Personal Loan
Dream vacation, emergency expenses or alternate loan repayments, Urban Money takes care of your financial health via instant personal loans. With a maximum limit of ₹50 lakhs, we ensure you get the lowest personal interest rate, starting at 8% p.a.
Unlock Best Personal Loan Offers From 20+ Lenders
Best Personal Loan Interest Rates Available from India's Top Banks
Interest Rate
27%
Loan Amount
₹1K - ₹4L
EMI Per Lakh
₹3,054
Processing Fees
We offer a 2.50% interest rate per month (Equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.... more
Pre-Payment Charges
--Quick Approval
Interest Rate
15% - 36%
Loan Amount
₹50K - ₹5L
EMI Per Lakh
₹2,379 - ₹3,613
Processing Fees
3-5% with Minimum Proc. Fee of INR 1500 + GST
Pre-Payment Charges
Quick Approval
Interest Rate
18% - 25%
Loan Amount
₹2L - ₹20L
EMI Per Lakh
₹2,539 - ₹2,935
Processing Fees
--
Pre-Payment Charges
--Interest Rate
16.37%
Loan Amount
₹50K - ₹10L
EMI Per Lakh
₹2,452
Processing Fees
Up to 2% of the loan amount
Pre-Payment Charges
Interest Rate
16% - 36%
Loan Amount
₹5K - ₹5L
EMI Per Lakh
₹2,432 - ₹3,613
Processing Fees
--
Pre-Payment Charges
--Quick Approval
Interest Rate
16% - 32%
Loan Amount
₹20K - ₹3L
EMI Per Lakh
₹2,432 - ₹3,359
Processing Fees
Up to 4% of loan amount- Up to 4% of the prepaid amount after 1st EMI
- Up to 4% of the outstanding amount after 1st EMI
Pre-Payment Charges
Part payment charges
Foreclosure charges
Quick Approval
Interest Rate
14.99% - 24.99%
Loan Amount
₹1L - ₹10L
EMI Per Lakh
₹2,378 - ₹2,935
Processing Fees
Up to 10% of loan sanctioned
Pre-Payment Charges
Interest Rate
14.75% - 16.25%
Loan Amount
₹3L - ₹3L
EMI Per Lakh
₹2,366 - ₹2,445
Processing Fees
Up to 1% of loan amount
Pre-Payment Charges
Interest Rate
14% - 23%
Loan Amount
₹1L - ₹20L
EMI Per Lakh
₹2,327 - ₹2,819
Processing Fees
Up to 2% of loan amount- Between 13 to 18 months: 5% of outstanding principal.
- After 18 months: 3% of outstanding principal.
- After 12 regular EMIs: NIL
Pre-Payment Charges
Interest Rate
13.99% - 42%
Loan Amount
₹50K - ₹75L
EMI Per Lakh
₹2,326 - ₹4,009
Processing Fees
2.00% - 5.00%
Pre-Payment Charges
Quick Approval
Interest Rate
13.99%
Loan Amount
₹1K - ₹15L
EMI Per Lakh
₹2,326
Processing Fees
3% onwards
Pre-Payment Charges
Interest Rate
13% - 28%
Loan Amount
₹1L - ₹30L
EMI Per Lakh
₹2,275 - ₹3,114
Processing Fees
Up to 3% of the loan amount- Pre-closure Charges - Rs 1,000 + GST
- If part pre-payment is equal to 20% of the total amount disbursed- NIL
- If part pre-payment is greater than 20% of the total amount disbursed- 3% + GST
- No prepayment allowed in the first 12 months from the date of disbursement
- Part prepayment amount should be greater than or equal to total 3 EMIs
- No charges for payment through mobile apps/portal
- Part prepayment of loan facility towards limit reduction is not available
- For Term Loan: 4% of the principal outstanding + GST
- For Flexi Personal Loan: 4% of the withdrawn amount + GST
- Foreclosure is allowed only 12 months after the loan disbursal Also know the processing fee for personal loan
