Multiple banks. Different interest rates. Call it a "conflict of interest".
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    Compare & Apply Best Personal Loan Online

    Get Instant Personal Loans online for weddings, travel, home renovation, or an emergency financial requirement. Compare between 40+ banks and apply for the best personal loan. Personal loan interest rates start from 10.99% p.a. Leading banks in India offer personal loans with maximum loan amount up to Rs.40 lakh and repayment tenure of up to 5 years. Check latest Interest rates, Processing fees, Loan Tenure, Pre-Payment & Fore closure charges and Calculate EMI to get the Personal Loan from best banks in India.

    Best Personal Loan Interest Rates in India 2019

    Bank Personal Loan Interest Rate Processing Fee
    Federal Bank Personal Loan 10.00% - 27.00% Up to 3% (Min. Rs.500)
    HSBC Personal Loan 10.75% - 17.84% Up to 1%
    Standard Chartered Personal Loan 10.89% Up to 3%
    Citibank Personal Loan 10.99% - 17.99% Up to 3% (Min. Rs.999) + GST
    Kotak Mahindra Bank Personal Loan 10.99% - 24% Up to 2.5% + GST
    ICICI Bank Personal Loan 11.25% - 22% Up to 2.25% + GST
    HDFC Bank Personal Loan 11.25% - 21.50% Up to 2.5% (minimum Rs.2,999 and maximum Rs.25,000)
    Bank of Baroda Personal Loan 11.70% - 16.70% Up to 2% + GST (minimum Rs.1,000 and maximum Rs.10,000)
    SBI Personal Loan 12.00% - 17.05% 0 - 1% + GST
    More
    Bankbazaar Compare & Apply Best Personal Loan Online
    We found 33 Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.75% - 18.00% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    Customer Reviews
    10.99% - 17.99% Fixed
    0
    30L Max
    1-5 Years
    Response Time : Within 30 minutes
    Accelerated Approval
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Customer Reviews
    20% - 22%  Fixed
    2.50%
    2L Max
    1-3 Years
    Response Time : Within 30 minutes
    What you'll love
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    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    23% Fixed
    2% + Taxes
    10L Max
    1 - 2 Years
    Response Time : Within 30 minutes
    What you'll love
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    Perks
    Think about
    Fees & Charges
    Eligibility Criteria
    11.25% - 21.50% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.00% - 16.75% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    Fees & Charges
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    Customer Reviews
    11.25% - 19.99% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    16.5%-20% Fixed
    Up to 2% or minimum ₹2,000 (whichever is Max) One time fee
    15L Max
    1-5 Years
    Response Time : Within 30 minutes
    What you'll love
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    16% - 28% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
    Perks
    Think about
    Fees & Charges
    Eligibility Criteria
    11.25% - 22.00% Fixed
    From .75% (min. ₹999 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
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    Customer Reviews
    14.99% - 14.99% Fixed
    Up to 2% One time fee
    20L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.5% - 13.5% Fixed
    1% + applicable tax One time fee
    2L - 25L
    1-5 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
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    Personal Loan BYTES FROM OUR KITCHEN

    Best Personal Loan Offers 2019

    If you are looking for a personal loan, compare various banks that provide credit at attractive interest rates, easy EMI options, and low processing fees. Check for secured as well as unsecured loan options and get instant access to funds and finance your immediate needs.

    BankBest for
    Standard Chartered BankShort Term
    CitibankLow Interest Rate
    ICICI BankNRIs
    HDFC BankSelf Employed Professionals
    Kotak Mahindra BankQuick Turnaround Time
    TATA CapitalFlexible Interest Rates
    Capital FirstTop-up Loans
    Fullerton IndiaInstant Approvals
    IIFLEasy Eligibility Checks
    HDB Financial ServicesSpecial Offers

    Standard Chartered Bank Personal Loan – Best for Short-term Requirements

    Key Highlights
    • Attractive interest rates
    • Get instant approval when you apply online
    • Flexible repayment tenures extending up to 60 months
    Interest RateEMIForeclosure/Prepayment ChargesRepayment
    10.89% onwards Rs.2,169 5% of principal outstanding as per reducing balance method on the date of repayment Rs.1,30,126

