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Processing Fee
RS: 399/- to 2%
Max Tenure
2 - 60 months
Best Rate
1.33% P.M
Features
Pricing
Processing fee: From Rs 399 - 2% on Loan amountDocuments Required
Processing Fee
3%
Max Tenure
24 to 48 Months.
Best Rate
12% P.A
Features
Pricing
Documents Required
Processing Fee
2.5%
Max Tenure
12 Months.
Best Rate
35.1% p.a
Features
Pricing
Documents Required
Processing Fee
2000₹
Max Tenure
18 Months.
Best Rate
28% p.a
Features
Pricing
Documents Required
Processing Fee
Nil*
Max Tenure
36 Months.
Best Rate
Nil*
Features
Pricing
Documents Required
Processing Fee
4%
Max Tenure
6 - 48 Months
Best Rate
15%
Features
Pricing
Documents Required
Processing Fee
2%
Max Tenure
12-60 Months
Best Rate
10.99% P.A.
Features
Pricing
Documents Required
Processing Fee
2.0%
Max Tenure
5 yrs
Best Rate
15.5%
Processing Fee
2%
Max Tenure
nil*
Best Rate
23.0%
Processing Fee
2%
Max Tenure
1-5 yrs
Best Rate
10.75%
Processing Fee
2%
Max Tenure
5 yrs
Best Rate
13.99%
Processing Fee
2.5%
Max Tenure
1 year
Best Rate
35.1% p.a
Processing Fee
From 2%
Max Tenure
3 – 60 months
Best Rate
1.33% P.M
Processing Fee
2.5%
Max Tenure
1 year
Best Rate
35.1% p.a
Processing Fee
2%
Max Tenure
1.6 yrs
Best Rate
18%
Processing Fee
4%
Max Tenure
3-9 months
Best Rate
3-9 months
Processing Fee
999₹*
Max Tenure
5 yrs*
Best Rate
11.49%*
Processing Fee
2.5%
Max Tenure
1 year
Best Rate
35.1% p.a
Processing Fee
2.5%
Max Tenure
12 – 60 months
Best Rate
1.5%
Processing Fee
3%
Max Tenure
6 - 24 months
Best Rate
2%
Processing Fee
2%
Max Tenure
6 to 36 Months.
Best Rate
7.99% p.m
Processing Fee
1.50%
Max Tenure
up to 6 years
Best Rate
15.65% p.a
Processing Fee
Nil
Max Tenure
6 years
Best Rate
9.9%-45% p.a.
Processing Fee
2% - 5%
Max Tenure
3 - 60 Months
Best Rate
16% P.A.
Processing Fee
Rs 250-625
Max Tenure
3 - 12 months
Best Rate
1.50% P.M
Processing Fee
2.5%
Max Tenure
12 - 60 Months.
Best Rate
12.96% P.A
Processing Fee
2%
Max Tenure
NA
Best Rate
12%
Processing Fee
4%
Max Tenure
6 - 36 Months.
Best Rate
14.04% P.A
Processing Fee
From Rs 85
Max Tenure
2 – 15 months
Best Rate
1.02% P.M
Processing Fee
3%
Max Tenure
12-72Months
Best Rate
11.04% P.A.
Processing Fee
0.5%*
Max Tenure
5 yrs
Best Rate
12.99%*
Processing Fee
1%
Max Tenure
12 - 60 Months.
Best Rate
12.96% P.A.
Processing Fee
2.00%
Max Tenure
up to 12 Months
Best Rate
18.00% p.a
Processing Fee
1.0%
Max Tenure
12-72 Months.
Best Rate
11.05% P.A.
Processing Fee
2%
Max Tenure
4 yrs
Best Rate
17.25% *
Processing Fee
2.49%
Max Tenure
NA
Best Rate
16%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
10.95%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
10.99%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
11.50%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
11.60%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
14.40%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
10.99%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
12.60%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
9.50%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
9.70%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
11%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
10.40%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
10.99%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
11.50%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
11.45%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
9.65%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
11.75%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
11.75%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
14.05%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
10%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
13.99%
Processing Fee
3.0%
Max Tenure
NA
Best Rate
1%
Processing Fee
2.5%
Max Tenure
nil*
Best Rate
11.99%
Go from low bank balance to full with an instant personal loan of upto 7.5L
30+ Lenders
Lowest interest rate
Fexible tenure
Minimal documentation
A Personal Loan is a form of financial assistance provided by different banks and NBFCs. It can be used for personal needs such as medical emergencies, higher education, marriage expenses, holiday plans, and many more. There is no constraint on how the borrowed amount is actually used, unlike certain other types of loans; the borrower has complete freedom to use the money for whatever reason they choose.