Pre-Payment Charges
For Flexi Personal Loan:
Foreclosure Charges
Interest Rate
13% - 25%
Loan Amount
₹1L - ₹5L
EMI Per Lakh
₹2,275 - ₹2,935
Processing Fees
Up to 3% of loan sanctioned
Pre-Payment Charges
--Interest Rate
12.99%
Loan Amount
Up to ₹30L
EMI Per Lakh
₹2,275
Processing Fees
--
Pre-Payment Charges
--Interest Rate
12.75% - 44%
Loan Amount
₹5K - ₹5L
EMI Per Lakh
₹2,263 - ₹4,144
Processing Fees
Up to 2%-6% of loan amount
Pre-Payment Charges
Interest Rate
12.15%
Loan Amount
₹1L - ₹5L
EMI Per Lakh
₹2,232
Processing Fees
--
Pre-Payment Charges
--Interest Rate
12% - 20%
Loan Amount
₹50K - ₹7L
EMI Per Lakh
₹2,224 - ₹2,649
Processing Fees
... more- Consumer Loan: Up to 2% of principal outstanding plus applicable taxes
- Micro Loan: 1% of loan amount plus applicable taxes
- Consumer Loan: Up to 5% of prepaid amount plus applicable taxes (Part prepayment of up to 25% allowed twice per year)
- Consumer Loan: 5% of outstanding principal amount plus applicable taxes
- Micro Loan: Nil
Pre-Payment Charges
Part Prepayment Charges
Foreclosure Charges
Quick Approval
Interest Rate
12% - 42%
Loan Amount
Up to ₹3L
EMI Per Lakh
₹2,224 - ₹4,009
Processing Fees
Upto 5% of the sanctioned loan amount
Pre-Payment Charges
--Interest Rate
12% - 17%
Loan Amount
₹1L - ₹25L
EMI Per Lakh
₹2,224 - ₹2,485
Processing Fees
Up to 2% of loan amount (Min. Rs 2,500 & Max. Rs 8,500)
Pre-Payment Charges
--Interest Rate
11.99% - 25%
Loan Amount
₹50K - ₹25L
EMI Per Lakh
₹2,224 - ₹2,935
Processing Fees
Processing Fee:6.00%
Pre-Payment Charges
Interest Rate
11.49% - 16.49%
Loan Amount
₹1L - ₹30L
EMI Per Lakh
₹2,199 - ₹2,458
Processing Fees
--- Before completion of 12 EMIs: 2% of outstanding principal
- After completion of 12 EMIs: 1% of outstanding principal
Pre-Payment Charges
Interest Rate
11% - 37%
Loan Amount
₹20K - ₹40L
EMI Per Lakh
₹2,174 - ₹3,678
Processing Fees
Up to 3.93% of loan amount
Pre-Payment Charges
Quick Approval
Interest Rate
11% - 24%
Loan Amount
₹50K - ₹10L
EMI Per Lakh
₹2,174 - ₹2,877
Processing Fees
--
Pre-Payment Charges
--Interest Rate
11%
Loan Amount
-
EMI Per Lakh
₹2,174
Processing Fees
NIL
Pre-Payment Charges
Interest Rate
11% - 15.5%
Loan Amount
₹25K - ₹5L
EMI Per Lakh
₹2,174 - ₹2,405
Processing Fees
--
Pre-Payment Charges
--Interest Rate
11% - 12.4%
Loan Amount
-
EMI Per Lakh
₹2,174 - ₹2,245
Processing Fees
Up to 2% of the loan amount- 5% Pre Closure Charge
- After 6 months of account opening – 5%
- Within 6 months of account opening – 6%
Pre-Payment Charges
Prepayment Charges
Interest Rate
11% - 30%
Loan Amount
Up to ₹10L
EMI Per Lakh
₹2,174 - ₹3,235
Processing Fees
Up to 5% of the loan amount- 5% of the outstanding loan (if paid before 12 months)
- 3% of the outstanding loan (if paid after 12 months ) /ul>
- Not allowed
Pre-Payment Charges
Foreclosure charges
Part foreclosure
Interest Rate
11% - 14%
Loan Amount
₹50K - ₹10L
EMI Per Lakh
₹2,174 - ₹2,327
Processing Fees
--
Pre-Payment Charges
--Interest Rate
10.99% - 20%
Loan Amount
₹1L - ₹40L
EMI Per Lakh
₹2,174 - ₹2,649
Processing Fees
Up to 2%- Allowed if borrower has paid at least 12 EMIs.
