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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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