Private Finance Loan Check Interest Rates Eligibility Apply Online

Banks and financial institutions offer many types of loans to meet different needs. Technology has made the loan application process faster and easier. People can now easily access loans, and it is not just limited to housing and vehicle loans. 

Private Finance loans are the most popular loans in India today. Over 78% of loan requests are for personal loans. People choose them because they are unsecured. 

A personal loan/private finance loan is money you borrow from a bank, online lender, or credit union. You repay the loan in installments as per the agreed schedule. 

Below, we’ll have a look at the best 7 private finance loan options, their interest rates, eligibility criteria, and the process to apply online. 

Top 7 Private Finance Loan Options in India in 2024: Overview 

What is a Private Finance Loan? 

A private finance loan is a type of loan where you receive a lump sum of money. Unlike a credit card, you get the entire amount at once. You then repay this amount, along with interest, in fixed monthly instalments over a specific period. 

The interest rate on a personal loan depends on how risky you are as a borrower. A good credit score means lower risk, so you'll usually get a lower interest rate. 

However, the interest rate on a private finance loan is usually higher as compared to other categories of loans, as it is not backed up/secured using a mortgage.  

7 Best Private Finance Loan Options 

1. Fibe  

Fibe offers private finance loans with features like zero foreclosure charges, flexible repayment options, and quick disbursal. You can apply online quickly and effortlessly in a few steps. 

Interest Rates & Charges 

• Interest Rates: Starting from 16% p.a. (on a reduced balance basis) 

• Processing Fees: Starting from 2% of the loan amount plus GST 

• Tenure: 3 to 36 months 

• APR: Starting from 18% 

• Bounce Charges: ₹500 plus GST 

• Late Payment Charges: ₹500 with GST applied, or 3% of the total loan amount, whichever is the greater sum. 

• Stamp Duty: 0.1% of the loan amount 

• Mandate Rejection Charges: ₹250 plus GST 

• Foreclosure Charges: Nil 

Eligibility Criteria 

• Age: 21 to 55 years 

• Income: Minimum monthly income of ₹15,000 in non-metro cities and ₹18,000 in metro cities 

• Residence: Must be a resident of India 

How to Apply for a Private Finance Loan Online with Fibe 

1. Visit the Fibe website or access it via the app. 

2. Complete the online application form. 

3. Fill in your personal information and provide the required documents. 

4. Receive instant approval after verification. 

5. Select your loan amount and repayment tenure. 

6. Access money in your bank account in a matter of minutes. 

2. Moneyview 

Moneyview offers easy and affordable personal loans with interest rates starting at just 10% per year. You can apply for a loan of up to ₹10 lakhs online, without any collateral. Moneyview makes it quick and easy to check your eligibility, choose your loan amount, and understand all the fees. 

Interest Rates & Charges 

• Interest Rate: Starting from 10% per annum 

• Loan Processing Charges: Begins at a rate of 2% of the confirmed loan amount 

• Penal Charges on Overdue EMI: 24% per year plus taxes 

• NACH Bounce: ₹500 per instance 

• Loan Cancellation: Can be done within 3 days of disbursement; the borrower pays principal and applicable charges 

Eligibility Criteria 

• Employment Type: Salaried or Self-employed (own business) 

• Monthly Income: At least ₹13,500 in-hand income, credited to a bank account 

• Credit Score: Minimum CIBIL or Experian score of 650 (loans may still be available based on Moneyview’s credit model for those with lower scores) 

• Age: 21 to 57 years 

Top Features and Benefits 

• Flexible Loan Amount: Instant, collateral-free loans from ₹5,000 to ₹10 lakhs 

• Quick Eligibility Check: Determine eligibility in just 2 minutes 

• Hassle-free Loans: Complete online application and processing from eligibility check to disbursement 

• Affordable Interest Rates: Starts at just 10% per annum 

Steps to Apply for a Private Finance Loan Online with Moneyview 

1. Check Eligibility: Visit the Moneyview website or app, and enter required details like name, income, age, PAN, mobile number, and loan purpose. 