- 20% of principal outstanding (13-24 months of EMI repayment)
Pre-Payment Charges
Prepayment Charges
Interest Rate
10.99%
Loan Amount
₹50K - ₹40L
EMI Per Lakh
₹2,174
Processing Fees
Up to 3% of loan amount
Pre-Payment Charges
Quick Approval
Interest Rate
10.99% - 19%
Loan Amount
₹75K - ₹35L
EMI Per Lakh
₹2,174 - ₹2,594
Processing Fees
Up to 3.00%- Part-prepayments can be made only after 6 months. They are allowed only once a year with a minimum gap of 6 months between two part-prepayments. Amount prepaid cannot exceed 25% of the principal outstanding and a charge of 2.5% (plus applicable taxes) will be applied amounts above 25% of the principal outstanding.
- Foreclosure is allowed only after 6 months. A foreclosure charge of 3.5% + GST is applicable on the principal outstanding after 6 months. In case of foreclosure within 6 months after a part-prepayment, a foreclosure charge of 3.5% (plus applicable taxes) will be levied on the principal outstanding plus part-prepayment amount.
- For loans above ₹ 7 lakhs, a 12-month clean payment track is a must for loan foreclosure and a charge of 3.5% + GST applies unless loan is closed with own funds.
- For overdraft cases, loan foreclosure is allowed only after 6 months and a charge of 4.5% + GST is applicable on the dropped-down limit amount.
Pre-Payment Charges
Interest Rate
10.99%
Loan Amount
Up to ₹35L
EMI Per Lakh
₹2,174
Processing Fees
Up to 2.75%of the loan amount
Pre-Payment Charges
Interest Rate
10.75% - 16.49%
Loan Amount
₹50K - ₹30L
EMI Per Lakh
₹2,162 - ₹2,458
Processing Fees
Up to 3% of the borrowed loan amount
Pre-Payment Charges
Interest Rate
10.75% - 11.75%
Loan Amount
₹50K - ₹15L
EMI Per Lakh
₹2,162 - ₹2,212
Processing Fees
Up to 2% of the loan amount
Pre-Payment Charges
Interest Rate
10.5% - 24%
Loan Amount
₹50K - ₹40L
EMI Per Lakh
₹2,149 - ₹2,877
Processing Fees
₹4,999 One time fee- 4% of the outstanding principal (loan tenure between 13 - 24 months)
- 3% of the outstanding principal (loan tenure between 25 - 36 months)
- 2% of the outstanding principal (loan tenure if over 36 months)
Pre-Payment Charges
Quick Approval
Interest Rate
10.5% - 16%
Loan Amount
₹2.5L - ₹50L
EMI Per Lakh
₹2,149 - ₹2,432
Processing Fees
Upto 2.50% of loan amount plus applicable taxes- 3% plus applicable taxes on principal outstanding after payment of 1st EMI and Nil if 12 or more EMIs are paid. For MSE classified customers, charges are Nil after payment of the 1st EMI for Loan amount upto 50 lakhs.
