Choose and Apply for Personal Loans

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OVERVIEW

Personal loan is a short to medium term unsecured loan granted to an individual. It is commonly used to meet such financial needs as debt consolidation, wedding expenses, unexpected medical costs, home renovation and others. Flexibility of usage, minimal documentation and quick processing make personal loan a preferred financing option. Unlike other loans, it usually has a shorter repayment tenure ranging from 1-5 years. Depending upon the individual applicant's profile and lender, the APR (Annual Percentage Rate) of a personal loan may vary from 11.29% to 35%.


For example, if you take a loan of Rs. 4.5 lakhs at the rate of 15.5% with repayment tenure of 3 years, your EMI will be Rs. 15,710. The total payable amount at the end of 3 years would be Rs. 5,65,553. Therefore, you are paying total interest amount to the tune of Rs 115,553. This, however, excludes other applicable charges which can be quantified as under


:Loan Processing Charge@2% = Rs.9000

Documentation charges = Rs. 500
Amortization Schedule charges = Rs. 200In case of change of payment mode or swapping your Post Dated Cheques, additional charges are applicable. Also, depending upon the lender bank, prepayment options may or may not be available and the applicable charges may vary accordingly.

Eligibility


Particulars Salaried Self-Employed
Age 21-60 years 21-58 years
Minimum Income Rs.15000 per month Rs.5 lakh per year
CIBIL Score Above 750 Above 750

Interest Rates Comparison


Bank Name Interest Rate Processing Fees Loan Amount Tenure
State Bank Of India 9.6% 1% of Loan Amount Upto Rs.20 Lakh 5 years
HDFC 10.5% 2.5% Rs.40 Lakh 5 years
AXIS 10.5% 2.5% Rs.40 Lakh 5 years
ICICI 10.5% 2.5% of Loan Amount Rs.20 Lakh 5 years
Bajaj Finserve 11.49% 2.5% Upto Rs.30 Lakh 5 years



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