Personal Loan - Apply Personal Loan Online @8.95% Interest Rate, Lowest EMI
Top Personal Loan Schemes and Offers
You can either visit the official website of the bank to directly apply for a personal loan or visit the BankBazaar website to compare different loans and then apply for one which you feel is suitable.
Citibank Personal Loan
Low Interest Rate
Interest rates ranging from 9.99% p.a. to 16.49% p.a.
Loans of up to Rs.30 lakh
Tenure of up to 5 years
HDFC Personal Loan
Self-Employed Professional
Interest rates (rack interest) ranging between 10.5% p.a. and 21.00% p.a.
Tenure of up to 5 years
Loans of up to Rs.40 lakh
Kotak Mahindra Personal Loan
Quick Turnaround Time
Interest rates starting at 10.75% p.a.
Loans of up to Rs.20 lakh
Tenure of up to 5 years
Tata Capital Personal Loan
Flexible Interest Rates
Interest rates starting at 10.99% p.a.
Tenure of up to 6 years
Loans of up to Rs.25 lakh
Standard Chartered Personal Loan
Short-term Requirement
Interest rates ranging from 11% p.a. to 15% p.a. (indicative)
Tenure of up to 5 years
IDFC First Personal Loan
Top-Up Loans
Interest rate starting at 10.49% p.a.
Loans of up to Rs.40 lakh
Tenure of up to 5 years
Fullerton India Personal Loan
Quick Approval
Interest rates starting at 11.99% p.a.
Loans of up to Rs.25 lakh
Tenure of up to 60 months
IIFL Personal Loan
Easy Eligibility Checks
Interest rates starting at 24% p.a. onwards
Loans of up to Rs.25 lakh
Tenure of up to 5 years
HDBFS Personal Loan
Special Offers
Interest rates at the discretion of the bank
Loans of up to Rs.20 lakh
Tenure of up to 5 years
SBI Personal Loan
Different Income Categories
Interest rates starting at 9.60% p.a.
Loans of up to Rs.20 lakh
Tenure of up to 7 years
PNB Personal Loan
Affordable Interest Rates
Interest rates from 8.95% p.a. onwards
Loans of up to Rs.10 lakh
Tenure of up to 60 months
Personal Loan Eligibility Criteria
The following factors are considered by lenders while going through your loan application. If you meet these criteria, consider yourself eligible for a personal loan.
Age
21 years to 60 years
22 years to 55 years
Net Monthly Income
Rs.15,000
Rs.25,000
CIBIL Score
Above 750
Above 750
Minimum Loan Amount
Rs.50,000
Rs.50,000
Maximum Loan Amount
Rs.25 lakh
Rs.50 lakh
Personal Loan EMI Calculator
Use BankBazaar Personal loan EMI calculator to calculate your EMI beforehand to plan and manage your finances in a better way. Personal Loan calculator lets you check your loan eligibility and helps you compare loans offered by different banks.
All you need to do is enter the loan details, including your preferred loan amount, interest rate, tenure, and processing fee. Hit "Calculate" to check your EMI. The lowest applicable EMI per lakh for a tenure of 7 years at minimum applicable interest rate is Rs.1,599.
The result is followed by an amortisation table, which will give you a detailed break-up of your repayment schedule.
Documents Required to apply Personal Loan
Proof of Identity
Passport, Voter’s ID, Driving License or PAN Card
Passport, Voter’s ID, Driving License or PAN Card
Proof of Residence
Passport or utility bills
Passport or utility bills
Proof of Income
Bank statement of salary account for the past two years
Audited financial statement of the past two years
If you are an NRI looking to borrow a personal loan, these are the documents that you will need to submit to the lender:
Copy of your Passport
Visa Copy
Your official Email ID or the Email ID of the HR
Bank Statements
Salary Certificate or salary slips
NRO/NRE bank statements of the last 6 Months
Proof of Identity, Residence, Income, and Assets
Recent passport-size Photographs of yourself and the guarantors
Other Fees & Charge
Processing fee
Goods and Services Tax or GST
Verification charges
Charges levied for issuing duplicate statement
Penalty for defaults
Penalty for pre-payment and part payment of loan
In addition to these, the lenders might also levy charges for documentation, stamping, credit administration, collection, and so on. The levy and the rates of these fees and charges differ from lender to lender. However, you can check the fees and charges which are levied by the top lenders in India before you apply for a personal loan.
Pre-Payment and Part Payment in Personal Loan
A personal loan is given for a stipulated time period. This period is known as the loan repayment tenure. After you have taken a loan, you are expected to pay the debt off by the end of the loan repayment tenure through EMIs. However, after availing a loan, if you decide to pay off your debt before the end of the loan repayment period, it is called pre-payment or foreclosure.
Types of Pre-Payment:
There are 2 types of pre-payment. They are full pre-payment and part pre-payment and part payment.
1. Full Pre-Payment:
If you are paying off the whole outstanding loan amount before the end of the loan repayment tenure, it is known as full pre-payment.
Advantages of full pre-payment:
You can avoid paying hefty interest on your loan amount.
If you have the money to pay off your debt completely, you might as well get rid of the debt.
You can avoid paying pre-payment interest as well, if you have taken the loan from a lender who does not charge an interest on pre-payment of the loan.
Disadvantages of Full Pre-Payment:
If your lender charges a penalty on pre-payment of the loan amount, you might have to pay a big chunk of money for pre-paying your loan.
Before you foreclose a loan, check the other factors related to it. Foreclosing a personal loan means that you would be paying out a huge sum of money at once. This might not always be the best option.
2. Part pre-payment:
If you are paying off a part of the outstanding loan amount before the end of the loan repayment tenure, it is known as part pre-payment.
Advantages of part pre-payment:
You can choose to pay off a part of your outstanding loan amount if you have some readily available money.
Part paying your loan will reduce the outstanding principal amount which, in turn, will reduce the effective EMI amount.
The overall interest that you pay will also reduce significantly.
Disadvantages of part pre-payment:
If you do not make the part payment soon enough, you will not be able to maximise your savings.
If your lender charges a fee for part payment of personal loans, you might have to spend a significant amount of money for the same.
Modes of Loan Payment or Repayment