Personal Loan

Personal Loan Overview

Availing a Personal Loan as an additional back-up is something you could consider if you find yourself in a tough spot. Some people take Personal Loans to consolidate their credit card debt. You too can do this and pay off your existing credit card outstanding amount. MyLoanOnDemand has products which offer Personal Loans for home renovation as well as consumer durables like a television or a refrigerator - the possibilities are endless.

A decade or so ago, taking a Personal Loans was not common. Now, with rising incomes and increased competition among banks to improve their credit portfolios, Personal Loans have become more accessible to get. There are various advantages of taking Personal Loans. Banks these days offer attractive interest rates as well as the flexibility of repayment.

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Personal Loan Eligibility

Personal loans are provided by most of the banks/NBFCs but with different eligibility requirements and needs. However, there are some certain criteria’s that are common for all the financial institutions. Hence, to avail a personal loan, the applicant should meet these requirements and also it is advisable to check your eligibility before applying for a personal loan. The eligibility criteria to get an online personal loan approval for salaried and self-employed individuals are listed below for better understanding:

Age	23/24 years - 60/65 years
Employment Type	Salaried Self-Employed professionals
Credit score	750+ or with a good credit or cibil score history
Minimum Net Income (Monthly)	15,000(non-metro cities 20,000( metro cities)
Loan Amount	Up to 40-50 lacs depending on the credit profile and the applicants profile.
Work Experience	Salaried Employed at current company for at least 6/12 months Self-Employed Business tenure of at least 3 years (continuous) ITR of last 3 years

Documents Required for a Personal Loan

The common documents which are required for an online personal loan approval are given below:

For Salaried Individuals

Identity & Age Proof
Completely filled personal loan application with photograph
PAN Card
Residence proof - Passport driving license, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
Bank statements for the last 3 months (preferably your salary account)
Salary Slips of last 3 months of the current company
Form 16 or Income Tax Returns of last 3 years if govt. employee

For Self-Employed Individuals

Identity & Age Proof
Completely filled personal loan application with photograph
PAN Card
Residence proof - Passport driving license, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
Bank statements for the last 6 months (preferably your salary account)
Salary Slips of last 3 months
Last 3 years Income Tax Returns with computation of Income
Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Personal Loan Interest Rate

Banks and financial institutions are liberal in sanctioning Personal Loans, especially to borrowers having good credit scores (in the range of 650 and above).

Name of Personal Loan provider	ICICI Bank Personal Loan
Interest Rates	Interest rate starting from 11.25% to 18%
Tenure	Ranging from 12 to 60 months
Loan Amount	Maximum Loan Amount - 20 Lakhs
Fees	2.25% of the sanctioned loan amount with a minimum of 999 Prepayment Fee at 5% p.a. of principal outstanding + GST Loan cancellation charges - 3,000 + GST
Eligibility for Salaried Employees	Age between 23 and 58 years Minimum monthly income - 17,500 For Mumbai and Delhi borrowers - 25,000 For Chennai, Hyderabad, Bengaluru, Pune, and Kolkata - 20,000 Two years stable employment One year continuous stay at your residence
Eligibility for Self Employed	Age for self-employed individuals - 28-65 years Age for Doctors - 25-65 years Minimum Turnover for Non - professionals - 40 Lakhs Minimum Turnover for Professionals - 15 Lakhs Minimum Profit after tax for Proprietorship/ partnership & self employed individuals - 2 Lakhs Minimum Profit after tax for non- professionals - 1 Lakh Business stability of 5 years in current business for Self employed individuals For Doctors - 3 years of business stability
Features	No security or guarantor Balance transfer of another bank's loan Quick approval within 72 hours Loan insurance
Types of Personal Loans	You can avail a Personal Loan for a wedding, home renovations, and go on vacation

Name of Personal Loan provider	HDFC Bank Personal Loan
Interest Rates	11.25 % to 17.50% for salaries customers
Tenure	12 months to a maximum of 60 months
Loan Amount	Maximum loan of 40 Lakhs
Fees	Processing fees of 2.50% with a minimum of 1,999 and maximum of 25,000 for salaried customers Prepayment not allowed until repayment of 12 EMIs 13 to 24 months - 4% of principal outstanding 25 to 36 months - 3% of principal outstanding Over 36 months - 2% of Principal outstanding Late payment charges - 2% per month on EMI Cheque Bounce charges - 550 per instance
Eligibility	Salaried doctors, CAs, employees of private limited companies, employees from public sector undertakings, including central, state and local bodies Individuals between 21 and 60 years of age Stable employment for a minimum of 1 year with the current employer& maximum experience for 2 years Net Income of 15,000 for cities other than those listed below 20,000 for customers from Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, and Cochin
Features	Get Personal Accident Insurance Cover up to 8 Lakhs by paying a nominal premium Critical Illness cover up to 1 Lakh Personal Loan Insurance Balance Transfer facility from other banks

Name of Personal Loan provider	IDFC First Personal Loan
Interest Rates	12% to 18% per annum for salaried employees Can go up to 22% for self-employed professionals
Tenure	Flexible tenure between 12 and 60 months
Loan Amount	1 Lakh to 25 Lakhs
Fees	1.5% to 2% - One-time fee
Eligibility	Age between 23 and 58 years (at time of maturity) Self-employed persons - Minimum 28 and maximum 68 years at maturity Salaried and self-employed persons are eligible Stable job with minimum 1-year service Self-employed - Minimum 3 years business Credit score 650 and above
Features	Personal Loan disbursement in 24 hours and a maximum of 2 days after submission of documents No guarantor or security Flexible repayment options like RTGS, NEFT, PDC, ECS, and so on Online application and approval

