Personal Loan
Personal Loan
What is the personal Loan
Personal loan is a low to medium-term unsecured loan given to a person. It is commonly used to meet such financial needs as debt consolidation, wedding expenses, unexpected medical costs, home renovations and others. Flexibility of use, minimal documentation and quick processing make personal loans a preferred financing option. Unlike other loans, it usually has a repayment tenure ranging from 1-5 years.
compare 40+ banks and apply for personal loan. Choose the simplest offers from top banks alongside their rate of interest, processing fee, foreclosure charges and latest offers. Avail consumer loan on Shipra Finance for weddings, travel, home renovation, or an emergency financial requirement.
Best Cash (peronal loan) loan & consumer loan in India
Bank Best Interest Rate
HDFC Bank Self Employed Professionals 10.50% - 21.50%
Kotak Mahindra Bank Quick Turnaround Time 10.50% - 16.99%
ICICI Bank Instant Disbursement 10.50% - 16.25%
TATA Capital Flexible Interest Rates 10.75% - 14.49%
Fullerton India Instant Approvals 10.99% - 25%
Standard Chartered Short Term 10.99% to 17.00%
Capital First Top-up Loans 11.00% to 18%
IIFL Easy Eligible 12.49% - 19.99%
HDB Financial Services Special Offers 11.99%
Bank Name rate of interest Range of Processing Fee Range of Loan Amount Tenure Range
HDFC Bank Personal loan 10.50% - 21.50% Up to 2.50% 40L Max 1 - 5 Years Apply No
INDUSIND BANK Personal loan 10.5% - 16.75% Up to 2.50% 25L Max 1 - 5 Years Apply Now
Shubh personal Loans 15.00% - 32% Fixed 3% 75K - 5L 1 - 4 Years Apply Now
Tata Capital personal loan 10.99% - 14.49% Up to 2.50% 20L Max 1 - 6 Years Apply Now
Fullerton Personal loan 10.99% - 25% 3% - 6% 25L Max 1 - 5 Years Apply Now
HOME CREDIT 11.99% - 30% Zero Processing Fee 5 0K - 2L Up to 4 Years Apply Now
Kotak Mahindra Bank Loan 10.50% - 16.99% Up to 2.50% 50K - 25L 1 - 5 Years Apply Now
Citibank Personal Loan 10.50% - 17.99% 0.50% - 3% 01L - 30L Max 1 - 5 Years Apply Now
Ujjivan Personal Loan 14.50% - 20% 2% or minium Rs 2,000 (whichever is Max) 15L Max 1 - 5 Years Apply Now
INCRED Personal loan 14% 2% - 5% 50K - 7.5L 1 - 4 Years Apply Now
Edelweiss Personal loan 14% - 26% 2% 2L - 20L 0.5 - 4 Years Apply Now
Yes Bank Personal loan 10.99% - 22% 2.50% 50K - 2L 1 - 3 Years Apply Now
HDB Personal loan 11.99% - 28 % Up to 2.5% 20L Max 1 - 5 Years Apply Now
Aditya Persona loan 11% - 13.75% 1% 30L Max 1 - 5 Years Apply Now
India Infoline Personal Loan 11.49% - 19.99% Up to 2% 25L Max 1 - 5 Year Apply Now
CICI Bank Personal Loan 10.99% - 16.25% .75% or ₹999 (whichever is Max) 20L Max 1 - 5 Years Apply Now
IDFC First Bank Personal Loan 10.99% - 22% Up to 3.50% 25L Max 1 - 5 Years Apply Now
Shipra Finance also Provide private loan, compare various banks that provide credit at attractive interest rates, easy EMI options, and low processing fees. Check for secured also as unsecured loan options and obtain instant access to funds and finance your immediate needs.
Citibank Personal Loan Eligibility
Key Highlights
Low-Interest rates for Salaried also as Self-employed applicants
Funds are going to be credited to your checking account within 48 hours
Minimal documentation and Instant approval for existing Citibank customers
Interest Rate EMI/ lakh Foreclosure/ Prepayment P.F Charges Repayment
10.50% onwards Rs.2,149 Up to 4% .5% s.1,29,463.
