Best Lenders For Personal Loan

11.00% - 21.00% Onwards Interest Rate
Upto ₹4999/- Processing Fees
₹50K - ₹40L (Tenure 1 - 5 Years)

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16%* Onwards Interest Rate
2% + GST Processing Fees
₹5K - ₹25L (Tenure 3 Months - 5 Years)

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10.75% - 22% Interest Rate
3.5% Onwards Processing Fees
₹1L - ₹40L (Tenure 1 - 5 Years)

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15%* Onwards Interest Rate
4% + GST Processing Fees
₹50K - ₹10L (Tenure 1 - 5 Years)

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17% - 28% Interest Rate
2.5% + GST Processing Fees
₹5K - ₹5L (Tenure 1 - 6 Years)

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10.99%* Onwards Interest Rate
2.75% Onwards Processing Fees
₹75K - ₹35L (Tenure 1 - 6 Years)

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10.99% - 25% Interest Rate
2.5% + GST Processing Fees
₹1L - ₹40L (Tenure 1 - 5 Years)

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13.99%* Onwards Interest Rate
Processing Fees upto 5% of the loan amount
₹50K - ₹15L (Tenure 3 Months - 2 Years)

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12% - 21% Interest Rate
2% + GST Processing Fees
₹50K - ₹40L (Tenure 1 - 5 Years)

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12.99%* Onwards Interest Rate
2% Onwards Processing Fees
₹1L- ₹25L (Tenure 1 - 5 Years)

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11.49%* Onwards Interest Rate
2.25% + GST Processing Fees
₹1L - ₹50L (Tenure 1 - 5 Years)

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Personal Loan Emi Calculator

With the help of a Personal loan EMI calculator , you can calculate your payable EMI to the bank/NBFC. It can be done by filling three fields; Personal loan amount, Personal loan tenure, and Personal Loan interest rate. Thus, it will be easier to manage your monthly budget if you know your monthly liability.

Use Emi Calculator

Compare personal loan interest rates of all prominent banks

One of the critical deciding factors of any personal loan is interest rates. There are plenty of options available in the market, so you must understand its benefits and flaws before deciding.

A lender charges an interest rate to a borrower for which the personal loan is given. It is expressed in percentage, and the number is directly proportional to the risks involved with the borrower. In addition, the personal loan rate of interest is annual but can be applied over different periods, such as monthly, quarterly, or semi-yearly.

So, we're providing you with a table for comparison among the best personal loan in India at the lowest personal loan interest rate featuring all renowned banks/NBFC of India, such as ICICI Bank Personal Loan, Axis Bank Personal Loan, TATA Capital Personal Loan, HDFC Bank Personal Loan, Yes Bank Personal Loan, MoneyView Personal Loan , IDFC Personal Loan , InCred Personal Loan and many more.

Bank & NBFC	Interest Rates	Per Lac EMI
HDFC Bank Personal Loan	11.00%* Onwards	Rs. 2,174 Onwards	Apply Now
Moneyview Personal Loan	16.00%* Onwards	Rs. 2,431 Onwards	Apply Now
Tata Capital Personal Loan	10.99%* Onwards	Rs. 2,149 Onwards	Apply Now
IDFC First Bank Personal Loan	10.75% - 22%	Rs. 2,149 - Rs. 2,762	Apply Now
Finnable Personal Loan	15%* Onwards	Rs. 2,379 Onwards	Apply Now
Paysense Personal Loan	17.00% -27.6 %	Rs. 2,485 - Rs. 3,090	Apply Now
TATA Capital Personal Loan	10.99%* Onwards	Rs.1,903 Onwards	Apply Now
Yes Bank Personal Loan	10.99% - 25%	Rs. 1,903 - Rs.2,877	Apply Now
Indiabulls Personal Loan	13.99%* Onwards	Rs. 2,326 Onwards	Apply Now
Axis Bank Personal Loan	12.00% - 24.00%	Rs. 2,224 - Rs. 2,877	Apply Now
Bajaj Finserv Personal Loan	12.99%* Onwards	Rs. 2,275 Onwards	Apply Now
Standard Chartered Personal Loan	11.49%* Onwards	Rs. 2,199 Onwards	Apply Now

Why choose loans4you for Personal Loan Application ?