    Citibank Personal Loan – Best for Low Interest Rate

    Key Highlights
    • Low interest rates for salaried as well as self-employed applicants
    • Funds will be credited to your bank account within 48 hours
    • Minimal documentation and instant approval for existing Citibank customers
    Interest RateEMIForeclosure/Prepayment ChargesRepayment
    10.99% onwards Rs.2,174 Up to 4% of the total principal outstanding amount plus interest for the month in which foreclosure is carried out Rs.1,32,425

    ICICI Bank Personal Loan - Best for NRIs

    Key Highlights
    • Collateral-free personal loans to NRIs for tenures extending up to 36 months
    • Get cash in your account in just three seconds
    • Minimal documentation plus hassle-free application process for quick disbursal
    Interest RateEMIForeclosure/Prepayment ChargesRepayment
    11.25% onwards Rs.2,187 5% of the total principal outstanding amount plus GST Rs.1,31,204

    HDFC Bank Personal Loan - Best for Self Employed Professionals

    Key Highlights
    • Attractive interest rates for self-employed individuals
    • Loan disbursal in 10 seconds for pre-approved HDFC Bank customers
    • Flexible repayment tenures extending up to 60 months
    Interest RateEMIForeclosure/Prepayment ChargesRepayment
    11.25% onwards Rs.2,187 13 to 24 months: 4% of principal outstanding
    25 to 36 months: 3% of principal outstanding
    More than 36 months: 2% of principal outstanding
    Rs.1,31,204

    Kotak Mahindra Bank Personal Loan - Best for Quick Turnaround Time

    Key Highlights
    • Minimal paper work
    • Competitive interest rates and convenient repayment options
    • Hassle-free and quick loan disbursal
    Interest RateEMIForeclosure/Prepayment ChargesRepayment
    10.99% onwards Rs.2,174 5% of principal outstanding as per reducing balance method on the date of repayment Rs.1,30,425

    Tata Capital Personal Loan – Best for Flexible Interest Rates

    Key Highlights
    • Quick and Easy finance at flexible interest rates
    • The loan can be used to finance a variety of needs like weddings, emergency medical expenses, etc.
    • Flexi EMI options that cater to your requirements, your budget, and your timeline.
    Interest RateEMIForeclosure/Prepayment ChargesRepayment
    11.25% Rs.2,187 4% of the principal outstanding plus GST Rs.1,31,204

    Capital First Personal Loan – Best for Top-up Loans

    Key Highlights
    • Capital First personal loans are ideal options if you are looking to top up your personal loan with an additional amount.
    • The repayment tenures of the loan are flexible, ranging from 12 months to 60 months.
    • The approval of the loan takes only around two minutes, thereby helping you save time and getting access to funds immediately.
    Interest RateEMIForeclosure/Prepayment ChargesRepayment
    12% Rs.2,224 5% of principal outstanding amount Rs.1,33,467

    Fullerton India Personal Loan – Best for Instant Approvals

    Key Highlights
    • Experience Quick and Easy approvals
    • The repayment options are flexible, with tenures extending up to 60 months.
    • The documentation process is also hassle-free, and existing Fullerton India customers are eligible for additional benefits.
    Interest RateEMIForeclosure/Prepayment ChargesRepayment
    12.49% Rs.2,249 3% to 7% of the principal outstanding amount depending on when the applicant opts for foreclosure Rs.1,34,957

    IIFL Personal Loan – Best for Easy Eligibility Checks

    Key Highlights
    • The eligibility check for India Infoline personal loans can be completed in one minute, and the online approval takes no more than five minutes post the submission of your documents.
    • The loan amount will be disbursed and transferred into your bank account within just eight hours.
    • The documentation process is also fairly simple and the paperwork involved is minimal, thus helping you save on time and effort.
    Interest RateEMIForeclosure/Prepayment ChargesRepayment
    13.49% Rs.2,300 Up to 6% of the principal outstanding amount Rs.1,38,028

    HDBFS Personal Loan - Best for Special Offers

    Key Highlights
    • Special offers for employees of certain companies.
    • The processing of the loan is quick and speedy, and no security or guarantor is required to avail the loan.
    • The repayment tenures are also quite flexible, ranging from 12 months to 60 months.
    Interest RateEMIForeclosure/Prepayment ChargesRepayment
    14.99% Rs.2,378 2% to 4% of the principal outstanding amount depending on when the applicant opts for foreclosure Rs.1,42,708

    *The calculation of EMIs and total amount payable is done based on assuming the loan amount at Rs.1 Lakh and for the Tenure of 5 years. Please note that interest rates vary depending on the income of the applicant and the amount borrowed.

