×

Overview

about-page-img1

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 loan for personal use is the ideal option.

However, they also come with the EMI cost. The interest 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.

Uses of Personal Loan

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.

Wedding

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 offers from different lenders to choose the right loan for your wedding.

uses-of-personal-img6

Home renovation

Renovating or upgrading your 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.

uses-of-personal-img6

Travel

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.

uses-of-personal-img6

Medical emergency

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.

uses-of-personal-img6

Education

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.

uses-of-personal-img6

Home loan down payment

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.

uses-of-personal-img6

Eligibility Criteria

A Personal Loan 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:

take-loan-icon1

Salaried or a working
professional

take-loan-icon2

Aged between
21 and 60 years

take-loan-icon3

Having a job and a minimum of
3 months experience

take-loan-icon4

Having a minimum of Rs. 25,000
net income per month.

Use our Personal Loan eligibility calculator to ascertain your loan eligibility and apply for a loan.

Documentation Required

documentation-icon1

Photo Identity Proof

  • PAN Card
  • Aadhaar Card
  • Passport
documentation-icon2

Proof of Residence or Address Proof

  • Voter ID
  • Passport
  • Aadhaar Card
  • Electricity Bill
  • Driving License
  • Telephone Bill
documentation-icon3

Income
Proof

  • Last 6 months’ bank statement
  • Last 3 months’ salary slips
documentation-icon4

Employment
Proof

  • Employment Certificate
documentation-icon5

Others

  • Form 16
  • Form 26 AS
  • 2 passport-size photographs

Application Process

  • 1
  • When you connect with us, we take the time to understand your financial requirements.

  • 2
  • We help you compare the best personal loan offers online and choose the product that suits your needs.

  • 3
  • Once you choose a product, we help you apply for the loan. All you need to do is to keep your documentation in order.

  • 4
  • Next, you need to apply online with the chosen bank or NBFC.

  • 5
  • Once you submit your application, the lender takes some time to process it and verify your documentation.

  • 6
  • Finally, you receive the loan amount in your account.

Personal Loan Lowest Interest Rates

Bank Name Minimum Rate Of Interest(%) Loan Amount Loan Tenure Minimum Processing Fees Apply Now
HDFC Bank 10.25 % Rs. 1 LAKH - 90 LAKHS 1 - 6 YEARS Rs. 1999/- Apply Now
IDFC Bank 10.50 % Rs. 1 LAKH - 30 LAKHS 1 - 5 YEARS 1.25 % Apply Now
Indusind Bank 10.50 % Rs. 1 LAKH - 50 LAKHS 1 - 5 YEARS 0.75 % Apply Now
ICICI Bank 10.75 % Rs. 1 LAKH - 90 LAKHS 1 - 6 YEARS Rs. 3999/- Apply Now
Kotak Mahindra Bank 10.75 % Rs. 1 LAKH - 50 LAKHS 1 - 5 YEARS Rs. 999/- Apply Now
Standard Chartered Bank 10.75 % Rs. 1 LAKH - 50 LAKHS 1 - 7 YEARS 1.25 % Apply Now
Yes Bank 10.75 % Rs. 1 LAKH - 50 LAKHS 1 - 6 YEARS Rs. 4999/- Apply Now
Aditya Birla 10.99 % Rs. 1 LAKH - 40 LAKHS 1 - 7 YEARS 2 % Apply Now
Axis Bank 10.99 % Rs. 1 LAKH - 40 LAKHS 1 - 5 YEARS 1 % Apply Now
Axis Finance 12.50 % Rs. Rs. 1 LAKH - 40 LAKHS 1 - 7 YEARS 1.25 % Apply Now
Tata Capital 12.50 % Rs. 1 LAKH - 35 LAKHS 1 - 5 YEARS Rs. 8999/- Apply Now
Bajaj Finserv 14.75 % Rs. 1 LAKH - 40 LAKHS 1 - 5 YEARS 1 % Apply Now
Hero Fincorp 14.99 % Rs. 1 LAKH - 15 LAKHS 1 - 5 YEARS 1 % Apply Now
Finnable 16 % Rs. 1 LAKH - 15 LAKHS 2 - 5 YEARS 1.50 % Apply Now
Fullerton 16 % Rs. 1 LAKH - 25 LAKHS 3 - 5 YEARS 1.50 % Apply Now
Incred 22.00 % Rs. 1LAKH - 7.5 LAKHS 1 - 5 YEARS 1 % Apply Now
PaySense 24 % Rs. 1 LAKH - 10 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

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.

loannew-img2

EMI Calculator

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.

Personal Loan Balance Transfer

A personal loan balance transfer is when a borrower moves their outstanding loan balance from one lender to another. It typically occurs when the new lender offers a lower interest rate on the outstanding loan balance. The primary goal of a personal loan transfer is to reduce the overall debt burden.
You do not need to provide any collateral throughout the loan transfer process. Foreclosure fees, processing fees, etc., are some of the charges you need to pay during the balance transfer process. If you're in the early stages of your loan, refinancing is a good idea. That's when the interest component of your EMI is the highest. Over time, the interest component reduces. Thus, it is advisable to go for a balance transfer in the early stages of your loan to reap the most out of this option.
It is also possible to consolidate your credit card dues into a personal loan for clearing them. If you are not able to pay your credit card bills, you can transfer the balance to a personal loan. This allows you to take advantage of the lower interest rates and longer repayment tenure that personal loans offer. Transferring your credit dues to a loan can also have a positive impact on your credit score as you shift from an expensive line of credit to a cheaper one. Your credit card provider may not always be willing to transfer your debt. So, you could apply for a personal loan with a new lender.
To help you save money on total interest, we help you evaluate various personal loan balance transfer offers and select the best one.
...

Documents required for a balance transfer

  • Identity proof – Passport, Aadhar Card, Driving License, etc.
  • Address proof – Aadhaar Card, Passport, Voter’s ID, etc.
  • Income proof - last 3 months’ salary slips and 6 months’ bank statements
  • Loan sanction documents of the existing loan or the credit card for balance transfer
  • 2 passport-size photographs

Overdraft

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:

loannew-img-icon1

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.

loannew-img-icon1

You can borrow immediately because the amount is pre-approved.

loannew-img-icon1

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.

loannew-img-icon1

Because this facility makes borrowing and repaying easier, you can use it to establish a positive credit history and improve your credit score.

FAQ's

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.