A Personal Loan is an unsecured loan that can be availed to fulfill all your dreams. Be it planning your wedding the royal way, financing a trip to your dream destination, renovating your home, dealing with a medical emergency, or expanding your business horizons, Personal Loans will provide you the much-needed financial aid in such cases. At Finserv MARKETS, we connect you with the best lending partners in India. So, choose from our list of Personal Loan partners basis your need and convenience and make the most of it.
Personal Loan Interest Rate |
10% p.a. onwards |
Processing Fee |
Between 0.5% and 2.50% of the loan amount |
Loan Amount Range |
Upto Rs. 25 Lakhs |
Loan Tenure |
1 year to 5 years |
Prepayment Charges |
2%-3% of the outstanding loan amount |
*The interest rates and associated charges can vary from one lending partner to the other and are subject to policy changes of the partner.
This feature is the specialty of Personal Loans. With required income, credit score and documents, your Personal loan can be approved instantly. Once your application is approved, you can choose your desired amount and repayment tenure. The lender, after completely assessing your profile which includes both application and credit profile, verifies the documents. And then, you get the loan amount credited to your account within 24 hours.
Most of the lenders provide Personal Loans of up to Rs. 25 Lakhs. In some cases, it goes up to Rs. 40 Lakhs. Depending on your income, credit score and repayment capacity, you can avail greater loan amounts.
Since Personal Loans are unsecured in nature, you do not have to pledge any collateral.
The repayment tenure is flexible and usually ranges from 1 to 5 years. Thus, you get the option to choose your tenure and repay the dues over that period.
Personal loans are available at attractive interest rates starting from 9.85% per annum.
Personal Loan can be used for variety for purposes like wedding, travel, home refurbishing, education and much more.
You have complete flexibility and control of your principal amount. With prepayment facility, you can pay the outstanding loan balance much before the completion of the actual loan tenure. Nowadays, depending on the lender, you also have the option to make full prepayments and even part prepayments.
You can get tailor-made fast personal loans online to meet all your financial requirements. Personalized pre-approved offers and value added services can make your experience of availing a Personal Loan amazing.
An applicant first needs to make sure he/she fit in the basic eligibility criteria to get the desired loan amount. The following are the steps to apply for a personal loan of Rs.50,000.
Step 1: Fill up the application form online with your personal, financial details
Step 2: Now choose the loan amount required and a suitable loan tenor to get instant loan approval.
Step 3: You need to provide all the required documents along with the application form for verification.
Step 4: Once your loan is approved the personal loan amount will get disbursed in your bank account.
Today, financial institutions offer various kinds of Personal Loans, that are customized to suit your needs. Here are a few types of Personal Loans which you can avail of -
Want to satisfy your wanderlust, but lack of funds playing a spoilsport. No worries. Travel loan is here. Be it travelling to your dream destination or for business purposes, with a Travel Loan, you can have all your expenses covered such as that of tickets, food, accommodations, shopping etc.
Marriage holds a special place in one’s life. To make this day a memorable one, you can apply for a Marriage Loan and cover your expenses of arrangements, accommodation, etc. You can get the loans instantly at attractive interest rates.
With a Home Renovation Loan, you can revamp your abode like never before. From purchasing new furniture to refurbishing your home completely, you can add that much-needed spark to your home with a Home Renovation Loan.
A debt consolidation loan is a Personal Loan which lets you combine all your outstanding dues or debts into one single payment, which can be done monthly, thus helping you manage your installments.
Education loans offer financial support to students, who want to pursue higher education. The loan can be availed with minimal documentation, paid over flexible repayment tenure.
The Personal Loan Eligibility may vary from lender to lender. But here are some basic eligibility criteria that are valid across most of the lenders.
You must be at least 21 years of age to apply for a Personal Loan. The maximum age of the salaried applicant must not be more than 58 years and 65 years for self-employed.
Usually for a salaried applicant, the minimum net monthly income should be INR 15,000-20,000 to apply for a Personal Loan.
You must have a work experience of around 2-3 years, to avail the Personal Loan. Self-employed applicants must have a vintage of at least 3 years.
A credit score describes the creditworthiness of borrowers. For instant personal loan approval and to avail a Personal Loan of higher amount, you must have a credit score of 750 and above. If your score is between 700 and 750, you will get a loan at slightly higher rate of interest. Also, you must have a good repayment track record, which will enhance your credit score and your chances of getting a Personal Loan.
If you are an NRI (Non-Resident Indian), the following documents will be required:
When you apply for a loan, apart from the personal loan interest rate which is the basic charge that comes with EMI payments, there are certain other fees and charges that come with it. Here are the following:
It’s a one-time fee that you have to pay to the lender so as to process your loan amount. The processing fee payable is considered with respect to the applied amount. You can then pay the processing fee from your pocket, or have it deducted from the actual loan amount during disbursal. Though the fee may vary from lender to lender, it usually ranges between 0.5% and 2.50% of the personal loan amount.