Pre-Payment Charges
For salaried customers
Interest Rate
10.5% - 25%
Loan Amount
₹50K - ₹40L
EMI Per Lakh
₹2,149 - ₹2,935
Processing Fees
--
Pre-Payment Charges
--Interest Rate
10.49% - 22%
Loan Amount
₹50K - ₹40L
EMI Per Lakh
₹2,149 - ₹2,762
Processing Fees
up to 2% of the loan amount + GST as applicable- 5% + GST (as applicable)
- Part-payment charges shall be charged on the amount of part payment. For loans disbursed 4th October, 2023 onwards:
- *Pre-payment Charges shall be charged on principal outstanding
Pre-Payment Charges
Interest Rate
10.49% - 36%
Loan Amount
₹20K - ₹1Cr
EMI Per Lakh
₹2,149 - ₹3,613
Processing Fees
Up to 3.5% of the loan amount
Pre-Payment Charges
Interest Rate
10.49%
Loan Amount
₹1L - ₹40L
EMI Per Lakh
₹2,149
Processing Fees
Up to 2.49% of the loan amount
Pre-Payment Charges
Interest Rate
10.49% - 17.99%
Loan Amount
₹50K - ₹50L
EMI Per Lakh
₹2,149 - ₹2,539
Processing Fees
Up to 3% of loan amount- Pre-payment/pre-closure charges - Floating Rate Scheme - NIL
- Fixed Rate Scheme (including Byom Loans)- 3%
Pre-Payment Charges
Interest Rate
10.4% - 16.95%
Loan Amount
Up to ₹20L
EMI Per Lakh
₹2,144 - ₹2,483
Processing Fees
Up to 1% of the loan amount
Pre-Payment Charges
Interest Rate
10.35% - 18.25%
Loan Amount
₹1L - ₹20L
EMI Per Lakh
₹2,142 - ₹2,553
Processing Fees
NIL
Pre-Payment Charges
Interest Rate
10.25% - 26%
Loan Amount
₹3L - ₹75L
EMI Per Lakh
₹2,137 - ₹2,994
Processing Fees
Up to 3% of the sanctioned loan amount
Pre-Payment Charges
Interest Rate
10.25%
Loan Amount
Up to ₹10L
EMI Per Lakh
₹2,137
Processing Fees
Up to 1% (Maximum Rs 7,500)- There is no prepayment penalty if the loan is adjusted by the borrower from his/her own verifiable legitimate sources.
Pre-Payment Charges
Prepayment penalty
Interest Rate
10%
Loan Amount
Up to ₹20L
EMI Per Lakh
₹2,125
Processing Fees
1% of loan amount- Documentation Charges - 0.20% of the loan amount + GST.
Pre-Payment Charges
Interest Rate
9.99%
Loan Amount
₹1L - ₹30L
EMI Per Lakh
₹2,124
Processing Fees
one-time nominal processing fee up to 3% plus applicable taxes.
Pre-Payment Charges
Interest Rate
9.99% - 16%
Loan Amount
Up to ₹30L
EMI Per Lakh
₹2,124 - ₹2,432
Processing Fees
Up to 2% of the disbursed loan amount. Processing fee paid/deducted is non refundable- 5% within 1 year of tenure,
- 4% within 2 years,
- 3% within 3 years,
- 2 % after 3 years.
Pre-Payment Charges
Interest Rate
9.99% - 39.99%
Loan Amount
₹2L
EMI Per Lakh
₹2,124 - ₹3,875
Processing Fees
Up to 5%- No pre-closure charges or hidden costs are involved.