The online platform like loans4you.in for availing of personal loans is spoiling your inner borrower. Below are the highlights that will tell you why an online marketplace is more effective than physically reaching out to the banks/NBFC.

• Easy Access
The inconvenience of reaching out to the banks for queries is a significant setback. That's why we built a stage where you can ask anything anytime, and our seamless communication system is ready for that.

• Online Personal Loan Application With Minimum Efforts
By applying online with loans4you.in, you're helping yourself as we believe in putting minimum efforts & gaining more profit. We encourage you to Apply online for a personal loan and get approval in a single try on our platform.

• Options To Explore
Instead of blindly trusting a single bank, it is always better to explore other options and loans4you.in provides you with that platform. So, by visiting our website, you can effectively differentiate from the options and choose the suitable offer by comparing Personal Loan Interest Rates, Personal loan amount & Personal Loan tenure, Personal Loan prepayment facilities etc.

Custom and command while applying for a personal loan

Do's	Dont's
1. Checking your eligibility	1. Put in loan application with multiple lenders
2. Research about the bank & ask for reviews; online & offline both	2.Unsound documents
3.Securing documents and planning the finances	3. Exceed your financial limits
4. Clear the paper work in one go	4. In addition in the existing liabilities
5. Providing correct details	5. Avail loan with non-trustworthy lenders

Why a personal loan, or in what situations you can take a personal loan?

Taking a personal loan is the fastest & safest method if you want immediate funds. But the beauty of a personal loan lies in its flexible use of money, meaning you can fund your holiday, education, home remodel or renovation and anything with the loan amount. So, why wouldn't anyone resist obtaining a personal loan?

However, there are three additional benefits of a personal loan, and that is:

• Personal loan balance transfer
This facility allows you to transfer your entire or outstanding Personal loan to a new bank/NBFC offering Low Personal Loan Interest Rates . Also, it is common for borrowers to take advantage of the Personal loan balance transfer facility as the current interest rates are becoming overpriced.

• Top-up loan
The top-up loan is an additional loan facility over a personal loan, where the borrower uses additional funding for immediate needs.

• Balance transfer + top-up loan
It is the amalgam of two plans, where you can transfer your Personal loan balance to a new bank/NBFC offering and approach the new lender for a top-up loan facility for urgent additional funds.

Personal loan eligibility

More than you, the banks believe in your papers, and that's why the banks have pre-decided rules called Personal Loan eligibility criteria and upon which they will conclude whether you're eligible for a loan obtaining or not.

The Personal Loan eligibility criterion varies according to the bank/NBFC & a loan-seeking person, but the principal elements are constant.

Category	Salaried	Self-employed (professional + non-professional)
Age	Min: 21 Max: 60	Min: 21 Max: 70
Work experience or business progression	Minimum 3 years	Minimum 3 years
Net income or salary	Minimum Rs. 25,000 per month	Minimum Rs. 25,000 per month

If you're an NRI or an individual be in a different category, the above figures can fluctuate.
Plus, to obtain the personal loan, you will need fundamental documents like identity & age proof, income proof, address proof, degree/ diploma certificates, caste certificate (if any), & more.

How much personal loan amount you can get based on your income?

Banks/ NBFCs calculate your maximum based on your monthly or yearly income, which sums up to 30 times your monthly payment. Also, to minimize the risks, the banks bid 45 % to 60 % of monthly income in EMIs. The most significant factor affecting loan eligibility is your present-day obligations. If you have an ongoing responsibility, it will be deducted from your monthly income, and the remaining payment will be your maximum personal loan amount eligibility.

Thus, obtaining Personal loan eligibility also depends on an individual's income, meaning a higher loan amount if the monthly payment is high, age, credit history & much more.

The banks calculate Fixed Obligations to Income Ratio (FOIR) based on your monthly income & existing EMIs, and the FOIR percentage must be 45-70% and less.

