A personal loan is a loan for your personal use, be it your child’s wedding, a dream vacation, or a shopping extravaganza. A personal loan does not require any security or collateral and completely unsecured in nature and can be availed without hassle.

Personal loans are advanced by Banks & financial institutions solely on the basis of the borrower’s ability to pay back the Loan from his monthly income

Apart from the rate of interest banks also charge some fees which are usually of two types. Once when you are applying for the loan and once when you are pre-closing the loan.

Features :

PL can be paid back through Equated Monthly Installements (EMI). The ROI is fixed for the approved tenure by Bank. Normally EMI is calculated on monthly reducing balance . Personal Loans are disbursed within a week by Financial Institution.

Personal loans can be taken with Co-Applicants to help you increase the loan amount you are eligible for. The income of the co-applicant also features in your valuation and helps in increasing your chances of getting a personal loan.

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A Personal Loan is given by bank without any security, co laterals or guarantee.

Loan Amount: Min. 50k up to 30 lakhs.
Repayment Tenure : 12 months to 60 months.
Processing fees : The fees when charged at the time of processing called as Processing Fees vary from 1-2.5% of the loan amount.
Foreclosure Charge : Foreclosure charge is the prepayment penalty paid at the time of pre-closure. This too varies from 2 – 5 %.

*Rate of Interest & Processing fees of Major Banks (It may change without prior notice)

Loan ProviderLoan AmountInterest RateProcessing FeeTenure
HDFC Bank50k-30L11.49%-20%0.5%-2.5% of loan amount12 TO 60 MONTHS
ICICI Bank50k-25L11.49%-22%1%-2.5% of loan amount12 TO 60 MONTHS
Axis Bank50k-20L13.5%-24%2% of loan amount12 TO 60 MONTHS
Kotak50k-15L11.5%-24%2% of loan amount12 TO 60 MONTHS
Bajaj Finserv1L-25L15.5%-18%2% of loan amount12 TO 60 MONTHS
Standard Chartered50k-25L13.5%-22%0.5%-2% of loan amount12 TO 60 MONTHS
Tata Capital50k-20L11.99%-19.0%999/- 2% of loan amount12 TO 60 MONTHS
IndusInd Bank50k-20L11.99% – 23%2% of loan amount12 TO 60 MONTHS

Personal Loan criteria for customers :

• Applicant should be an Indian citizen over 21 years of age.
• Must be employed for the 12 months or more.
• Minimum salary should be 15,000/- per month or more and bank it should be credited regularly to the Salary account.
• CIBIL Score should be more than 720

Personal loans don’t take too long to process. Banks usually disburse your loan within seven working days. However, it is recommended that you keep all your documents ready and in order, especially the post dated cheques (PDC), to avoid any delays. How fast you get your personal loan is dependent on your document collection process.

Documents Requirement :

S.No.For salaried CustomerFor Self Employed Customer
11 Photo & Signed Application Form1 Photo & Signed Application Form
2KYC Documents (Proof of identity, DOB, Signature Proof and Residence Proof)KYC Documents (Proof of identity, DOB, Signature Proof and Residence Proof)
3-NA-KYC Documents of Firm/Company
4Latest 3 Months salary slipsLast 3 Years ITR Copy, Computation of income (Self & Company or Firm).
5Last 3 Years Form-16 / Last 3 Years ITR Copy3 Yrs. Profit and Loss A/c and Balance Sheet Copy.
66 Months salary account statements reflecting salary credit.12 Months Saving A/c statements & 12 Months Current A/c statements
7Existing Loan Details with Bank statement of 1 Yr.Existing Loan Details with Bank statement of 1 Yr.

Team FinancialDistributor will be glad to offer you expert advice and guidance in order to help you choose the right bank/financial institution to get the cheapest rate of interest with maximum tenure along with maximum savings. 


Basic Eligibility Criteria

Good Credit Score

Above 21 years of Age

Salaried professional

Resident of India

Valid Bank Account

PAN Card and Voter ID Card/Driving License

Bank Statements for the last three months

Salary Slip for last three months