2. Wait for Calculation: Moneyview will assess your eligibility within 2 minutes. 

3. Complete Registration: Provide requested personal information. 

4. Choose Loan Details: Select your loan amount and repayment tenure. 

5. Receive Loan: After approval, funds are deposited directly into your bank account.  

3. HDFC Bank 

HDFC Bank makes it easy to apply online, choose your repayment term, and manage affordable monthly payments. Whether you need money for a trip, an emergency, or other personal expenses, HDFC Bank's private finance loans can help. 

Interest Rates & Charges 

• Interest Rate: 10.85% to 24% (fixed rate) 

• Loan Processing Charges: Up to ₹6,500 + GST 

• Tenure: 3 to 72 months 

• Documents Required: Customers who are pre-approved don’t require any documents, while others need to furnish the last 3 months of bank statements, 2 most recent salary slips, and KYC documents 

Eligibility Criteria 

• Pre-approved Customers: Instant loan eligibility 

• Other Customers: Approval within 4 working days, subject to documentation and verification requirements 

Key Features and Benefits 

• Pre-approved Loans: Funds in 10 seconds for eligible HDFC Bank customers 

• Fast Approval: Loan approval within 4 days for new customers upon document submission 

• Flexible Tenures: Loan terms range from 3 to 72 months 

• Customised Offers: Special rates and offers for HDFC Bank account holders 

Steps to Apply for an HDFC Bank Private Finance Loan 

1. Check Eligibility: Use the Personal Loan Eligibility Calculator on HDFC's website or visit a branch. 

2. Apply Online: Fill out the simple online loan application form in just a few clicks. 

3. Document Submission: For non-pre-approved customers, submit necessary documents (bank statements, salary slips, and KYC). 

4. Receive Funds: Pre-approved customers receive funds in seconds, while others can expect disbursement within 4 working days after verification. 

Check your eligibility for HDFC loan here. 

4. Edelweiss 

Edelweiss Retail Finance offers easy and flexible personal loans for salaried people. You can borrow up to ₹20 lakhs and check your eligibility in just 90 seconds. With no hidden fees, you can be confident about your total payment. You can use the loan to pay off high-interest debts, transfer balances from other loans, and get personalised support throughout the process.  

Interest Rates & Charges 

• Interest Rate: 15% to 31.50% 

• Processing Fee: 2% of the loan amount 

• Tenure: Up to 4 years 

• Loan Amount: Up to ₹20 lakhs, based on eligibility 

Eligibility Criteria 

• Employment: Only for salaried individuals 

• Age: Minimum of 21 years 

• Monthly Income: Minimum net income of ₹18,000 

Key Features and Benefits 

• High Loan Amount: Avail up to ₹20 lakhs based on eligibility 

• Free Balance Transfer: Transfer existing high-interest loans at no cost 

• No Hidden Charges: Transparent interest rates without extra fees 

• Quick Eligibility Check: Determine eligibility within 90 seconds 

• Premium Service Experience: Dedicated relationship manager to assist throughout the application process 

• Flexible Repayment Terms: Up to 4 years for comfortable repayment planning 

Steps to Apply for an Edelweiss Salaried Personal Loan 

1. Visit the Edelweiss Website: Go to the Edelweiss Retail Finance website. 

2. Select ‘Apply Online’: Click on ‘Apply Online’ in the top menu. 

3. Choose ‘Personal Lending’: From the drop-down menu, select ‘Personal Lending’. 

4. Provide Required Details: Fill in personal and employment information to check eligibility. 

5. Submit Application: Click ‘Apply Now’ to submit your application. An Edelweiss representative will contact you to complete the process. 

Know more about Edelweiss Loans here. 

5. Axis Bank 

If you need money for a special event, a medical emergency, or anything else, Axis Bank can help. You can get a loan in just 30 seconds with flexible repayment terms. Axis Bank offers competitive interest rates, easy online applications, and flexible repayment options. 

Interest Rates & Charges 

• Interest Rate: Starting from 11.25% p.a. 

