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Personal Loan


Low interest rate personal loans from a wide range of lenders

Personal loans are associate unsecured kind of credit that's standard to satisfy immediate requirements. it's multi-purpose in nature and so is used for various functions as well as wedding, home renovation, travel functions and a lot of. Moreover, there's no restriction for the amount borrowed and might be used for any purpose they need. In fact, a personal loan will assist you build your credit quicker when put next with alternative styles of credit. this can be due to the chance it carries due to being unsecured.

All in all, a personal loan can offset any temporary financial crisis.

Benefits and Features of Personal Loan

No collateral required

One of the benefits associated with an online personal loan is that it is unsecured in nature. This means you don’t need to pledge any collateral for your loan. Although this can be a reason for your interest rate, you can get a low-interest personal loan easily if you meet the eligibility requirements.

Minimal Documentation

In this age of digitisation, the process of verification and documentation has now become short. This is applicable for an instant personal loan as they are fast in disbursal and require minimum documents for approval.

Easy Approval

You can get personal loans that are quick and easy in approval. This is why it is the best bet in times of financial emergency. Moreover, the process has become digital; thus reducing time in the verification process.

Multipurpose in nature

A personal loan may be used for any price apart from investment and dirty activities. aside from that, it's useful in nature and might be used for any price. alternative styles of credit once taken are for a particular purpose and might be used just for an equivalent. as an example, a consumer credit is employed for buying a house whereas a automobile loan is taken to shop for a automotive. However, a personal loan may be taken to offset any immediate needs.

Personal Loan Eligibility

Personal loans are provided by most of the banks/NBFCs but with different eligibility requirements. However, there are certain criteria that are common for all financial institutions. The eligibility criteria to get an online personal loan approval for salaried and self-employed individuals are:

Age 18/21 years - 60/65 years
Employment Type 1. Salaried
2. Self-Employed professionals
Credit score 750 or above with a good credit history
Minimum Net Income (Monthly)
  • ₹15,000(non-metro cities)
  • ₹20,000( metro cities)
Loan Amount Up to ₹50 lacs depending on the credit profile
Work Experience Salaried
  • Employed at current company for at least 6/12 months
Self-Employed
  • Business tenure of at least 3 years (continuous)
  • ITR of last 3 years

Documents Required for Personal Loan

The common documents required for an online personal loan approval are given below:

For Salaried Individuals

  • Identity & Age Proof
  • Completely filled personal loan application with photograph
  • PAN Card
  • Residence proof - Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
  • Bank statements for the last 3 months(preferably your salary account)
  • Salary Slips of last 3 months
  • Form 16 or Income Tax Returns of last 3 years

For Self-Employed Individuals

  • Identity & Age Proof
  • Completely filled personal loan application with photograph
  • PAN Card
  • Residence proof - Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
  • Bank statements for the last 3 months(preferably your salary account)
  • Salary Slips of last 3 months
  • Last 3 years Income Tax Returns with computation of Income
  • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Personal Loan Comparison Table

Here is a comparison table of the popular personal loans online along with their processing fees, preclosure charges and interest rate:

BANK/NBFC Interest Rate(pa) Loan Amount Processing Fees Part Payment Pre-closure Charges Locking Period Tenure
IDFC First Bank 11.69% - 15.00% (BT rates starts from 11.50%) 1Lakh to 20Lakhs Up to 2.0% of the loan amount Up to 40% of loan amount every year 3% on your principal outstanding + GST 3 months 12 to 60 months
HDFC Bank 10.99% - 20.00% 50k to 40Lakhs Up to 2.50% of the loan amount subject to a minimum of ₹1,999/- & Maximum of ₹25000/- Up to 25% of Principal Outstanding allowed 13-24 Months - 4% of Principal Outstanding

