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Get Personal Loan

A personal loan refers to money that is borrowed from a financial institution, for personal (not professional or business) use. In opposition to larger and long-term loans, personal loans are taken into relatively short to medium terms. Generally personal loans are used to pay for one-time or short term expenses where a borrower (the person who is getting the loan) doesn't normally require disclosing the specific reason for the loan.

This type of loan is used by many to resolve their current financial needs. You can use a personal loan for a variety of purposes, including travel, wedding expenses, home renovation, in a medical emergency or to buy a gadget. Means if you have a requirement of money so personal loan is the best choice.

A personal loan is taken for tenure of one to five years. Also these require lowest formalities and no collateral or security. It is a type of unsecured loan which can be availed on the basis of various criteria. Level of income, employment history, credit score and scope for repayment are those specific criteria.


Compare Top Personal Loan Banks on the Basis of Interest Rates, Processing Fees

Bank
Name
Interest
Rates
Processing
Fees
Fore Closure
Charges
Disbursal
Time
Standard Chartered Bank 11.49% - 14.49% 1% 2% 72 working hours
ICICI Bank 11% - 17.50% 0.50% - 2.25% Zero above 10 lakh & 12 EMI Paid, Otherwise 5.00% 48 working hours
HDFC Bank 11.49% - 19.50% Now: Rs.999 for Special offers otherwise 1% - 2%) Zero above 10 lakh, Otherwise 4.00% 48 working hours
SBI Bank 11.95% - 16.55% 2.00% - 3.00% NIL 72 working hours
Bajaj Finserv 11.99% - 16.00% Upto 2.00% Upto 4% post 1st EMI clearance 48 working hours
Kotak Bank 11.29% - 20.15% Rs.999 - 2% Zero above 10 lakhs loan amount, Else 5.00% 60 working hours
Fullerton India 19.50% - 37.00% 2.00% Upto 7.00%, 0% after 3 years 48 working hours
Axis Bank 15.00% - 20.00% 2.00% N.A 60 working hours
TATA Capital 12.50% - 19.50% 1.25% - 2.50% NIL 72 working hours

Document Requirement

Following documents are required by financial institutions to process the loan application:

  • Identity proof.
  • 3 to 6 months Bank statements.
  • Residence proof.
  • Salary slip.
  • Guarantors & their same set of documents
  • CIBIL / Credit Information Bureau Report Request Form