Things you should know about Personal Loan:

What is Personal Loan?

Personal Loan is kind of unsecured loan people take for their personal needs (health, wedding, education, business, home renovation etc.

Bank doesn’t take any mortgage for this kind of loan in the lowest interest rate. Even the documentation is not so much for a personal loan.

Now we will know about 8 most important things about a personal loan.

  1. Personal Loans are a type of installment loan. Which means borrower will borrow a fixed amount of loan from bank and borrower has to pay it back by installments in 12 to 84 months with interest. Once you have paid the loan your account gets closed.
  2. Banks are probably the first place you can remember if you are thinking of getting a personal loan. There are also other financial institutions and NBFCs, credit unions who give personal loans.
  3. If you only need 3Lakhs only borrow 3Lakhs from the bank don’t borrow excessive money only because you are eligible. You must have received cold calls, e-mails from a bank but don’t fall for it.
  4. Banks and other financial institutions who give the personal loan always checks the CIBIL Score before giving you personal Loan. So you have to maintain the score you have to pay your EMIS timely. Because if you have high CIBIL Score your interest rate will be lower.
  5. Processing Fees of personal loans are 2.0%-5.0%. And some banks also don’t have the processing fees for the personal loan.
  6.  Personal Loans are more difficult to get because it is an unsecured loan so the bank can’t take any of your property if you can’t pay the loan and interest rate higher than any other loan.
  7. Personal Loans have fixed interest rate it doesn’t change by time if you got a loan on 15% interest rate till the last date of your repayment it would be the same.
  8. Penalty Charges are heavy on personal loans if you missed an EMI that financial institution have right to charge you. And it also affects your CIBIL Score. So pay your loan on time.

Now we are giving a list of financial institutions and their interest list of Personal Loan

BANK NAMELOAN AMMOUNTLOAN TENURELOAN INTEREST PRE CLOSURE CHARGEProcessing Fee Range
Allahabad BankMinimum-50,000
Maximum-7.5 lakhs.
        1-5 years11.60%-13.60%2.25% of outstanding balance only in case of taking over.1.22%(minimum 1,228)
    Axis BankMinimum-50,000
Maximum-15 lakhs.
        1-5 years15.75%-24.00%           NIL2.00%+service charge applicable.
  Andhra BankMinimum-50,000
Maximum-1,50,000
        1-5 years     11.55%-16.00%               NIL   NIL   
   HDFC BankMinimum-50,000
Maximum-25 lakhs.
        1-5 years10.99%-21.25%Between 2% to 4% of the outstanding principal.     Upto 2.50%
  State Bank Of      IndiaMinimum-25,000
Maximum-15 lakhs.
        1-5 years10.75%-15.55%Between 2% to 4% of the outstanding principal.   1.01% of the     loan amount
    ICICI BankMinimum-50,000
Maximum-40 lakhs.
        1-5 years   10.99%-18.49%5% of outstanding principal + GST0.99% to 2.25%
    IDBI BankMinimum-50,000
Maximum-10 lakhs.
       1-5 years     10.99%-18.49%   2% of outstanding principal.1%+ S.T charges
      Yes BankMinimum-2 lakhs
Maximum-20 lakhs.
      1-5 years      14% per annum.Within 12 to 24 months: 4%
Within 24 to 36months: 3%
Within 36 to 48 months: 2%
After 48 months: No charges.
     2% of the         principal minimum 999
Indiabulls BankMinimum-
Maximum-15 lakhs
      1-5 years     11.99% onwards5% if less than 6 months.        Upto 5%
Capital firstMinimum-50,000
Maximum-4 Lakhs
     1-5 years          12%-16%4% of outstanding2% of the principal
Aditya BirlaMinimum-25,000
Maximum-15 lakhs
     1-5 years         11.00%-13.75%4% of principal outstanding in 1st year, 3% in the 2nd year, and thereafter preclosure permitted after 6 months.1% of principal.
FullertonMinimum-65,000
Maximum-25 Lakhs
     1-5 years         14.00%-33.00%4%of outstanding principal.  Up to 2.00%
Bajaj FinanceMinimum-1 lakh
Maximum-25 lakh
     1-5 years         13%-16%           NIL    1.5%-2.00%
UBI(United Bank Of India)Minimum-
Maximum-2 lakhs
     1-3 years     13.45%-14.20%               NIL 1% of principal.
BOB(Bank of Baroda)Minimum-50,000
Maximum-10 lakhs.
    1-4 years     11.80%-16.80%Within 6 months it costs 6% after six months no charges.2% minimum rupees 250
PNB(Punjab National Bank)Minimum-
Maximum-10 Lakhs.
    1-5 years    12.00%-15.00%               NIL1.8%+ Taxes
OBC(Oriental Bank Of Commerce)Minimum-
Maximum-5 Lakhs
 6months-5years         10.65%-11.65%NIL0.5% Minimum RS.500
BOI(Bank Of India)Minimum-10,000
Maximum-5 Lakhs
     1-3 years     12.00%-14.00%  2% or 1,000+10,000+ Tax.
Indusind BankMinimum-50,000
Maximum-25 Lakhs
     1-5 years         11%-16%4% of the outstanding principalMinimum 1% maximum 2.50%
Standard Chartered BankMinimum-
Maximum-
     1-5 years         10.99%-14.49%               NIL   999 almost.
TATA CapitalMinimum-1 lakhs
Maximum-20 lakhs.
     1-5 years    11.50%-17.25%4% of the outstanding principal.       upto2%
UCOMinimum-50,000
Maximum-10 Lakhs
      1-5 years     11.35%-12.70%
For Woman-11.20%
 1% minimum RS.750
Syndicate BankMinimum-50,000
Maximum-2 Lakhs
      1-5 years         12.25%-13.50%               NIL0.5%minimum RS.500
Kotak Mahindra BankMinimum-
Maximum-25 Lakhs.
     1-5 years    10.99%-20.99%5% of outstanding principal.   Up to 2.5%
Citi BankMinimum-
Maximum-30 Lakhs
     1-5 years         11.49%-17.99%2%-4% as applicable.Upto 0.50%
Dena BankMinimum-15,000
Maximum-1 Lakhs
        1-3years     13.00%-14.00% 1% of principal
Federal BankMinimum-
Maximum-10 Lakhs
     1-5 years         11.75%-14.65%        NIL0.5%minimum RS.500

Documents required for Personal Loan:

  • KYC DOCUMENTS:
  • Pan Card
  • Adhaar Card
  • Voter’s ID
  • Passport  Size Photo
  • Driving License
  • A canceled cheque
  • INCOME DOCUMENTS, PROOF OF EMPLOYMENT:
  • Salaried: Last 3 years of PAYSLIPS, 6 months salary account bank statement.
  • Most recent salary certificate with form16.

Installments applicant is currently paying, all the numbers of credit cards.

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Interest rate start 10.75% * Upto 40 Lacs
Loan Duration: 12 - 60 months*

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