For example, if your in-hand salary per month is Rs 1,00,000, you are currently paying a home loan EMI of INR 6000 and an auto loan EMI of INR 10,000. So, your FOIR would be:
Your disposable income for a new personal loan is (Considering FOIR-50%): Rs. 50,000 - Rs. 6,000 - Rs. 10,000 = Rs. 34,000
FOIR = Sum of existing obligations/Net take home salary*100
FOIR = ((Rs. 6000 + Rs. 10,000)/ Rs. 100000) * 100
FOIR = (Rs. 16,000/ Rs. 100000)*100
FOIR = 16%

So, the banks will approve the loan having a maximum EMI of Rs- 34,000 or less even for the longest tenure.

Factors that affect your personal loan eligibility

Other than the above-explained factors, there are other essential elements affecting your Personal loan obtaining eligibility & they are:

• CIBIL score :
Before sanctioning the loan, the bank/ NBFC will verify your Credit Information Bureau India Limited (CIBIL) score or credit history to ensure that you are creditworthy. Usually, individuals with a CIBIL score of 750 to 900 have lesser chances of loan rejection.

• Flawed documents :
Submission of false or insufficient documents such as flawed caste certificates or ITR receipts is forbidden as it will damage your reputation. You will hardly obtain a loan in the future.

• Previously rejected loan application:
The Financial institutions & credit agencies keep a record of the loan applications that have been previously rejected. So, it can also negatively affect your current personal loan application.

• Income:
To show your creditworthiness, you must have the latest three-year income proof to show you employment proof. Also, if you're salaried and keep changing jobs frequently, your chances of obtaining the loan diminish with every job change due to earlier reasons.

• Inadequate ITRs:
The banks/ NBFCs ask for the last three years' ITR, and if you have flaws in your ITRs, it might reduce your chances of loan approval, or the lender will charge a high-interest rate & processing fee.

• Borrower's age:
If the borrower is approaching golden age, there are higher chances of rejecting your loan. If granted, the personal loan interest rates will be higher than usual.

• Field experience:
The minimum work experience varies according to your chosen bank and the designation.

The minimum work experience includes the following:
• Salaried professionals = 1-2 years experience in the current organization.
• Business owners/ Self-employed professionals = 3 years in the existing business.

• Present-day liabilities :
The last check before loan sanctioning is evaluating your ongoing liabilities to ensure your loan repaying capacity. For example, if you already have an existing auto loan, the banks will not consider your personal loan application.

Features of Personal Loan

The personal loan has multiple features, and that's why the team loans4you is bringing conveniently bringing the bank to you and thus eliminating the need to see the bank for obtaining a personal loan. So, let's understand some features in detail.

No security requirement
While obtaining the personal loan, you're no longer responsible for providing the collateral or security such as a car or home. Instead, the personal loan is a pure bet on your creditworthiness, income etc., and that's why the interest rate is slightly higher.

Minimal paperwork
So, you're no longer required to submit proof, only the mandatory papers like identity proof, address & age proof, income evidence etc.

Flexible to use
The majority of banks will not ask what you will be doing with the money, and that's the beauty of a personal loan; you can do anything with that money—for example, renovating the house etc.

Flexible amount and Tenure
Ironically, there is no limit to obtaining a personal loan, but it is proportional to your income. Plus, most banks give personal loans on flexible tenure, ranging from 12 months to a maximum of 84 months.

Fast loan disbursal
The only thing that demands time in the personal loan application process is the loan approval. Otherwise, the loan disbursal happens within a few hours after you apply.

Fees and Charges of All Major Banks

The list of charges that you need to pay for a home loan are as follows:

Application charge/ initial processing fee (Non-refundable)
Application processing fee & administrative fee
Stamp paper/franking fee on the loan agreement
Loan insurance charge
Processing Fee & prepayment charges

Bank & NBFC	Processing Fees	Prepayment Charges
HDFC Personal Loan	Upto ₹4999/-	3% Plus GST of Outstanding Amount
Moneyview Personal Loan	2% + GST Of Loan Amount	2% Plus GST of Outstanding Amount
Tata Capital Personal Loan	2.75% + GST Of Loan Amount	4% + GST of Outstanding Amount
IDFC First Bank Personal Loan	3.5% + GST of the Loan Amount	5% + GST of Outstanding Amount
Finnable Personal Loan	4%* + GST of the Loan Amount	3% of the principal outstanding + GST
Paysense Personal Loan	2.5% + GST of the Loan Amount	2% Plus GST of Outstanding Amount
Yes Bank Personal Loan	2.50% + GST of the Loan Amount	2% + GST of Outstanding Amount
Axis Bank Personal Loan	2% + GST of the Loan Amount	2% + GST of Outstanding Amount
Standard Chartered Personal Loan	2.25% + GST of the Loan Amount	5% Plus GST of Outstanding Amount

List of Documents for Personal Loan

Take a look at some of the key documents required to apply for Personal Loan:

Complete The Form

Completed appliction form for Personal loan.