    Personal Loan Eligibility

    The following are the eligibility criteria for personal loans in India:

    Criteria Salaried Self-Employed
    Age 21 years to 60 years 22 years to 55 years
    Net Monthly Income Rs.15,000 Rs.25,000
    CIBIL Score Above 750 Above 750
    Minimum Loan Amount Rs.50,000 Rs.50,000
    Maximum Loan Amount Rs.25 lakh Rs.30 lakh

    Documents Required for Personal Loans

    The following are the basic documents required for personal loans in India:

    Requirements Salaried Individuals Self Employed
    Proof of Identity Passport, Voter’s ID, Driving License or PAN Card Passport, Voter’s ID, Driving License or PAN Card
    Proof of Residence Passport or utility bills Passport or utility bills
    Proof of Income Bank statement of salary account for the past two years Audited financial statement of the past two years

    If you are an NRI looking to borrow a personal loan, these are the documents that you will need to submit to the lender:

    • Copy of your Passport
    • Visa Copy
    • Your official Email ID or the Email ID of the HR
    • Bank Statements
    • Salary Certificate or salary slips
    • NRO/NRE bank statements of the last 6 Months
    • Proof of Identity, Residence, Income, and Assets
    • Recent passport-size Photographs of yourself and the guarantors 

    Features and Benefits of Personal Loan

    • Borrow up to Rs.40 lakh, if not more.
    • Opt for a loan tenure of up to 5 years and repay your loan in easy installments.
    • Submit your application through online or offline channels.
    • Minimal paperwork and documentation required.
    • No restrictions on how the loan amount can be used.
    • Affordable interest rates ranging between 10% p.a. and 24% p.a.
    • Helps in consolidation of debts.
    • Quick approval.
    • Pre-approved loan offers.

    Use Bankbazaar Personal Loan EMI Calculator to Calculate EMI

    Personal Loan

    Thanks to advancements in technology, checking your personal loan EMIs is now as easy as it gets. Almost all banks that offer personal loans have an EMI calculator facility that enables customers to check their EMIs in a smooth and hassle-free manner. BankBazaar’s EMI calculator is easy to use and provides accurate results.

    To calculate your EMIs on BankBazaar.com, all you have to do is enter the loan amount, the tenure, the interest rate, the processing fees, and check the applicable box (Yes or No) if you wish to make prepayments. Then, click on the ‘Calculate’ button and your EMI amount will be generated instantly. You will also be able to view the breakup of the EMIs – how much of the amount will go towards principal repayment and how much towards interest. In addition, you can also view the amortisation table which will show you how much you will be repaying at the end of each year.

    Tips for Successful Personal Loan Application

    The following are a few important tips for a successful personal loan application:

    • 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, paying your hospital bills, 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.
    • Do proper research to get the best rate for your personal loan: You can do online research by visiting third-party financial websites or by going to the banks' official websites to compare different interest rates for personal loans. This will help you get a proper idea about the costs that you will incur.
    • Check your credit history: 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.
    • Review the fine print on your loan document carefully: Make sure you read the personal loan details carefully as this will give you a clear understanding of the commitment you are making in terms of the repayment.
    • Choose your personal loan tenure 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.
    • Choose an affordable interest rate: Ensure that you choose 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.
    • 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.
    • 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.
    • 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.
    Do's Don'ts
    Do proper research before you apply for a personal loan Do not sign your loan documents without understanding every point
    Do read the fine print carefully Do not make multiple inquiries regarding personal loans from different banks
    Do save your money carefully when you are repaying Do not take a personal loan without any serious purpose
    Do pay your loan installment promptly every single time Do not be in a hurry to end your loan comparison process
    Do evaluate your credit score thoroughly Do not forget to pay your loan installments
    Do apply for an affordable loan amount Do not accept bad personal loan products

    How to Improve your Chances of Getting a Personal Loan?