• Processing Fees: Up to 2% of the loan amount + GST 

• Max Loan Amount: ₹40 lakhs 

• Loan Tenure: 12 to 84 months 

Eligibility Criteria 

• Eligible Applicants: Salaried employees, salaried doctors, government employees, public and private company employees 

• Age: Minimum of 21 years 

• Minimum Monthly Income: ₹15,000 for Axis Bank customers; ₹25,000 for non-Axis Bank customers 

Key Features and Benefits 

• High Loan Amount: Borrow up to ₹40 lakhs based on eligibility 

• No Collateral Required: Unsecured personal loan option 

• Flexible Tenures: Choose a repayment period from 12 to 84 months 

• Simple, Paperless Process: Easy online application with minimal documentation 

• Quick Approval: Get approval in just 30 seconds 

Steps to Apply for an Axis Bank Private Finance Loan 

1. Visit the Personal Loan Section: Go to the Axis Bank website and click on ‘Apply Now’ under the Personal Loan section. 

2. Enter Personal Details: Provide your mobile number and either your Date of Birth or PAN. 

3. Verify OTP: Input the OTP sent to your mobile number to proceed. 

4. Consent to Document Verification: Agree to document verification and prepare required documents (bank statements and salary slips). 

5. Complete eKYC & Video KYC: Upload the necessary documents and complete the KYC processes for loan approval. 

Know more about Axis Private Loans here. 

6. ICICI Bank 

ICICI Bank offers safe and flexible personal loans of up to ₹50 lakhs. You can use these loans for many different things. ICICI Bank offers competitive interest rates, requires minimal paperwork, and doesn't need any collateral. This makes borrowing easy and simple. 

Interest Rates & Charges 

• Interest Rate: 10.85% to 16.25% p.a. 

• Processing Fees: A maximum of 2% of the loan amount, plus any applicable taxes 

• Loan Tenure: 12 to 72 months 

• Loan Amount: Up to ₹50 lakhs 

Eligibility Criteria 

• Age: 20 years and above 

• Employment: Salaried individuals with a regular monthly income 

• Location: Resident of India 

• Bank Account: Active salary account in any bank in India 

• Credit Requirement: Good credit bureau score 

Key Features and Benefits 

• High Loan Amount: Avail up to ₹50 lakhs 

• No Collateral Required: Secure, unsecured loan with no collateral needed 

• Zero Foreclosure Charges: No charges after 12 EMI payments 

• Fixed Interest Rates: Benefit from predictable, fixed interest rates 

• Easy Documentation: Minimal paperwork with basic KYC and income documents 

Steps to Apply for an ICICI Bank Personal Loan 

1. Select Loan Amount and Tenure: Choose the loan amount you want along with the repayment duration. 

2. Enter Personal & Work Details: Provide your personal and employment information. 

3. Review Application: Confirm the loan amount and tenure. 

4. Submit Application: Finalise and submit your loan application. 

5. Receive Disbursement: Upon approval, receive the loan amount in your account. 

Know more about ICICI Bank Loans here. 

7. Paysense 

PaySense offers loans from ₹5,000 to ₹5 lakh. You can get instant approval, apply without any paperwork, and choose affordable monthly payments. Even if you haven't borrowed money before, PaySense makes it easy to get started with a reliable and efficient process. You can easily check your eligibility and choose flexible repayment options to reach your financial goals. 

Interest Rate Information 

• Interest Rate: Monthly ROI of 1.25% 

• Processing Fee: Standard 3% of loan amount + GST 

• Loan Tenure: 3 to 60 months 

• Loan Amount: ₹5,000 to ₹5 lakh 

Eligibility Criteria 

• Residency: Resident of India 

• Age: 21 to 60 years 

• Employment Type: Salaried or Self-employed 

• Monthly Income: Minimum ₹18,000 (salaried) and ₹20,000 (self-employed) 

