Personal Loan

                                                 Personal Loan

Apply Personal Loan Online

Get personal loans of up to Rs.40 lakh and above at attractive rates starting at 8.30% p.a. with flexible tenures of up to 7 years. The process to apply for a personal loan is extremely simple and hassle-free and can be done through both online and offline channels.

Personal Loan Interest Rates

The personal loan interest rates vary between 8.30% p.a. and 49% p.a. Depending on the loan amount availed by you, your credit score, and repayment tenure, the interest rate charged on your loan is decided. If you maintain a high credit score and have a good relationship with the bank, then the interest rate on your personal loan can be lowered.

Uses of Personal Loan

What can you use a personal loan for? Since it is an unsecured loan without the need for any collateral, there are very few limitations on how you can use a personal loan. It can broadly be used for consolidating your debt (from other loans or credit cards), making high-value purchases for which you do not have cash in hand, or for emergency situations. It cannot be used for speculative purposes or for making investments in the stock market. Some of the common reasons that people take out personal loans for includes meeting sudden business or educational expenses, paying for a vacation, buying high-end electronic gadgets or household appliances, wedding expenses, emergency medical expenses, home renovations, etc. It can also be used for buying a vehicle if the rate of interest on the personal loan is lower than that of a vehicle loan. Thus, a personal loan has a wide variety of uses and can come in handy for meeting either planned or emergency expenditure.

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

You must submit a set of documents that lenders require when approving a personal loan application. Here are the details for the documents needed for a personal loan.

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 

Personal Loan Fees and Charges

The following are the charges and fees of the personal loans available from various institutions.

• Processing fee
• Goods and Services Tax (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.