How To Apply For A Personal Loan

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.

Best Personal Loans in India

S. No.	Bank Name	Interest rate (p.a)	Loan Amount
1	Yes Bank	10.99% – 15.99% (BT Special rates – 10.75%)	₹1 lakh – ₹25 lakhs
2	ICICI Bank	11.50% – 17.25%	₹50k – ₹25 lakhs
3	HDFC Bank	11.25% – 17.75%	₹50k – ₹40 lakhs
4	Kotak Bank	10.75% – 17.99%	₹1 lakh – ₹30 lakhs
5	Tata Capital	11.25%- 18.75%	₹75k – ₹25 lakhs
6	IndusInd Bank	11.50% to 19.00%	₹1 lakh – ₹25 lakhs
7	IDFC First Bank	12.00 % to 21%	₹1 lakh – ₹40 lakhs
8	Bajaj Finserv	12.49%-15.30%	₹1 lakh – ₹20 lakhs
9	RBL Bank	11.99% – 18.0%	₹1 Lakh – ₹20 Lakhs
10	Fullerton	11.99% – 25%	₹65K – ₹25 Lakhs

*The figures provided in the table are indicative subject to change from time.

Yes Bank Personal Loan

YES Bank personal loans are personalised, faster and easier.

Particulars	Salaried Individual
Interest Rate	10.99% – 15.99% (BT Special rates – 10.75%)
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.

ICICI Personal Loan

ICICI personal loans are flexible, quick and convenient and have competitive interest rates.

Particulars	Salaried Individual
Interest Rate	11.50% to 17.25%
Loan Tenure	12-60 months
Age	23 years to 58 years
Processing Fee	Up to 2.25% per annum of loan amount plus GST
Lock-in period	6 months
Prepayment/ Preclosure charges	5% per annum of the principal outstanding plus GST

*The figures provided in the table are indicative subject to change from time.

HDFC Personal Loan

HDFC bank personal loan is one of the popular products of this bank. The personal loans are easy-to-get, hassle-free and superfast.

Particulars	Salaried Individual
Interest Rate	11.25% – 17.75%
Loan Tenure	12-60 months
Age	21 years – 60 years
Processing Fee	Up to 2.50% of the loan amount subject to a minimum of ₹1,999/- & Maximum of ₹25000/-
Lock-in period	12 months
Prepayment/ Preclosure charges	13-24 Months – 4% of Principal Outstanding 25-36 Months – 3% of Principal Outstanding >36 Months – 2% of Principal Outstanding >48 months – 0%

*The figures provided in the table are indicative subject to change from time.

Kotak Bank Personal Loan

Kotak bank personal loans are quite popular in India. It provides personal loans at minimal documentation and flexible EMI’s.

Particulars	Salaried Individual
Interest Rate	10.75% – 17.99%
Loan Tenure	12-60 months
Age	21 years – 58 years
Processing Fee	Up to 2.5% of the loan amount + GST and other applicable statutory levies
Lock-in period	12 months
Prepayment/ Preclosure charges	5% of the outstanding amount + GST on principal outstanding

*The figures provided in the table are indicative subject to change from time.

Bajaj Finserv Personal Loan

The Bajaj personal loans are non-collateral loans with minimal documentation. Moreover, the loans are available at flexible EMI’s ranging from a year to 5 years.

Particulars	Salaried Individual
Interest Rate	12.0% to 21%
Loan Tenure	12-60 months
Age	25 years – 58 years
Processing Fee	Up to 2.0% of the loan amount
Lock-in period	1 month
Prepayment/ Preclosure charges	4% plus applicable taxes on principal outstanding

*The figures provided in the table are indicative subject to change from time.

IDFC First Bank Personal Loan

Particulars	Salaried Individual
Interest Rate	12.49% to 15.30%
Loan Tenure	12-60 months
Age	23 years – 60 years
Processing Fee	Up to 2.0% of the loan amount plus GST
Lock-in period	1 month
Prepayment/ Preclosure charges	4% plus applicable taxes on Loan amount

*The figures provided in the table are indicative subject to change from time.

RBL Personal Loan

Particulars	Salaried Individual
Interest Rate	11.99% to 18.00%
Loan Tenure	12-60 months
Age	25 years – 60 years
Processing Fee	1.5% of the loan amount (Non Refundable fee of Rs 7500 Upfront, Rest at the time of disbursal)
Lock-in period	12 Months
Prepayment/ Preclosure charges	NIL

*The figures provided in the table are indicative subject to change from time.

