Personal Loan

Put Your Plans Into Action

Personal Loan

Put Your Plans Into Action

Personal Loan

Your long search for the best personal loan ends at Afinoz!

Are you tired of visiting banks and other financial institutions to get the best personal loan? You will be happy to know that Afinoz has all leading banks, NBFCs and other financial institutions in India on its platform. Visiting Afinoz is like visiting 100 lenders together to search, compare and apply for the best personal loan at favorable terms with no hassle whatsoever. You can use personal loan eligibility calculator to know how much loan amount you are eligible for. You can even calculate your EMI using online calculator.

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About Personal Loan

A personal loan is a good way to address short term loan requirements. Whether you want to match a medical emergency, wedding expenses, travel expenses or home makeover, you can get an instant cash loan for any sort of need. Besides being cost-effective, they give an additional advantage as to secure them, you don't need to pledge any kind of your valuables. This is the reason that most of the borrowers admit personal loans as the best way to get an instant loan in India.

Features & Benefits

With personal loans, you can take advantage of Flexible EMI plans, higher loan amount and flexible tenure options. However, the quantum of personal loans to the customer depends on a number of factors such as borrower’s credit history, existing loans, company with which you are currently employed & the number of years of relationship with the bank etc.

Quick approval
Multi-purpose loan
Online Process
No security or collateral
Flexible repayment options
Reasonable interest rates
Quick approval
Multi-purpose loan
Online Process
No security or collateral
Flexible repayment options
Reasonable interest rates

Eligibility & Documents Required

Personal Loan Eligibility Required

Any individual who is an Indian citizen or national and has residual income qualifies for the personal loan. By design Personal Loans are unsecured loans and therefore an applicant does not have to worry about furnishing paperwork related to collateral. For getting a personal loan, you need to fulfill certain parameters as a part of the eligibility criteria.

Credit Rating or score
Income criteria
Age criteria
Employment stability
Existing EMIs
Employer
Credit Rating or score
The Credit score is an important factor for approval of your loan. Usually, an applicant’s creditworthiness is determined by evaluating his credit score i.e. CIBIL/EXPERIAN score. Loan applications of applicants having poor credit score may get rejected. It’s always advisable to keep on updating your credit score every now and then. It’s good to keep your credit score updated. If your credit score is low, you can improve your credit score or we can help you with personal loans from various NBFCs, Financial Institutions and P2P lenders”.
Documents for salaried individuals
Documents for Self-employed Individuals
Documents for salaried individuals
  • Identity proof:- Any one of Aadhaar Card / Voters ID / Passport / Driving License / PAN Card.
  • Residential proof:- Any one of Leave and License Agreement / Utility Bill (maximum three months old) / Passport.
  • Salary Slips:- Salary slips for last three months along with bank statement showing salary is being credited.
  • Employment certificates:-2-year Employment continuity document.
  • Photographs:- Two passport size photographs.

Interest Rate & Charges

The very first question that comes to our mind when we are looking for a personal loan is how much interest rate one would need to pay. Historically banks and other financial institutions have charged much higher interest rates in this category.

The table below shows the interest rates offered on Personal Loans by various banks as of March 2021.

