Personal Loan
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
- Minimum per month Income of Rs.18500 in Metro cities required.
- Minimum per Month Income of 12500 required in other cities like Tier 1, 2 & 3.
- Age Must be above 21 Years.
- Regular Source of Income with Valid proof of income like - Pay Cheque, Account Transfer. Cash salary is not considered by any bank.
- Minimum 6 Month stability in current company for Salaried, 2 Years ITR for self-employed / Professionals.
- CIBIL SCORE must be above 750 points.
Personal loan Interest Rates 2022
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. So have a look at major banks personal loan interest rates below:
Compare Top Personal Loan Banks on the Basis of Interest Rates, Processing Fees, Prepayment Charges & Approval Time
| Bank | Interest Rates | Processing Fees | Fore Closure Charges | Disbursal Time |
| Yes Bank | 10.45% - 16.99% | Upto 2% | Nil Above 7.5Lacs | 48 Working Hours |
| Kotak Mahindra Bank | 10.50% - 16.99% | Rs.999 - 2% | Zero above 10 lakhs loan amount, Else 5.00% | 60 working hours |
| HDFC Bank | 10.75% - 13.45% | upto 3999 + GST | Zero above 10 lakh, Otherwise 4.00% | 48 working hours |
| IDFC First | 10.99% - 21.00% | Upto Rs.9999 | upto 5% | 60 working hours |
| ICICI Bank | 11% - 17.50% | 0.50% - 2.25% | Zero above 10 lakh & 12 EMI Paid, Otherwise 5.00% | 48 working hours |
| Standard Chartered | 11.00% - 12.50% | 1% | Up to 5.00% | 3-4 Working Days |
| Citibank | 11.49% - 16.50% | Up to 3% | 72 working hours | |
| SBI Personal Loan | 11.95% - 16.55% | 2.00% - 3.00% | NIL | 72 working hours |
| Tata Capital | 11.99% - 17.00% | 1.25% - 2.50% | NIL Foreclosure charges after 12 EMI | 72 working hours |
| Fullerton India | 11.99% - 26.00% | 2.00% | Upto 7.00%, 0% after 3 years | 48 working hours |
| Bajaj Finserv | 11.99% - 16.00% | Upto 2.00% | Upto 4% post 1st EMI clearance | 48 working hours |
| Indus Ind Bank | 12.99% - 20.00% | Up to 50% off * | 60 working hours | |
| Axis Bank | 15.00% - 20.00% | 2.00% | N.A | 60 working hours |
* The above figures are subject to change and GST applicable in addition to the above charges. Interest rates are updated as on Jan 2022. The processing fee is charged on the sanctioned loan amount.
Documents Required for Personal Loan
- Identity Proof: Passport/PAN Card/ Voter’s ID/ Aadhaar Card/ Driving License
- Address Proof: Passport/ Aadhaar Card/ Lease/ Property purchase Agreement/ Utility Bills (not more than 3 months old)/ Passport/ Driving License
- Income Proof For Salaried Individuals: Salary Slips/ Bank Account Statement/ Form 16
- Income Proof For Self-employed Professionals: Previous Years’ ITR/ P&L Statement and Balance Sheet/ Bank Account Statement
- Business Proof For Self-employed Individuals: Business Incorporation Certificate/ Professional Degree/ Certificate of Practice/ Partnership Deed/ GST Registration and Filing Documents/ MOA & AOA/ Shop Act License
* The actual list of documents required may vary from one lender to another.