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Personal Loan – Low interest rate personal loans from a wide range of lenders

Personal loans are an unsecured form of credit that is popular to meet immediate requirements. It is multi-purpose in nature and therefore can be used for various purposes including wedding, home renovation, travel purposes and more. Moreover, there is no restriction for the amount borrowed and can be used for any purpose they want. In fact, a personal loan can help you build your credit faster when compared with other forms of credit. This is because of the risk it carries due to being unsecured.

All in all, a personal loan can offset any temporary financial crisis.

Benefits and Features of Personal Loan

No collateral required

One of the benefits associated with an online personal loan is that it is unsecured in nature. This means you don’t need to pledge any collateral for your loan. Although this can be a reason for your interest rate, you can get a low-interest personal loan easily if you meet the eligibility requirements.

Minimal Documentation

In this age of digitisation, the process of verification and documentation has now become short. This is applicable for an instant personal loan as they are fast in disbursal and require minimum documents for approval.

Easy Approval

You can get personal loans that are quick and easy in approval. This is why it is the best bet in times of financial emergency. Moreover, the process has become digital; thus reducing time in the verification process.

Multipurpose in nature

A personal loan can be used for anything except for investment and illegal activities. Apart from that, it is multipurpose in nature and can be used for anything. Other forms of credit when taken are for a specific purpose and can be used only for the same. For example, a home loan is used for purchasing a house whereas a car loan is taken to buy a car. However, a personal loan can be taken to offset any immediate requirements.

Personal Loan Eligibility

Personal loans are provided by most of the banks/NBFCs but with different eligibility requirements. However, there are certain criteria that are common for all financial institutions. The eligibility criteria to get an online personal loan approval for salaried and self-employed individuals are:

Age 18/21 years - 60/65 years
Employment Type 1. Salaried
2. Self-Employed professionals
Credit score 750 or above with a good credit history
Minimum Net Income (Monthly)
  • ₹15,000(non-metro cities)
  • ₹20,000( metro cities)
Loan Amount Up to ₹50 lacs depending on the credit profile
Work Experience Salaried
  • Employed at current company for at least 6/12 months
Self-Employed
  • Business tenure of at least 3 years (continuous)
  • ITR of last 3 years

Documents Required for Personal Loan

The common documents required for an online personal loan approval are given below:

For Salaried Individuals

1. Identity & Age Proof

2. Completely filled personal loan application with photograph

3. PAN Card

4. Residence proof - Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)

5. Bank statements for the last 3 months(preferably your salary account)

6. Salary Slips of last 3 months

7. Form 16 or Income Tax Returns of last 3 years

For Self-Employed Individuals

1. Identity & Age Proof

2. Completely filled personal loan application with photograph

3. PAN Card

4. Residence proof - Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)

5. Bank statements for the last 3 months(preferably your salary account)

6. Salary Slips of last 3 months

7. Last 3 years Income Tax Returns with computation of Income

8. Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Personal Loan Comparison Table

With a representative 10.75% APR based on borrowing ₹ 10 lacs and repaying over 60 months with 60 monthly repayments. Monthly repayments of ₹ 21618.

Types of Personal Loan:

Here are the different types of online personal loan:

  • Personal Loan for Home Improvement
  • There’s something that can be always done to your home and this is where an instant personal loan can help you fulfill them. From remodelling your kitchen to making your house a perfect mix of comfort and durability, a personal loan for home renovation can be the solution.

  • Personal Loan for wedding
  • In India, a normal wedding cost ₹25 lakhs on an average! Exhausting all your savings for all the wedding expenses is not an ideal option. This is where you apply online personal loan and cover the expenses. Now, planning a wedding is now easy.

  • Personal Loan for Travel
  • Apart from home renovation or wedding, you can get personal loan to cover your travel expenses. Since it is convenient and an economic option, it can be an open option. Moreover, it can alternate your uses with your credit card and help you save on interest costs.

  • Fresh Funding
  • Meeting working capital requirements can be a daunting process and without raising fresh funds, the everyday operations can get affected. A personal loan can be the best alternative option to meet your short-term working capital requirements such as cover accounts payable, wages, etc

  • Top Up Personal Loan
  • Top up personal loan is a facility provided by financial institutions to customers that allows you to borrow a certain amount of money over your personal loan. The interest rate for a top up loan is slightly higher than the regular personal loan.

  • Personal Loan Balance Transfer
  • Did you know you can save thousands on your interest costs on a personal loan? Well, that is what a balance transfer can help you with. You can pay off your existing loan with a new loan at a lower-interest rate. Please note there is a charge associated with a personal loan balance transfer. .

Personal Loan EMI Calculator

When you plan to apply for a personal loan, EMI plays the most important factor. Whether or not the EMI will fit in your monthly budget can help in deciding your personal loan. This is where a personal loan EMI calculator can help you. A loan calculator helps you get the following results:

  • Monthly Repayments - EMI you will be paying every month
  • Total interest payable - Total interest on your loan
  • Total amount to pay - The total amount which is a sum of principal and interest

Personal Loan Interest Rates

Personal Loan Details
Interest Rates 10.75% - 35%
Processing Fee Differs from bank to bank; generally ranges between 1-3% of the loan amount
Loan Tenure 12 months to 60 months
Loan Amount ₹1 lakhs - ₹50 lakhs
Lock-in period Varies from lender to lender
Preclosure Charges Differs; Generally between 2%-5% of the loan outstanding
Guarantor Required Varies on different conditions

Why should you apply for a personal loan at Finserv One?

Finserv One is a one-stop solution for all your financial needs. In here, we try to provide you with the best services that are hassle-free and quick in nature. For personal loans, we provide you with a comparative analysis of what different banks are offering and assist you in your final decision.