Personal Loan Eligibility
Criteria Salaried Self-Employed
Age 21 years to 60 years 22 years to 55 years
Net Monthly Income Rs.20,000 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.30 lakh
Documents Required Personal Loan
Requirements Salaried Individuals Self Employed
Proof of Identity Passport, Voter ID, driver's license or PAN Card Passport, Voter’s ID, driver's 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 budget of the past two years
If you're an NRI looking to borrow a private loan, these are the documents that you simply will got to undergo the lender:
Copy of your Passport
Visa Copy
Your official Email ID or the e-mail 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 therefore the guarantors
Features and Benefits of Personal Loan
Borrow up to Rs.40 lakh, if less .
Opt for a loan tenure of up to five years and repay your loan in easy installments.
Submit your application through online or offline channels.
Minimal paperwork and documentation required.
No restrictions on how the loan amount are often used.
Affordable interest rates ranging between 10% p.a. and 24% p.a.
Helps within the consolidation of debts.
Quick approval.
Pre-approved loan offers.
Calculate consumer loan EMIs to know what proportion money you'll monthly for repaying the loan.
Penalty for defaults
Penalty for pre-payment and part payment of the loan
In addition to those , the lenders may additionally levy charges for documentation, stamping, credit administration, collection, and so on. The levy and therefore the rates of those fees and charges differ from lender to lender. However, you'll check the fees and charges which are levied by the highest lenders in India before you apply for a Cash (PERSONAL LOAN) loan.
Tips for Successful Personal loan Application
Assess the necessity for your loan
Do proper research to urge the simplest rate
Check your credit history
Review the fine print on your loan document carefully
Choose your loan tenure by assessing your repayment ability
Choose a reasonable rate of interest
Select your loan amount as per your convenience
Check your EMIs properly
Compare the processing fee
Select a hard and fast or variable rate of interest consistent with your preference
Do's Don'ts
Do proper research before you apply for a loan Do not sign your loan documents without understanding every point
Do read the fine print carefully Do not make multiple inquiries regarding loans from different banks
Do save your money carefully once you are repaying Do not take a cash (Personal) loan with none serious purpose
Do pay your loan installment promptly every single time Do not be during a hurry to finish your loan comparison process
Do evaluate your credit score thoroughly Do not forget to pay your loan installments
To apply for a reasonable loan amount Do not accept bad loan products
Different Types of Cash (personal loan) Loans in India
One can use your loan for any purpose as long because it is legal. However, there are certain lenders who provide different loan products on the idea of the aim which is mentioned by the borrower within the application. On the idea of utilization, these are the various sorts of personal loans which may be availed in India:
Personal Loan for Wedding: because the name suggests, a loan that's offered particularly for the aim of meeting the expenses of a marriage may be a wedding loan.
Personal Loan for Home Renovation: A home renovation loan is availed to satisfy the expenses of repairing or renovating your home.
Personal Loan for Vacations: a vacation loan is specially designed for vacations. you'll avail a loan for your vacation and pay the expenses on a later date through easy EMIs.
Personal Loan for Pensioners: A loan that's specifically offered to pensioners is understood as a pension loan.
Personal Loan for Festivals: Certain lenders offer a cash(personal) loan exclusively for festivals. If you're trying to find a loan to form arrangements for a festival, you'll apply for a festival loan.
Do not forget to see the eligibility criteria for the various sorts of personal loans before you apply for one.
How to Improve your Chances of Getting Cash (personal) Loan?
Credit score: one among the most factors taken into consideration by lenders is your credit score. Getting cash loan is simpler with a high credit score. If your score is low, you want to check your reports to ascertain if there are any errors. Sometimes, simple errors could have an adverse effect on your scores, and if you discover any of those , you want to report them to CIBIL.
