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    Personal Loan - Compare & Apply Online

    Looking for a personal loan to fulfill your emergency financial needs? Look no further. Here we present before you an extensive array of personal loan products from an assortment of leading banks at unbeatable interest rates. With some of the biggest and most trusted banks and financial institutions in our portfolio, finding the right personal loan could not get any easier. Find options with interest rates as low as 10.99% and tenures as long as five years in addition to other great features and benefits.
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    Bankbazaar Personal Loan - Compare & Apply Online

    We found 32 Personal Loan - Compare & Apply Online
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 17.99% Fixed
    0
    30L Max
    1-5 Years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher Accelerated Approval
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Customer Reviews
    11.49% - 18.25% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    14.99% - 14.99% Fixed
    Up to 2% One time fee
    20L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    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
    Rs.750 Amazon Voucher
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 17.99% 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
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    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
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11% - 16% Fixed
    0 Bankbazaar Exclusive
    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
    10.99% - 18.15% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.5% - 13.5% Fixed
    1% + applicable tax One time fee
    2L - 25L
    1-5 Years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Think about
    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
    12.49% - 33% Fixed
    6.0% One time fee
    15L Max
    1-4 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.00% - 13.75% Fixed
    1% One time fee
    30L Max
    1-5 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Personal Loan - Compare & Apply Online is Rated as "Great!" by 99641 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Personal Loan Interest Rates

    Personal Loan Details (Last Updated on 20 Feb 2019)
    Interest Rate (Monthly reducing balance) 10.99% onwards
    Processing Fees Varies with bank
    Loan Tenure 1 year to 5 years
    Pre-closure Charges Varies with bank
    Guarantor Requirement Varies with bank
    Know more about Personal Loan Interest Rates

    A Personal Loan is a form of loan availed by individuals on the basis of specific criteria, such as level of income, employment history, credit score, and scope for repayment. The loan is usually taken for the fulfillment of personal needs from a banking institution or a non-banking financial company (NBFC). Borrowers can use online tools available at neutral financial websites, such as the Personal Loan EMI Calculator, to assess the interest payout throughout the tenure before applying for a personal loan. Listed below are some of the best personal loan products you can opt for in 2019:

    Citibank Personal Loan – Best for Debt Consolidation

    • Citibank Personal Loan offers loan amounts up to Rs.30 lakh and the interest rates are as low as 10.99%.
    • Funds will be credited to your account within 48 hours from the time of approval, and approval itself takes a maximum of four hours!
    • With additional features such as part pre-payment options and balance consolidation for personal loan and credit card outstanding amount, there is no reason why you should not consider Citibank personal loans.
    Effective Interest Rate Maximum Loan Amount Processing Fees
    10.99% onwards Rs.30 lakh 0.99% to 2% of the loan amount

    ICICI Bank Personal Loan – Best for Quick Disbursal

    • ICICI Bank offers personal loans up to Rs.20 lakh to meet various financial requirements.
    • The loan amount will be disbursed and transferred to your bank account within three seconds post approval.
    • The documentation required to avail the loan is minimal and the application process is hassle-free, thereby helping you save time and effort.
    Effective Interest Rate Maximum Loan Amount Processing Fees
    10.99% onwards Rs.20 lakh 2.25% of the amount borrowed plus GST

    HDFC Bank Personal Loan – Best for Quick Eligibility Checks

    • The HDFC Bank personal loan application process is quick and hassle-free and your eligibility can be checked within 60 seconds before applying for the loan.
    • The bank offers accident and critical illness insurance policies to protect yourself against any eventuality and covering the outstanding amount on your loan.
    • Pre-approved HDFC Bank customers can have the amount disbursed in their accounts within 10 seconds post approval, while non-HDFC Bank customers will receive the funds in their accounts within four hours.
    Rack Interest Rate Maximum Loan Amount Processing Fees
    10.99% onwards Rs.40 lakh For salaried borrowers - Up to 2.5% of the loan amount plus gst

    Kotak Mahindra Personal Loan – Best for Flexible Repayment Options

    • Kotak Mahindra Bank offers personal loans up to Rs.15 lakh at competitive interest rates and flexible repayment options.
    • The application process is quite fast and your loan can be approved quickly following eligibility checks.
    • The paperwork involved with Kotak Mahindra personal loans is minimal and disbursals are quick too.
    Effective Interest Rate Maximum Loan Amount Processing Fees
    10.99% onwards Rs.15 lakh Up to 2.5% of the loan amount, plus GST

