A personal loan is a short to medium term (unsecured) loan which gives you the ability to consolidate debt, plan a vacation, renovate your home, or afford a lavish wedding. Find your Personal Loan that suits your needs now!!
What is a Personal Loan and what can it be used for?
A Personal Loan is an unsecured loan taken by borrowers to meet their varied financial needs. It is also called an ‘All-purpose loan’ at times as there is no restriction on the end use of the funds.
Borrowers use personal loans for various reasons such as debt consolidation, vacations, refurnishing their homes, buying a new appliance, to fund weddings, pay education or medical expenses etc. Personal loans, when used judiciously can also be beneficial in improving your finances and your credit score.
Why go for a Personal Loan?
Personal Loans are the perfect means to your end when it comes to meeting the financial needs of your life.
What do lenders look for before sanctioning a loan?
The factors that determine if your personal loan application will be approved or rejected are:
How much loan and for what duration can it be taken for?
Personal Loans can start from as low as Rs. 10,000 to Rs. 30,00,000/- based on the lender and the borrower’s ability to pay back. Since it is a short term loan, the repayment options are usually flexible, and can range between 12-60 months, depending on the lender and the credit history of the borrower. Click here to check your personal loan eligibility.
What are the interest rates that I am eligible for?
Interest rates for a personal loan vary from borrower to borrower and lender to lender, depending on their individual credit history and amount borrowed. Get your CIBIL Score and Report, log on to myCIBIL and check special interest rates (and other features) offered to you by participating Banks based on your CIBIL Score and other parameters.
What are the factors that affect interest rate for Personal Loan?
The lending rate depends on:
What are the other fees and charges payable and when?
How long will it take for a loan to be sanctioned?
The time taken to disburse personal loans varies from lender to lender. Your loans may be approved in as little as 24 hours or may take up to 7 business days, based on your credentials.
What are the documents required to apply for a personal loan?
The types of documents to be submitted when applying for a personal loan varies from lender to lender. However, the common documents required by most lenders include:
Documents for Salaried Individuals:
Documents for Self-Employed:
What should I look out for?
When applying for a Personal Loan, make sure you borrow within your means or else the repayment will become a long and tedious process which could affect your credit history and CIBIL Score if you have outstanding payments. Personal loans are one of the most expensive forms of loan available in the market, hence, choose carefully after conducting due research and understanding of the cost and the benefits involved.
|DOCUMENTS REQUIRED||PERSONAL LOAN||CREDIT CARD||AUTO LOAN||HOME LOAN|
|Latest Credit Score & CIR*|
|KYC docs (identity, signature & address proof)|
|Income Statement (such as salary slip)|
|Last 3 years IT return||
(for self-employed only)
(for self-employed only)
* This is an indicative list and may differ from lender to lender.
Loan Eligibility Calculator
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