Tata Capital Personal Loan

Particulars	Salaried Individual
Interest Rate	11.25% to 18.75%
Loan Tenure	12-72 months
Age	25 years – 60 years
Processing Fee	From ₹999/- Up to 3.00% of the loan amount and applicable Service Tax
Lock-in period	6 months
Prepayment/ Preclosure charges	>6 months – 3.5% of principal outstanding For loan amount >= 7lakhs – NIL Preclosure BT – 5% of the principal outstanding

*The figures provided in the table are indicative subject to change from time.

Loan

What is loan ?

Loan means lending of money by one or more individuals , organizations , or other entities to other individuals, organizations etc.

Whom we are giving the plans is known as recipient ( i.e. the borrower) , he usually liable to pay interest on the debt which was taken by borrower until it is repaid.

People borrow money for various reasons. It could be to expand their business, to fund higher education, to buy a home or car , to get a ring for their girlfriend or wife .

We need loans to fulfill our desire. Sometime we don’t have much money for fulfilling our need on that time we take loan and after some time we pay it with interest.

Categories of loans

Loans are generally fall into 2 categories.

1) Secured 2) Unsecured

Secured loans are those loans for which a borrower keeps some asset as surety or collateral to borrow money.

Collateral can be your car , your home , or anything that is valuable.

Now come to unsecured loans . Unsecured loans are taken without keeping a collateral.

If the borrower defaults on this type of debt , the lender initiates a lawsuit to collect what is owed.

Types of loans

1) Personal loans –

Personal loans taken for the personal purpose like emergency expenses, weddings or home improvement projects and it is usually unsecured, that is they don’t require collateral.

2) Auto loans –

Auto loans are taken by person when he / she buy any vehicle . It is secured loans . Auto loans terms generally range from 36 months to 72 months , although longer loan terms are becoming more common as auto price rise .

3) Student loans –

This loan taken by students to pay the college fees . They are available from both the federal government and from private lenders .

Federal student loans are more desirable because they offer deferment, forbearance, forgiveness and income – based repayment options while student loans from private lenders lack benefits such as loan forgiveness or income – based repayment plan .

4) Mortgage loans –

Mortgage loan covers the purchase price of a home minus any down payment. The property acts as collateral, which can be foreclosed by the lenders if mortgage payments are missed . Mortgage are typically repaid over 10, 15, 20 or 30 years .

5) Home equity loans –

A home equity loans or home equity line of credit ( HELOC ) let’s you borrow up to a percentage of the equity in your home to use for any purpose .

These are installment loans . You receive a lump sum and pay it back over time ( usually 5 to 30 years ) in regular monthly installment.

HELOCs usually have variable interest rates ; home equity loans have fixed interest rates .

6) Credit – Builder loans –

It is designed to help those with poor credit or no credit file improve their credit, and may not require a credit check . The lender puts the loan amount ( generally $300 to $ 1000) into saving account. You then make fixed month payments over 6 to 24 months .

Before you apply for credit – builder loans make sure the lender reports it to the major credit bureaus ( Experian , TransUnion and Equifax )

7) Debt – Consolidation loans –

This is a personal loans which pay off high interest debt , such as credit cards . Consolidating debt simplifies the repayment became it means paying to one lender instead of several.

What is loan? What are the types of loans? How you can get educational loans ?

A loan is borrowing money from a company, organisation or individual. It is a process where you will borrow money from the lender and they will charge some amount of money as their interest and you have to pay the interest money along with their borrowed money. The lender gives a specific time to repay the loan and if the time has been over due to some reasons so the amount of interest will be charged.

There are different types of loans –

1. Home loan

2. Education loan

3. Gold loan

4. Vacation loan

5. Personal loan

6. Small business loan

7. Medical loan

8. Family loan

9. Credit card loan

10. Pawn shop loan

Home loan

A home loan is also known as a mortgage. In-home loan, you can borrow to finance building your own house. To build a house of your own is everyone’s dream. To stay in their house, to decorate their house and do all the stuff in their own house. So home loan or mortgage is a way to help build your house.

Education loan

Many students have their perspectives to hold their careers. Today’s generation of children is more intelligent than others. Many of the children want to pursue their careers in different cities or abroad. So if your children want to go there and make their life successful you can take an education loan. An education loan provides you with the amount and after getting into a job or business you have to repay the amount.

Gold loan

Gold loan is safe as other loans. A gold loan is a process where you have to borrow money from the bank and they will take your gold as collateral and charge some amount of money as interest when you will repay your loan they will give you your gold. Various banks are available for taking gold loans such as HDFC Bank, Muthoot Finance, Paisbaazar.com, ICICI bank and much more available in the market.

