A personal loan is an unsecured credit that helps you take care of any kind of expense, ranging from wedding expenditures to medical bills. Personal loans can fill multiple financial gaps for you. Since they are secured in nature, you don't have to pledge collateral or security to get the loan. Besides, there is no need to specify the end use.
That is why, from funding your higher education, and home renovation, to foreign vacations and any type of unexpected expense, a best loan for personal use is the ideal option.
However, they also come with the EMI cost. The low interest personal loan rate depends on your loan amount and other several other factors. You can repay the loan, by choosing a repayment term and an EMI size you are comfortable with. To help you find the right personal loan offer, Finbros Capital Advisory offers end-to-end guidance from filling out the application form to submitting paperwork, till you get the money credit into your account. All you need to do is choose a personal loan online. Apply digitally with ease. Receive 360-degree assistance to identify banks and NBFCs offering the most competitive interest rates, and a lot more.
Since a personal loan is a multi-purpose product, you can use it to fulfill any of your financial needs. Here are some of the most common uses of personal loans.
Fund your dream wedding with a quick personal loan. Take care of all your expenses, from pre-wedding events to D-day ceremonies with ease. Whether you are throwing a big fat wedding or a small ceremony, a personal loan will help you fund all your expenses in one go. Compare best loan offers from different lenders to choose the right loan for your wedding.
House Renovation or upgrading your old house can give it an incredible face lift. Be it extending you balcony area or remodeling your kitchen, expenses can easily pile up. Fret not! A personal loan helps you tackle these costs without leaving a dent in your savings. Redesign your home or upgrade it with a personal loan for home renovation.
No more waiting till you've saved enough for your vacation. With a personal loan for travel, you can finance your holiday in the snowy alps of Switzerland or the white expanse of the Great Rann of Kutch. Fund all your travel expenses from airfare to hotel bookings without breaking the bank.
Medical emergencies can be daunting. But, with a personal loan, you can take care of your emergency medical expenses with ease. With a quick personal loan, you don’t have to worry about long processing and disbursal times. Finance all your medical expenses with ease with the right loan.
Education costs have skyrocketed with time. Whether you are working towards a rewarding career or upskilling while working, the right education is expensive. Comfortably finance your higher education needs or your loved ones’ with a personal loan. Take care of tuition costs and living expenses of studying abroad using a personal loan for education.
Eyes set on a property but struggling to make a down payment? Use a personal loan to make a sizeable down payment with ease. Since a home loan covers 75-85% of your property’s cost, use a personal loan to cover 100% of your expenses. When looking for the best bank for personal loan in India, let us help you make the right choice.
A Personal Loans can be availed of by anyone, whether you are a salaried employee, government employee, or a working professional. All you have to do is fulfill basic eligibility conditions laid out by banks and NBFCs. While personal loan eligibility conditions can differ across banks and NBFCs, here are some standard criteria you must be:
Use our Personal Loans eligibility calculator to ascertain your loan eligibility and apply for a loan.
When you connect with us, we take the time to understand your financial requirements.
We help you compare the best personal loan offers online and choose the product that suits your needs.
Once you choose a product, we help you apply for the loan. All you need to do is to keep your documentation in order.
Next, you need to apply online with the chosen bank or NBFC.
Once you submit your application, the lender takes some time to process it and verify your documentation.
Finally, you receive the loan amount in your account.
| Bank Name | Minimum Rate Of Interest(%) | Loan Amount | Loan Tenure | Minimum Processing Fees | Apply Now |
|---|---|---|---|---|---|
| Indusind Bank | 10.25 % | Rs. 1 LAKH - 50 LAKHS | 1 - 5 YEARS | 1 % | Apply Now |
| HDFC Bank | 10.35 % | Rs. 1 LAKH - 99 LAKHS | 1 - 6 YEARS | Rs. 5899/- | Apply Now |
| ICICI Bank | 10.70 % | Rs. 1 LAKH - 99 LAKHS | 1 - 6 YEARS | Rs. 4999/- | Apply Now |
| IDFC Bank | 10.75 % | Rs. 1 LAKH - 50 LAKHS | 1 - 5 YEARS | 1% | Apply Now |
| Yes Bank | 10.99 % | Rs. 1 LAKH - 50 LAKHS | 1 - 6 YEARS | 1% | Apply Now |
| Kotak Mahindra Bank | 11 % | Rs. 1 LAKH - 50 LAKHS | 1 - 5 YEARS | 1 % | Apply Now |
| Tata Capital | 11.75 % | Rs. 1 LAKH - 35 LAKHS | 1 - 5 YEARS | Rs. 7000/- | Apply Now |
| Piramal Finance | 12.99 % | Rs. 1 LAKH - 20 LAKHS | 1 - 7 YEARS | 2 % | Apply Now |
| Credit Siason | 13 % | Rs. 1 Lakh - 15 Lakhs | 1 - 5 YEARS | 1.50% | Apply Now |
| Shriram Finance | 13 % | Rs. 1 Lakh - 15 Lakhs | 1 - 5 YEARS | 1 % | Apply Now |
| Aditya Birla | 13.50 % | Rs. 1 LAKH - 50 LAKHS | 1 - 7 YEARS | 1.50 % | Apply Now |
| Axis Bank | 13.50 % | Rs. 1 LAKH - 50 LAKHS | 1 - 5 YEARS | 1 % | Apply Now |
| Axis Finance | 13.50 % | Rs. Rs. 1 LAKH - 50 LAKHS | 1 - 7 YEARS | 1.25 % | Apply Now |
| Incred | 13.99 % | Rs. 1 LAKH - 10 LAKHS | 1 - 5 YEARS | 5 % | Apply Now |
| Fullerton | 14 % | Rs. 1 LAKH - 25 LAKHS | 3 - 5 YEARS | 2.50 % | Apply Now |
| PaySense | 15 % | Rs. 1 LAKH - 7.5 LAKHS | 1 - 5 YEARS | 4 % | Apply Now |
| Muthoot Finance | 15.50 % | Rs. 1 Lakh - 20 Lakhs | 1 - 5 YEARS | 2.85 % | Apply Now |
| Finnable | 18.99 % | Rs. 1 LAKH - 10 LAKHS | 2 - 5 YEARS | 4 % | Apply Now |
| Hero Fincorp | 19 % | Rs. 1 LAKH - 7.5 LAKHS | 1 - 5 YEARS | 2 % | Apply Now |
Disclaimer: The loan amount, loan tenure, processing fees, loan interest rate & other credit factors may vary from case to case & are subject to change according to the lender & government policies. (This DISCLAIMER can be used for all the loan products)
Processing fee is one of the key charges you pay on a personal loan. It is a one-time fee levied by your lending bank or NBFC for processing your personal loan application. This charge goes towards the administrative costs that the lender has to bear for processing and sanctioning the loan. The amount gets deducted from your loan amount at the time of the disbursement of funds.
