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Get Personal Loans Starting from Just 10.75%!
A personal loan is a convenient financing option in times of need. Banks and financial institutions advance personal loans to salaried individuals solely based on the borrower’s ability to repay the Loan from his monthly income.
Loans are provided to applicants with minimal documentation and a speedy process for easy fund availability. Expenses incurred via Personal Loans can be for higher studies, renovation of the residence/workplace, marriage of a loved one, high-end consumer products, vacations, medical emergencies, etc.
Are you worried about sudden expenditures?
A “Personal Loan“ is the answer to your immediate funding requirement.
Personal loans are versatile and can be customized to meet your specific financial goals. Whether you're planning a wedding, covering medical expenses, or consolidating debt, there’s a personal loan tailored for you. Explore the various types below:
A Personal loan is an unsecured loan issued with any security or guarantees to salaried individuals with the following prominent features:
| Loan Provider | Foreclosure | Part-payment | Charges |
|---|---|---|---|
| HDFC Bank | After 12 EMI | Not Permitted | NA |
| ICICI Bank | After 24 EMI | After 1 EMI | 3% |
| Axis Bank | After 12 EMI | After 3 EMI | 3% |
| YES Bank | After 12 EMI | Not Permitted | NA |
| Kotak Bank | After 12 EMI | Not Permitted | NA |
| Charges Applicable | Details |
|---|---|
| Cheque Bounce Charges | Rs. 500 per cheque bounce + Service Tax as applicable |
| Cheque / Instrument Swap Charges | Rs. 500 per instance + Service Tax as applicable |
| Prepayment / Foreclosure Charges | Nil |
| Default Interest Rate | @24.00% per annum, i.e. 2% per month on the overdue instalment |
| Duplicate Statement Issuance Charges | Rs. 250 per instance + Service Tax as applicable |
| Duplicate Amortization Schedule Charges | Rs. 250 per instance + Service Tax as applicable |
| Duplicate Interest Certificate Issuance Charges | Rs. 250 per instance + Service Tax as applicable |
| CIBIL Report Issuance Charges | Rs. 50/- per instance per set + Service Tax as applicable |
| Stamp Duty Charges | As per the State Stamp Act |
| Issuance Charges for Photocopy of the Loan Agreement / Documents | Rs. 250 per instance + Service Tax as applicable |
The personal loan interest rate ranges from 10.99% to 22.00%, charged on a monthly reduction basis, which remains fixed for the entire loan tenure. The calculation for the rate of interest applicable is calculated based on the following:
The interest rate charged for a higher loan amount is the lowest. Applicants applying for a loan amount of ₹ ten lakhs and above will be charged the lowest interest rate, whereas requirement for lesser loan amounts will be charged a higher rate.
Applicants earning higher income are offered premium rates; applicants earning lower salaries are charged higher interest rates for loan amounts.
Top listed companies are given special offers for the rate of interest applicable; depending on the individual policy, Banks apply interest rates as per the company category in the approved list of companies.
The processing fee is a one-time file charge levied as per the lender’s policy, ranging from nil to 2.5% of the loan amount. The applicable processing fee is deducted from the loan amount upon approval and disbursal of the loan. The processing fee is calculated based on the following factors:
Processing fees are charged as a percentage of the loan amount. Applicants opting for a higher loan amount are often eligible for discounts. A standard processing charge is applicable for loan amounts above ₹10 lakhs.
Employees working with companies listed under the lender’s preferred or premium category are charged minimal processing fees and can conveniently apply for a personal loan online.
Existing bank customers who hold or have previously held a salary account or any other credit relationship with the lender are entitled to a lower processing fee while applying for a personal loan.
| Loan Provider | Interest Rate | Processing Fees | Tenure | Loan Amount |
|---|---|---|---|---|
| HDFC Bank | 10.75% – 16% | ₹ 5,600/- | 12 to 84 months | ₹ 1 lakh to ₹ 75 lakhs |
| ICICI Bank | 11% – 16% | ₹ 6,999/- | 12 to 72 months | ₹ 1 lakh to ₹ 50 lakhs |
| Axis Bank | 11% – 18% | 1% | 12 to 72 months | ₹ 1 lakh to ₹ 35 lakhs |
| YES Bank | 11% – 18% | 1.50% | 12 to 72 months | ₹ 1 lakh to ₹ 25 lakhs |
| Kotak Bank | 11% – 18% | 1.50% | 12 to 72 months | ₹ 1 lakh to ₹ 30 lakhs |
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A Personal loan is an unsecured credit given to meet current financial needs. Individuals needing funds for lifestyle or emergency needs can apply to leading banks and NBFCs.
A Personal loan is conveniently processed using readily available documents. Salaried employees and Self-employed persons with a regular income can readily secure funds when required as a Personal loan.
To get a Personal loan, a loan seeker needs to apply to a lender; leading Personal loan givers are HDFC Bank, ICICI Bank, Axis Bank, and Kotak Bank.
After processing, the approved loan amount is transferred to the applicant’s bank account in a single transfer. These funds can be used as needed, without any restrictions.
The borrower must repay the loan amount, including interest, to the lender in equal instalments over a fixed term. As a Personal loan requires no security to receive funds, lenders seek surety of repayment via verification and documentation.
Any citizen of India aged 21 or above with a regular income of 25,000/- or more is eligible to apply for a Personal loan. The applicant should have a Bank account to show consistent income and valid documents to prove identity and contactability.
Though the essential criteria are similar, Lenders offering Personal loans can specify their terms and conditions for the segment they are ready to serve.
Funds received as a Personal loan are meant to realise lifestyle expenses. They can be used for various purposes such as family celebrations, vacation expenses, school fees, and even debt consolidation. Medical emergencies and hospital expenses can also be met with a Personal loan.
A valid reason must be provided when applying for a Personal loan; if the purpose is deemed invalid, the application may be rejected. The loan amount cannot be used for investments or nefarious activities.
With digitalisation, Banks have been speeding up processes. Advertising a” Personal loan in 10 seconds,” which may not work for most applicants, the turnaround time has been reduced, particularly for applicants with a pre-approved offer or a salary account.
The average application process time for a Personal loan is 3 to 5 working days, from application to receiving funds.
No charges are to be given upfront when applying for a Personal loan, neither in cash nor by a banker’s instrument. Banks and NBFCS charge fees on the approved loan amount after the application is processed.
The processing fees range from 0% to 2.5% of the disbursed loan amount, depending on the policy. This amount is deducted from the approved and transferred loan amount and transferred to the Bank account.
The minimum amount given as a personal loan is ₹ 50k, and the maximum is ₹ 35 lakhs.
An applicant is free to apply for the amount needed, but it is the lender's prerogative to decide the loan amount to be issued. Banks and NBFCS that forward personal loans use their own matrices to calculate loan eligibility.
The primary concerns are the loan's affordability and the borrower's ability to repay the monthly instalment.
Personal loans are not taxable, as they are borrowed funds to be repaid with interest.
The GST @ 18% applies to process fees and any amounts imposed as penalties, such as unrealised cheques and delayed monthly instalment payments.
GST is also payable on all extra services provided by the Bank in connection with a Personal loan, such as duplicate statements, a change of Bank for instalment payments, and foreclosure penalties.
The CIBIL (Credit Information Bureau of India Ltd) records and shares individuals' credit transactions, including the number of loans and credit cards, as well as the payments made toward them.
Banks are keen to deal with individuals with a good CIBIL score, as it reassures them of timely repayments.