Name of Personal Loan provider	Standard Chartered Bank Personal Loan
Interest Rates	10.89% to 18%
Tenure	Maximum 5 years
Loan Amount	1 Lakh to 30 Lakhs
Fees	3% of the loan amount Documentation charges
Eligibility	Minimum age 21 years, Maximum 58 years Both salaried employees and self-employed professionals are eligible Minimum income 22,000 per month
Features	Facility to apply online Last EMI waiver or 2% cashback on EMIs paid Zero Processing Fee Flexible tenures Online and mobile banking facilities Balance transfer facility Self-employed persons - Maximum eligibility 10 Lakhs Top Up facility available Easy repayment options

Name of Personal Loan provider	Bajaj Finserv Personal Loan
Interest Rates	11.99% to 15.50%
Tenure	24 months to 60 months
Loan Amount	Up to 25 Lakhs
Fees	Processing fees - 2.25% to 3% Cheque bounce charges - 1,000 per occasion Penal interest - 2.38 % default interest including taxes per month Fee for online applications - 1,999 Foreclosure charges - 4% plus applicable taxes on principal outstandingPrepayment - 2% plus applicable taxes on part-payment amount paid
Eligibility	Minimum 25 years at the application and 58 years at maturity A salaried employee from multi-national companies, private organisations, and public companies are also eligible 2 months' salary slip and 3 months bank statement along with KYC documents You must be a residing citizen of India.
Features	Flexible Finserve Loan facility available where you pay the interest alone in EMIs and the principal amount either as a lump sum amount or at the end of the loan tenure. Facility to withdraw from your credit line multiple times Quick loan approvals with funds credited to account within 24 hours Part prepayment facility up to 6 times a year at no extra cost Use for a variety of purposes like wedding, travel, home improvement, medical emergencies, or higher education

Name of Personal Loan provider	Yes Bank Personal Loan
Interest Rates	Interest rate ranging from 10.75% to 18%*
Tenure	5 years
Loan Amount	2 Lakhs to 20 Lakhs
Fees	4% principal outstanding if you foreclose the loan between 13 and 24 months 3% if the foreclosure between 25 and 36 months 2% between 37 and 48 months Zero Cost after 48 months
Eligibility	Minimum Salary 25,000 6 months continuity in a job Total employment - Minimum 2 years Last 2 years IT returns Minimum age 22 years and maximum 58 years at maturity
Features	No collateral or guarantor required Purpose of loan can be anything like wedding expenses, home renovation, medical expenses, overseas travel, new business, resolve financial crunch and so on Flexible repayment options Competitive interest rates Minimum documentation Part prepayment allowed after completion of 6 months and full prepayment after 12 EMIs

Name of Personal Loan provider	Kotak Mahindra Bank Personal Loan
Interest Rates	10.99% to 24%
Tenure	12 months to 60 months
Loan Amount	50,000 to 50 Lakhs
Fees	Up to 2.5% of the loan amount+ service tax / GST and other applicable statutory levies up to 5% of the Loan amount, not exceeding 7500 (inclusive of GST / Service tax)
Eligibility	Salaried employees, self-employed professionals, and business owners Minimum 21 years and maximum 58 years at maturity Net salary 20,000 Minimum qualification - Graduate Available in select Indian cities Credit score of 750 and above
Features	Minimum documentation Flexible repayment options Minimum lock-in period of 12 months

Name of Personal Loan provider	Citibank Personal Loan
Interest Rates	10.99% to 18
Tenure	Minimum 12 months Maximum 60 months
Loan Amount	1 Lakh to 30 Lakhs
Fees	2.00% - 3.00% Pre-closure charges - 4% of the outstanding loan amount
Eligibility	Minimum age 23 years and maximum 60 years at maturity Salaried, self-employed professionals and business people can apply A regular source of income Credit score 700 and above
Features	Simplified Loan process with minimum documentation Add-on facility availability Quick turnaround process Fixed rate of interest Use for marriage expenses, home improvement, and other personal expenses

Name of Personal Loan provider	Tata Capital Personal Loan
Interest Rates	11.25%-17%
Tenure	12 months to 72 months
Loan Amount	75,000-25,00,000
Fees	Processing fees - 0.5% to 2.5% of the loan amount Part Pre-payment charges - 4.5% if payment exceeds 25% of the principal amount Foreclosure charges - 2% of the outstanding amount
Eligibility	Salaried employees, self-employed professionals and business people are eligible Minimum 21 years and maximum 58 years at maturity for salaried, 22-65 years for self employed individual, 22-65 years for businessman Monthly income 20,000 for salaried employees and a yearlyincome of 2 Lakhs for self-employed persons 2 years continuous job or 3 years continuity in business
Features	Use for a variety of purposes like wedding expenses, educational expenses, travel, and any other general purpose except speculation Fast turnaround time of a maximum of 72 hours after submission of all documents Easy repayment options No security or guarantor Top up facility available
Types of Personal Loans	Step-Up Flexi EMI Personal Loan - Choice of paying higher EMI Step-down Flexi EMI Personal Loan -Facility to decrease the EMI Bullet Flexi EMI Personal Loan - Pre-pay the loan in periodic instalments