    EarlySalary Personal Loan – Best for Short-term Requirements

    • EarlySalary offers quick cash loans to specific customer demographics.
    • There are no restrictions on the usage of the amount sanctioned as loan.
    • The company offers flexible repayment tenures from one month onwards.
    • Limited documentation is needed for the loan approval.
    Interest Rate Minimum Monthly Income to be Eligible Maximum Loan Amount
    Below Rs.9 per day for loan amount of Rs.10,000 Rs.18,000 Rs.2 lakh (instant cash)

    Tata Capital Personal Loan – Best for Flexible Interest Rates

    • Tata capital personal loan offers quick and easy finance at attractive interest rates starting from 11.25%.
    • The loan can be used to finance a variety of needs from higher education to weddings.
    • Tata Capital offers flexi EMI options that cater to your requirements, your budget, and your timeline.
    • Loan tenure can vary from 12 to 72 months.
    Effective Interest Rate Maximum Loan Amount Processing Fees
    11.25% onwards Rs.25 lakh Fee varies based on the loan amount

    Capital First Personal Loan – Best for Top-up Loans

    • The approval process for Capital First personal loans a is very quick and you can have your loan approved within two minutes.
    • The repayment tenures of the loan are flexible, ranging from 12 months to 60 months.
    • The bank offers a top-up facility that allows you to borrow more money as and when required during the tenure of the loan.
    Effective Interest Rate Maximum Loan Amount Processing Fees
    12% onwards Rs.25 lakh Depends on the loan amount

    Fullerton India Personal Loan – Best for Instant Approvals

    • Fullerton India offers personal loans with a quick and easy experience where approvals are instant so that you don’t have to wait for long to get the funds you require.
    • 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.
    Effective Interest Rate Maximum Loan Amount Processing Fees
    12.49% onwards Rs.20 lakh Up to 6.5% of the loan amount

    IIFL Personal Loan – Best for Easy Eligibility Checks

    • 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.
    Effective Interest Rate Maximum Loan Amount Processing Fees
    13.49% onwards Rs.25 lakh Up to 2% of the loan amount plus GST

    HDB Financial Services Personal Loan – Best for Special Offers

    • HDB Financial Services offers personal loans up to Rs.20 lakh for tenures ranging from 12 to 60 months.
    • The processing of the loan is quick and speedy, and no security or guarantor is required to avail the loan.
    • HDB Financial Services provide special offers to employees of certain companies.
    Effective Interest Rate Maximum Loan Amount Processing Fees
    14.99% onwards Rs.20 lakh 2% of the loan amount

    Personal Loan Eligibility

    Various banks and NBFC's offer personal loans to all applicants fulfilling their basic eligibility criteria. While different banks have different minimum eligibility criteria, the criteria common for most banks and NBFCs for individuals requesting a personal loan include:

    Particulars Salaried Self-Employed
    Age 21 years to 60 years 22 years to 55 years
    Net monthly income Rs.15,000 (Rs.20,000 in metro cities) Rs.25,000
    CIBIL Score Above 750 Above 750
    Minimum Loan Amount Rs.50,000 Rs.50,000
    Maximum Loan Amount Rs.15 lakh Rs.30 lakh
    Know more about Personal Loan Eligibility

    Documents Required

    Different banks and NBFCs have different minimum documentation requirement for personal loans. The common documents required by most banks and NBFCs for individuals requesting a personal loan include :

    Salaried Individuals Self Employed
    Proof of Identity: Passport, Driving License, Voters ID or PAN Card Proof of Identity: Passport, Driving License, Voters ID or PAN Card
    Proof of Residence:-Passport or utility bills Proof of Residence:-Passport or utility bills
    Latest 3 months Bank Statement of Salary Account Income proof: Audited financials for the last two years
    Salary slips for last 3 months Office address proof
    Know more about Personal Loan Documents

    How to Apply for a Personal Loan on Bankbazaar.com?

    Applying for a personal loan at BankBazaar.com involves three simple steps :

    Step 1: In the first step, the user must fill the personal loan eligibility form available online with required personal data. Once submitted the personal loan tool automatically checks for eligibility of the applicant and provides personalized personal loan options.

