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Personal loan

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    Personal loan Processings

    All you need to know

    Personal Loans

    What is an Instant Personal Loan?

    Personal Loan Interest rates in India are offered to individuals with established credentials and strong financial stability without any surety or collateral. These bank personal loan interests are short tenure loans of a maximum of five years, which can help one tide over a temporary crisis or meet an emergency financial need. Personal loan interest rates in banks are higher on these loans due to their unsecured nature. Personal loan EMI is usually quicker to be sanctioned and readily available when matching all the bankers’ conditions.

    Personal loan interest rates in banks are usually between 10.5% to 22%, depending on the bank or financial institution offering the loan, and the tenure can vary from 12 months to 60 months.

    Types of Personal Loan Interest Rates in Banks

    There are two types of personal loan interest rates in India, i.e., Fixed rate of Interest and Floating rate of interest loans.

    Fixed-Rate of Interest:

    In this type of personal loan, a certain amount of interest is fixed and will remain constant throughout the loan tenure. It will ensure that your EMIs remain standard till the complete repayment of the loan is made. 

    Floating Rate of Interest:

    Borrowers are free to choose this type of loan for which the bank gives no fixed rate of interest, and a floating rate influenced by market factors will determine the interest. It may benefit borrowers since the interest rates will be lowered if the markets go down and vice versa.

    How Can I Get Instant Personal Loan?/How to Bid for the Right Personal Loan?

    • Check the Terms and Conditions of the Bank
    • Verify the Interest Rates, the EMI rates, the Processing Fee, the Tenure of the Loan, the Documentation, and the Turnaround Time
    • Never pay any upfront payments to any third party to get a loan sanctioned, as any processing fee would be deducted from the loan directly.
    • Never hand over your documents to anyone unless you are 100% sure that he is an authorized bank vendor or employee.

    While all banks appear to offer pleasing schemes on Personal Loans quoting competitive rates and attractive features, you must check the rates to make a proper comparison. It would also be appropriate to check your eligibility, verify the EMI calculation, and then decide on the best bank and personal scheme.

    Why Thinkbiz Filings?

    Thinkbiz Filings will help you make the ideal choice for both the loan scheme and the bank to obtain the maximum benefit and leverage, and it is convenient for you to pay back. Once you register with us, we handhold you throughout the loan application, processing, and disbursement process and ensure you get privileges such as referral benefits, early-bird offers, and attractive cash backs.

    Best Banks to Take Personal Loans from

    Public sector banks such as SBI, Bank of Baroda, Syndicate Bank, Union Bank of India, and such banks usually have lower interest rates, but sanction and processing may take time. HDFC Bank, Tata Capital, RBL Bank, Citibank, ICICI Bank, Axis Bank, and such private banks disburse personal loans in just one or two working days. Most of them offer online lending services. You have to make an online application and provide the required details asked for, and within a matter of hours, you get their approval or rejection or a request for additional documents. If you are an existing customer of a particular bank, your record can help you obtain a faster personal loan when you apply there. Physical verification is done if the bank decides to do so, and based on the same; the loan is processed and sanctioned.

    Why do we need a Personal loan?

    One may need a personal loan for any reason to meet an immediate need, such as a family vacation, a wedding, a medical emergency, or any personal reason. Since personal loan EMIs are unsecured loans, they are given out higher interest than other loans. Personal loans must be availed only to cover an emergency, and the repayment plan must be panned out accurately to protect your track record. 

    How to get approved for a personal loan?

    There are several ways to apply for a personal loan if you have the appropriate eligibility. You can visit a bank’s website or use their mobile app to apply online for Personal Loan, following the procedures laid out. Or you can make a personal visit and speak to the bank representative or manager. Alternatively, you can contact Thinkbiz Filings  and we can give you the necessary direction to get your loan sanctioned with the best benefits.

    Do I need a bank account to avail a personal loan?

