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A personal loan is a type of loan that individuals can borrow from banks, credit unions, or other financial institutions to fund various personal expenses, such as home renovations, medical bills, or consolidating high-interest debts. Unlike loans that are taken out for specific purposes like a mortgage or a car loan, personal loans are unsecured, meaning they do not require collateral such as a car or house to secure the loan.
Personal loans typically come with a fixed interest rate and a fixed repayment term, which means borrowers will know exactly how much they need to pay back each month and when the loan will be paid off. The loan amount and terms will vary depending on the lender's requirements and the borrower's creditworthiness, income, and debt-to-income ratio.
Anyone who meets the eligibility criteria can apply for a personal loan. Generally, lenders require borrowers to meet the following requirements:
It's essential to note that each lender may have its own eligibility criteria, and meeting the requirements does not guarantee loan approval. Therefore, it's important to shop around and compare rates and terms from different lenders before applying for a personal loan.
|Banks||Rate of Interest||Processing Fee||Loan Amount||Prepayment Charges||Disbursal Time||Part Payment Option|
|HDFC Bank||10.99% - 20.99%||Rs.1999 - 2.5%||Min. 50,000 Max. as per eligibility||Nil (For Loan amount>10 lakhs and 12 EMI paid), else 4%||3 - 4 Days||No|
|ICICI Bank||11% - 17.50%||Rs.999 for Special offers otherwise 1% - 2.5%||Rs.50,000 - Rs.20,00,000||Nil (For Loan amount >10 lacs & 12 EMI paid), else 5%||3 - 4 working days||No|
|Citibank||11.49% to 16.50%||Upto 2.0% + 0.5% (waiver on PF)
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|Rs.1,00,000 - Rs.30,00,000||Upto 3%||48 hours||Yes|
|Bajaj Finance||11.99% - 16%||Upto 2%||Upto Rs.25 Lacs||Upto 4% post 1st EMI clearance||Approval In 48 Hours||Yes|
|Tata Capital||11.99% - 17%||Rs.999-2.50%||Rs.75,000 - Rs.15 Lacs||Part Prepayment Charges: Nil (Allowed Post 6 months, Once a year, 25% of Principal Outstanding)||Loan disbursement in 3-4 days||Yes|
|Standard Chartered||12% - 17%||0 - 1%||Rs.1,00,000 - Rs.30,00,000||Upto 5%||3-4 Working days||Yes|
|IndusInd Bank||12.99% - 20%||0.5% -2%||Rs.1,00,000 - Rs.25,00,000||4%||4 working days||No|
|Kotak Bank||13.75% - 19.99%||0.99% - 2.5%||Rs.100,000 - Rs.20,00,000||Zero (if loan Amount is more than 10 lakhs) Else 5%||3 - 4 working days||Yes|
|HDB Financial Services||16% - 21%||up to 2%||Rs.100,000 to Rs.15,00,000||Nil for Selected Corporates Employees (CAT A & B).
4% For Rest
|2 days - 7 days||No|
|Fullerton India||19.50% - 37%||2%||Rs.50,000 - Rs.15,00,000||Upto 7.00%, 0% after 3 years||2-8 days||No|