    Step 2: In the second step, the applicant can compare various personal loan options offered by the tool interface and apply for the most suitable loan.

    Step 3: The last step involves receiving an instant e-approval from BankBazaar.com after successful submission of the personal loan application online.

    The application is sent electronically to the selected bank. The loan department of the concerned bank gets in touch with the applicant directly. Users can check the status of their loan application through SMS alerts as well as emails.

    Personal Loan

    Why Choose a Personal Loan?

    A temporary financial crisis can happen to anyone irrespective of his or her overall financial status. Personal loans are a great way to offset any such temporary financial crisis as it allows the users to avail a loan without any pre conditions on the usage of funds. Personal loans have a quick approval mechanism with loans getting cleared as early as within 24-48 hours of the loan application submission.

    • Easy Availability: Easy availability is one of the biggest advantages of a personal loan. Almost all banks and on banking financial companies offer personal loans for it's customers. Personal loans are not very expensive and are available at reasonable interest rates making them a lucrative option to overcome any immediate financial need.
    • Minimal Documentation: Getting a personal loan does not warrant any long process of asset verification and require minimal documentation. Personal loans are quickly disbursed due to the fact that they seek minimal documentation for loan approval.
    • Quick Loan Approval: Personal loans today come with a quick loan approval mechanism. Loans are approved almost instantly for online personal loan requests. Users requesting for a personal loan can expect a loan disbursal within one or two working days making the whole loan process swift and hassle-free.

    Why Should you Apply for a Personal Loan on Bankbazaar.com?

    BankBazaar.com, India's premier financial market place has collaborated with various public sector and private banks to offer customized personal loans for its users. An individual can apply for a personal loan online through the BankBazaar website.

    Easy Eligibility Check: The loan calculator tool at BankBazaar.com checks for the user's personal loan eligibility instantly. The tool also offers customized quotes for all eligible users as per their financial credit history and eligibility criteria.

    Instant Quotes: The eligible loan applicants are offered instant quotes on personal loan interest rates.

    Real time Loan Comparison: BankBazaar.com also offers a simple online personal loan comparison tool allowing users to compare the loan offers of various banks. Feedback shared by previous personal loan applicants is useful for new applicants to get the best personal loan deal.

    Instant e-Approval: The applicant gets an instant e-approval after successfully submitting his or her personal loan application.

    Assured Privacy: All personal loan applications submitted to BankBazaar.com are sent electronically to the concerned bank department assuring complete privacy and transparency.

    Personal Loan Advantages

    • Flexibility to Use Funds: Unlike other loan options, the funds borrowed through a personal loan can be used freely as per the needs of the individual borrower. Personal loans can be used to overcome financial hardships related to marriage expenses, medical costs, house renovation expenses, etc. It can also be used to fulfill any other financial need of the borrower without any preconditions.
    • No Security: Personal loans are approved based on the income details and financial history of the borrower and not over any fixed asset as security or collateral. Since personal loans do not require any collateral or security to be mortgaged with the bank for loan approval, they are easy to use for a vast majority of people.
    • Flexible Quantum of Loan: Based on the borrower's financial history and credit report, personal loans are available for expenses as low as Rs.10,000 to as high as Rs.20 lakh, depending on the bank or NBFC concerned.
    • Flexible Tenure: The tenure of a personal loan is also quite broad depending on the bank and the loan amount. Personal loans are available for a tenure period ranging from 12 months to 60 months, making it an ideal financial instrument compared to other options like credit card loan or gold loan.

    How to Calculate EMI for Personal Loans?

    EMI calculation for personal loan is now made easy using the EMI calculator available at BankBazaar.com. The tool gives users the option of changing the loan amount and tenure while calculating the EMI for the personal loan. EMI calculator tool is a great option that allows users to see their monthly installments towards the loan. It helps them choose the most suitable loan as per their budget.

    Personal Loan Tips

    • 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't

    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

    Typical personal loan amount: For a personal loan, the loan amount generally depends on your employment status, income, loan tenure, etc. Your lender will find out if you are a salaried employee or a self-employed individual. When you give your monthly income, your lender will typically make sure that your loan EMI is not above 40 to 50% of your monthly income. Your lender will also look into your existing loans or credit card dues (if any) to fix your personal loan amount.

