A personal loan is a type of unsecured loan that individuals can borrow from a bank, credit union, or online lender. Unlike a mortgage or auto loan, a personal loan typically doesn’t require collateral, such as your home or car, to secure the loan.
For ICICI Bank Personal Loan
ICICI Bank extends personal loans to cater to the varied financial requirements of its borrowers. The bank also offers Fresher Funding, a special scheme for funding immediate and other financial requirements of younger salaried individuals. For its select existing customers, the bank offers an overdraft facility, pre-approved offers, and a top-up loan facility. Its pre-approved offers feature minimal documentation and 3-second disbursals.
| Interest rate | 10.80% p.a. onwards |
|---|---|
| Loan Amount | Up to Rs 50 lakh |
| Tenure | 1 to 6 years |
| Minimum Salary | Rs 30,000/month |
| Age | 23 to 58 years for salaried and 25 to 65 years for self-employed |
| Processing Fee | Up to 2.5% of the loan amount |
For HDFC Bank Personal Loan
HDFC Bank offers Personal Loans @ 10.75% p.a. onwards for Loan Amounts of up to Rs 40 lakh and for tenures of up to 6 years. The bank also offers pre-approved personal loans to its select existing customers, including those applying through Paisabazaar.com, with instant loan disbursal in just 10 seconds. Existing personal loan borrowers of other banks and NBFCs can also avail of HDFC Bank Personal Loan to transfer their outstanding personal loan to HDFC Bank at lower interest rates. HDFC Bank also offers Golden Edge Personal Loan, a special personal loan scheme for individuals having a minimum monthly income of Rs 75,000 and loan amount requirements ranging between Rs 10 lakh and Rs 40 lakh.
| Interest Rate | 10.50% p.a. onwards |
|---|---|
| Loan Amount | Up to Rs 40 lakh |
| Tenure | Up to 6 years |
| Minimum Monthly Salary | Rs 25,000 |
| Processing Fee | Up to Rs 4,999 |
| Pre-approved instant personal loan | Offered to select customers of HDFC Bank with loan disbursal in 10 seconds |
| Pre-closure Charges | For salaried: |
| 4% of principal outstanding (13-24 months) | |
| 4% of principal outstanding (13-24 months) | |
| 4% of principal outstanding (13-24 months) | |
| Part-payment Fees | For salaried: |
| 3% of principal outstanding (25-36 months) | |
| 2% of principal outstanding (After 36 months) |
For Aditya Birla Finance Personal Loan
It is a range of financial solutions and strategies designed to help you meet expected and unexpected financial needs. These convenient financing solutions can cover a wide range of expenses, from consolidating debt and financing medical emergencies to pursuing educational goals and fulfilling lifestyle aspirations.
- No Collateral Needed : – Get a loan without requiring any collateral or security and with minimal documentation.
- Predictable Monthly Payments :- Enjoy fixed interest rates and predictable monthly payments that help you plan your budget and finances accordingly.
- Quick Disbursal :- Get the loan amount quickly, usually within 24 hours of approval, making it ideal for emergencies.
- Flexible Repayment Tenure :- Enjoy flexible repayment tenure options, ranging up to 7 years, allowing you to choose a repayment plan that suits your financial situation and needs.
Increase Eligibility
Eligibility Criteria
Yes Bank Personal Loan
Yes bank personal loan interest rates start at 10.99% p.a. and the repayment tenure goes up to 60 months. Check out various features and advantages of personal loan offered by Yes bank.
Yes bank Personal Loan Overview :
| Interest Rate | Starts at 10.99% p.a. |
|---|---|
| Loan Amount | Minimum: Rs.1 lakh Maximum: Rs.40 lakh |
| Benefits | Easy online eligibility check with quick disbursal and flexible repayment options. |
Why to choose Yes Bank Personal Loan?