Pre-Payment Charges
Quick Approval
Interest Rate
8.4%
Loan Amount
₹25L
EMI Per Lakh
₹2,047
Processing Fees
Up to 1% (Maximum Rs 7,500)
Pre-Payment Charges
Interest Rate
Up to 25%
Loan Amount
₹50K - ₹5L
EMI Per Lakh
₹2,935
Processing Fees
2.5% of the loan amount + applicable taxes
Pre-Payment Charges
--Interest Rate
Up to 16.25%
Loan Amount
-
EMI Per Lakh
₹2,445
Processing Fees
Up to 2%
Pre-Payment Charges
Interest Rate
Up to 11.15%
Loan Amount
Up to ₹10L
EMI Per Lakh
₹2,182
Processing Fees
Up to 1.00% of loan amount
Pre-Payment Charges
Calculate Your Personal Loan EMI Online
- 50 K
- 1 Cr
- 1
- 5
- 8
- 25
Monthly Loan EMI
Payment Breakdown:
Principal Amount
₹10,00,000
Interest Payable
Total Amount Payable
Features and Benefits of Personal Loans
Given below are some of the features and benefits of personal loans:
- No Security Required: Individuals do not have to provide any security or collateral for availing of a personal loan. This loan is usually approved on the basis of the applicant's creditworthiness. This depends on the credit score, employer reputation, credit history, and repayment capacity.
- End-Use Flexibility: One of the most impressive features of a personal loan product is the flexibility in end-use. These loans can be availed to meet several expenses, such as home renovation, medical expenses, travel, etc.
- Flexible Tenures: Usually, lenders offer loan products with flexible repayment tenures ranging from 12 months to 60 months.
- Hassle-Free Documentation: Individuals can make personal loan applications online as well as offline. The documentation process is comparatively quick and hassle-free. Some of the key documents that you must submit for a successful application are identity, income and address proof documents.
- Quick Loan Disbursal: The personal loan amount can be deposited in the applicant's bank account within just a few hours of application processing. In the case of pre-approved loan offers, the turnaround time can be even lower.
- Flexible Approved Amount: The personal loan amount approved for the applicant depends on their repayment history, age, profession, income, employer's reputation, and other such factors. Usually, lenders offer personal loans ranging from Rs. 10,000 to Rs. 40 lakhs.
In today's ever-changing financial environment, it is not uncommon for people to avail of a personal loan to meet their financial needs. One of the major reasons that people prefer a personal loan is that it is an unsecured line of credit for which the individual does not have to provide collateral. Anyone can obtain a personal loan from any bank or NBFC of their choice by just submitting the application and supporting documents.
Once the application is approved, the loan amount is disbursed in the applicant's bank account in less than 48 hours. Lenders usually sanction the loan application on several criteria, like repayment capacity, employment history, credit history, income and profession. These loans are also referred to as multi-purpose loans, as they can be availed to meet any of the immediate requirements.
Factors Affecting Personal Loan Interest Rates
When you make repayments for a personal loan, you are required to pay a certain amount of interest as a part of your EMI payments. This amount depends on the interest rate you are charged for the loan. Given below are some of the factors that affect your personal loan interest rates:
Income
Your income is the basic component of what determines your personal loan interest rate. It is viewed as the universal truth that financially sound people with higher disposable income have a better repayment potential than people with lower income. Usually, people with higher and more stable incomes receive the lowest interest rates on their personal loans. On the other hand, people with bad financial histories are more likely to get higher interest rates.
Credit History
Credit scores play a crucial role in your personal loan approval. In the case of personal loans, it not only determines your eligibility but also affects the loan interest rate. Usually, credit scores are a reflection of the financial history of the individual in terms of existing debt, income, repayment history, and borrowing pattern. A higher credit score increases the lender's trust in the borrower's financial behaviour, even granting them loans at lower interest rates.
Employer's Status
Since personal loans are generally unsecured lines of credit, lenders verify a number of factors that establish the borrower's creditworthiness. Your employer or the company you are employed in plays a key role in it. This is because applicants being employed by a reputed organization are viewed as being more financially stable and capable of making timely payments. Such applicants may also get better lending terms and conditions.
Debt-to-Income Ratio
Let's assume that the applicant is employed in a renowned organization and earns a high salary, but the majority of the applicant's income is diverted towards debt repayment. In such cases, the volume of the existing debt is sure to have an adverse effect on the personal loan interest rates.
A debt-to-income ratio can basically be defined as the ratio of all existing debts divided by the total income. Having a high debt-to-income ratio generally means that the applicant is already under high repayment debt, and the lender may charge a higher interest rate.