    If you are a self-employed individual, your lender will ask you for your profit or loss statement to assess the recent profits that you have earned along with the additional liabilities such as your business expenses, etc. According to this information, your lender will fix your personal loan amount.

    The minimum personal loan amount varies in India. However, most banks and NBFCs have fixed Rs.30,000 as the minimum loan principal amount for personal loans.

    The maximum personal loan amount will typically be fixed according to a few important aspects such as your income, your present liabilities, and your credit score.

    Typical loan tenure or loan period: In India, a personal loan is generally provided for a period of 12 to 60 months or 1 to 5 years. If you are looking for a longer or shorter loan tenure, you can check with your lender if it will be possible.

    Time taken generally for loan disbursal: When you apply for a personal loan, it will get disbursed within a period of 7 working days. After your loan application gets sanctioned, you will get an account payee cheque or draft which will be equivalent to your loan amount. Alternatively, your loan amount will be deposited into your savings account via electronic methods.

    Know More About: How to Choose Right Personal Loan

    When you apply for a personal loan, there is no assurance that you will receive a loan even if your credit score is high. However, it is more likely that you will get a loan if your score is 750 or above.

    When your score is below 750, you may most likely not qualify for a loan. However, you can try taking alternative steps to get a loan:

    1. Show income proofs to your lender: If you have recently got a salary increment or a better job offer with a good pay hike, then you can show relevant documents to your lender. When your lender is aware that you are earning better now and that you will not struggle to repay, your application is more likely to be approved. Meanwhile, you can work on improving your credit score by following stringent measures to clear all your debts quickly.
    2. Check out peer-to-peer lending: Peer-to-peer lending is not a mainstream form of lending. However, when banks and leading NBFCs are not ready to offer a loan to you due to your CIBIL score, you can consider borrowing from peer-to-peer lenders. However, you may have to pay very high interest rates for such loans.
    3. Take help from your spouse or family member: If your spouse or any other close family member has a better credit score than you, you can take his or her support to apply for a personal loan. You may also apply for a personal loan with your spouse as a joint applicant.
    4. Take a secured personal loan: Personal loans are usually unsecured loans. However, if you have a low CIBIL score, you can discuss with your lender and decide to go for a secured personal loan. You can offer any valuable asset as a collateral. In this case, your lender may be ready to ignore your credit report. You can give FDs, assets, shares, or gold as your collateral.
    5. Find out about NBFCs that offer personal loans in spite of low credit score: Most banks are very strict about applicants meeting eligibility criteria related to credit score. Hence, you should do proper research to find a reliable NBFC that will agree to offer you a personal loan in spite of your low credit score. You may be required to pay a high interest rate though.
    6. Improve your credit score: You could also discuss with your lender that you are implementing appropriate steps in order to bring up your credit score. You could take some time to enhance your credit score and then apply for a personal loan. This will prevent any form of loan rejection and it will also help you avoid too many credit inquiries.

    Once your credit score is 750, you can stick to a good schedule of repaying all your installments on time.

    When you apply for a personal loan, your lender will check other factors apart from your credit history. These factors include your income, your employment status, your previous payment records, etc.

    If you show that you have a good income, your loan application will receive a positive result. If you have a regular flow of income each month, then your lender will be satisfied. The lender will check the documents regarding your employment and your income. If you have moved jobs quite regularly, your loan application may not get approved instantly. This is because your lender will assume that you will not be earning a steady income and that you may struggle to clear your debts. Hence, you should ideally apply for a personal loan only after you have been with a company for a long period.

    In India, banks and NBFCs offer exclusive personal loans for non-resident Indians (NRIs) according to their specific preferences and needs. 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.

    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. You can check out the EMI calculator offered by BankBazaar. 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.

    There are several types of personal loans available in India:

    • Based on interest rate - Fixed rate loans and variable-rate loans
    • Based on asset requirements - Line of credit
    • Based on need - Debt consolidation loans and payday loans

    If you want to make sure that your personal loan application is accepted, here are some important guidelines to follow

    • 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. You should decide your lender and your loan amount as per your credit score. If your credit score is low, you can work on improving it within a specific period of time and then apply for the loan. This will increase the chances of your loan getting approved. If you have made any late payment for your previous loans or credit card bills, then you should ideally wait for a few months before submitting a loan application.
    • Select your lender as per your credit score: Lenders respond to credit scores in different ways. Conventional banks and NBFCs may not offer personal loans if you have a 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. If you apply for a personal loan amount which is much higher than your repayment capability on a monthly basis, then your application may not get accepted.