A personal loan has two essential properties:
Total flexibility on end-use. There are no restrictions on how you can spend the loan amount. This is in contrast to a home loan or car loan where the amount of the loan can only be used to purchase a property or a vehicle only. You're free to use the money in any way that you want.
Non-requirement of collateral. Personal loans are unsecured loans, meaning you are not required to provide the lender with any collateral in the form of assets, shares or any other properties.
Age | 18 to 60 years |
Credit Score | 750 and above |
Salaried | At least Rs. 15,000 monthly |
Employment Type | Salaried employees working with reputed organizations, government organizations, and PSUs |
Business Continuity | At least 2 years for self-employed professionals. |
Employment Stability | A minimum of 2 years with 1 year of work experience in the same job for salaried. |
Type of Document | Salaried Individuals | Self-employed Individuals |
|---|---|---|
Proof of Identity | Either one:
| Either one:
|
Proof of residence | Passport or utility bills | Passport or utility bills |
Income proof | Bank statement of the salary accounts for the recent two years. | Audited financial statement of the recent two years. |
Online Apply Via CreditMantri
Online Apply Through The Bank’s Website
Before you apply through the bank’s website, go to CreditMantri to know more about the personal loan.
Other modes to apply:
The various personal loan fees and charges are as follows:
A personal loan has a wide range of uses and can come in handy for meeting either planned or emergency expenditure.
Type of Loan | About it |
|---|---|
Wedding loan | Whether it be for marriage celebrations or your honeymoon, if you take a personal loan for weddings, you can use it towards all wedding related expenses. |
Home renovation loan | The personal loan for home improvement will help you handle the costs of maintenance, repair, remodeling, refurnishing, painting, etc. |
Travel loan | You can fund family trips and holidays in India or abroad with a personal loan for travel. |
Medical loan | This loan can be of great benefit during healthcare emergencies. |
Debt consolidation loan | You should consolidate all your existing debt into a single loan. This will help you handle your monthly installments better. Use the personal loan EMI calculator to compute your EMIs and plan repayment. |
Higher education loan | A personal loan for higher education helps you fund your study in India or abroad like accommodation, travel, and living expenses. |
Small personal loans | You can choose this loan when you need additional funds |
Used Car Loan | Apply for this personal loan online to finance the purchase of a second-hand car with ease. |
Before you apply, check out the personal loan interest rates offered by various lenders. Then, compare and apply for the personal loan with the lender that offers the best rate. Personal loan interest rates fall in the range of 8.30% per annum to 49% per annum. If you have a good credit score and relationship with the bank, then you will get preferential interest rates.
The various factors on which your personal loan interest rates depend are:
Every lender checks the credit score and credit history before giving personal loans. They evaluate this to minimize the risk of any defaults from the borrowers. A high credit score indicates that the loans and credit card bills have been paid on time. So, lower interest rates are provided to such applicants.
Lenders look for people with higher monthly incomes since borrowers with bigger monthly incomes are likely to make timely repayments. The affordability for the loan increases with greater monthly income. The minimum income criteria and eligibility will vary across banks
These are crucial factors in deciding the interest rates. Those who work for a reputed organization and those who have stable employment can obtain loans at comparatively lower interest rates.
Salaried employees may get different interest rates as compared to self-employed professionals. Government employees are usually provided personal loans at lower interest rates because of their job security and certainty of regular income. People working with MNCs and reputed private sector organizations are usually given lower interest rates than other private sector organizations.
If you already share a good relationship with the bank or NBFC from which you have taken loans or credit cards, then you can get lower interest rates on your personal loans. You will also be eligible for pre-approved loans, deals, and credit cards from the bank or NBFC.