    Absolutely. To service your bank loan, you must open a bank account to which the credit is sent and from which the repayment is also made.

    What are the general tenures of personal loans?

    Banks give personal loans starting from one year to five years.

    FAQs on Personal Loans Interest Rates in India

    Should I contact the Bank directly for a Personal Loan?

    While you can do that on your own, with Loanz99, the entire process will be routed through us, making the process much simpler for you since we would be there throughout the process, guiding you from your loan application documentation to getting the loan sanctioned. The bank personnel will call you only for checks and verifications as a standard protocol.

    Can bank personal loan interest rates alter after my loan is sanctioned?

    Actually No. Once a specific interest rate is fixed, banks usually do not change them. However, some borrowers opt for a floating interest rate, which may occasionally lower the interest and benefit them personally. However, these are made clear to you at the time of your loan disbursement, so you need not worry.

    Do I need a minimum salary to get a personal loan?

    Yes. As per standard banking rules, the minimum earning to get a personal loan is Rs.15,000. Still, these criteria vary from bank to bank for salaried individuals.

    If I have a bad credit score, can I still get a personal loan with a low interest rate in India?

    Though it is less likely that one with a bad credit record will be considered for a personal loan, banks have the discretion to consider each application according to an individual’s merits. Alternatively, they may charge higher interest and ask for an additional co-applicant to appropriate the applicant’s creditworthiness.

    Are there any tax benefits on personal loan EMI/ principal amount?

    Personal loans usually are not considered for tax benefits, but one may occasionally get a tax exemption, depending on the loan’s purpose. Under Section 24 of the Income Tax Act, personal loans taken for home renovations or down payments can be eligible for a tax deduction. It is only available on the interest paid, not the principal amount. You can also claim any interest paid on personal loans taken for business purposes against taxable income, lowering your income tax liability.

    When I am outside India, can I make my loan repayment?

    Yes, of course! All repayments can be made through wire transfer or any online banking utility your bank provides you.

    Can I get a personal loan as a pensioner if I have a bank account?

    Yes, you certainly can get between 10-20 times the personal loan of your pension from any public sector or private bank.

    Are there any benefits of part prepayment of a personal loan?

    It is possible to benefit from paying back a loan earlier than the accepted tenure. However, in many banks, this is allowed only after a certain initial period. However, they may charge a prepayment fee or penalty between 2-5% as their foreclosure costs. It is essential to understand this factor before foreclosing any loan. Usually, foreclosing loans provide little benefit to the borrowers. The law allows banks to adjust more of the interest amount at the beginning than the principal, assuming that the borrower completes the loan’s tenure. It results in considerable losses in foreclosing any loan. However, these things are left to individual banks’ discretionary powers, and the borrowers may still seek benefit from negotiations. 

    Is it possible to get a top-up loan on an existing personal loan?

    Based on your repayment record, one can indeed get a top-up loan with specific different terms and conditions that vary from bank to bank.

    How can I ensure my Personal loan application is accepted?

    • When the applicant has a clean record and an established foolproof income source, his application is usually not rejected since the applicant’s trust factor is met, and the bank is assured of his repayment. Thus the loan application is not rejected.
    • If you have a working spouse, you can add them as co-applicants and enhance acceptance of the application by boosting the combined income levels and demonstrating higher repayment capability.
    • You should clear any older debts you may have, so your debt burden is clear, and thus your repayment capacity is more robust.
    • You can also transfer your balance to a different bank, so the interest rate is lowered, and an additional loan amount can be availed.
    • If your CIBIL factor is low, you may still apply to some NBFCs, which may not insist on these checks. But it is still a difficult task. It is best to have a clean repayment track as lower CIBIL scores are a black mark on one’s track record, and financiers will levy additional interest amounts to such applicants as a deterrent. Having a poor CIBIL record weakens an application considerably from several banks or financial institutions, and hence it is wise to monitor your history diligently.

    Can my spouse and I jointly apply for a personal loan?