Bank
Interest Rates*
Processing Fees

SBI10.90%In the range of 0.5% to 1%
HDFC11.25%Up to 2.50% of loan amount (Min Rs. 1,999; Max Rs. 25, 000)
ICICI10.99%Up to 2.25% per annum of loan amount + GST
Bajaj Finserv10.99%Up to 3.99% of the loan amount
Citibank10.99%Up to 2.0%
IDFC First11.50%Up to 1% of loan amount
Axis16%Up to 2.00%
TATA Capital11.25%Upto 2.50% of Loan Amount
Fullerton India11.99%2%
Indusind Bank11.25%Min 1% to Max 2.50%
Kotak Mahindra10.99%Up to 2.5% plus tax
RBL bank14.5%Up to 3%
IIFL13%Up to 3%
HDB Financial13.99%Up to 2% of loan amount
Karur Vysya Bank13.90%0.30% (Min Rs. 500)
PNB12.00%1.80% + taxes
Vijaya Bank12.90%0.10%, Max. Rs. 10000 + GST
Union Bank of India12.60%0.50%, Min Rs. 500
Syndicate Bank14.20%0.50%, Min Rs. 500
Standard Chartered Bank11.99%0%
Indian Overseas Bank 12.45%0.60%
Andhra Bank12.85%Case to Case
Bank of Baroda11.60%2%, Min Rs. 250
Bank of Maharashtra12.95%1%, Min Rs. 1,000
Canara Bank14.10%1.0%
Corporation Bank12.90%1.50%, Min Rs. 500
Dena Bank11.60%2%
Federal Bank10% 0.5%, Min Rs. 500
IDBI Bank12.50%1% + applicable taxes
Allahabad Bank12.80%1.06%, Min- Rs. 1068
Indian Bank14.20%0.51%, Min- Rs. 510
Yes Bank 10.75%Starting at 0.99%, Up to 2.5%

Top NBFCs Interest Rate & Charges

NBFCs/P2P Lenders
Rate of Interest (p.a.)*
Processing Charge

QberaUp to 35.99%Up to 5.00% of the loan amount
MoneyTapUp to 24.03%Up to 2.00% + GST
KreditbeeUp to 18%N/A
PaysenseUp to 27.6%Up to 2.5% of the loan amount
Tata Capital11.25%Up to 2.5% + GST
CasheUp to 36%Up to 3% of the loan amount
FlexsalaryUp to 36%₹ 650 /-
EarlysalaryUp to 32.00%N/A
LoantapUp to 24%2.00% + applicable Taxes on the Loan
CashbeanUp to 15.30%0.51% of the total loan amount, Minimum of ₹ 500/-
Indiabulls Dhani13.99%3% Onwards
Money view16.00 %Starting from 2.5% of the approved loan amount
Shubh LoansUp to 24%N/A
FaircentUp to 28.00 %Up to 8.50% of the loan amount
LendboxUp to 25.00 %Up to 6.00% of the loan amount
MI Credit16.00 %1.99% + GST
Realme PaySaUp to 36%N/A
Cashkumar18.00% to 24.00%₹ 2,000 or 4% of the loan amount (excluding taxes)
RedCarpetUp to 36%For Term Loan: 2.00% per month or minimum ₹ 100 + GSTFor Card: ₹ 750 + Taxes (GST)
Indifi22.00% onwardsUp to 2.00%
Aditya Birla Capital LimitedStarting at 14.00%2.00% + applicable Taxes on the Loan
IIFLUp to 13.00%Up to 2.00% + GST
Shriram financeUp to 23.00%2.5% of the loan amount + applicable taxes
Fullerton IndiaUp to 20.00%Up to 6.50%
Bajaj FinservUp to 12.99%Up to 3.99% of the loan amount
HDB FinancialUp to 13.99%Up to 2.00% of the loan amount
Smart coin20% – 36% APRN/A
Stashfin11.99 – 59.99% APRN/A
Lazypay15% – 32% P.AN/A
Credy12% – 18% P.A.N/A

FAQs

Q. What is a personal loan?
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Q. Who can apply for a personal loan?
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Q. What is the meaning of EMI?
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Q. Is there any guidance on how to utilize the Personal Loan amount?
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Q. What is the minimum tenure one can take a personal loan for?
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Q. What is the maximum tenure one can take a personal loan for?
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Q. List of the major financial institutions which are offering personal loans?
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Q. Will I be charged a processing fee?
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Q. Do I need a guarantor to take a personal loan?
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Q. Can I get an option to choose between a fixed interest rate or a floating interest rate?
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Q. How important is it to have a healthy CIBIL score?
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Q. How much time does it take to get the loan approved?
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Q. How many days does it take to get the loan disbursal done?
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Q. Can I track my loan application?
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Q. How to avoid loan rejection?
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Q. Will Afinoz charge any fee from its customers?
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Q. What are the different types of personal loan?
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Q. How to use Afinoz EMI calculator?
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Q. How to improve your chances of getting a personal loan?
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