With a personal loan of up to 7 lakhs, you can do more than you ever imagined!
Applying for a personal loan just got easy! Get up to 7 lakhs
Personal loan amounts vary from Rs.10,000 to Rs.50 lakhs. The amount must be consistent with repaying capacity. The final approved loan sum is based on the lending requirements used by the bank/NBFC and how they determine your ability to repay the loan.
Your credit score and credit report are the most important factors in personal loan approval. If you have defaulted on bill or EMI payments, your credit score and your credit report will not be up to the mark. On the other hand, if you have paid your EMIs and your bills on time, your credit score and credit report will be good. This indicates to your lender that you have good financial discipline, are capable of paying your loan on time, and are creditworthy. Since a personal loan is an unsecured loan that is collateral-free, a lender usually determines whether he wants to give you a loan or not based on your creditworthiness.
It is usually recommended to have a credit score of 750 or above to be eligible for a personal loan. The higher your ranking, the better your chances of qualifying would be. A credit score of 750 means that a strong track record of making timely repayments for a prolonged period of time has been demonstrated by the client.
There is no guarantee of definitely getting a personal loan for any given credit score . Your chances of being accepted however are considerably higher if you have a score above 750. A score that is slightly below 750 at the same time does not necessarily mean that your request will be denied. Some possible results of your personal loan application are listed below:
If you want to pay your debt before the end of the loan repayment period, it is called pre-payment or foreclosure. The various types of prepayment are:
Before you apply for a loan, make sure that you fulfill all the requirements set by the lender. This will ensure that your loan application is not denied. Although eligibility criteria vary across lenders, there are some common qualifying criteria such as age of the applicant, income, credit score, employment status, and so on.
Customers may have a lot of queries while applying for personal loans. For this reason, all banks have dedicated customer service teams in place. Go to personal loan customer care and find helpline numbers for all banks.
There are a couple of factors that determine the personal loan eligibility, such as credit score, employment type and employer, income, and EMI payment history.
After you apply for a personal loan with the lender, you will want to know about your personal loan application status. You will want to know whether the loan is approved, rejected, or under process. You can track your personal loan application by visiting the official website of the lender and checking the location where you can track the status of your loan application. You have to provide details, such as your full name, registered mobile number, date of birth, PAN card, loan reference or registration number if any, or any other unique number provided by the bank. You can track your loan application status offline by visiting the bank/NBFC branch, calling the personal loan customer care or Toll free number, or via net banking (if you are an existing customer).
Personal loan EMI calculator is used to compute the monthly EMIs that you have to pay for your loan. It is good to do this before you apply for the loan as it helps in planning your finances and determining whether you can repay your loan on time. You have to input the personal loan amount, interest rate, and tenure in months to compute the personal loan EMI.
Personal loans come in really handy when an individual needs money. Marriage costs, medical expenses, expenditures for home renovation, holidaying, and any kind of expenditures can be met by getting personal loans. But before applying for a personal loan, compare different lenders and choose the best. CreditMantri offers best deals and offers on personal loans.
1. How do I pick the best deal for a personal loan?
The only way to determine which loan offer to apply for is to carefully research the different choices. You can judge which deal fits your financial condition and needs once you have a clear understanding of the deals and schemes available.
2. How do I apply for a personal loan?
You may apply for a personal loan in many ways. You can apply directly online on the website of the bank/ NBFC, or you can go to the branch to apply for a personal loan in person; go through websites for online comparison, or you can contact a direct sales agent. CreditMantri will instruct you on how to boost your score in the most reliable and efficient way so that your personal loan application is accepted if you want to apply for a loan and think your credit score may not be good enough. You will also be matched with the most relevant loan deals on the market for you. You will have easier and hassle-free credit access with a decent ranking.
3. Can I get a personal loan during Covid-19?
Though the Covid-19 pandemic has affected the economy adversely, personal loans rank on the top of loan products. The banks have readjusted their business model to accommodate the rising demand for personal loans during this crisis. The application process has been made completely online. Eligibility criteria like minimum income have been relaxed a bit to increase the customer base. In all, personal loan demand has risen considerably during this pandemic and banks have come up with various measures to sanction personal loans for eligible applicants.
