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Personal Loan is an unsecured loan taken to meet sudden financial requirements. It is often used for various purposes, such as managing wedding expenses, covering travel fees, handling medical emergencies, consolidating debt, renovating a home, and more.
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Personal Loan Provider in Faridabad advances funds entirely based on the borrower's ability to repay the loan amount from his monthly income. We help borrowers with documentation and speed up the process for
Personal Loans in Faridabad.
Interest Rates of Major Banks Personal Loan Providers in Faridabad
| Loan Provider |
Interest Rate |
Processing Fees |
Tenure |
Loan Amount |
| HDFC Bank |
10.65% - 18% |
0.5% - 2% of the loan amount |
12-72 months |
₹ 50k-30 lakhs |
| ICICI Bank |
11.00% - 20% |
1% - 2.5% of the loan amount |
12-60 months |
₹ 50k-25 lakhs |
| AXIS Bank |
11.99% - 22% |
2% of the loan amount |
12-60 months |
₹ 50k-20 lakhs |
| YES Bank |
11.00% - 18% |
0.5% - 2.5% of the loan amount |
12-60 months |
₹ 50k-30 lakhs |
Significant Features of a Personal Loan in Faridabad
The essential components of a Personal Loan are similar to most Banks and NBFCs, and Individual lenders add their own as per the lending policy.
- An applicant can Apply For a Personal Loan in Faridabad for an amount of ₹50k to ₹ 40 lakhs as a Personal Loan, depending on the eligibility criteria.
- The tenure applied for loan repayment extends from 12 to 72 months, sanctioned according to the repayment ability.
- The repayment is made via EMI or equated monthly installments deducted from the bank account.
- The loan amount is intended for personal use only and cannot be used for investments or property purchases.
- The interest is applied monthly to the reduced principal loan amount at an annual fixed rate.
- The interest rate is decided at the disbursement and remains fixed for the entire tenure.
- An Instant Personal Loan in Faridabad is quickly and conveniently processed within 72 hours.
Eligibility Criteria for a Personal Loan
- Personal Loans are issued to all citizens of India above the age of 23, and the EMI can be paid up to a maximum of 60 years.
- A graduate or above educational qualification is required to Apply for a Personal Loan in Faridabad.
- The minimum salary required is ₹30k and above, which should be transferred to the customer's Bank account on a designated date.
- To be eligible for a Personal Loan in Faridabad, an applicant must have continuous work experience of 24 months or more.
- The applicant's employer must be approved, and the company should be featured on the bank's approved company list.
- The minimum CIBIL Score required to process a Personal Loan is 720 points some Banks issue Personal Loans without a Credit score.
Benefits of a Personal Loan
- A Personal Loan is unsecured and issued without any security or guarantee based on KYC and income documents.
- A Personal Loan is instant credit processed within 72 hours when required in an emergency.
- Funds transferred as a Personal Loan can be used at the applicant's discretion.
- The terms for a Personal Loan are flexible and convenient, with a reasonable interest rate for an instant loan in Faridabad.
- An applicant can quickly Apply for Personal Loan Online in Faridabad to receive funds.
- With a regular repayment record, an unsecured Personal Loan helps build a good credit score.
Personal Loan Types
Leading Banks and Personal Loan Providers in Faridabad process. Personal Loans according to the customer's requirements:
- Personal Loan In Faridabad
Applicants in Faridabad who need a personal loan can contact Yourloanadvisors.com, a Personal Loan Agent in Faridabad who provides funds from leading banks at the lowest interest rate. Customers can Apply For a Personal Loan Online in Faridabad or provide hard copies of the documents.
- Parallel or secondary loan
Banks and NBFCs offer Parallel Loans in Faridabad and are keen to fund existing customers with on-time repayment records. Loan amounts are appended according to the applicant's eligibility criteria and repayment capacity. The terms of the parallel loan can differ from those of the existing loan.
- Top Up Personal Loan in Faridabad
As the term denotes, extra funds can be added to a Personal Loan when required. The Top-up personal loan allows a customer to increase the existing loan amount and continue to pay a single EMI for the restructured loan after adding the Top-up amount.
- Personal loan Balance transfer in Faridabad
Customers with numerous Personal Loans can face issues related to managing the EMI and keeping track of the loans. With a Personal Loan Balance Transfer in Faridabad, the loans can be consolidated under a single umbrella. Leading Banks offering to transfer the Balance of external loans are HDFC Bank, ICICI Bank, Axis Bank and YES Bank.
What are the Steps to Process a Personal Loan?
- Determine the Loan amount required and check your eligibility with the help of our EMI Calculator.
- Identify the right Personal Loan Lender who can fulfil your loan needs.
- Assimilate the Documents required to apply physically or for an Online Personal Loan in Faridabad.
- Fill in the application form and submit with documents as hard copies or process online.
- The Bank conducts a CIBIL check to confirm whether the CIBIL Score exceeds the required benchmark.
- Physical verification is conducted at the applicant's office and residence premises.
- The application then moves to the Underwriter of the Bank, who studies the customer inputs and gives a decision.
- After the customer accepts the loan terms, the amount approved is transferred to the applicant's account.
What are the Personal Loan Charges?
The primary charges for a Personal Loan are as follows:
Interest Rate: The interest rate is the cost of funds for a
Personal Loan and ranges from 10.65% to 20%. The personal loan interest is fixed at the time of disbursal and charged at a monthly reducing principal balance. The interest rate varies from Bank to Bank according to the individual policy. Significant factors influencing the interest rate include:
- The employer's status is in the Approved Company Category List of the Bank.
- The applicant's income and net salary is transferred monthly to the account.
- The Loan amount: applicants eligible for a loan amount of ₹ ten lakhs and above are offered the best interest rates.
Processing Fees: The file or processing charges are levied on approved cases. Banks have varied process charges, from .5% to 2.5% of the loan amount disbursed. Others, such as the HDFC Bank, charge a standard amount of 4700/- to 5700/- irrespective of the loan amount disbursed. No amount is to be given upfront; the fees are deducted from the loan amount sanctioned.
Foreclosure and Part Payment Charges: An applicant keen to repay a part or the complete amount of the loan before the expiry of the tenure will be allowed to do so after the payment of 12 EMI. A charge applies to the amount paid from 2% to 5% per the lender's policy.
Documents Required for Processing
KYC Documents
Proof of Identity - Passport / Driving License / Voter ID (any one)
Proof of Residence - Leave and License Agreement / Utility Bill (not more than three months old) / Passport (anyone)
Aadhaar Card Copy
2 Passport Size Photographs
For Income Proof
Pan Card Copy
The last three months bank statement (where salary/income is credited)
Salary slips for the last three months
Form 16 (latest)
91-9711165183
