What is personal loan?
A personal loan is a loan taken to cover personal expenses, one can have a personal loan through
banks, credit unions or online lenders. There are different types of personal loans, the purpose of taking a personal loan varies.
Let us know how you can apply for a personal loan as well as what is the eligibility for a personal loan.
HDFC BANK – Loan Details
- Interest rate – 10.50% p.a. to 21.00% p.a.
- Minimum age – 21 years
- Maximum age – 60 years – Minimum income
- Processing fee – Up to 2.5% of the loan amount (minimum of Rs.1,999 and
maximum of Rs.25,000) - Loan amount – Up to Rs. 40 lakh
- Loan tenure – 1-5 year
- Loan disbursal time – 2 days
Eligibility
- Employees of private limited companies, employees from public sector undertakings,
including central, state and local bodies - Individuals between 21 and 60 years of age
- Individuals who have had a job for at least 2 years, with a minimum of 1 year with the
current employer - Those who earn a minimum of 25,000 net income per month.
SBI Personal Loan
- Interest rate – 10.60% onwards
- Age – 21 – 60 years
- Minimum income – Rs.15,000
- Loan amount – Rs.25,000 to Rs.20 lakh
- Loan tenure – Up to 60 months
Eligibility
- Borrowers with an SBI salary account
- Individuals with minimum monthly income of Rs.15,000
- Individuals with EMI/NMI ratio less than 50%
- Employees of the following institutions can apply:
- Central, state, or quasi government bodies
- Central PSUS or profit-making PSUS
- Nationally recognized educational institutions
- Selected corporates
PNB Personal Loan
- Interest rate – 8.7% p.a. to 14.25% p.a.
- Age – 21 – 60 years
- Minimum income – As per the conditions set by the bank
- Loan amount – Rs.50,000 to Rs.10 lakh or 20 times the monthly net income
- Loan tenure – 15 times the gross monthly salary up to a maximum of Rs.10 lakh
Eligibility
Permanent employees of Central/ State Govt/ PSUs and all reputed companies/ Institutions,
who are drawing their salary through accounts maintained with our branches or these employees
agree for `check-off facility (Others minimum 3 years of service, including service with the
previous employer(s), if any)` from their employer.
LIC agents aged below 60 years with more than five years of agency, having regular and stable
income and maintaining SF a/c with our branch.
Professionally qualified Doctors (MBBS, BDS & above) having Net Annual Income/Salary of
Rs.5.00 lac and above and Doctors should be taxpayers for the last two years and the ITRs of
the last 2 years
Documents
- Loan application Form, duly completed, with Passport size photograph
- Identify Proof with Unique Identification Number in case of Military/ Para Military
- Educational Qualification Proof
- Age Proof
- Proof of official address and residential address
- Income Proof
- Salaried: Latest Salary Slip and Form 16, duly authenticated by the employer
- Non – Salaried : IT returns for the last three financial years
- Any other document, which may be necessary as per the requirement of the case.
Axis Bank Personal Loan
- Interest rate – 12% p.a. to 21% p.a.
- Age – 21 – 60 years
- Minimum income – Rs.15,000
- Loan amount – Up to Rs.50,000 to Rs.15 lakh
- Loan tenure – 12 to 60 months
Eligibility
- Minimum Salary : Minimum Salary required Rs. 25,000/-
- Age : Minimum of 23 when applying for loan and maximum of 58 at loan maturity.
- Loan Amount : The Loan amount is 1 Lakh to 50 Lakhs for salaried individuals
- Loan Tenure : 12 to 72 months
- Minimum Service Period With Current Employer: One Year
Documents
- The income of the individual should be a minimum of Rs.25, 000 for availing a loan.
- Application Form which needs to be filled completely stating the necessary details like
the personal details, occupational details, income details, etc. - One Recent Passport size photograph
- PAN Card
- Current Residence proof (Like Aadhar Card, Passport, Voter I-card, Any utility Bill
- IF Customer is staying on rent then Permanent address proof also require
- If a customer stays in a self-owned/Parental house then Ownership proof also requires
an Electricity Bill, Water Bill, House Tax Receipt. - 3 Latest salary slips. The income of the individual should be a minimum of Rs.25000 to be
eligible for availing a loan. - Bank statement of the last 3 months ,which shows the banking activities of the applicant and
helps in building the credit worthiness of the individual. - One Year Job continuity proof
- Signature proof
Post-sanction / Pre-Disbursement Documentation
- Security Cheques required for SI and ECS (6 Cheques)
- Loan Agreement duly signed by the customer
- Documentary proof required from customers may vary from case to case.
IDBI Bank Personal Loan
- Interest rate – 11.00%-15.50% p.a.
- Age – 21 – 60 years
- Minimum income – Rs.15,000
- Loan amount – Rs.25,000 to Rs.5 lakh
- Loan tenure – 12 to 60 months
- Processing Fees – 1% of loan amount subject to maximum of Rs 2,500
Eligibility
Salaried Self-employed
| Age Limit | 18 – 60 years | 21 – 65 years |
| Minimum Income (may vary across lenders) | Rs. 15,000 per month | Rs. 15 lakh p.a. |
| Minimum Work Exp./ Business Continuity | 1 year (6 months with current employer) | 2 years of business continuity |
| Credit Score | Preferably 750 and above | |
Documents
| Photo Identity Proof (Any one): |
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| Address Proof (Any one) |
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| Income Proof |
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| Tax Paid (Any one) |
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More
Income – Personal Loan – Monthly or Annual income affects personal loan interest rates in India is the
main factor. Lenders are more comfortable lending to individuals with higher monthly income, which
suggests that They will have enough money to repay the personal loan. The higher your income,
the more likely you are That the lender will provide you the lowest interest rate personal loan.
Before applying for any loan, read all the details of that loan application and
apply for the loan after it is registered by RBI.
Our website does not provide loan, we only provide loan information.
We give the same loan application information which is registered by
NBFCs & financial institutions authorized RBI.