4. How is personal loan repayment done?
Personal Loan repayments are done through monthly EMIs over the tenure of the loan. You can find the best EMI that fits your budget using a personal loan EMI calculator.
5. How can I get a 50k loan fast?
The best way to get a loan of Rs. 50,000 is by applying for a Personal Loan. They are quick and do not require any collateral.
6. What are the main documents needed for a personal loan?
The actual list of documents varies from lender to lender. You generally have to provide the following mandatory documents:
7. Can I fore-close my personal loan?
Again, it depends on the lender. While some lenders allow foreclosure with pre-closure charges others require you to pay the loan as per the agreed tenure. So, make sure to check the prepayment terms and conditions while applying for the loan.
8. How long does it take for the personal loan amount to be disbursed?
Once you have submitted all the required documents and received loan sanction, expect the loan amount to be disbursed within 24 to 78 hours.
9. What is the interest rates on a personal loan?
The interest rate charged on your personal loan depends on the lender and your credit profile. Currently, the interest rates on personal loans in India start from 8.45% onwards.
10. Will my personal loan EMI change if I change my job?
No. As long as you continue to repay the EMIs on time, a change in job will not impact your personal loan repayment schedule.
11. How can I pay my personal loan EMIs?
you can use any of the following methods to pay the personal loan EMIs:
12. Do I need a guarantor for a personal loan?
Generally, personal loans are unsecured, meaning you don’t have to provide collateral or security. However, if your credit score is low and chances of loan eligibility are poor, having a guarantor may increase your chances of securing the loan.
13. Do personal loans hurt my credit score?
All loans - irrespective of the type of loan - can cause your credit score to dip temporarily, especially at the time of application and approval. However, once you start repaying EMIs on time, a personal loan can help in building your credit score.
14. What happens if I don’t pay my personal loan in India?
Non-repayment of a personal loan is not a criminal offence i.e. you won’t go to jail. But, it can have other repercussions - like poor credit score which will make it difficult to secure other loans and credit cards in the future. The lender may contact you repeatedly to recover the cost of the loan or even may file a legal complaint against you.
15. How much personal loan can I get with a salary of Rs. 15,000?
The actual loan amount you qualify for depends on several factors like your credit score, debt-to-income ratio, other debts, etc. Your income is just one of the many factors that determine the loan amount. You can find the loan amount you’re eligible for by using a personal loan eligibility calculator, available on many sites.
16. How much personal loan can I get with a salary of Rs. 25,000?
Your income is just one of the many factors that determine the loan amount you’re granted. Other factors like your credit score, other debts, previous repayment history all play a crucial factor in deciding the loan amount you’re sanctioned. Use a personal loan eligibility calculator to determine the loan amount you can get.
17. What is the minimum income that I should need for a personal loan in India?
Personal loans are available for individuals with incomes starting from as low as Rs. 15,000 per month.
18. Can I apply for a personal loan jointly with my spouse?
Yes. Applying for a personal loan along with a co-applicant not only increases the chances of eligibility but also qualifies you for a bigger loan amount.
19. What is a personal loan EMI?
The EMI stands for Equated Monthly Installments. This is the amount you’ll have to pay every month to the lender for the entire tenure of the loan. The EMI includes both the principal and interests.
20. Why should I apply for a personal loan online?
Applying for a personal loan online has many benefits like a quick comparison of different lenders, easy online paperless application and quick disbursal.
21. What are the benefits of a personal loan?
22. What are the minimum and maximum loan limits given for personal loans?
Generally, the minimum loan amount is Rs. 50,000 and the maximum amount is Rs 30,00,000. Higher loan amounts are based on a personal discussion that the bank may want to have with the borrower. Then he will decide about the loan amount.
23. How long can I borrow a loan for?
Though the tenure is based on the applicant’s category, the maximum is 60 months.
24. Which is one of the most important factors in choosing a loan?
Credit score is one of the most important factors in choosing a loan. A borrower’s credit score estimates the amount of risk a lender can expect from him/her. Multiple components can impact an individual’s credit score negatively, such as late payments or missing a credit card payment. Having a good credit score can help in increasing a borrower's loan amount.
