The personal loan itself means an unsecured loan that helps you to meet your financial requirements such as for an emergency medical bill, home renovation, paying for higher education or a wish to finance at the wedding ceremony, vacation. The best part? The loan amount is quickly deposited into your bank account, and you can repay it through easy EMIs over the agreed tenure. It's a straightforward and convenient way to manage your finances and achieve your goals!
| Interest Rate | Loan Amount | Income | Age | Documents Required | Loan Tenure | Processing Fee |
|---|---|---|---|---|---|---|
| 10.50% Onwards | Up to ₹1 Crore | Minimum ₹20,000/month | 21 - 60 years | ID proof, Address proof, Income proof, Bank statements | Up to 7 years | Up to 6% of loan amount |
| Bank | Interest Rate | Max Tenure | Max Loan Amount |
|---|---|---|---|
|
11% p.a. onwards | Up to 8 years | Up to Rs 40 lakh |
|
11.15% p.a. onwards | Up to 6 years | Up to Rs.20 lakh |
|
10.8% p.a. onwards | 1-6 years | Up to Rs 50 lakh |
|
10.99% p.a. onwards | For State/Central Government Employees: Up to 7 years For other than government employees: Up to 5 years | Up to Rs 15 lakh |
|
10.5% - 24% | 1 - 5 Years | Up to Rs.40L |
|
11.00% - 13.75% | Up to 7 years | Up to Rs 30 lakh |
|
10.99% - 22% | 7 years | 40 lakhs |
|
10.75% - 21.50% (Fixed) | 1 - 5 Years | Up to Rs.40L |
|
Starting from 16.99% | Up to 4 years | Up to Rs.10 lakhs |
|
10.99% | Upto 5 Years | 10 lakhs |
|
10.99% - 36% | Upto 6 Years | 40 lakhs |
Disclaimer: The above data is provided to the best of our knowledge. Please verify the information before making any decisions.
If you need money quickly for something important, a personal loan can provide that cash fast.
Personal loans usually have fixed monthly payments. This make it easy to budget because you know exactly how much you need to pay each month.
Personal loans often have a quick approval process, sometimes within a few hours or a day, so you don't have a wait long to get the money.
Personal loans often have reasonable interest rates, typically lower than credit cards, which means you might pay lesss money in interest over time.
You can use a personal loan for many things like paying for a wedding, a vacation, medical bills or home repairs.
Most personal loans do not require you to put up anything valuable (like your house or car) as security. This is called an unsecured loan.
Eligibility criteria for applying the personal loan vary across the bank to the bank. So, the personal loan eligibility criteria can include several things such as age, income, occupation, and a regular source of income for availing the loan. So, check the eligibility criteria of your personal loan before proceeding with the loan application.
| Criteria | Salaried | Self Employed |
|---|---|---|
| Age | 21 years to 60 years | 22 years to 55 years |
| Net Monthly Income | Rs.15,000 | Rs.25,000 |
| CIBIL Score | Above 750 | Above 750 |
| Minimum Loan Amount | Rs.50,000 | Rs.50,000 |
| Maximum Loan Amount | Rs.25 lakh | Rs.30 lakh |
Several factors influence the interest rates of personal loans such as credit score, credit payment tracks records employer, income and loan tenure. Throughout the calculation,the interest rates define the basic percentage of the amount which is charged by the lender based on the loan principal amount. Now EMI calculators are used for calculating the personal loan interest towards the principal amount as well as interest amount.
A credit score can play an important role to decide the interest rates. A score above 750 can give you low-interest personal loans. On the other hand, people with higher income and job stability have low-interest personal loans. Using the EMI calculator for calculating the interest rates is easy to access and use, free of cost, give accurate results, and gives you more information.
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| Year | Principal(A) | Interest(B) | TOTAL PAYMENT(A + B) | BALANCE |
|---|
If you need immediate credit, start by submitting a personal loan application form along with the necessary documents to the lender. Once your application is verified and approved, the loan amount is quickly disbursed into your bank account. After receiving the funds, you'll repay the lender through EMIs (Equated Monthly Installments) over the course of the loan tenure.
| Requirements | Salaried Individuals | Self Employed |
|---|---|---|
| Proof of Identity | Passport, Voter’s ID, Driving License or PAN Card | Passport, Voter’s ID, Driving License or PAN Card |
| Proof of Residence | Passport or utility bills | Passport or utility bills |
| Proof of Income | Bank statement of salary account for the past two years | Audited financial statement of the past two years |
Log in on the lender website by giving your verified mobile number and password.