Finbros Capital Advisory helps you compare different options and find the right personal loan with the lowest processing fees.
An EMI calculator for a personal loan is a simple tool that computes the monthly installment that you need to pay monthly towards the successful repayment of your loan. Simply enter the loan amount, desired loan tenure, and the rate of interest, and our personal loan calculator will instantly calculate the EMI and the interest payable.
Use our personal loan EMI calculator before applying for a loan.
An overdraft facility on your existing loan allows you to withdraw additional funds up to an agreed limit, as and when you need to. Here, you are charged a rate of interest only on the amount you use. The repayment process is also hassle-free since you can repay the borrowed amount at your convenience within the overdraft loan repayment tenure. This facility is excellent for those times when you’re in urgent need of funds. Since the amount is pre-sanctioned, you can borrow money immediately. Because you already have a relationship with the lender, the paperwork involved is minimal. If you make timely repayments on your overdraft, you can improve your credit score too.
Here are some important things to know about the overdraft facility:
The interest rate for a personal loan is minimal. Furthermore, you only have to pay interest on the portion of the funds that you utilize, not the entire amount. This makes it easier to pay back your debt.
You can borrow immediately because the amount is pre-approved.
There are no restrictions on how you use the money from the loan, so you can use it for any purpose —personal, professional, planned, or unanticipated needs.
Because this facility makes borrowing and repaying easier, you can use it to establish a positive credit history and improve your credit score.
You can avail of a personal loan for a variety of reasons. Be it wedding, travel, medical expenses, home renovation, travel, debt consolidation, or any other general-purpose, you can take a personal loan online. Apply digitally and instantly access the funds to tend to your financial need.
The basic documentation you need to submit while applying for a personal loan is as follows:
Identity Proof
1. PAN Card
2. Aadhaar Card
3. Passport
Proof of Residence or Address Proof
1. Voter ID
2. Passport
3. Aadhaar Card
4. Electricity Bill
5. Driving License
6. Telephone Bill
Income Proof
1. Last 6 months’ bank statement
2. Last 3 months’ salary slips
Employment Proof
1. Employment Certificate
Others
1. Form 16
2. Form 26 AS
3. 2 passport-size photographs
a. Quick loan application processing and fund disbursal
b. No collateral or security is needed
c. Flexible EMI plans
d. Minimal documentation
e. Overdraft facility
No. In the process of a personal loan, you don’t have to provide any collateral, security, or guarantors.
As a salaried employee or working professional, you can get a personal loan in India.
Your personal loan eligibility relies on your monthly income, job stability, credit or CIBIL score, and work experience. The principal amount you can borrow also depends on these factors. Checking your loan eligibility in advance makes your loan approval process much smoother.
Here are the standard personal loan eligibility criteria for most banks and NBFCs:
1. You must be salaried or a working professional
2. You should be aged between 21 and 60 years
3. You should have a work experience of at least 2 years
4. You must earn a minimum of Rs. 20,000 per month.
You can use a personal loan eligibility calculator to compute your eligibility.
All you need to do is input your loan amount, desired tenure, and rate of interest, and the calculator computes your EMI amount and interest payable.
When repaying a personal loan, you pay the entire principal amount, interest charges, processing fees, and other charges as applicable.
With a personal loan balance transfer, get the following benefits:
1. Lower EMIs
2. Lower rate of interest
3. Top-up loan facility
4. Better services
Yes, you can prepay your loan fully or partly. However, the lender will charge a prepayment penalty for allowing borrowers to do so, usually 3-5% of the loan amount. To save the maximum amount of interest, it is advisable to prepay your loan fully in its initial stages.
You can also choose to prepay in part when you have idle cash but not equivalent to the outstanding loan amount. Do keep in mind that this will be beneficial only when you pay a substantial amount of the outstanding loan.
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