Tata Capital Launches Instant Digital Loans For CV Customers27 Sep 2023
Tata Capital has come up with the feature of instant digital onboarding for its commercial vehicle customers to give them access to quick financing. This innovative digital product will help SME customers of commercial vehicles to easily meet their...
Read moreTata Capital has come up with the feature of instant digital onboarding for its commercial vehicle customers to give them access to quick financing. This innovative digital product will help SME customers of commercial vehicles to easily meet their funding needs quickly and without any hassles. Tata Capital has partnered with major Original Equipment Manufacturers (OEMs) to ensure customers get a wide choice while buying new commercial vehicles. The process is very simple and seamless. All the pertaining information about the customer is fetched seamlessly through the Vahan APIs, making it easier for the customers. Underwriting is also done with a scorecard and using minimal documentation. The customer is given a sanction letter immediately.
Federal Bank Launches Whatsapp Lending Platform For Pre-Approved Loans 7 Sep 2023
Federal Bank is all set to offer pre-approved loans on whatsapp. Now, loan aspirants can apply for pre-approved personal loans in a quick and hassle free manner by just messaging a 'hi' to the bank's dedicated whatsapp number...
Bank of India EMIs to Go Up As It Hikes Lending Rates By 10 bps Across Tenures 7 Mar 2023
Bank of India has increased its MCLR (Marginal Cost of Funds Based Lending Rate) by 10 bps across all tenures. The new MCLRs will become effective on March 1, 2023. Post this hike, the overnight MCLR will continue to be 7.50%, the 1 month ...
Read moreBank of India has increased its MCLR (Marginal Cost of Funds Based Lending Rate) by 10 bps across all tenures. The new MCLRs will become effective on March 1, 2023. Post this hike, the overnight MCLR will continue to be 7.50%, the 1 month MCLR has increased from 7.85% to 7.95% by 10 bps, the 3-month MCLR has been hiked from 7.90% to 8.00% by 10 bps, and the rate for 6 months has been hiked from 8.15% to 8.25% by 10 bps. The MCLRs for 1 year and 3 years have been hiked from 8.40% to 8.50% by 10 bps and from 8.60% to 8.70% by 10 bps respectively. The hike in MCLR will lead to higher interest rates, which in turn will result in an increase in the loan's monthly payment and duration. It will result in higher EMIs and thus longer loan tenures. It will also have a direct effect on loan eligibility since the borrowing costs of the loan will increase.
SBI Loan EMIs Get Costlier As The Lender Increases MCLR By 10 BPS Across All Tenures 20 Feb 2023
State Bank of India has hiked its marginal cost of funds based lending rate by 10 basis points (bps) following the 25 basis point Repo rate hike by RBI. Thus, home loans, auto loans, and personal loans are set to become costlier. The MCLR is the mini...
Read moreState Bank of India has hiked its marginal cost of funds based lending rate by 10 basis points (bps) following the 25 basis point Repo rate hike by RBI. Thus, home loans, auto loans, and personal loans are set to become costlier. The MCLR is the minimum lending rate below which a bank cannot lend. As per the SBI website, the overnight MCLR rate has been hiked from 7.85 per cent to 7.95 per cent, by 10 bps, effective February 15, 2023. The MCLR for the one-month tenure has also been increased by 10 bps, from 8.00 per cent to 8.10 per cent. The bank has raised its three-month MCLR to 8.10 per cent, from 8.00 per cent. The six-month MCLR has been increased to 8.40 per cent from 8.30 percent earlier.
Finnable offers personal loans without credit score24 Aug 2022
Finnable, a rapidly growing Fintech startup, is now giving loans to benefit people who do not have a credit score. The process is completely digitized, quick, and seamless. An individual can apply for the personal loan either on Finnable's website or...
Read moreFinnable, a rapidly growing Fintech startup, is now giving loans to benefit people who do not have a credit score. The process is completely digitized, quick, and seamless. An individual can apply for the personal loan either on Finnable's website or through their personal loan app. To apply, a person has to create an account, register, and input professional details such as age, employment, etc. Along with applying for instant personal loans, individuals can be aware of how much EMI they have to pay monthly by using Finnable’s personal loan EMI calculator.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application