• Location: 300+ cities across 4000+ pincodes 

Key Features and Benefits 

• Instant Approval: Quick loan approval and direct disbursement 

• Paperless Process: Completely digital documentation with easy uploads 

• Flexible EMI Options: Adaptable repayment plans with auto-debit features 

• No Credit History Required: Ideal for new-to-credit individuals 

• Easy Reapplication: Get subsequent loans with one-click, no extra documentation 

Steps to Apply for a PaySense Loan 

1. Check Eligibility and Choose a Loan Plan: Enter basic details to get a Credit Line and select your loan plan. 

2. Upload Documents: Upload KYC documents, sign the loan agreement, and submit the NACH form. 

3. Receive Funds: After approval, funds are directly transferred to your account. 

How to Choose the Best Personal Loan? 

Compare Interest Rates: A small difference in the interest rate can significantly impact the total cost of the loan over time. Look for banks that offer low-interest rates on personal loans and compare their overall loan costs. 

Check Eligibility Criteria: Choose a lender with easy-to-meet eligibility requirements. This will make the loan application process faster and smoother. 

Check for Additional Charges: Be aware of any extra fees, such as processing fees, check charges, and other taxes, that might increase the total cost of the loan. 

Check Document Requirements: Simplify the loan application process by choosing a lender with minimal documentation requirements. 

Choose a Flexible Tenure: Select a loan term that fits your budget. Look for flexible repayment options to spread out your EMIs over a suitable period. 

Who is eligible for personal loan in private bank?

To be eligible for a personal loan in a private bank, applicants generally need to meet the following criteria:

1. Age: Typically, borrowers should be between 21 and 60 years. Some banks may allow up to 65 years for salaried individuals or self-employed professionals.

2. Income: A stable monthly income is required, usually above a set threshold. For salaried individuals, this often starts around ₹15,000 to ₹25,000, while self-employed professionals must show sufficient income to cover EMI payments.

3. Employment: Salaried individuals must have at least six months to a year of experience with their current employer. Self-employed applicants should have a business tenure of at least two years.

4. Credit Score: A credit score of 700 or higher is preferred, as it reflects a good repayment history and financial stability.

Frequently Asked Questions 

1. What is a private finance loan?

A private finance loan is a type of loan provided by private lenders rather than traditional banks or financial institutions. These loans are often used when individuals or businesses need quick funds or cannot qualify for conventional loans due to poor credit scores or lack of collateral. Private finance loans usually have more flexible terms and faster processing times, but they may come with higher interest rates due to the increased risk for lenders. They can be used for personal expenses, business needs, or short-term financing, depending on the lender’s policies and the borrower’s requirements.

2. How long can I take to repay the loan? 

You can take up to 84 months (7 years) to repay the loan. State Bank of India offers this long repayment term for its “SBI Personal Loan for Pensioners.” 

3. How to get 1 lakh loan without CIBIL score?

To get a 1 lakh loan without a CIBIL score, you can apply through apps like Moneyview, CASHe, PaySense, Fibe, and KreditBee. These platforms are known to consider alternate credit data, like your employment history, monthly income, and other financial behavior instead of solely relying on CIBIL scores. Typically, you need to provide basic documents such as ID proof, income proof, and bank statements. After verifying your profile, these apps offer quick approval and disbursal, usually within 24-48 hours. Always review the interest rates and terms before applying to ensure they meet your needs. 

4. What are the important factors to consider when choosing a personal loan company? 

You should consider factors like interest rates, processing fees, prepayment charges, and eligibility criteria when choosing a bank, NBFC, or online lender. You should also check how long it takes to get loan approval and what documents are needed. 

5. What are the effects of missing an EMI payment? 

If you miss an EMI payment, you may have to pay a penalty and your credit score may be affected. If you have trouble repaying your loan, you can contact your NBFC to discuss possible restructuring options. 

6. How quickly can I get a personal loan from an NBFC? 

NBFCs are known for quick disbursal. If you meet the eligibility criteria and have all the required documents, you can receive your loan within 24 hours to a few days. A few NBFCs even grant instant approval using their mobile applications. 

 

Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.