Personal Loan

Personal Loan - Compare Multiple Lenders

Personal loan is a financial product that can be availed for your personal requirements. Also known as a consumer loan, personal loan is provided insecurely by financial organizations based on the criteria such as income level, employment history, credit history, repayment capacity, and profession. It is a multipurpose loan which can be used to meet any immediate requirements.

Features of Personal Loan

  • End use flexibility
  • No requirement of collateral or security
  • Tenure flexibility
  • Quick disbursal
  • Minimal documentation is required
  • Loan amount flexibility

Personal Loan EMI Calculator

Format: 12m, 36m, 3y, 7y

Monthly Payment (EMI):

Total EMIs:

Total Payments:

Total Interest:

The below mathematical formula is used for the calculation of your personal loan EMI.
EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1]

  • P = loan amount,
  • N = he tenure period in number of months,
  • R = rate of interest

You can also calculate your personal loan EMI by our personal loan EMI calculator provided above. Just enter your rate of interest, loan amount, and tenure period variable for calculating the EMI for your personal loan.

Personal Loan Comparison

There are a number of banks, credit unions, and other financial organizations that provide personal loans and you can easily apply for them either offline or online. Though for availing a personal loan, it is important for you to go through the personal loan schemes of various organizations.

You must compare their interest rates, and other fees and charges included by them, before making a decision. Below is a small comparison of personal loan amount, tenure period, interest rate, and processing fee between SBI, HDFC & other lenders.

Bank/NBFC Loan Amount Tenure Interest Rate Processing Fee
SBI Bank Up to ₹20 Lakh 1-6 Years 9.80% p.a. onwards Up to 1.5%
ICICI Bank Up to ₹25 Lakh 1-6 Years 10.50% p.a. onwards Up to 2.5%
Axis Bank Up to ₹15 Lakh 1-5 Years 10.25% p.a. onwards Contact bank for this information
Punjab National Bank Up to ₹20 Lakh 1-7 Years 8.80% p.a. onwards Up to 1.0%
Bank of India Up to ₹20 Lakh 1-3 Years 10.75% p.a. onwards Up to 2.0% of the loan amount
IDBI Bank Up to ₹5 Lakh 1-5 Years 9.50% p.a. onwards Up to 1.0%
Bajaj Finserv Up to ₹25 Lakh 1-5 Years 13.00% p.a. onwards Up to 4.0%
Indian Bank Up to 20 times of monthly gross salary (salaried) 1-7 Years 9.40% p.a. onwards Contact bank for this information
HDFC Bank Up to ₹40 Lakh 1-5 Years 10.75% p.a. onwards Up to 2.50% of the loan amount
Union Bank of India Up to ₹15 Lakh 1-5 Years 9.80% p.a. onwards Up to 1.0% of the loan amount
IndusInd Bank Up to ₹5 Lakh Up to 5 Years 11.00% p.a. onwards Up to 3.50% of the loan amount
Tata Capital Up to ₹20 Lakh 1-6 Years 11.25% p.a. onwards Up to 2.75% of the loan amount
Fullerton India Up to ₹25 Lakh 1-5 Years 11.99% p.a. onwards 3.00% to 6.00% of the loan amount
Kotak Mahindra Bank Up to ₹25 Lakh 1-5 Years 10.50% p.a. onwards Up to 2.5% of the loan amount
CitiBank Up to ₹30 Lakh 1-5 Years 10.50% p.a. onwards 0.50% – 3.00% of the loan amount
Standard Chartered Bank ₹1 Lakh – ₹6 Lakh 1-3 Years 11.00% p.a. onwards Min ₹10,000
Yes Bank ₹50 Thousands – ₹2 Lakh 1-3 Years 20.00% p.a. onwards 2.50% of the loan amount
HDBFS Bank Up to ₹20 Lakh 1-5 Years 14.99% p.a. onwards Up to 2.00%
India Infoline Finance Ltd. Up to ₹25 Lakh 1-5 Years 13.49% p.a. onwards Up to 2.00%
IDFC First Bank Up to ₹5 Lakh 1-5 Years 12.50% p.a. onwards Up to 3.50%

Personal Loan Eligibility

To get qualify for a personal loan; applicants need to fulfill the criteria for personal loan eligibility provided by a lender. These include

Eligibility CriteriaRequirements
Age of applicantMin age: 21 years, Max age: 68 years
Credit Score At least 750 or more (from a certified credit bureau)
Net Monthly IncomeRs.5,000 and above
Employment typeSalaried, Self-employed personnel, Business Owner, Home maker, Student
Work Experience1 – 3 years and above
Employment statusApplicant can be any one of these: Employed, In business for at least 2 years
Max EMI allowedUp to 65% of the salary

Personal Loan Documents

Documents required are required for availing a personal loan. Most NBFCs and Banks have similar guidelines regarding the list of documents. The generic list include

  • Address Proof – Aadhaar Card/ Property Purchase Agreement/ Bank Account Statement/ Lease/ Driving License/ Utility Bill (less than 3 months old)/ Passport.
  • Identity Proof – Aadhar Card/ Driving License/ PAN Card/ Passport/ Voter ID.
  • Income Proof –
    For self-employed: Balance Sheet/ P&L Statement/ ITR (previous year)/ Bank Account Statement.
    For salaried: Form 16/ Bank Account Statement/ Salary Slip.

Personal Loan Interest Rate and Fees

Currently, personal loan interest rates range from 8.95% to 35.99% p.a. Interest rate depends on a number of factors such as your annual income, credit score, existing debt, credit history, and the type of lender choose such as credit union, online lender, or bank. You can shuffle through multiple lenders that provide personal loan plans for finding out the lowest personal loan interest rate option available for you.

Though, personal loan is not just about the interest rate that is being charged on loan amount. There are also a number of other charges and fees associated with personal loans online apply and must be taken into consideration. These mostly include

  • Processing fee (0.5% to 2.50%)
  • Goods and service tax (GST)
  • Verification Charges (differs from lender to lender)
  • Late payment penalty for EMI (differs from lender to lender)
  • Foreclosure or prepayment penalty (2% to 4%)
  • Duplicate Statement Fees (Rs.200 to Rs.500)

Don’t forget to go through Terms & Conditions (T&C) of the personal loan agreement provided by the bank. The page consists of the information of various charges and fees applicable on the instant personal loan.