    Different lenders have different requirements for customers who seek personal loans. If you are finding it hard to get a personal loan, here are a few tips to improve your chances:

    • Credit Clean-up: One of the main factors taken into consideration by lenders is your credit score. Getting a personal loan is easier with a high credit score. If your score is low, you must check your reports to see if there are any errors. Sometimes, simple errors could have an adverse effect on your scores, and if you find any of these, you must report them to CIBIL.
    • Rebalancing your income and debts: Lenders ask for proof of income when you apply for personal loans in order to ascertain your debt-to-income ratio. Consider the sale of liquid assets like stocks or earning more through a part-time job to increase your annual income. Doing so will increase your debt-to-income ratio and increase your chances of getting a personal loan.
    • Consider Co-signers/Guarantors: If you are finding it hard to get a personal loan on your own accord, you can apply for one by adding a co-signer or guarantor. The person you choose as a guarantor must have a good credit score and although their main aim is to guarantee that you will repay the loan, they will also be liable to repay the loan themselves if you are unable to do so. Picking an individual with a credit score over 750 will considerably increase your chances of getting a personal loan.
    • Limit Your Borrowing: It can be risky to ask for more money than you require to meet your financial targets. Make sure that you calculate how much you need and apply only for that specific amount.
    • Choose the Right Lender: Every lender has their own requirements when it comes to credit scores and income. When looking for personal loans, pick a lender whose eligibility criteria you meet and apply accordingly. The problem with applying with multiple lenders is that each of them will check your credit score, and each time your full credit report is pulled out, your credit score drops, albeit marginally.

    Personal Loan FAQs

    What is a personal loan?

    A personal loan is a type of unsecured loan that that you can borrow from a bank or financial institution if you require funds to pay for your financial needs.

    How does a personal loan work?

    You borrow a personal loan when you are in need of credit. Once you submit your loan application to a lender for a personal loan, the lender verifies and approves it. Post this, the loan amount is disbursed into your bank account. Once you receive the loan amount, you will need to repay the lender via EMIs over the course of the loan repayment tenure.

    What is an EMI?

    EMI or Equal Monthly Installment is the amount that a borrower pays each month towards an outstanding loan to clear off the debt within a specific time frame. EMI includes principal and interest.

    What is a credit score? Why is it important?

    A credit score or rating is a number that indicates how you repay debt. It is important because your score determines whether you qualify for loans, credit cards, and other credit facilities.

    How does my credit score impact the calculation of my loan amount?

    Your credit score is an indicator of how you handle your finances. It considers your credit card bill payment history, repayment of past and current loans, and other criteria. Your credit rating tells lenders how likely you are to repay them if they grant you a loan. The better your credit score, the better the chances are of getting a higher loan amount.

    What is the maximum amount of loan I can get?

    The maximum amount of loan depends on your monthly income. In India, there are lenders who offer up to Rs.50 lakh as a personal loan.

    What is a prepayment and how does it help in repaying my loan?

    If you happen to get some extra money, you can pay it towards your loan even before the EMIs are due. This is called a prepayment. Every prepayment you make goes towards reducing the outstanding principal component of your loan. And since the principal reduces, your interest cost will also reduce. Also, your tenure gets shortened this way, helping you pay off the loan ahead of time.

    How much loan can I get if I earn a monthly salary of Rs.60,000?

    For personal loans, most lenders fix the minimum monthly income requirement between Rs.15,000 and Rs.25,000. Thus, if you have a monthly income of Rs.60,000, you can be fairly certain that you won’t find it difficult to borrow a personal loan. The exact amount that you will be offered will, however, vary based on your repayment capacity, debt-to-income ratio, the lender’s terms and conditions, etc.

    Is the PAN card mandatory when applying for personal loans?

    Yes, you are required to have a PAN card to apply for a personal loan.

    How much loan can I get if my salary is Rs.25,000?

    With a monthly salary of Rs.25,000, you are likely to be eligible to borrow a personal loan. However, the lender will also check if you have any other outstanding loans, your credit score, repayment capacity, etc. before deciding how much you can borrow. You can use a personal loan eligibility calculator tool to know how much you are eligible to borrow with a monthly salary of Rs.25,000.

