Apply Personal Loan Online

Personal Loan- Apply online for fast approval

What is a personal loan?

Simply put, it's an unsecured loan taken by people from a bank or a non-banking money company (NBFC) to satisfy their personal wants. it's provided on the idea of key criteria like financial gain level, credit and employment history, compensation capability, etc.

However, like any other loan, non-payment on a personal loan is not good as it would replicate in your credit report and cause troubles when you apply for credit cards or other loans in future.

Eligibility criteria

Although it vary from bank to bank, the universal criteria include your age, profession, income, capability to repay the loan and place of home. To avail of a personal loan, you should have a regular income source, whether you are a salaried individual, self-employed business person or a professional. An individual's eligibility is also affect by the company he is working with, his credit record, etc.

Maximum loan duration

It can be 1 to 5 years or 12 to 60 months. Shorter or longer tenures may be allowed on a case by case basis, but it is rare.

Disbursal of loan amount-

Typically, it gets disbursed within 7 working days of the loan application to the lender. Once approved, you may either receive an account payee cheque/draft equal to the loan amount or get the money deposited automatically into your savings account electronically.

How much can one borrow?

It generally depends on your income and vary based on whether you are salaried or self-employed. Usually, the banks control the loan amount such that your EMI isn't more than 40-50% of your monthly income.

Any existing loans that are being serviced by the applicant are also measured when calculating the personal loan amount. For the self employed, the loan value is determined on the basis of the profit earned as per the most recent acknowledged profit/Loss statement, while taking into account any additional liabilities (such as current loans for business, etc.) that he might have.

From which bank/financial institution should one borrow?

It is good to match up to the offers of different banks prior to you settle on one. Some key factors to think about when deciding on a loan provider include interest rates, loan term, processing fees, etc.