Personal loan is the obvious choice if you need a finance for Personal finance, Medical emergency, Wedding purposes, Abroad travel, Holidays, Child education and for buying consumer durable things. Means if you have a requirement of money so personal loan is the best choice.
Personal loan Eligibility
1.Minimum per month Income of Rs.18500 in Metro cities required.
2. Minimum per Month Income of 12500 required in other cities like Tier 1, 2 & 3.
3. Age Must be above 21 Years.
4. Regular Source of Income with Valid proof of income like – Pay Cheque, Account Transfer. Cash salary is not considered by any bank.
5. Minimum 6 Month stability in current company for Salaried, 2 Years ITR for self-employed / Professionals.
6. CIBIL Score must be above 750 points.
Personal loan Interest Rates
Interest rates on any loan plays an important part so always choose the lowest one is beneficial. Personal loan interest rates for most of the banks starts from 11.59% to 22.00%. Some banks offer special interest rates to its customer on the basis of Company, Profile, Residential status, Income per month. Banks offer lowest rates to only CAT A based company employees.
Personal Loan for Self Employed
Almost all banks offers personal loan to self-employed persons on the basis of business stability & last 2 or 3 years Income tax returns. Interest rates are also on the higher side for the comparison to salaried people.
• Maximum loan amount avail upto 15 lakhs.
• Maximum tenure period is 5 Years.
• Mandatory bank account, Part payment option is not available for self employed borrowers.
Top Banks for Personal Loans in India
HDFC Bank Personal Loan
HDFC bank offers personal loans to salaried, self employed, professionals, doctors, CA’s for upto 25 lakh.
Why to choose HDFC Bank?
• No Hidden Charges, Reasonable processing fees
• Special Offers for women borrowers
• Be earning at least Rs. 12,000/- per month net income (Rs. 15,000/- in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Calcutta, Ahmedabad, Cochin)
• Interest Rates starts from 11.99% p.a*
ICICI Bank Personal loan
ICICI Bank offers personal loans up to Rs. 20 lakh for salaried, up to Rs.30 lakh for self employed and up to Rs.40 lakh for doctors.ICICI Bank offer flexible repayment option of 12-60* months.
• Interest Rates starts from 11.49% p.a*
• Disbursement within 72 working hours
• No Security / No Collateral
• Flexible tenures upto 60 months.
Axis Bank Personal loan
Axis bank’s personal loans will give you a helping hand meet all your personal requirements.
• Loan amount from 50000 to 15 Lakh
• Loan available to salaried individuals only
• Simple procedure, minimal documentation and quick approval
• Rate of Interest starts from 15.00% p.a*
• Available in 65 Locations throughout the India
SBI Personal Loan
State Bank of India personal loan is the most searched term in government banks list. State bank of India offers personal loan to Salaried individual of good quality corporate, self employed, engineer, doctor, architect, chartered accountant, MBA with minimum 2 years standing.
• Minimum Income required Rs.24,000/- in metro and urban centres
• Minimum Income required Rs.10,000/- in rural/semi-urban centres
• Interest Rates starts from as low as 12.60% p.a*
• Zero pre payment charges
Bajaj Personal Loan
Bajaj Finserv is the one of the fastedt growing company in terms of personal loans as per current market scenarios. Borrowers looking for bajaj because of its best repayment plans, lowest rates & transparent policy.
• Instant Online Approval
• Funds transfer to your account within 72 hours
• Maximum loan amount of Upto 25 Lakh
• Minimum Income required are Rs.25000
• Processing Fees of 2.25% to 3.00% of the loan amount