Rapport With the Lender
If the applicant has been a trusted and loyal customer of the lender, they might get a preferential interest rate. This is because a long and constant relationship might inculcate a sense of inter-dependability. This trust is simply not built overnight, it requires a long period of trustworthy and responsible behaviour on the part of the customer. The better the relationship, the more the chances of getting a loan on favourable terms.
Default History
Similar to how a credit score works, if a lender finds a history of default in the applicant's credit report, it might lead to higher interest rates or even application rejection. Usually, lenders sanction loans to the applicant's with no defaults over the last 12 month period.
Documents Required for a Personal Loan Application
We at Urban Money are dedicated to making your loan disbursal process as easy and smooth as possible. You will need to submit a few documents to complete your loan application process. The process is not very paperwork intensive, however, the documents differ for salaried and self-employed individuals. Let's take a look at the documents required for both these cases:
Common Documents
Given below are some of the common documents required for completing a personal loan application:
- Identity Proofs: Voter ID, Passport, Aadhaar Card, Driving License.
- PAN Card.
- Signature Proofs: PAN Card, Passport, etc.
- Address Proofs: Ration Card, Rent Agreement, Passport Copy, Aadhaar Card, Utility Bill, Voter ID Card.
- Bank account statement from last six months.
Salaried Individuals
Given below are the documents required for salaried people to complete their personal loan application:
- Salary slips from the last 3 months.
- Form 16 or ITR returns.
Self-Employed Individuals
Given below are the documents required for self-employed people to complete their personal loan application:
- P&L account and balance sheet from the previous 2 years.
- ITR from the last 2 years.
- Business Proofs, like GST Number, Registration Certificate, License.
- TDS Certificate, Income Tax Challans or Form 26 AS for declared income in ITR.
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About Personal Loan
- Personal Loan Top up
- Consumer Durable Loan
- Pre-Approved Personal Loan
- Loan on Credit Cards
- Personal Loan Preclosure
- Personal Loan Prepayment
- Personal Loan for Businessmen
- Paperless Personal Loan
- Advance Salary Loan
- Personal Loan Eligibility
- Personal Loan Tracking
- 10 Lakh Personal Loan
- Personal Loan for Senior Citizens
- 5 Lakh Personal Loan
- 3 Lakh Personal Loan
- Debt Consolidation Personal Loan
- Personal Loan Balance Transfer
- Overdraft Personal Loan
- Personal Loans for Self-Employed
- Personal Loan of 70,000
- Personal Loan of 60,000
- Personal Loan of 50,000
- Personal Loan of 40,000
- Personal Loan of 30,000
- Personal Loan of 25,000
- Personal Loan of 20,000
- Personal Loan of 15,000
- Personal Loan of 10,000
- Personal Loan of 4 Lakh
- Personal Loan for CIBIL Score of 800
- Personal Loan for CIBIL Score of 750
- Personal Loan of 7 Lakh
- Personal Loan of 12 Lakh
- Personal Loan for CIBIL Score of 500
- Personal Loan for Wedding
- Small Personal Loan
- Flexi Personal Loan
- Personal Loan without Documents
- Personal Loan without Salary Slip
- Personal Loan With Low CIBIL Score
- Personal Loan Without Income Proof
- Debt Consolidation Personal Loan
- Personal Loan for Travel
- Personal Loan for Medical Emergency
- Personal Loan with 600 CIBIL Score
- Personal Loan with 550 CIBIL Score
- 8 Lakh Personal Loan
- 2 Lakh Personal Loan
- 1 Lakh Personal Loan
- Personal Loan for Doctors
- Personal Loan for Students
- Personal Loan for Women
- Personal Loan For Salaried Employees
- Citibank Personal Loan Eligibility Calculator
- IndusInd Bank Personal Loan Eligibility Calculator
- Navi Personal Loan Eligibility Calculator
- PNB Personal Loan Eligibility Calculator
