A Personal Loan is a form of loan availed by individuals on the basis of specific criteria, such as level of income, employment history, credit score, and scope for repayment. The loan is usually taken for the fulfillment of personal needs from a banking institution or a non-banking financial company (NBFC). Borrowers can use online tools available at neutral financial websites, such as the Personal Loan EMI Calculator, to assess the interest payout throughout the tenure before applying for a personal loan.
Personal Loan Interest RatesUpdated on 09 Jan 2019
|Personal Loan Details||
|Interest Rate (Monthly reducing balance)||10.99% - 37.00%
|Processing Fees||Varies with bank
|Loan Tenure||1 year to 5 years
|Pre-closure Charges||Varies with bank
|Guarantor Requirement||Varies with bank
How to Apply for a Personal Loan on Loanqubes.com?
Applying for a personal loan at Loanqubes.com involves three simple steps :
Step 1: In the first step, the user must fill the personal loan eligibility form available online with required personal data. Once submitted the personal loan tool automatically checks for eligibility of the applicant and provides personalized personal loan options.
Step 2: In the second step, the applicant can compare various personal loan options offered by the tool interface and apply for the most suitable loan.
Step 3: The last step involves receiving an instant e-approval from Loanqubes.com after successful submission of the personal loan application online. The application is sent electronically to the selected bank. The loan department of the concerned bank gets in touch with the applicant directly. Users can check the status of their loan application through SMS alerts as well as emails.
Personal Loan Eligibility
Any Indian citizen be it a salaried professional or self-employed individual is eligible for a personal loan. Since the loan is unsecured, therefore, the lending risk factor involved in these loans increases considerably. To reduce the same, there are a few eligibility criteria that must be met primarily to get a loan. The eligibility criteria might differ from one lender to another; however, there are a few basic eligibility criteria that are common for most lenders. Some of the factors on which the eligibility criteria are based are given as follows:
- Repayment Ability: Applicant should have worked for an organisation or been involved in a business for a certain number of years.
- Income: Applicants should have the lender stipulated monthly repaying capacity or minimum salary.
- Age: Applicant must qualify for the applicant age bracket defined by the lending institution
- Credit Score: Applicant should have the bank specified minimum credit score and good credit history.
- Existing EMIs: Applicant should not have any other loan liabilities or must have strong ability to take additional debts.
Personal Loan Eligibility Criteria
The table given below summaries the basic eligibility criteria required by most banks and NBFCs for individuals requesting a personal loan:
|Particulars|| Salaried|| Self-Employed
|Age||21 years to 60 years||22 years to 55 years
|Net monthly income||Rs.15,000 (Rs.20,000 in metro cities)||Rs.25,000
|CIBIL Score||Above 750||Above 750
|Minimum Loan Amount||Rs.50,000||Rs.50,000
|Maximum Loan Amount||Rs.15 lakh||Rs.30 lakh
Why Choose a Personal Loan?
Personal Loan is a product which is available with all the banks and because of less documentation and fast disbursement it has gained significant popularity too. But when it comes to visiting multiple banks to collect all the information and then apply, you might get confused and take a wrong decision because of all the hassles involved. So before applying with any FI, go through the following points.
The reasons you should choose Loan Qubes for Personal Loan are as follows:-
- Loan Qubes is the largest DSA for loans in India and is partner with all the top banks and NBFCs in India. Just by providing a few details about you, you can see the best offers for you from these top financial institutions, compare them and then choose the one that best suits your needs.
- When you go with Loan Qubes you have top banks and NBFCs in India as options to go with for your personal loan. From among the different banks you can choose which ever suits you the best.
- Loan Qubes will provide you 100% accurate information regarding any kind of loan whether it is for the personal loan or home loan or instant personal loans.
- Loan Qubes and their team is having proper time management and Loan management skills. With the skills you can get your loan within short duration of time.
- If you choose Loan Qubes for your personal loan then you can relax after you apply because you don’t have to visit the bank even for a single time. It will be the Loan Qubes executives who will be doing all these stuff for you.
- High Quality of service is provided by Loan Qubes regarding any of their products.
- The documentation process will be completed at your home only. It might seem unbelievable to you but Loan Qubes executive will come to you and collect all the required documents.
- Most importantly your Loan disbursement will be done in a short period time which can be 3 to 4 days only.
Top Banks Providing Personal Loans in India
- SBI Personal Loan :The State Bank of India (SBI) offers three different kinds of personal loans to customers:
- Xpress Credit Loan – This personal loan product is offered to an individual having a salary account with SBI. The loan product comes with relatively lower interest rates and low processing fees. The customer has to provide only minimal documentation for the loan approval. The minimum loan amount is Rs.25,000 for a term loan while the maximum can go up to 24 times the net monthly income of the applicant, as long as the maximum does not exceed Rs.15 lakh. The repayment period can go up to 60 months as well.
- SBI Pension Loan – Central/State Government employees and defence pensioners who are drawing pension from one of the SBI branches can get an SBI Pension Loan. The applicant should not be more than 76 years of age. The loan has nominal processing fees and no hidden costs. The minimum loan amount is Rs.25,000 and the maximum amount varies based on several factors.
- Xpress Power – This loan is offered to salaried individuals who do not have a salary account with the bank. The minimum loan amount is Rs.25,000 and the maximum amount is 24 times the net monthly income (NMI). Term loan or overdraft facility can be opted for.
- Axis Bank Personal Loan:Axis Bank offers personal loans from Rs.50,000 to Rs.15 lakh to customers. The loan approval process is speedy and only minimal documentation is required. The minimum age of the applicant should be 21 years and the age at the time of loan maturity should not be more than 60 years. The applicant should also have a net monthly income of Rs.15,000. The loan repayment tenure is between 12 and 60 months.
- ICICI Personal Loan :The personal loan offered by ICICI Bank can be used for any purpose as per the needs of the customer. The tenure of the loan can be up to 60 months and the interest rate is fixed. The interest is charged in a monthly reducing manner on the loan amount. Customers can employ PDC, ESC or auto-debit for the EMI repayment on a monthly basis. The maximum loan amount offered is Rs.20 lakh.
- HDFC Personal Loan:The personal loan offered by HDFC Bank is available for different tenures. Flexible repayment facility and attractive interest rates are other features of the loan. Pre-approved loans are provided to existing customers of the bank in under 10 seconds. Other customers can get a personal loan approved within 4 hours. The loan amount can go up to Rs.40 lakh as well.
- Bajaj Finserv (Finance) Personal Loan :Bajaj Finserv offers personal loans up to Rs.35 lakh with flexible payment options and minimal documentation. Loans can be repaid based on the convenience of the customer within 12 to 60 months. The Flexi Personal Loan product from the bank enables customers to borrow funds with lower EMI. The bank approves personal loan applications within 5 minutes and the funds are disbursed within 24 hours as well.
|Providers||Loan Amount||Interest Rate||Processing Fee
|State Bank of India||Rs. 25,000 - Rs. 15,00,000||11.00% onwards||1% of the loan amount
|Axis Bank Limited||Rs. 50,000 - Rs. 15,00,000||11.49% onwards||1.50 - 2.00%
|ICICI Bank||Up to Rs. 20,00,000||11.10% onwards||Up to 2.25% of the loan amount
|HDFC Bank||Rs 50,000 - Rs. 40,00,000 ||10.99% onwards||Up to 2% of the loan amount
|Bajaj Finserv||Up to Rs 35 lakh||12.99% onwards||Up to 3.99% of the loan amount