Personal Loan
A personal loan is an unsecured loan that can be used for a variety of purposes. It typically has a fixed interest rate and repayment period. Personal loans can provide a lump sum of money at a lower interest rate than credit cards, making them useful for debt consolidation or financing large purchases. However, it’s important to compare offers from different lenders, understand the loan terms and fees, and ensure that the monthly payments are affordable. With caution and research, personal loans can be a useful financial tool for those who need to borrow money for a specific purpose.
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Personal Loan Eligibility Criteria | Salaried | Self-Employed Professionals |
Eligible Age (Min-Max) | 25 years to 60 years (at the time of applying) | 25 years to 60 years (at the time of applying) |
Eligible Income | ₹25,000 per month | ₹30,000 per month |
City | 180 Cities across India | 180 Cities across India |
FOIR | 0 to 60% | 0 to 60% |
Employment | Fulltime with at least 2 years of experience | At least 5 years of earning turnover |
Documentation | 1 passport size color photograph, Personal Loan Application Form duly filled, Photo Identity Proof, Residence Address Proof, Income Proof & Employment Proof. | 1 passport size color photograph, Personal Loan Application Form duly filled, Photo Identity Proof, Residence Address Proof, Income Proof & Employment Proof. Additional Financial Documents for Self Employed Individuals: Last 1 year bank statement for both savings and current account. |
CIBIL | Required (750+) | Required(750+) |
Bank/NBFC | Institution Type | Personal Loan Interest Rate | Fees & Charges |
Aditya Birla Finance Ltd | NBFC | 17.50% – 17.5% | 1% + GST as applicable |
Arohan Financial Services Ltd. | NBFC | 20.99% – 26.99% | 1% + GST as applicable |
Axis Bank | Bank | 12.00% – 24.00% | 1.50% to 2.00% + GST as applicable |
Capital First | NBFC | 10.49% – 18.00% | 1.99% + GST as applicable |
Citibank | Bank | 10.50% – 17.99% | 2.00% – 3.00% + GST as applicable |
Fullerton | NBFC | 11.99% to 36% | Up to 6.5% + GST as applicable |
HDB Financial Services Ltd. | Bank | 13.99% – 36% | Up to 2% + GST as applicable |
HDFC Bank | Bank | 10.25% – 21.30% | Up to 2.50% + GST as applicable |
ICICI Bank | Bank | 10.50% to 21.00% | Up to 2.25% + GST as applicable |
IDFC | Bank | 10.49 onwards | 2% + GST as applicable |
Incred | NBFC | 11.49%- 24% | Up to 3% + GST as applicable |
India Infoline | NBFC | 13% onward | Up to 2% + GST as applicable |
Indiabulls | NBFC | 13.99% – 26% | Up to 5% + GST as applicable |
IndusInd Bank | Bank | 11.00% – 31.50% | Up to 2.50% + GST as applicable |
Kotak Mahindra Bank | Bank | 10.25% & onwards | Upto 2.5% + GST as applicable |
RBL Bank Ltd. | Bank | 14.00% – 23% | 3% + GST as applicable |
Standard Chartered Bank | Bank | 11.49% – 15.00% | Upto 3% + GST as applicable |
Tata Capital | NBFC | 10.99% – 19% | 1.50% to 2.00% + GST as applicable |
These are the documents required to avail a personal loan.
| Personal Loan Documents Required Checklist | |
| Photo Identity Proof (any one) | Voter ID Card / Passport / PAN Card / Driving License / Aadhaar Card. |
| Residence Address Proof (any one) | Ration Card / Passport / Utility Bill. |
| Income Proof | Last 3 months Payslip & Bank Statement of last 3 months. |
| Job Continuity Proof | Job Offer Letter / Letter from the HRD (if current employment less than 2 years). |
| Financial Documents | a. Salaried Individuals: Latest 3 month’s Salary Slips and Form 16, Bank Statements of 6 months. b. Self Employed Individuals: Latest 1 year bank statement for both savings and current account. |
| Photo | 1 passport size color photograph |
| Application Form | Personal Loan Application Form duly filled. |