    BankBazaar.com offers users the opportunity to choose from the best personal loan products in India as per the borrower's repayment capacity and choice of tenure. BankBazaar.com offers customized personal loan quotes from various banks and non-banking financial companies. Users can choose the most suited bank or NBFC for their personal loan requests as per the charges and other features.

    Q. How can I repay my personal loan?

    A. 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.

    Q. What is an EMI?

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

    Q. Is part- prepayment allowed on my personal loan?

    A. 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.

    Q. Will I need a guarantor to take a personal loan?

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

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

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

    Q. How will I be eligible for a relationship discount?

    A. 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.

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

    A. 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.

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

    A. 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.

    Q: 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.

    Q: 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.

    Q: 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.

    Q: 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.

    Most Recent Articles on Personal Loan

    Personal Loan for IIM Students

    Did you get admission for a top-notch academic course at the Indian Institute of Management (IIM)? 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.20 lakh to Rs.30 lakh. You do not need any collateral to apply for this loan.

    Personal Loans that Give You Tax Benefits

    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.

    Microfinance

    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).

    Should I Take A Personal Loan To Pay Off My Credit Card Dues?

    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.

    • Everything You Need To Know About Personal Loans

      Struck by a financial emergency and are looking for a Personal Loan? You can borrow a minimum of Rs. 10,000 and a maximum of Rs. 30 Lakhs, depending on your bank and eligibility. 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. 17,500 per month. 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. 17,500 per month. Keep these documents handy: Proof of Identity (Passport, Pan Card, and Voter ID), Proof of Residence (Passport or utility bills), Bank Statement for the last 6 months, Salary Slip for the last 3 months and Form 16 or proof of Income Tax Returns. If you're self-employed, you will need: Proof of IT Returns for the last 3 years and Audited balance/income sheet from the last 3 years. Now that you're a Personal Loan Ninja, compare multiple offers and apply!