Photo

Applicant's latest passport-size photographs.

Identity Proof

1. Pan Card
2. Aadhar Card

4.Age proof

1. Birth certificate
2. 10th marksheet
3. Driving license
4. PAN

Address Proof

1. Aadhar Card
2. Voter ID
3. Driving license
4. Passport

Income proof

1. Bank statements
2. Salary slips
3. Form-16
4. IT returns

Existing Loan Details

1. Sanction Letter
2. Statement of Account
3. Repayment Schedule

How To Apply for Personal Loan?

You can apply easily for the quickest loan against property with one of the best customer services by just following four simple steps.

Step 1: Click

Click on any link to contact us.

Step 2: Fill

Fill up the required details.

Step 3: Send

Send your details over and let us take care of everything else.

Step 4: Talk to our experts.

We are market leaders, and our experts will guide you.

F.A.Q

What are the documents mandatory for a personal loan?

You only need essential documents like age, income, identification proofs, educational qualification proofs etc.
Do I have to provide any security, collateral, or guarantors to obtain a personal loan?

No, there is no need to give any guarantee, collateral, or guarantors for getting a personal loan.
How did banks decide how much personal loan amount I'm eligible for?

The banks decide your Personal loan eligibility based on your income. It's usually 30 times your net monthly income.
Is personal loan tax deductible?

Section 24(b) of the Income Tax Act, 1961, allows for a tax rebate on personal loans if the amount is used for business investment, purchase/construction of a residential property, purchase of assets, etc.
What are the precautions one should take before finalizing Personal loans?

Step 1- Go in armed with knowledge and features that will suit your requirement

Step 2- Consider the whole package, look at the rate of interest they are offering, it might be possible that they might charge high processing fee or any other fee if they are offering lower Rate of interest. In the same way they might be charging low processing fee but might be charging some other hidden charge or high rate of interest.

Step 3- Structuring of the loan is very important loan amount, tenure, EMI that you can easily manage, because your monthly budget will be effected after start of your personal loan.

Step 4- Cost of taking the loan like what is the total interest that you have to pay for loan, what is the processing fee, is there any mortgage charge, do you have to pay for the franking or notary& charges.

Step 5- What are the part payment charge, is there any lock in period or condition for doing part payment, what are the foreclosure charge, is there any lock in period or condition for doing foreclosure.

Step 6- Customer Service or after sale services are also important point that you should take care of. You should also take feedback from friend or colleague before finalizing for loan.

Step 7- Engage with good Bank/NBFC DSA who can guide you about different rate or special offer running with different Bank/NBFC.
What are the minimum and maximum loan amounts?

You can avail of personal loans from Rs 50,000 onward depending on your eligibility, income and repayment capacity.
What are the options for repayments tenures?

The loan can be repaid over a period of 12 to 84 months.
Are there any additional charges?

Processing fees: This is the fee charged by your housing finance company/Bank for their processing ,Foreclosure Charges: Nil for Floating rate of Interest and normally 5*%.
What is EMI?

EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components.

Personal Loan

Check Your Personal Loan Eligibility

Best Lenders For Personal Loan

Personal Loan Emi Calculator

Compare personal loan interest rates of all prominent banks

Why choose loans4you for Personal Loan Application ?

Custom and command while applying for a personal loan

Why a personal loan, or in what situations you can take a personal loan?

Personal loan eligibility

How much personal loan amount you can get based on your income?

Factors that affect your personal loan eligibility

Features of Personal Loan

Fees and Charges of All Major Banks

List of Documents for Personal Loan

How To Apply for Personal Loan?

Step 1: Click

Step 2: Fill

Step 3: Send

Step 4: Talk to our experts.

F.A.Q

Disclaimer