    If your spouse is also working, your chances of obtaining a loan are much higher as it enhances your eligibility due to a combined higher income level. 

    Would it affect my spouse’s CIBIL score if I default on my repayment?

    Both of your records will be affected even if one of you fails to repay.

    What are the chief aspects that influence the interest rate of a personal loan?

    Since personal loans are unsecured loans, they have a higher interest rate, which varies from bank to bank, your employment, your company category, and your net income. Employment with well-respected companies with a high income will usually get you the right loan amount at a lower interest. Government employees will have a different rate of interest than private-sector employees.

    Can we transfer our personal loan balance to another bank?

    If you feel you are being charged a higher interest, you can consider transferring your balance to another bank against a lower interest. However, please compare the foreclosing loan charges and extra penalties the existing bank may levy against the loan transfer.

    What are the complete charges an applicant needs to pay?

    In addition to the interest, banks usually charge the following fees on personal loans:

    Processing Charges

    – Depending on the bank you apply to, they vary from 2-3%, but fortunately, you can negotiate based on the amount you are applying. Even third party authorized agencies like Loanz99 can negotiate with banks for the best rates. If you are lucky, you may get a complete waiver, too and possible cashback or incentives based on your creditworthiness.

    Foreclosure fee:

    This fee is payable when one wishes to close their loan before completing the loan term. Banks levy these charges to compensate for any losses they may incur due to the earlier closing of a fixed-rate loan, which can be up to 5% of the loan amount. It is advisable to read the terms and conditions carefully at the time of the application to be clear about this factor. However, even here, an applicant desiring to foreclose his loan is free to negotiate and possibly get a lower fee or a waiver altogether.

    How much is CIBIL score recommended for a personal loan?

    CIBIL scores above 750 are usually considered positive for sanctions of a personal loan. CIBIL scores range from 300-to 900, and a higher score is typically considered a healthy score and improves your prospects considerably.

     

    Our Loan Partners

    HDFC Bank
    Axis Bank
    ICICI Bank
    SBI Bank
    Tata Capital Bank
    kotak Bank
    Standard Chartered Bank
    Bajaj Finserv Bank
    YES Bank
    Indusind Bank
    LIC
    IDFC First Bank
    Punjab National Bank
    Fullerton India Bank
    Bank Of Baroda Bank
    TVS Capital Bank
    HDFC Home Loans Bank
    Aditya Birla Finane
    bandhan bank limited
    catholic syrian bank limited
    city union bank
    DCB bank
    dhanlaxmi bank limited
    jammu kashmir bank limited
    karnataka bank
    karur vysya bank limited
    lakshmi vilas bank limited
    nainital bank limited
    rbl-bank-limited
    south indian bank limited
    tamilnad mercantile bank limited
    the federal bank limited