The financial institution/lender will charge you with late payment charges; at around 2% of the due amount, if you do not pay the EMIs before the due date.
It is the charge that you need to pay, if you close the loan before the actual tenure.
In addition, Goods and Services Tax(GST) is charged on processing fees, or loan prepayment charges i.e on the services required by the applicant for his personal loan to be processed and sanctioned.
Finserv MARKETS helps you choose from a wide variety of Personal Loan products. What’s more! You also get to compare various Personal Loan offers by the best of the lending partners. So, you are indeed spoilt for choice!
There's no tedious paperwork involved. Your application is approved within minutes and money gets disbursed in no time.
We are proud to deliver on our promise to more than 100 million customers. Our reliable interface helps the lending partners reach out to people all across India and provides the best lending experience.
This is the first point you need to take into consideration. Analyze the need for a personal loan and how it will help you fulfill your requirement. This will help you manage your other finances and chalk out a plan to pay the monthly EMI payments.
Do thorough research about the lender, the kind of personal loans they offer, and their eligibility criteria. For example, a regular source of income is a must to apply for a loan. Other necessary factors include your age, work experience, credit score and loan repayment history.
Ensure that you have a good credit score since your personal loan amount and interest rates will depend on it.
Check for any discrepancies in your credit report after going through it in detail and have the errors eliminated. This will facilitate a smooth personal loan application process.
This will help you find the best deals and offers that you can avail of. Check interest rates and repayment tenures they provide. Also, check for their reputation in the marketplace, especially with respect to the application process and transparency.
Go through the terms and conditions thoroughly. In case of any confusion or queries regarding the clauses or fees charged, seek the assistance on an immediate basis. This will help you a lot during the repayment period.
Too many applications will surely bring down your credit score and can affect your application in the future.
Pre-payment is the EMI payment made before the due date of the loan closure. Making the repayment early, before the due date helps in reduction in the EMI that you will have to pay for the remaining loan tenure. You can also save on interest rates by prepaying your personal loan. Since, with pre-payments, you close the loan before the repayment tenure ends, it can have a positive impact on your credit score as well. However, pre-payment also invites with certain associated charges called pre-payment charges. Though it can vary from lender to lender, on an average about 2%-3% of the outstanding loan amount is charged as prepayment fee.
In case, you have some amount of money in hand, but it is not sufficient to make the whole payment before the due date, you can choose to make part-prepayment. With part payments, you can reduce the unpaid principal amount, thereby also reducing your EMIs and rate of interest on your personal loan. Even part-payment can have a positive impact on your credit score.
Another advantage of part-payments is that you need do it only once. You can make multiple part payments which can further help you bring down your EMI substantially.
ECS is the electronic means, through which one can transfer the funds from one bank to another. Through the ECS mode, transfer of personal loan EMIs and SIP investments can be done. Payments related to utilities like water, electricity bills can also be made through ECS.
NACH is a service provided by the National Payment Corporation of India (NPCI) to banks, Financial Institutions and Corporate & Government Services. It aims at facilitating repetitive and periodic interbank high or low volume debit/ credit transactions.
PDC’s are cheques written and given by the payers for a future date. You can cash or deposit the PDC’s on the date mentioned on the cheque. It functions as a bill of exchange and cannot be payable or demanded before the date written on the cheque.
Standing order or standing instruction enables the account holder to pay mortgage, rent or any other fixed payments to another bank/account at a regular interval.
You have two major ways of checking the status of your personal loan application. Online mode and offline mode. Most lenders provide both the modes to track the status.
With the online mode of tracking, you can log in to the online portal of the lender and check the status of your personal loan application. Your application number or reference number or Customer ID serves as the input. Online mode provides a lot of convenience and you can check your status anytime, anywhere.
In case of offline mode, you can visit the branch office of the lender to track and check the status of your personal loan application. Also, you can reach out to them through telephone using the customer care number.
A Personal Loan Statement includes necessary details regarding your loan account such as payment due date, EMIs, and loan balance. You can get the statement both online and offline. In case you need it online, just log in to the online portal of the lender using your credentials, and request for the statement. You can either have it downloaded in a pdf format or have it sent to your email id. In case of offline means, you can visit the branch office and request for the same.
Sometimes, it may so happen that, after availing a Personal Loan, you are still unable to fulfill all your financial needs. In that case, you can opt for a Personal Loan top-up. A top-up loan can be availed over and above the Personal Loan. You can get top-up loans at lower interest rates as compared to your existing Personal Loan interest rate. The top-up facility is an extremely reliable and flexible option to meet your financial needs. In addition, you can also consolidate your debt and pay off all your dues.
