers in India take personal loan when they need funds for

1. Credit Card dues
2. Emergencies like Hospital expense at Family.
3. Used for Marriage expenditure.
4. Margin money for the Home.
5. Home renovation
6. Travel expenditure

Personal Loan applications received for Rupees 273,923 crores (last updated on 10 October 2015)

Compare Personal Loan Offers from Top Banks - Apply Online and Get e-Approved Instantly.

Loan Amount
Employment Status

Associated Banks

Documents required

To get your personal loan approved, you need to submit these following documents.

A photocopy of PAN card

In case of Salaried In case of Self Employed
• Identity proof • Balance Sheets
• 3 to 6 months Bank statements • Profit & Loss Account
• Residence proof • Partnership Deed & other mandatory documents etc.
• Salary slip  
• Guarantors & their same set of documents  

What to Compare?

To get the best deal at Personal loans Compare

1. Monthly emi that various bank are giving you.

Comparison has to be on same amount with same tenure for emi to judge the lowest emi. e.g

2. Processing Fee

Its onetime fee and one needs to check which is the lowest fee that one is getting. The range is between 1.50% - 2%.

3. Prepayment and Part Payment

The above tools help to close the loan early and are really helpful if you expect the cash in near future of the loan tenure. Try to pre pay or part pay and get the bank which gives you these options at no charge. You will be able to reduce Interest over the loan. Click here for Prepayment calculator.

4. Turn around Time

Who can give you the loan when you require is the key. Choose the lender base on that.

Who can get the lowest rate ?

Personal loan rate for an individual is defined by

1. The company he is working at. If it's a larger known corporate , the rates will be lower. Banks generally refuse to give loans to people working in partnership firms .

2. The higher the salary the lower is the rates. Benchmark lowest rates are for people who have more income than 75000 monthly.

3. A good credit history also ensures lowest deal.

4. Genrally Banks give special offers to customers who have salary accounts with them with lesser rates and processing fee.

Who can get it ?
Banks and NBFC give to those whose who have an income either from salary or business. Banks prefer salaried customers with income of more than 20000. As the income goes up the rates gets lower and the amount get bigger. Personal loan is at multiplier of your income which ranges between 10-18 times of your monthly income. Personal loan eligibility depends upon income mostly. Customers working with small companies are given higher rates where as to customers working in large corporate.

Most Banks give Personal loans to people who have cibil score of above 750. Anyone who has credit cards and loans and paying on time will have a cibil score of above 750.Never get scared if you are paying on time. If you have no credit cards or loan and is your first credit then your score is 0 and you need to apply with the Bank where you have your salary account. Most likely they will give you a loan on a 0 cibil score.

News About Personal Loan:
Federal Bank offers low-interest personal loans for salaried employees under its new Fed Premia scheme. In This Scheme Borrowers can take upto 10 lakhs of loan amount for 48 months or 4 year repayment options. Date – 05 August 2015

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  • Disclaimer: Information is sourced from respective Banks websites. We don't provide Loans on our own but ensures your information is sent to bank/agent which you have opted for. We don't do short term loans. Deal4loans has no sales team on its own and we just help you to compare loans .All loans are on discretion of the associated Banks/Agents. Read More