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    Personal Loan Reviews

    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I am using the services of bankbazaar from last 3-4 years, they provide best services when compared to others. Customer support was fine with bankbazaar and their response was on time. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 18, 2019
    • HDFC Bank Personal Loan
      "Looking for less interest rate"
      0.5 3.0/5 "Satisfactory"
      My personal loan was approved with HDFC bank and it was an average experience, loan amount i requested for Rs 7 lacs but they approved only for Rs 5 lacs. Rate of interest was high when compared to others. Customer service was good and tenure period for this loan is for 5 years
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 18, 2019
    • Axis Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my personal amount with Axis bank ,The loan amount they have given me was sufficient,but i am very concern about their credit limit they have charged me up to 20.55% which is too highest compare to other bank, because of emergency purpose they have provided loan, and i have took loan for 4,00,000,it was sufficient.Still this loan is running.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 18, 2019
    • HDFC Bank Personal Loan
      "Best in the market"
      0.5 5.0/5 "Blown Away!"
      I got personal loan from HDFC bank for 12% of interest with 3 years of duration, they gave me so many top ups. But I didn't activate. Based on the pre approved loan,I have taken that loan. I have option to calculate the emi and interest through online banking.
      Was this review helpful? 0
      , indore
      Reviewed on Feb 18, 2019
    • HDFC Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My personal loan experience was good with HDFC bank, the process was smooth and i received my loan amount on time. Customer service was good with this bank and their response is on time. I took this personal loan for tenure period of 2 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 18, 2019
    • review Personal Loan
      "Normal loan service"
      0.5 4.0/5 "Great!"
      I have taken my personal loan in the year of 2017. They have sanctioned the loan in 2 days. I had a app, i have uploaded all my documents. I have received the call regarding the verification and the same person came to my home too. They have offered me interest rate of 19.5% which is quite high. I'm yet to pay 3 months EMI.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 18, 2019
    • IndusInd Bank Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have taken the personal loan with the INDUSIND BANK, i have taken this through the online where i got the loan within few days also the documentation process was simple to get the loan. The rate of interest is nominal added on that they provided the loan amount which is more than sufficient.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 18, 2019
    • Tata capital Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using my personal loan with TATA CAPITAL, the loan amount whatever i have expected they have given me it is sufficient and the rate of interest they have charged me is up to 16% which is nominal and they have charged any processing fee.Their service is good.Still this loan is running.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 18, 2019
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had been using with the personal loan from the ICICI BANK . I am satisfied with the services of this bank because they done the process very quick to get the loan also the rate of interest they have charged was nominal.They have charged me up to 16% , and they have charged me processing fee that too was nominal. And i am happy with the loan amount which they have given me .now i have closed this loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 18, 2019
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my personal loan with KOTAK MAHINDRA BANK, the loan amount they have charged me is sufficient, i have taken loan on behalf of my friend, and the rate of interest they have charged me up to 16% it is bit high, i had negotiated with them, but they have not decrease it, and the processing fee they have charge me was nominal.They have charged me up to 4000,still this loan is running.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Feb 17, 2019
    • Tata capital Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan quite sometime back and it has been running. The process in getting this loan was quite good and the loan amount has been sufficient. The interest rate with them was around 14% which is quite nominal and there has been nominal charges which they had made so far.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 17, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I came to know about bank bazaar service through on line,and i have been using bank bazaar service for first time,and i have been using website ,it is easy to use,and their service is good,but they should bit improve in their service.like they should commit according to the bank.
      Was this review helpful? 0
      , nagpur
      Reviewed on Feb 17, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been applied for HDFC bank personal loan recently.The loan amount which they have given me was not sufficient.like i have expected more they have given me too less,and the rate of interest they have charged me nominal,they have charged me up to 13%, and they have charged me high processing fee,and there was delay in getting loan amount.
      Was this review helpful? 0
      , nagpur
      Reviewed on Feb 17, 2019
    • Bank Bazaar Personal Loan
      "Single platform providing financial solution "
      0.5 4.0/5 "Great!"
      Providing all kind of products like loans and credit cards.Since 4 years, i have been using this website. I have installed the app in my mobile and i have checked my credit score through the app. While doing the browsing the pop up ad about bankbazaar came on to it. Overall, I'm satisfied with the services.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 17, 2019
    • Early Salary Personal Loan
      "Immediate loan disbursal from Earlysalary"
      0.5 4.0/5 "Great!"
      Because of the immediate money disbursements i have chosen the earlysalary company. The given interest rates are high based on the loan amount they are charging the processing fee. Documentation process done through physical as well as i have uploaded the documents in app. Total tenure period of the loan is 1 months.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 17, 2019
    • Axis Bank Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with AXIS BANK , customer service is up to the mark they follow up so nicely through out the process . They charge nominal rate of interest but they charge good processing fee . Other than that i ma really happy with services . Tenure is 48 month .
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 17, 2019
    • Standard Chartered Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with STANDARD CHARTERED BANK , the tenure period is 4year and i use to pay EMI on time . They charge nominal processing fee . It was good, application process was smooth an hassle free. I got the loan amount with in a week. Service is up to the mark .
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 17, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I came to know about bank bazaar service for first time.and i came to know about bank bazaar service through promotional advertisement,Their service is good,their customer care service is good,they use to follow up with me , and i have been using mobile application, it is easy to access.it is user friendly application.
      Was this review helpful? 0
      , amravati
      Reviewed on Feb 17, 2019
    • Capital First Personal Loan
      "Good personal loan services"
      0.5 4.0/5 "Great!"
      In February 2018, purchased my personal loan from Capital First. The offered interest rate was 10% and the processing was a convenient for me. I have selected the tenure period of 48 months. They have approved the loan on time. The customer care service is really fine.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 17, 2019
    • HDFC Bank Personal Loan
      "Good loan services"
      0.5 4.0/5 "Great!"
      I just took the personal loan by last year from HDFC. The documentation process was good. They have sanctioned the loan in 1 day. I have applied the loan amount of Rs. 5 lakhs but they have approved for Rs. 1.50 lakhs. They have given me a interest rate of 12% which is okay for me. They have charged me a processing fee of Rs. 2000 approximately. I'm fine with the services.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 17, 2019
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