25-36 Months - 3% of Principal Outstanding

>36 Months - 2% of Principal Outstanding

>48 months - 0%
12 Months 12 to 60 months
ICICI Bank 11.50% - 16.75% 50k to 25 Lakhs Up to 2.25% per annum of loan amount plus GST Not available 5% per annum of principal outstanding plus GST 6 months 12 to 60 Months
Bajaj Fiserv 12.00% - 16.00% 1 Lakh to 20 Lakhs Up to 3.99% of the loan amount Should be more than 1 EMI (2% + applicable taxes on part-payment amount paid) 4% plus applicable taxes on principal outstanding 1 month 12 to 60 Months
Kotak Bank 11.00% - 24.00% 1Lakh to 30Lakhs Up to 2.5% of the loan amount + GST and other applicable statutory levies - 5% of the outstanding amount + GST on principal outstanding 12 months 12 to 48 Months
TATA Capital 11.75%-19.00% 75k to 20Lakhs From ₹999/- Up to 2.0% of the loan amount and applicable Service Tax Up to 25% of the principal outstanding (2% of the amount paid + GST)

*Maximum of 50% of the principal outstanding permissible
>6 months - 4% of principal outstanding

>12 months - NIL

BT - 5% of the principal outstanding
6 Months 12 to 72 Months
IndusInd Bank 11.49% - 20.00% 1Lakh to 20Lakhs Up to 2.50% of the loan amount plus tax - Salaried: 4% of the principal outstanding after repayment of 12 EMIs.

Self Employed: 4% of the principal outstanding after repayment of 6 EMIs
1 Year 12 to 60 Months
Fullerton 12% - 25% 65k to 20Lakhs 3% - 6% of the loan amount plus GST Within 7 months to 17 months - 7%
Within 18 months to 23 months - 5%
Within 24 months to 35 months - 3%
After 36 months - NIL
6 Months 12 to 60 Months
IIFL 12.99% - 20.00% 1Lakh to 20Lakhs Up to 2% of the loan amount plus GST - Up to 4% of the Principal Outstanding

>12 Months - NIL
6 Months 12 to 60 Months
RBL Bank 14.00% - 20.00% 1Lakh to 20Lakhs 1.5% of the loan amount (Non Refundable fee of Rs 7500 Upfront, Rest at the time of disbursal) NIL NIL 12 months 12 to 60 Months
Yes Bank 10.75% - 16.99% 1Lakh to 25Lakhs Up to 2.50% of the loan amount subject to a minimum of ₹999/- plus taxes • 20% Principal Outstanding for 12 – 24 months
• 20% Principle Outstanding for 25 – 36 Months
• 25% Principal Outstanding for 37 – 48 Months
• 25% Principal Outstanding for 49 – 60 Months


1% plus applicable taxes on part payment amount paid
13 – 24 months - 4% of principal outstanding
25 – 36 months - 3% of principal outstanding
37 – 48 months - 2% of principal outstanding
>48 Months - Nil
12 months 12 to 60 Months
*The figures provided in the table are indicative subject to change from time.

Representative Example:

With a representative 10.75% APR based on borrowing ₹ 10 lacs and repaying over 60 months with 60 monthly repayments. Monthly repayments of ₹ 21618.

Personal Loan EMI Calculator

When you plan to apply for a personal loan, EMI plays the foremost necessary issue. whether or not or not the EMI can slot in your monthly budget will facilitate to decide your loan. This is where a personal loan EMI calculator can help you. A loan calculator helps you get the following results:

  • Monthly Repayments - EMI you will be paying every month
  • Total interest payable - Total interest on your loan
  • Total amount to pay - The total amount which is a sum of principal and interest

Personal Loan Interest Rates

Personal Loan Details
Interest Rates 10.75% - 35%
Processing Fee Differs from bank to bank; generally ranges between 1-3% of the loan amount
Loan Tenure 12 months to 60 months
Loan Amount ₹15000 - ₹50 lakhs
Lock-in period Varies from lender to lender
Preclosure Charges Differs; Generally between 2%-5% of the loan outstanding
Guarantor Required Varies on different conditions