- Canara Bank Personal Loan Eligibility Calculator
- Kotak Mahindra Bank Personal Loan Eligibility Calculator
- Fullerton India Personal Loan Eligibility Calculator
- Bajaj Finserv Personal Loan Eligibility Calculator
- Bank of Baroda Personal Loan Eligibility Calculator
- Tata Capital Personal Loan Eligibility Calculator
- ICICI Personal Loan Eligibility Calculator
- SBI Personal Loan Eligibility Calculator
- HDFC Personal Loan Eligibility Calculator
- Axis Bank Personal Loan Eligibility Calculator
- Union Bank Personal Loan Eligibility Calculator
- IDFC Personal Loan Eligibility Calculator
- Yes Bank Personal Loan Eligibility Calculator
- Navi Personal Loan
- Personal Loan Eligibility Calculator
- Personal Loan Balance Transfer Calculator
- Personal Loan Prepayment Calculator
- Personal Loan EMI Calculator
Interest Rates
Loans
Investment
- Systematic Investment Plan
- Employee Provident Fund
- Fixed Deposit
- Mutual Funds
- Recurring Deposit
- Systematic Investment Plan (SIP)
- Employees Provident Fund (EPF)
- Public Provident Fund (PPF)
- Voluntary Provident Fund (VPF)
- ELSS
- National Pension Scheme (NPS)
- National Savings Certificate (NSC)
- Senior Citizen Saving Scheme
EMI Calculator
Check Eligibility
Personal Loan Calculator
- Axis Bank Personal Loan Calculator
- ICICI Bank Personal Loan Calculator
- HDFC Bank Personal Loan Calculator
- Bank of Baroda Personal Loan Calculator
- Canara Bank Personal Loan Calculator
- Union Bank of India Personal Loan Calculator
- State Bank of India Personal Loan Calculator
- YES Bank Personal Loan Calculator
- Federal Bank Personal Loan Calculator
- IDBI Bank Personal Loan Calculator
- CITI Bank Personal Loan Calculator
- IDFC FIRST Bank Personal Loan Calculator
- Bank of Maharashtra Personal Loan Calculator
- karnataka bank Personal Loan Calculator
- Deutsche Bank Personal Loan Calculator
- RBL Bank Personal Loan Calculator
- DCB Bank Personal Loan Calculator
- Punjab & Sind Bank Personal Loan Calculator
- Kotak Bank Personal Loan Calculator
- Indian bank Personal Loan Calculator
- HSBC Personal Loan Calculator
Personal Loan Top Banks
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Gold & Silver Rate
FAQs
From refinancing to reducing your interest, we have the answers right here.
How does a personal loan work?
A personal loan can be availed when you need an unsecured line of credit. Once you complete and submit your personal loan application, it is approved and verified by the lender. After the verification process, the loan amount will be disbursed to the applicant’s bank account. At the beginning of the tenure, you will be required to repay the loan in pre-decided EMI payments.
What is the maximum amount of loan I can get?
The maximum loan amount that can be sanctioned for you depends on the monthly income and various other factors. However, there are numerous lenders in the country that offer as much as Rs. 40 lakhs.
What is the minimum salary needed to apply for a personal loan?
The minimum salary requirement for a personal loan application varies from lender to lender. However, most lenders prefer that the applicant should be drawing an income of at least Rs. 15,000. If you are living in a metropolitan area, the minimum salary requirement is between Rs. 20,000 to Rs. 25,000.
Do personal loans offer tax exemptions?
Yes, personal loans offer tax exemptions if the amount is being used for home renovation, business expansion or education purposes.
What should I do if my personal loan application is rejected?
If your personal loan application has been rejected, it is either because of a low credit score or because you do not meet the basic eligibility requirements. Taking steps to improve your credit score can go a long way in future application approvals.
Get your latest Credit Score, FREE
Personal Loan Guide
Get in-depth knowledge about all things related to Personal Loan and your finances
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