step-1
Open the loan application and enter your desired loan amount
step-2
Enter the pan card and address details with all the documents required for loan approval
step-3
If you require any support, reach out to company's customer support contact
step-4
| Criteria | Description |
|---|---|
| Credit Score | A higher score improves your chances of approval, typically above 700. |
| Income | A higher and stable income increases your chances of loan approval and allows you to borrow larger amounts. |
| Employment Status and History | Lenders prefer borrowers with steady jobs and a history of consistent employment. Note: Self-employed or business individuals may need to provide additional documentation to prove income stability. |
| Age | Must be at least 18 years old and at most 65 years old (criteria may vary based on the bank or loan type). |
| Collateral (for Secured Loans) | Higher chances of loan approval with lower interest rates by providing security such as property or vehicle against the loan amount. |
| Loan Term | Shorter loan terms usually have higher monthly payments but lower overall interest costs, while longer-term loans can reduce monthly payments but increase total interest paid. |
| Co-signer or Guarantor | Having a co-signer or guarantor makes it easier to qualify for the loan or secure better terms. A private or government jobs guarantor both can be qualify |
| Financial History | Lenders review your financial history, including past defaults, bankruptcies, and overall credit behavior. |
It’s a ratio compares your monthly debt payments to your monthly income. A lower DTI ratio suggests you have enough income to manage additional debt.
Note: Most lenders prefer a DTI ratio below 40%.
Lowering the interest rate on a personal loan can save you money over the loan term. Here are some strategies to help you secure a lower interest rate:
Aim for a high credit score (750 and above). A strong credit score shows lenders that you are responsible with credit, making them more likely to offer you a lower interest rate.
Choose a shorter repayment period. Loans with shorter terms typically have lower interest rates because the lender gets their money back faster.
Offer collateral if possible. Secured loans, where you pledge an asset like a car or property, generally come with lower interest rates because they reduce the lender’s risk.
Offer collateral if possible. Secured loans, where you pledge an asset like a car or property, generally come with lower interest rates because they reduce the lender’s risk.
Make sure to pay your loan installments on time. Missing repayments can not only lead to late fees and penalties but can also negatively impact your credit score, making it harder to secure lower interest rates in the future.
Check your credit score. A higher credit score can help you qualify for better interest rates and loan terms.
Take a close look at your finances to dertermine how much you can afford to borrow and repay comfortably
Don't settle for the first loan offer you receive. Shop around and compare loan terms, Interest Rates, fees and repayment options from multiple lenders to find the best deal that suits your need.
Look beyond just the interest rate and consider the total cost of the loan, including any origination fees, prepayment panalties, and other charges. Choose a loan with the lowest total cost over the loan term.
Check your credit score. A higher credit score can help you qualify for better interest rates and loan terms.
Check your credit score. A higher credit score can help you qualify for better interest rates and loan terms.
These loans do not require any collateral and are typically based on the borrower’s creditworthiness and income.
Best for: Individuals with a good credit score needing quick, collateral-free funds for various personal expenses.
These loans require collateral, such as property, fixed deposits, or gold. Secured loans often have lower interest rates compared to unsecured loans due to the reduced risk for the lender.
Best for: Borrowers willing to pledge collateral to secure a loan at lower interest rates.
Specifically designed to cover educational expenses, these loans can be used for tuition fees, accommodation, books, and other education-related costs.
Best for: Students and parents looking to finance higher education costs in India or abroad.
These personal loans are tailored for financing wedding expenses.
Design for home improvement projects, these loans cover costs related to renovations, repairs, and upgrades to the property.
Cover medical expenses, including emergency treatments, surgeries, hospital bills, and medications.
Travel expenses such as airfare, accommodation, and other travel-related things.
Expenses for electronics, appliances, and gadgets.
| Fee Type | Description |
|---|---|
| Processing Fee | A fee charged by the lender for processing your loan application. Typically a percentage of the loan amount ranging from 0.5% to 2%. |
| Prepayment Charges | Charged if you decide to repay your loan before the end of the loan term, usually in the form of a prepayment penalty |
| Late Payment Fees | A penalty charged if you miss a loan repayment or pay after the due date. |
| Loan Cancellation Charges | If you decide to cancel the loan after approval but before disbursement, a cancellation fee may apply. |
| EMI Bounce Charges | Charged if your EMI bounces due to insufficient funds in your bank account. |
| Documentation Charges | Some lenders charge a fee for the documentation and paperwork involved in processing the loan. |
| Loan Restructuring Fees | If you request a change in the terms of your loan, such as extending the repayment period, a restructuring fee may apply. |
| Verification Charges | Fees for verifying your personal, financial, and employment details during the loan approval process. |
| GST | Applicable on various fees and charges related to personal loans, typically at the current rate. |
| Fees for Duplicate Statement | Charged by the bank for generating a duplicate statement of the payment schedule and outstanding loan balance. Typically ranges between Rs.200 and Rs.500, varying by bank. |
The repayment period for a personal loan typically spans from 12 to 60 months. Some individuals opt to repay the entire loan amount within the agreed-upon tenure, while others prefer making pre-payments or part-payments. The following points outline all the details:
Allow people to save money that would have been spent on the interest rate. In this people would reinvest the money and use it for personal expenses.