Here are the benefits of Top-up Loan:
Reduced Loan Burden
Minimal Documentation
Quick Processing
Attractive Interest Rate
No Collateral needed
Balance Transfer Facility Available
Once you pay off your personal loan, there are certain things to be followed:
The No Dues Certificate is issued by your lender after you pay off the debt. This document confirms that you have paid all your debts and there is no further repayment. It is important to have this document handy for all further application processes as it proves to your future lender that you have paid your previous personal loan and nothing is outstanding. So, you need to ask your lender to furnish the document to you once complete repayment is done.
In case, there are some unused or post-dated cheques, it is better to collect it from your lender. This officially marks the completion of the personal loan process.
It is advisable to check your credit score after the personal loan is closed. This is to ensure that there is no difference in the score. Also, since there is no further payment involved, the positive impact on loan can be a little less as compared to when repayments were to be done. Hence, you must keep a track of repayment history and credit score.
To avail your Personal Loan, you must fulfill certain eligibility criteria that includes age, work experience, credit score and more. If you fulfill all these requirements along with providing required documents, the chances of getting the application rejected can be greatly avoided.
Your credit score reflects your ability to repay the loan and is a factor considered by every lender. Credit Score of 760 and above is a very good score to get a Personal Loan. You can improve your score by repaying your existing loans, bills, installments and credit card dues on time.
Borrow only when required, else avoid it. If you have an outstanding loan amount that is more than what you can pay, then your chances of getting personal loan decrease. Also, ensure to keep your debt to income ratio low.
Multiple Loan applications can indicate to the lender that you are not financially stable and are debt ridden. This will definitely lead to the rejection of your Personal Loan. This rejection will bring down your credit score further, making the process of application even more difficult.
Afraid that your bad credit history will sabotage your chances of getting a personal loan? Reduce your odds of loan rejection by having a stable income. Any recent appraisals or additional income sources improve your chances.
On 27th March 2020, the Reserve Bank of India (RBI) had announced a loan moratorium of three months i.e., till May 2020. It was later extended to six more months, to help the pandemic-struck economy. Responding to a call for further extension and an interim Supreme Court order for a stay on declaration of NPAs (Non-Performing Assets), RBI informed the Supreme Court that continuing the moratorium further would affect the entire credit discipline. According to the RBI, it could have negative effects on overall credit discipline, and better options would be rebalancing of the borrower’s debt burdens and announcing banking regulations.
Personalized choices for Loans, Cards, Insurance, Investments & UPI Payments along with No Cost EMI offers to shop for a wide range of lifestyle products – discover more on the Finserv MARKETS App
A personal loan is a type of unsecured loan that is usually availed by people in case of financial emergencies. Banks and NBFC offer Personal Loans to the borrowers.
With Finserv MARKETS, you can avail a Personal Loan from the comfort of your home. There’s no third-party involved, the online application process is super secure and paperless. Also, you get to choose from a variety of exclusive loan products that are tailor-made to suit your needs.
First, you need to submit your application to the lender. It is then verified and approved by the lender. Once approved, the loan amount is disbursed into your bank account. Once you submit your loan application to a lender for a personal loan, the lender verifies and approves it. Post this, the loan amount is disbursed into your bank account. Post you receive the loan amount; you need to start paying the EMIs within the repayment tenure you choose.
You can opt for a Personal Loan when you need financial assistance for purposes like wedding, travel, education, home renovation, medical emergency or more.
You can apply for a personal loan if:
You are a salaried employee
You are between 23-58 years of age
You have a good credit score.
Usually, Rs. 50,000 is the minimum personal Loan amount, one can borrow.
Most banks and NBFCs offer up to Rs. 25 Lakhs as the maximum Personal Loan amount.
The personal loan tenure usually ranges from 1 year to 5 years.
Personal loan disbursal is the release of funds or the loan amount by the lender in the customer’s bank account. The loan disbursal takes place after the lender approves and verifies the borrower’s loan application and submitted documents. The disbursal of Personal Loans usually varies from 24 hours to a few days.
With a Bajaj Finserv Personal Loan you can avail a loan amount ranging anywhere between Rs. 50,000 to Rs. 25 Lakhs. You can avail a high loan amount at Finserv MARKETS based on factors like the borrower’s income, credit score and repayment capacity. The online application carried out online with quick documentation and verification process. Usually, the loan amount gets disbursed in 24 hours post loan approval.
Applying for a loan online is the easiest way to avail a personal loan. The online documentation process is much easier as you can simply scan the documents and submit them along with the online application form.