A Personal loan is unsecured form of loan that can be used to meet personal short to medium term financial needs. It is an unsecured loan and doesn’t require collateral as security or a guarantor to avail the loan. Personal Loan can be best used for multiple purposes such as for education, home renovation, electronic purchase ,travel, for marriage, in case of medical emergencies, for business purpose or debt consolidation and household expenditures.
Interest Rate Range: 11.99% to 18% (Annual Rate)
Tenure ( Repayment Period): 1 Year to 5 Years
Processing Fee : 1%-3% of the loan amount + Service Tax
For a loan amount of 1 lakh, Total cost of loan will be Rs 1000 to Rs 3000
Personal Loan Eligibility Criteria:
Though Personal Loan Eligibility criteria varies between Financial Institutions.To ensure the same, they consider numerous factors before providing personal loans:
1) The borrower must be an Indian Resident
2) Minimum age - 21 years
3) Valid government issued identity proof
4) Valid Bank Account
5) Regular Source of Income
6) Valid Address Proof
Disclaimer : Please note that the interest rates given here are based on the market research. To enable the comparisons certain set of data has been reorganized / restructured / tabulated .Users are advised to recheck the same with the individual companies / organizations. This site does not take any responsibility for any sudden / uninformed changes in interest rates.