Is used for paying the principal parts. So, when the principal amount reduces automatically. It helps to reduce both the EMI and interst rates.
Request a loan closure certificate from your lender as proof that the loan has been fully repaid.
Verify that the loan repayment and closure are accurately reflected in your credit report. This ensures your credit history is up-to-date and can help improve your credit score
Keep all documents related to the loan, including the loan agreement, payment receipts, and closure certificate, in a safe place for future reference.
Be cautious about taking on new debt now that your loan is paid off. Focus on maintaining a healthy financial balance and only borrow when absolutely necessary.
Paying off a loan is a great time to reassess your financial goals. Whether it's saving for a house, planning for retirement, or starting a business, ensure your financial plan aligns with your current situation and future aspirations.
If you want to check the status of your personal loan without going anywhere, then check its status through online websites of banks or financial institutions. In online, the banks can provide their customers a simple and hassle-free means for checking the loan status.
Maintain a Good Credit Score
Check Elgibilty Criteria
Provide Accurate Information
Stable Employment History
Provide Accurate and completer Documentation
Have a Co-applicant or Guarantor
Choose the Right Loan Amount
Manage your Debt-to-Income Ratio
If you want to reduce the burden of your existing personal loan, then the best option is to perform the personal loan balance transfer by connecting with the bank.
If you want to enjoy the best personal loans, then Consider none other than EazyBankLoan which can help you grab the best personal loan deal available. We can provide you a hassle-free loan journey by clearing all of your loan related issues. The following features and benefits you will get by applying for the personal loan in the EazyBankLoan.
Need Help? Please reach out to us at support@eazybankloan.com
For higher loans, no pre-payment charges will be applicable
No restrictions on end usage
Streamlined documentation process
Competitive interest rates starting at 10.50% p.a
A personal loan is money you borrow from a bank or lender that you can use for almost any purpose. You pay it back in monthly installments over a fixed period.
You can apply for a personal loan whenever you need extra funds, whether it's for an emergency, home renovation, wedding, or any other personal expense.
Applying online is quick and convenient. You can compare offers, apply from the comfort of your home, and often get faster approvals.
You can check the status of your application by logging into the lender’s website or app, or by contacting their customer service with your application reference number.
A personal loan can be used for almost anything, like paying off debts, medical expenses, home improvements, travel, or buying gadgets.
Yes, you can use a personal loan to fund your holiday or travel expenses.
No, personal loans are usually unsecured, so you don't need to provide any collateral or security.
To apply online, visit the lender's website, fill out the application form with your details, upload the necessary documents, and submit the form.
Log into the lender's website or app with your credentials, go to the loan section, and check the status of your application there.
Some lenders offer instant personal loans, where you can get the funds within a few hours of approval, especially if you have a good credit score.
A credit score is a number that represents your creditworthiness. Lenders use it to decide if they should approve your loan and what interest rate to offer you.
You borrow a fixed amount of money and agree to repay it over a set period, with interest, in monthly installments.
The maximum loan amount depends on your income, credit score, and the lender's policies. It can range from a few thousand to several lakhs.
A higher credit score increases your chances of approval and may get you a lower interest rate, while a lower score might lead to rejection or higher rates.
You can apply by visiting a bank branch, calling their customer service, or filling out an application online on their website.
Criteria usually include being a salaried or self-employed individual, meeting the minimum income requirement, having a stable job, and a good credit score.
Some possible hidden charges include processing fees, prepayment penalties, late payment fees, and GST. Always read the fine print.
Getting a personal loan without a salary or collateral is challenging but possible with a strong credit score or a co-signer.
You can cancel a loan after the agreement, but you might have to pay cancellation charges or other fees. Check with your lender for their specific policy.
Personal loans are not considered taxable income, but if you use the loan for investments, the returns on those investments might be taxable.
A CIBIL score of 750 or above is generally considered good and increases your chances of getting approved for a personal loan.
Yes, you can have multiple personal loans, but it depends on your income, repayment capacity, and credit score.