    Is there an upper age limit for personal loans?

    Yes, the upper age limit to apply for a personal loan is 60 years. This may, however, vary from lender to lender.

    Is Form 16 required to borrow a personal loan?

    Yes, lenders will require you to submit your Form 16 when applying for a personal loan.

    Is it mandatory to submit my Aadhaar card to borrow a personal loan?

    Yes, most lenders will require you to submit your Aadhaar card when applying for a personal loan.

    What is the minimum salary that an individual is required to earn to apply for a personal loan?

    The minimum salary requirement will vary from lender to lender. Most lenders, however, will require you to earn at least Rs.15,000. If you reside in a metropolitan city, you may have to earn between Rs.20,000 and Rs.25,000.

    Can you get a personal loan if you are retired?

    A number of banks offer personal loans for pensioners. Thus, if you are a pensioner, you will be able to borrow a personal loan.

    Can I get a personal loan with a credit score below 500?

    If your credit score is under 500, there is a good chance that your personal loan application may be rejected by the lender. Even if your application is approved, you may have to pay a high rate of interest for the loan.

    Can I borrow a personal loan to pay for my house deposit?

    Yes, you can. Banks and financial institutions that offer personal loans do not lay down any restrictions on how the loan amount can be used.

    How long does it take to get approved for a personal loan?

    It may take anywhere between a few seconds to up to 48 hours. If you are a pre-approved customer, your loan amount will be approved very quickly. Else, you may have to wait for up to 48 hours to get approval.

    Will borrowing a personal loan affect my credit score?

    Once you borrow a personal loan, your credit score will improve if you pay the required EMIs as per the schedule specified by your lender. On the other hand, your credit score will drop if you miss EMI payments.

    Is borrowing a personal loan better than using a credit card?

    Personal loans are a good option if you need funds for a large expense or wish to consolidate multiple debts. The key benefit of a personal loan is that you can pay monthly instalments to repay your borrowed loan amount. Further, you can also choose a repayment tenure between 1 year and 5 years to suit your repayment ability. Credit cards, on the other hand, are a good choice if you want to finance smaller expenses, provided that you can repay your balance in full at the end of every month.

    Is it smart to consolidate my debts with a personal loan?

    Yes, if you have multiple outstanding debts, it is best to avail a personal loan and consolidate your debts. Doing this will make repayments a whole lot easier and help you clear off your consolidated loan amount in affordable instalments.

    What is the best reason to give when applying for a personal loan?

    Most lenders will not require you to provide a reason when applying for a personal loan.

    How long do I have to be employed for to get a personal loan?

    Most lenders will require you to have a work experience of at least 2 years. This condition, however, varies from lender to lender.

    Can I use a personal loan to purchase a car?

    Yes, you can use a personal loan to purchase a car. That said, if the sole purpose of the loan is to purchase a car, it is highly recommended that you avail a car loan since it is likely that you will be offered a lower rate of interest.

    How will I know if my personal loan had been approved?

    You can track the status of your personal loan application through online/offline channels. Also, the lender will let you know if your application has been approved.

    How can I access the funds that I receive through my personal loan?

    Most lenders disburse the loan amount into your savings bank account.

    How do I get a top-up on my personal loan if I require more funds?

    Keep in mind that not all lenders offer top-up personal loans. However, if the lender does offer top-up personal loans, you can apply for the same through online or offline channels.

    Will I get a loan account statement detailing my payments and outstanding balance?

    You can log into your lender’s customer portal to view your loan account statement.

    What should I do if I want to repay my loan (partially or in full) during the loan repayment term?

    Most lenders will allow you to make pre-payments or pre-close your loan during the loan repayment term. You will, however, have to pay a nominal charge to the lender for doing the same. Keep in mind that most lenders will only allow you to prepay or pre-close your loan after 1 year of borrowing the loan. If you want to prepay/pre-close your loan, ensure that you inform your lender of the same.

    Do personal loans offer tax exemptions?

    Personal loans only offer tax exemptions if you are using the loan amount for renovation of your house, to pay for educational expenses, or to expand your business.

    What is the impact of GST on personal loans?

