What is a Personal Loan?
A Personal Loan is an unsecured loan designed to meet various financial needs, including medical emergencies, wedding expenses, travel, home renovation, education, and more. With minimal documentation and quick disbursal, personal loans provide the financial flexibility you need without requiring collateral.
Key Features of Personal Loan
✅ Loan Amount: ₹50,000 to ₹50 Lakhs
✅ Tenure: 12 to 60 months
✅ Interest Rate: Starting from 10.5% p.a.
✅ Processing Fee: 1% to 3% of the loan amount
✅ Collateral Requirement: No collateral or security needed
✅ Approval Time: As fast as 24 hours
✅ Prepayment & Foreclosure: Available with minimal charges
✅ Use of Funds: No restriction – Use for any personal purpose
Eligibility Criteria for Personal Loan
To apply for a personal loan, you must meet the following criteria:
- Age: 21 to 60 years
- Employment Type: Salaried or Self-Employed
- Minimum Monthly Income: ₹15,000 for salaried, ₹25,000 for self-employed
- CIBIL Score: 700+ preferred
- Work Experience: At least 6 months (salaried), 2 years (self-employed)
Documents Required
Applying for a personal loan requires minimal documentation: 📌 For Salaried Individuals:
- Identity Proof: Aadhaar Card, PAN Card, Voter ID
- Address Proof: Utility Bill, Rent Agreement
- Income Proof: Salary Slips (Last 3 Months), Bank Statements
- Employment Proof: Offer Letter or Employment Certificate
📌 For Self-Employed Individuals:
- Identity & Address Proof
- Business Proof: GST Registration, Business License
- Income Proof: ITR (Last 2 Years), Bank Statements (Last 6 Months)
Benefits of Personal Loan
✅ Quick & Hassle-Free Approval – Get your loan approved within 24-48 hours.
✅ No Collateral Required – No need to pledge assets or security.
✅ Flexible Loan Amount – Choose a loan amount that fits your needs.
✅ Competitive Interest Rates – Best rates based on your credit profile.
✅ Multiple Repayment Options – EMIs tailored to your financial comfort.
✅ Online Application & Disbursal – Apply from anywhere and receive funds directly into your bank account.
How to Apply for a Personal Loan?
Applying for a personal loan is simple and can be done in 3 easy steps:
1️⃣ Check Your Eligibility – Use our online loan eligibility calculator.
2️⃣ Submit Documents Online – Upload your KYC and income documents.
3️⃣ Loan Approval & Disbursal – Get instant approval and funds in your account within 24 hours.
Personal Loan Interest Rates (2024)
Interest rates vary based on lender policies and borrower profiles. Below is a general overview:
| Lender | Interest Rate (p.a.) | Processing Fee |
|---|---|---|
| HDFC Bank | 10.5% – 18% | 1% – 2.5% |
| ICICI Bank | 10.75% – 19% | 1% – 2.5% |
| SBI | 10.55% – 16% | 1% – 2% |
| Axis Bank | 10.99% – 20% | 1.5% – 3% |
| Bajaj Finserv | 11.99% – 24% | 2% – 3% |
Note: Interest rates are subject to change as per lender policies.
Frequently Asked Questions (FAQs)
1. How long does it take to get a personal loan approved?
Approval can be as fast as 24 hours, depending on documentation and credit profile.
2. Can I get a personal loan with a low CIBIL score?
Yes, but interest rates may be higher. A score of 700+ is preferred for the best rates.
3. Is there a penalty for prepayment or foreclosure?
Some banks charge a prepayment fee, while others allow free prepayment after a certain period.
4. Can I apply for a personal loan online?
Yes, you can apply online and complete the entire process digitally.
5. What happens if I miss an EMI payment?
Late payments can affect your credit score and may attract penalty charges from the lender.
Apply for a Personal Loan Today!
🚀 Get instant approval and fast disbursal with CashBazaar. Compare multiple lenders and choose the best personal loan suited to your needs. Apply online now and get funds in your bank account hassle-free!
📞 Need assistance? Contact us now!