Vacation loan

A vacation loan gives you the money to plan a trip or go on a vacation with your children, family, and loved ones. This loan is also similar to other various loans. Whenever you take a loan you have to repay the amount you have taken.

Personal loan

A personal loan can be anything which you desire that you need basically for your personal use.

Small business loan

A small business loan refers to the means a business owner needs money to start a small business or enterprise or to buy expenses for their small business.

Medical loan

A medical loan refers to a loan in which you need money for medical purposes to pay and you have to repay the money within the time given.

Family loan

A family loan is used mainly for all the family purposes like buying a car, educating their children, medical issues etc.

Credit card loan

To use this credit card loan you should have some amount of money in your account as per their rules. If you take a credit card loan you can do anything from that like buy your needs, book your tickets, shopping and many more. In this process, you have to repay the amount in time as per their due date and you should have money in your account as they will cut from your savings.

Pawn shop loan

The process of a pawn shop loan is you have to bring an item, the pawnbroker will determine the amount of the particular item on basis of the item they will give you a loan, and they will have the collateral until you repay them.

How you can get an educational loan ?

For getting an educational loan the eligibility criteria are 18 to 35 years and if you take up to Rs 4 lakhs of educational loan you don’t have to pay any collateral. For taking between Rs 4 to 7.5 lakhs of loans you need a third-party guarantee but you don’t have to pay any collateral and if you take loans exceeding Rs 7.5 lakhs then you have to give collateral. For getting an educational loan you have to go to the bank and take all the necessary documents with you for the process.

For getting an educational loan you can contact

http://www.bankbazaar.com

sbi.co.in

Bank of Baroda

Axis Bank

Union Bank of India

HDFC Bank

Loan and its Type

Loan and its Type

A loan is an amount of money that any individual or company borrows from banks or another financial institute for their financial work. It is money, property, or another kind of thing given to another person in exchange for repayment of a loan in the future with interest. It includes two parties, the lender- who gives a loan, and the borrower- who takes a loan. The lender can be any corporation, financial institution, or government. This process of exchanging money includes a written agreement with the exchange of terms and conditions about interest, financial charges, repayment date, collateral, etc., between two parties.

Process of loan

When someone needs money, then they can apply for a loan from a bank, government, or corporation. The borrower is required to provide some information like the reason for the loan, their financial history, and other important information. The lender reviews the information to check if the borrower is eligible to get the loan and see if the loan can be paid back. After reviewing the information, the lander may approve the application for a loan or may be denied. If the loan is approved, they both sign an agreement regarding the loan to complete the process.

There are different types of a loan based on two factors and one can apply for any loan according to their requirements:

1. Secured loan

It is a type of loan which required collateral, where you have to provide security of the money you are borrowing to the lender. If you cannot repay the loan the lender has some means to get the money back.

2. Unsecured loan

It is a type of loan which doesn’t require collateral. The lender gives money based on your credit score and history. But this loan has a high-interest rate than a secured loan due to a lack of collateral.

Types of Secured loans

S. No

Types of loan

Specification

   1.

Home loan

The is taken to buy or build the home.

There are different types of home loans:

Land purchase loan, home construction loan, home loan balance transfer, Top up loan

   2.

Loan against Property

This is taken to against any residential, commercial, or industrial property. The amount of the loan is based on the value of the property. This loan can be used to satisfy personal goals and business expansions.

   3.

Gold loan

You can get the loan by pledging gold jewellery as collateral. This loan is generally used for short-term needs.

  4.

Loan against fixed deposit

You can get the loan on your fixed deposit. The amount of the loan depends on the value of fixed deposit or may depend on the lender.

Types of Unsecured loans

S. No

Types of loan

Specification

1 1.

Personal loan

This loan is used for personal use. This loan offers instant liquidity but it has a higher interest rate due to insecurity. Your good credit score and secured income help you to get this loan.

    2.

Short-term Business loan

This loan is can be used to fulfil various expansions of the organization.

  3.

Educational loan

This loan is useful if someone wants to aspire for higher education from a reputed institution. In this loan, the student is the primary borrower, and the parents or spouse are co-applicants. The amount of the loan can be repaid after completion of the course.

  4.

Vehicle loan

This loan is helpful to buy your dream vehicle. Your financial history plays a great role in determining the amount of the loan.

Thus, Loan can be beneficial to maintain you expenses only if you can repay and use it in correct manner.