    Prior to the implementation of the Goods and Services Tax (GST), a service charge of 15% was applicable to personal loans. Post the introduction of the GST on 1 July 2017, a service tax of 18% is applicable on personal loans. Thus, there is a 3% increase in the payable service tax. The service tax, however, is only levied on the processing fee, prepayment charges, etc., and not on EMI payments.

    Can I get a personal loan without submitting my salary slips?

    If you are a salaried employee looking to borrow a personal loan, you should submit your salary slips as proof of employment and income. Lenders will not process your application unless you submit the required documents

    .
    How do I cancel my personal loan after the loan is disbursed?

    You can cancel your personal loan application before the loan amount is disbursed into your account by submitting a written application for the same. You will also need to pay the loan cancellation fee to the lender. Once the loan amount has been disbursed into your account, most lenders will not allow you to cancel it. You can, however, pre-close the loan. If you are thinking of cancelling your loan because you pay a high interest rate on your loan, you can consider transferring your outstanding loan balance to another bank or financial institution.

    Since a longer tenure means lower EMIs, should I always choose a longer tenure?

    No, not necessarily. This depends on your ability to repay the loan. In other words, how much you can afford to repay every month. If you’re able to afford only a smaller amount each month, choose a longer tenure. But remember that this will result in you paying more interest over the longer duration. Also, it will keep you indebted to the lender for a longer time.

    How can I repay my personal loan?

    There are a number of ways by which you can repay your loan. These include:

    • Via Electronic Fund Transfer (EFT)
    • By cheque
    • By physically paying at a branch of the lender
    • Via standing instruction for automatic deduction from your account

    How often should I repay my loan?

    This depends on the lender you choose. Normally, every personal loan repayment is calculated on the basis of a monthly repayment pattern. It includes the principal and interest components that you’re expected to repay each month.

    How can I avoid defaulting on my personal loan repayments?

    The measures given below can help you pay your loan instalments on time:

    • Apply only for a loan amount that you can afford to repay on time
    • Don’t apply for a larger loan simply because you’re eligible for it
    • Choose the tenure wisely. It will determine how much you have to repay every month
    • Choose a loan with a low interest rate
    • Look out for other rates, charges, and hidden fees
    • Plan your finances well
    • Give the utmost priority for your EMI in your monthly budget
    • Make a repayment schedule of your own
    • Set reminders for each month’s repayment

    What will happen if I default on my loan repayment when I have offered collateral?

    Personal loans are usually unsecured loans. Sometimes, if you don’t fulfil the loan criteria, you may be able to get a loan by offering collateral. In such cases, you have to be extra careful about repaying the loan on time. If you default on your repayment, the lender may take possession of your collateral to cover their losses. Defaulting in such circumstances could make you lose your collateral.

    If I have a guarantor, what will happen if I default on my EMIs?

    A guarantor is someone who guarantees repayment on your behalf. So, if you’re unable to repay the loan as and when the installments are due, your guarantor will be asked to pay.

    If I have a co-applicant, what will happen if I don’t repay my loan on time?

    All co-applicants for a loan are equally responsible for repaying the loan. If one applicant is unable to repay the loan, the remaining applicants are expected to do so. So, if you’re not able to pay the EMIs on time, your co-applicant is expected to pay. If your co-applicant also fails to pay the installments on time, it will result in a repayment default.

    Are there any charges for prepaying my personal loan?

    Some lenders may ask you to pay a fee if you want to prepay a part of your loan. Others may either waive the fee or may not have prepayment charges at all.

    How is my prepayment fee calculated?

    This depends on your lender. Some lenders charge you a fixed fee for each prepayment. Others may charge you a percentage of the amount outstanding or a percentage of the amount prepaid.

    Can I offer collateral and get a loan if I have bad credit?

    Yes, you can. This is another way to get a personal loan even if your credit rating is bad. Some lenders may offer you a loan if you’re willing to offer them something as collateral. But keep in mind that the lender has every right to possess your collateral if you don’t repay the loan as promised.

    Will I be able to get a loan along with a co-applicant if I have bad credit?

    Yes, applying for a loan along with a co-applicant who has good credit can help you get a loan even if you have bad credit. The scores of both applicants are considered when processing a joint-loan application. This way, the good credit of your co-applicant will help balance out your poor credit. But, remember that your co-applicant will be held responsible for repaying the loan if you are unable to do so.