    COMPARE INTEREST RATES

    Business Loan Personal Loan Mortagage Loan Home Loans
    BankInterest RatesProcessing FeesTenureFore ClosureProcess Time
    HDFC Bank16% onwardsUpto 2.50% of loan amount (Min. Rs. 2,359 – Max. Rs. 88,500)12 months – 48 monthsNo pre-payment permitted until repayment of 6 EMIs2 DAYS
    ICICI Bank18% p.a. onwardsUp to 2% (plus applicable taxes) of the loan amount7 yearsTo be charged as per the termed and conditions mentioned in the sanction letter2 DAYS
    Axis Bank15% onwardsUp to 1.75% of loan amount + applicable taxes Nil3 DAYS
    Indus Ind Bank12% to 23%0.5%- 2%5 Years4% post 12 EMI clearance3-4 working Days
    Standard Chartered17.25% p.a. onwards2% of the amount disbursed60 months5% of outstanding Principal2 DAYS
    Yes Bank13.25% to 19.99% (Fixed Rate)Up to 2.50% of the loan amount, min. of Rs. 99912 months to 60 monthsNil, Until 6 months2DAYS
    Kotak Mahindra Bank15% onwards2% of the loan amount + GSTUp to 48 monthsNot available for business loans3 DAYS
    IDFC First20% onwardsUp to 3.5% of the loan amountMin. 12 months – Max. 5 years5% of Principal loan outstanding, at the time of loan closure for Simple Business Loan4 DAYS
    Citibank8% onwardsUp to 2% of the sanctioned loan amount5 YEARSUp to 2% of the outstanding amount 
    SBI11.20%From 2% to 3%From 12 months to 48 monthsAllowed after 6 EMI's, 3%3 DAYS
    Tata Capital18% onwardsUp to 3.5% of the loan amountMin. 12 months & Max. 36 months4.5% of the principal outstanding on the ongoing business loan3 DAYS
    Fullerton India17% onwards6.5% of the loan amountFrom 12 months to 60 months0 to 6 EMIs fully paid- Not allowed
    7 to 17 EMIs fully paid – 7%
    18 to 23 EMIs fully paid – 5%
    24 to 35 EMIs fully paid – 3%
    36 or more EMIs fully paid – 0%
    3 DAYS
    Bajaj Finserv18.00%Upto 2% of loan amountFrom 12 months to 48 monthsAllowed after 1 EMI's, 4%4 DAYS
    Bank NameInterest RateProcessing FeesTenurePartial PaymentFore ClosureProcess Time
    HDFC Bank10.25% – 13.45%Rs.999/- on entire Loan amount to 1.5%12 to 72 monthsNo PartPayment charge, only for 10 Lakhs aboveNil charges for above 10 lakh, Otherwise 4.00%24 Hrs
    ICICI Bank10.5% – 17.50%0.99% – 2.25%12 to 72 monthsNo PartPayment charge, only for 10 Lakhs aboveZero above 10 lakh & 12 EMI Paid, Otherwise 5.00%48 Hrs
    Axis Bank10.25% – 21.00%0.5% – 2%12 to 60 monthsOption available from 1st month with 4% chargesN.A for above 10 Lakhs60 Hrs
    Indus Ind Bank12.99% – 20.00%2%12 to 60 monthsNo option 60 Hrs
    Standard Chartered13.00% – 21.00%2.00% for salaried, 2.50% for self employed12 to 60 monthsNo optionUp to 5.00%3-4 Working Days
    Yes Bank10.25% – 16.99%Upto 2%12 to 72 monthsNo optionNil Above 7.5Lacs48 Hrs
    Kotak Mahindra Bank10.50% – 16.99%Rs.999 – 2%12 to 60 monthsNo optionZero above 10 lakhs loan amount, Else 5.00%60 Hrs
    IDFC First10.99% – 21.00%Upto Rs.999913 to 60 monthsNo optionupto 5%60 Hrs
    Citibank11.49% – 16.50% 14 to 60 monthsNo optionUp to 3%72 Hrs
    SBI Personal Loan11.95% – 16.55%2.00% – 3.00%15 to 60 monthsNo optionNIL72 Hrs
    Tata Capital11.99% – 17.00%1.25% – 2.50%16 to 60 monthsNo optionNIL Foreclosure charges after 12 EMI72 Hrs
    Fullerton India11.99% – 26.00%2.00%17 to 60 monthsNo optionUpto 7.00%, 0% after 3 years48 Hrs
    Bajaj Finserv11.99% – 16.00%Upto 2.00%18 to 60 monthsNo optionUpto 4% post 1st EMI clearance48 Hrs
    BankInterest RatesProcessing FeesTenureFore ClosureProcess Time
