PERSONAL LOAN
- Compare & Choose the Best Offer
- Check Loan Amount Eligibility
- Know your Approval Chances
Personal loan feature and benefits
- No end-usage restriction
- Loan amount of up to Rs. 40 lakh, which can exceed depending on lenders' discretion
- Repayment tenure usually ranges between 1 year and 5 years, with some banks/NBFCs offering longer tenures
- Minimal documentation
- The interest rates usually start from 10.50% p.a. with some PSU banks offering lower interest rates
- Quick disbursals
- Applicants having excellent credit profiles may also qualify for preapproved/prequalified personal loans with instant disbursal
Personal Loan Eligibility
- Age: 18-60 years
- Income: Minimum Rs 15,000/month for salaried applicants
- Credit Score: Preferably 750 and above as having higher credit scores increase the chances of your loan approval at lower interest rates
| Highlights of Personal Loan | |
|---|---|
| Interest rate | Usually 10.49% p.a. onwards; some PSUs may offer lower rates |
| Loan Amount | Can go up to Rs 40 lakh; some lenders may offer higher loan amounts |
| Tenure | Up to 5 years (some lenders offer repayment period till 8 years) |
| Processing Fees | 0.5% to 4% of loan amount (may vary across lenders) |