    What credit rating should I have to get a loan?

    A score of 700 and above is considered to be good. This should be enough to get you a loan without any hassles. But, a score of 800 or more will get you into the good books of lenders. This could get you better interest rates and repayment options.

    Why should I take a personal loan?

    An unsecured loan can help you during tough financial situations. You can easily apply for one if you qualify for it. Lenders usually process your loan quickly. You won’t have to offer any collateral either.

    What does the process of applying for a loan include?

    The process of applying for a loan includes the following steps:

    • Searching for the right loan
    • Getting the required documents ready
    • Applying for the loan
    • Submitting the documents
    • Application verification and approval
    • Loan sanctioning and disbursement

    What do I need to apply for a personal loan?

    To apply for a loan, you need to make sure that you are first eligible for it. Don’t apply for a loan for which you aren’t eligible. This can hurt your credit score. Apart from checking your eligibility, you also need to make sure that you have all the necessary documents in hand before applying.

    What will happen if I don’t have one or two of the required documents?

    Lenders usually require you to have all the required documents in order before you apply. However, if you don’t have one or more of these, you can talk to the lender and find out if there is an alternative solution. If these are vital documents, your loan will not be sanctioned till you give them.

    When will a bank reject my loan application?

    A bank can reject your loan application if you apply for a loan for which you are not eligible. It can also reject your application if you fail to submit the documents it requires.

    Is part- prepayment allowed on my personal loan?

    Personal loans can be prepaid in parts or as a whole at any stage. Some banks may charge a prepayment penalty for the same. Some banks do not allow part-prepayment. So, check all the documents before finalising on the loan with the bank.

    Will I need a guarantor to take a personal loan?

    No, you will not need a guarantor to take a personal loan.

    Can I club my income with my spouse to take a personal loan?

    Yes, you can club the income of your spouse to boost your eligibility to avail a personal loan.

    How will I be eligible for a relationship discount?

    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.

    Do I need to open a bank account to service my personal loan?

    If you do not have an account with the bank, it is not mandatory to apply for one. But, if you apply for a loan with your existing banker, then you will be eligible for a relationship discount.

    How do I stop executives from calling me to let me know about other loans?

    Some banks let you register yourself for ‘Do Not Disturb'. If you opt for this, the executives will not disturb you with cold sales calls.

    What is the best way to apply for personal Loan?

    A: The best way to apply for an personal loan is by using the online loan application tool at BankBazaar.com The tool can be accessed on this page allowing users to choose personal loan from various banks and NBFCS as per their selection.

    Can I Track my Loan Application?

    A: BankBazaar.com offers it's loan applicants an active tracking tool through both email and SMS allowing them to track daily updates of their loan application.

    Is my Data Safe with BankBazaar.com?

    A: BankBazaar.com is India's premier financial marketplace and takes utmost care in ensuring that all data is sent in electronic form with high level of encryption. BankBazaar.com does not share data with any third party other than the financial institution.

    Is BankBazaar.com Personal Loan Tool Free?

    A: Yes BankBazaar.com personal loan calculator tool is totally free and the portal does not charge any fee for its services from users.

        