Types of Personal loan available at Yes Bank
How to Apply for a personal loan from Yes Bank
How to Apply for a personal loan from Yes Bank
| Foreclosure charges | Foreclosure of a personal loan is allowed only after the repayment of first 12 EMIs. Foreclosure fee is charged at 2% to 4% of the outstanding principal amount after that. |
|---|---|
| Part prepayment charges | 2% of the amount paid towards part payment + applicable taxes (part payment allowed only after the repayment of first 12 EMIs) |
| Loan cancellation charges | Rs.1,000 + applicable taxes |
| Late payment charges | 24% p.a. on the outstanding amount from the default date. |
| Stamp duty | As per the laws applicable in the state |
| Cheque bounce charges | Rs.750 for each bounced cheque + applicable taxes |
Eligibility for Yes bank Personal Loan
Documents Needed for All Banks
Proof of identity and address : – Passport / Aadhaar Card / Voter’s ID / Driving License / Job Card issued by NREGA / Registration certificate / PAN card (PAN Card only as identity proof)
Proof of income :- Salary slip for the last 3 months showing all deductions and Form 16 With
Bank Details : – Bank statement where income is credited Last 6 months
Proof of other income :- Last 3 months’ salary slips or Salary certificate. Last 6 months’ bank statement where salary is credited directly. Latest Form 16
Features and Benefits of a Personal Loan
A personal loan is a preferred credit option for financing lifestyle goals and fund shortages due to its easy accessibility, minimal documentation, and quicker disbursals. Here are the key features and benefits of personal loans:
1. Collateral-free loan
2. No end-use restriction
3. Loan amount of up to Rs. 40 lakh, which can exceed depending on lenders’ discretion
4. Repayment tenure up to 60 months, which may exceed on a case-by-case basis
5. Top-up loans for additional requirements are offered by many lenders
6. Minimal documentation
7. Quick disbursals
Features and Benefits of a Personal Loan
How to get a personal loan?
Consumers can get a personal loan at any nearby branch of their preferred bank or NBFC. With many lenders offering these loans through end-to-end digital processes, consumers can consider availing these loans through such lender’s official website.
Those planning to borrow money from banks or financial companies can apply through their mobile apps or online banking. Alternatively, consumers can also get a personal loan through online financial marketplaces.
How can I apply for a personal loan?
Individuals can apply for a personal loan by visiting the nearby branch of their preferred bank or NBFC. They can also apply for the loan through lenders’ official website or through their respective internet banking platforms and mobile applications.
What is the interest rate on Personal loan?
Personal loan interest rates offered by leading banks and NBFCs start from 10.49% p.a. depending on the credit profile of their loan applicants. However, some public sector banks may offer lower interest rates to their loan applicants.
How much CIBIL score is required for a personal loan?
Applicants having credit scores of 750 and above usually have higher chances of availing personal loans. However, many banks and NBFCs offer personal loans to individuals with low CIBIL scores/credit scores but charge higher interest rates to compensate for the higher credit risk associated with those lenders.
Can I cancel my loan after the loan amount is disbursed?
In some cases, you may cancel a personal loan after disbursal subject to the terms and conditions of the lender. Loan cancellation will lead to cancellation charges and processing fees.
Please note that all banks do not allow loan cancellation once the amount is disbursed. However, you can always prepay the loan amount as per the terms and conditions of the bank and save on the interest component.
What is the minimum salary required to get a personal loan?
The minimum monthly salary required to avail of a personal loan varies from lender to lender. However, for large lenders like private and public sector banks, the minimum income eligibility is Rs 15,000 per month and above.
Can a pensioner get a personal loan?
Lenders offer personal loans to pensioners in the form of pension loans. However, these loans are offered only to those pensioners who maintain their pension account with the respective bank.
Can a student apply for a personal loan?
Students can apply for personal loans only if they satisfy the various eligibility requirements related to age, income, credit score, etc. set by the lenders.
Can I get a personal loan if I have a home loan?
Yes, you can apply for a personal loan even if you already have a home loan. However, the chances of getting the loan approved will depend on whether you have adequate repayment capacity to repay the proposed loan.
Can I use a personal loan for marriage purposes?
Yes, you can avail of a personal loan or its variants like a wedding loan and marriage loan to finance various marriage-related expenditures.
Can I take personal loans from two different banks at the same time?
Yes, you may avail of personal loans from two different lenders at the same time, provided the lender of your second personal loan is satisfied with your repayment capacity. However, it is better to take a single loan of a larger amount from the lender providing lower interest rates and/or better terms and conditions.