Here are a few reasons for you to apply for a personal loan at Finserv One:

Fast assistance

Finserv One offers 24*7 services for all its customers. You can contact us at anytime of the day and we will try our best to get back to you as soon as possible. Moreover, the process for personal loan approval is fast and quick in nature.
You can simply write to us at support@Finserv One.com for any grievances, complaints or feedbacks.

Customer needs in forefront

Your needs are our priority. We promise to deliver you with services that are best on our capabilities. By handpicking the personal loan offers based on customer profile, we try to give you the most personalised experience. The services for all our customers are free of cost.

Compare Offers Online

With more than 40 lenders as partners, you can compare the different offers of financial institutions to make the right call. In fact, we help you find the best lender as per your eligibility requirements. There is a personalised relationship lender for every customer who helps him/her select the bank of his/her choice.

Real-time customer support

Our customer support team is fast and efficient to clear all your doubts regarding personal loan eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.

How To Apply For A Personal Loan at Finserv One?

Applying for a personal loan involves three simple steps:

Step-1: Fill the eligibility form

In the first step, the customer needs to fill in the eligibility form which includes filling the following details:

  • Full Name(As per PAN Card)
  • Email Address
  • Current Residence Pincode
  • Employment Type
  • Current Company Name
  • Monthly in-hand salary
  • Mobile Number

Step-2: Select from the multiple offer(s)

You will be given a list of lenders based on the information provided by you in Step-1. The offer could be one or more than one based on your profile. Out of the list, select the lender you wish to go ahead with. Please remember to consider the following points when choosing the lender:

  • Interest rate offered
  • Loan amount
  • Loan Tenure
  • EMI

Step-3: Apply for the loan

This step is an extended version of Step-1 where you have to give more details on your application. This is where you give a detailed information about your personal details and bank details.
Once you submit your application, our representative will contact you to cross verify the details before sending the application to the respective lender.

YES Bank personal loans are personalised, faster and easier.

Particulars Salaried Individual
Interest Rate 10.75% - 16.99%
Loan Tenure 12-60 months
Age 22 to 60 years (at the time of loan maturity)
Processing Fee Up to 2.50% of the loan amount subject to a minimum of ₹999/- plus taxes
Lock-in period 12 months
Prepayment/ Preclosure charges 13 – 24 months - 4% of principal outstanding
25 – 36 months - 3% of principal outstanding
37 – 48 months - 2% of principal outstanding
>48 Months - Nil
*The figures provided in the table are indicative subject to change from time.

1. Is it a good idea to get a personal loan?

Personal loans can be an ideal solution during financial crisis. Be it wedding expenses, home renovation or medical emergency, a personal loan can be your solution to meet the immediate financial requirements as they are easy-to-get, fast in disbursal and require no collateral.

2. What is the best personal loan?

The best personal loan differs from borrower to borrower’s credit profile. A credit profile includes the credit score, monthly income, employer, employment type and others. All the above factors are considered to find the best personal loan.

3. How can I get personal loan?

To get a personal loan, you need to meet the following eligibility requirements:

  • Between the age of 18/21 years - 60/65 years
  • Must be salaried or self-employed
  • Credit score of 750+ with a good credit history
  • Minimum monthly income of ₹15000 for non-metro cities and ₹20,000 for metro cities
  • Should be employed at the current organisation for at least 6/12 months or business tenure of at least 3 years (continuous)

4. What is the eligibility for personal loan?

The eligibility criteria for a personal loan are given below:

  • Between the age of 18/21 years - 60/65 years
  • Must be salaried or self-employed
  • Credit score of 750+ with a good credit history
  • Minimum monthly income of ₹15000 for non-metro cities and ₹20,000 for metro cities
  • Should be employed at the current organisation for at least 6/12 months or business tenure of at least 3 years (continuous)

5. Are personal loans good for your credit?

Personal loans play an important role in deciding your credit score. The effect of missing a personal loan EMI can be adverse on your credit score. One of the reasons for the same is because personal loans are unsecured in nature.

6. How long does it take to get approved for a personal loan?

Due to digitisation, personal loan approval has become instant. However, the disbursal could take a period of 5-7 days due to the documentation process.

7. What is the best personal loan to get?

There is no such things as best personal loan. Every borrower needs to find the lender that best suits his/her needs. In order to do that, you can either compare the different lenders offline or apply at platforms such as Finserv One who help you select the lender as per your requirements.

8. Can you pay off a personal loan early?

Of course you can pay off a personal loan early. This is known as prepayment of a personal loan. However, this could attract a specific amount as penalty which would differ from lender-to-lender.

9. What is the average interest rate on a personal loan?

The interest rate on a personal loan ranges from 10.75% - 35% which differs from lender to lender.

10. What do banks look at when applying for a personal loan?

The banks consider the following factors when looking at a personal loan application:
1. Age
2. Monthly Income
3. Credit Score
4. Credit History
5. Documents

11. Who has the best personal loan rates?

The best personal loan interest rates depend on the credit profile of a customer. In order to get the best rates, a customer must have a good credit score, consistent source of income, should be salaried/self-employed.

12. Which bank gives lowest interest rate for personal loan?

Currently, YES Bank offers personal loans starting from 10.75%. However, the interest rates can be different for customers based on their credit profile.

13. What is the minimum salary for personal loan?

The minimum salary to get a personal loan is ₹15,000 fro non-metro cities and ₹20,000 for metro cities.

14. How can I get personal loan from Bajaj Finance?

To get a personal loan from Bajaj Finance, you can apply at their official website or apply at Finserv One for easy approval and fast disbursal.