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Personal Loan Reviews

    • HDFC Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my personal loan with HDFC bank from long time, the loan amount which they have given to me was good, they gave me based on my requirement, the rate of interest and processing fee they have charged me was nominal, still this loan is running already 2 years got over.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 17, 2019
    • Axis Bank
      Axis Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Axis Bank personal Loan through Bank directly .The rate of interest and the processing fee was nominal,The agent gave all the relevant details about the loan process .I have applied for the loan amount of 5 lakhs for the tenure of 5 years .I have got the loan amount on time and it was sufficient as well.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 17, 2019
    • review Personal Loan
      "NOT SATISFIED"
      0.5 1.0/5 "Really Bad"
      I am not satisfied with the service with this loan also the rate of interest was higher than others when compared. The loan amount given was 2L 70K, also there was processing fee which was higher. The duration for repaying the loan was 5 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 17, 2019
    • Axis Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with AXIS BANK and using since from last 2 years, the documentation process was easy and there was a processing fee was applicable. The loan amount given was 5L and the rate of interest was 15%, the duration for repaying the loan is for 4 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 17, 2019
    • HDFC Bank Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I took my personal loan from HDFC BANK and the processing was good. The interest rate is higher when compared to other banks. After the disbursement when I reach for queries they are not responsible They have put 60months as loan tenure but have asked for 48months, the processing fee was applicable. The partial payment can be done after 1 year and no intimation about the charges.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 17, 2019
    • HDFC Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my personal loan with HDFC bank from long time, They have given me sufficient loan amount as per my expectations, the rate of interest they have charged me was low as per the market rate, the loan came on time, i did not face any issue from them.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 17, 2019
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using my personal loan with state bank of India long time, the loan amount they have given me was sufficient for me and the rate of interest they have charged me was nominal, and processing fee they have charged was also nominal , overall service was good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 17, 2019
    • Bajaj Finserv Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken personal loan through Bajaj Finserv directly and the loan amount was 40lakhs for the tenure of 10 years .The rate of interest and the processing fee was nominal .The agent gave all the relevant details about the loan process ,I have got the loan amount on time and it was sufficient as well .
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 17, 2019
    • HDFC Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      Earlier I took a personal loan with HDFC BANK and my experience was very good. I have not submitted any documents and its pre approved loan of Rs.50,000. The interest rate is nominal and there was a processing fee. The loan tenure was 2 years. I have completed the loan last month.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 17, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken HDFC Bank Personal Loan and this is my first loan which i have taken .The rate of interest and processing fee was nominal ,since company not listed and had a salary account ,The Loan amount got on time and it was sufficient as well ,The loan amount was 3.8 lakhs for tenure 5years and i have not faced any difficulties on submitting the documents as well .
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 17, 2019
    • Axis Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan in AXIS bank less than 2 years which was processed directly to bank. On time the loan got sanctioned. As per my requirement I received a loan amount for the duration of 2 years. The loan is still running. The rate of interest and fee are nominal.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 17, 2019
    • RBL Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal account was taken with RBL BANK , they charge very nominal rate of interest and even processing fee was too nominal . There is no hidden charges with this bank . I am happy with the services which they provide to me . Overall it is good .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 16, 2019
    • IndusInd Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got my personal loan with INDUSIND . My loan amount is satisfactory and tenure period is sufficient . There is no hidden charges with this bank , and rate of interest is it is nominal in the market . Customer support is good and they responded on time .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 16, 2019
    • SBI Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I am using the loan since from last 2 years and the documentation process was simple and there was a processing fee of 1K, the loan amount given was 1L which is sufficient, the rate of interest was nominal of 14.75%. I have closed the loan and taken NOC.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 16, 2019
    • HDFC Bank Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with HDFC BANK , the tenure period is fine . The process of getting the loan is very simple and easy to get . My requirement got fulfilled with HDFC bank i got 257000,, the interest rate is same what they have committed. Overall the experience is good .
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 16, 2019
    • DBS Bank Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I took a personal Loan from DBS BANK . The Application process was smooth and the loan amount was credited to my account with in few days. The documentation was also very fast. I am happy with their services considering the loan experience. The tenure period is fine .
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 16, 2019
    • HDFC Bank Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      The experience was good with HDFC BANK , I got the loan amount with in few days and the interest rate was nominal .Tenure period is good and whatever loan amount i expected i got the same 25000 . Overall it is good . There is no processing fee . I got my loan on time there is n o delay
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 16, 2019
    • review Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      " I got my personal loan with SRIRAM FINANCE . They charge rate of interest which is nominal . I receive the loan on time and customer support is up to the mark .Loan amount what they provide very satisfactory .Services was good with this bank . The tenure period is sufficient . "
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 16, 2019
    • review Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan from HOME CREDIT . I got the loan amount with in few days. Overall it has been a hassle free process taking personal loan from the HOME CREDIT . The interest rate is verY good . I never faced any issues during application. Overall it is good .
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 16, 2019
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It is very good experience for me on the personal loan, to sanction the loan, they taken only few days. I have taken my personal loan through ICICI BANK .The interest rate is lower than market. The loan amount is very satisfactory and tenure period is good . Overall it is good .
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 16, 2019
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