Best Personal Loans in India

S. No. Bank Name Interest rate (p.a) Loan Amount
1 Yes Bank 10.75% - 16.99% ₹1 lakh - ₹25 lakhs
2 ICICI Bank 11.50% - 16.75% ₹50k - ₹25 lakhs
3 HDFC Bank 10.99% - 20.00% ₹50k - ₹40 lakhs
4 Kotak Bank 11.00% - 24.00% ₹1 lakh - ₹30 lakhs
5 Tata Capital 11.75%-19.00% ₹75k - ₹20 lakhs
6 IndusInd Bank 11.49% - 20.00% ₹1 lakh - ₹20 lakhs
7 IDFC First Bank 11.69% - 15.00% BT rates starts from 11.50%) ₹1 lakh - ₹20 lakhs
8 Bajaj Finserv 12.00% - 16.00% ₹1 lakh - ₹20 lakhs
9 IIFL 12.99% - 20.00% ₹1 lakh - ₹20 lakhs
*The figures provided in the table are indicative subject to change from time.

Personal Loan FAQs

1. Is it a good idea to get a personal loan?

Personal loans can be an ideal solution during financial crisis. Be it wedding expenses, home renovation or medical emergency, a personal loan can be your solution to meet the immediate financial requirements as they are easy-to-get, fast in disbursal and require no collateral.

2. What is the best personal loan?

The best personal loan differs from borrower to borrower’s credit profile. A credit profile includes the credit score, monthly income, employer, employment type and others. All the above factors are considered to find the best personal loan.

3. How can I get personal loan?

To get a personal loan, you need to meet the following eligibility requirements:

  • Between the age of 18/21 years - 60/65 years
  • Must be salaried or self-employed
  • Credit score of 750+ with a good credit history
  • Minimum monthly income of ₹15000 for non-metro cities and ₹20,000 for metro cities
  • Should be employed at the current organisation for at least 6/12 months or business tenure of at least 3 years (continuous)

4. What is the eligibility for personal loan?

The eligibility criteria for a personal loan are given below:

  • Between the age of 18/21 years - 60/65 years
  • Must be salaried or self-employed
  • Credit score of 750+ with a good credit history
  • Minimum monthly income of ₹15000 for non-metro cities and ₹20,000 for metro cities
  • Should be employed at the current organisation for at least 6/12 months or business tenure of at least 3 years (continuous)

5. Are personal loans good for your credit?

Personal loans play an important role in deciding your credit score. The effect of missing a personal loan EMI can be adverse on your credit score. One of the reasons for the same is because personal loans are unsecured in nature.

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

Due to digitisation, personal loan approval has become instant. However, the disbursal could take a period of 5-7 days due to the documentation process.

7. What is the best personal loan to get?

There is no such things as best personal loan. Every borrower needs to find the lender that best suits his/her needs. In order to do that, you can either compare the different lenders offline or apply at platforms such as TheBharatLoan who help you select the lender as per your requirements.

8. Can you pay off a personal loan early?

Of course you can pay off a personal loan early. This is known as prepayment of a personal loan. However, this could attract a specific amount as penalty which would differ from lender-to-lender.

9. What is the average interest rate on a personal loan?

The interest rate on a personal loan ranges from 10.75% - 35% which differs from lender to lender.

10. What do banks look at when applying for a personal loan?

The banks consider the following factors when looking at a personal loan application:
1. Age
2. Monthly Income
3. Credit Score
4. Credit History
5. Documents

11. Who has the best personal loan rates?

The best personal loan interest rates depend on the credit profile of a customer. In order to get the best rates, a customer must have a good credit score, consistent source of income, should be salaried/self-employed.

12. Which bank gives lowest interest rate for personal loan?

Currently, YES Bank offers personal loans starting from 10.75%. However, the interest rates can be different for customers based on their credit profile.

13. What is the minimum salary for personal loan?

The minimum salary to get a personal loan is ₹15,000 fro non-metro cities and ₹20,000 for metro cities.

14. How can I get personal loan from Bajaj Finance?

To get a personal loan from Bajaj Finance, you can apply at their official website or apply at TheBharatLoan for easy approval and fast disbursal.