    HDFC Bank8.25% onwardsUp to 1.50% of the loan amount or Rs. 4,500 whichever is higher, plus applicable taxes.Up to 15 yearsNA10 day
    ICICI Bank9% onwards (floating)1% of the loan amountUp to 15 years4% on the principal outstanding*10 days
    Axis Bank10.50% onwards (floating rate)1% of loan amount or Rs. 10,000 (whichever is higher)Upto 20 yearsNon-individuals – 3%, if the amount pre-paid exceeds 25% of the principal outstanding during a calendar quarter, else no prepayment penalty10 days
    Indus Ind Bank10.75% to 14%up to 3%15 yearsNA10 days
    Standard CharteredStarting from 7.99% p.a.up to 3%25 years.NA10 DAYS
    Yes Bank9.35% to 10.50% p.a.2% of the loan amount plus GST or Rs.10,000, whichever is higher25 years.NA10 DAYS
    Kotak Mahindra Bank6.65% onwards0.25%- 0.5% of loan amount and Statutory Dues + GSTUp to 20 yearsFor part prepayment made over 25% of the outstanding loan amt. – 4% of the excess prepayment amt. shall be charged10 DAYS
    IDFC First8.15%Up to 1% of the loan amountUp to 15 yearsPrepayment of more than 25%: 2%+ taxes and surcharge10 DAYS
    Citibankstarting from 8.70%*p.aUp to 0.75% of the sanctioned loan amountUp to 15 years4% for first 3 years and 2% thereafter10 DAYS
    SBI8.45% p.a. onwards1% of loan amount + GST (max. Rs. 50,000)5 – 15 yearsNil10 DAYS
    Tata Capital10.10% onwards1% of the loan amount + GST1 – 15 years4% of the outstanding principal10 DAYS
    Fullerton India7.99% onwardsUp to 3% of the loan amountUp to 30 yearsNo prepayment charges for partial/full prepayment10 DAYS
    Bajaj Finserv6.75% onwardsFor salaried individuals: Up to 0.80%
    For self-employed individuals: Up to 1.20%
    Up to 20 yearsNo foreclosure charges for floating rate loans availed by individuals10 DAYS
    BankInterest RatesProcessing FeesTenureFore ClosureProcess Time
    HDFC Bank6.75% p.a. onwards*0.5% – 1.5%Upto 30 Years0% – 2%4 days
    ICICI Bank6.90% – 7.60%0% – 0.50% (plus Applicable Taxes)Upto 30 yearsZero prepayment charges on floating rate loans7 days
    Axis Bank6.90%Up to 1% or min. Rs. 10,000/-30 Years0 – 2%7 days
    Indus Ind Bank6.70% onwardsUp to 0.5% of loan amount + GSTUp to 30 yearsNo prepayment charges for floating rates10 days
    Standard Chartered7.99% onwardsUp to 1% of the sanctioned amountUp to 25 years 2.5% of the principal outstanding7 days
    Yes Bank8.95% onwards2% or Rs. 10,000 (whichever is higher) + GSTUp to 35 yearsNil for floating rate loans, 2.5% on the principal outstanding for fixed-rate loans10 days
    Kotak Mahindra Bank6.65% – 7.10%Up to 0.50% of the approved amount + GST1 – 20 YearsZero charges on prepayment/foreclosure10 days
    IDFC First7.00% onwardsUp to Rs. 10,000 (additional premium is charged based on risk profile)30 yearsNA8 days
    Citibank6.75% p.a. – 7.44% p.a.Up to Rs. 5,000/-25 Years0 – 2%10 days
    SBI6.90% – 9.70%0.35% – 1% of loan amount1 – 30 YearsNil5 days
    Tata Capital8.50% p.a2.00%One time feeUp to 30 YearsNIL for own-source payments ,2% for non-individuals and balance transfer on fixed-rate7 days
    Fullerton India9.99% – 21.00%Upto 3% of the loan amount30 YearsNIL for individuals on floating rate loan. For non-individual borrowers, a charge of 5%-7% of the prepayment amount. However, there are charges in case of fixed rate of loan.15 days
    Bajaj Finserv6.75% onwardsUp to 1% of the loan amount + GST and other applicable statutory leviesUp to 20 yearsPre-payment and foreclosure allowed without any penalty.15 days
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