(Interest Rates Updated)
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Looking for the best deals on personal loans? Explore a wide range of options from leading lenders that offer interest rates, flexible repayment terms, & quick approvals.
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Lowest Interest Rates
Minimal Documentation
Understanding Banks & NBFCs Interest Rates
Interest Rate
10.35 % - 12.50%
Loan Amount
upto Rs.40L
Interest Rate
10.49% - 19%
Loan Amount
upto Rs.50L
Interest Rate
10.50% - 16%
Loan Amount
upto Rs.40L
Interest Rate
10.35 % - 12.50%
Loan Amount
upto Rs.40L
Interest Rate
10.35 % - 12.50%
Loan Amount
upto Rs.40L
Interest Rate
10.35 % - 12.50%
Loan Amount
upto Rs.40L
What is Personal Loan?
A Personal Loan is an unsecured loan that may be short term or long term, given by a bank or non-banking finance company (NBFC) to meet their customers’ personal expenses. An individual can obtain a personal loan based on his income, credit score, repaying capacity, etc.
Usually, personal loans are disbursed within a few days once the individual applies after going through some background verification processes. One of the most striking features of personal loans is their flexibility. From emergency medical situations to planned events like wedding expenses or home repairs there are many personal loan options available.
Types of Personal Loans
Certainly! There are several types of personal loans, each designed to meet different financial needs. Here are some common types of personal loans.
Calculate a personal loan EMI?
With the help of this tool, you can Calculate EMI, and compare interest rates across multiple banks.
- Enter the loan Requirement details
- “Loan Amount” you need
- Loan Rate (%)
- Loan Tenure (Y/M)
- “Calculate” to get your EMI
- You will receive a detailed break-up of your repayment
Advantages of Personal Loans
Personal Loans are unsecured loans with a tenure of 12 to 60 Months. For shorter tenures, the EMIs are higher, while for a longer tenure, the EMIs are lower.
No Security Required
An individual applying for a personal loan need not provide any collateral. The loan is provided based on your earnings and repaying capacity.
Flexibility in End Use
You can use the money you borrow for various purposes like medical expenses, travel, home renovation and wedding expenses.
Minimal Documentation
You can apply for a personal loan with minimal documentation. All it requires is an ID Proof, Proof of Income (Payslip) and Address Proof.
Quick Disbursal
Unlike other loans that involve lengthy background processes, you can expect loan disbursal within a day or two after you apply.
Personal Loan Documents Required
- Photo ID proof (PAN Card, Aadhaar Card)
- Address Proof (Ration Card, Voter ID/ Driving License)
- Salary Certificate for working professionals and bank statement
- Two-year bank statements for non-salaried professionals
- GST Registration and Filing Documents for self-employed professionals
Personal Loan Eligibility Criteria
| Criteria | Salaried | Self-employed |
| Age | 21-60 | 22-55 |
| Monthly Income | 15000 (net salary) | Rs. 25000 |
| CIBIL Score | Above 750 | Above 750 |
| Employment Stability | Min 1 Year in current company | Min 2 years in current business |
Potential Risks:
High-Interest Rates
Personal loans, especially unsecured ones, may come with higher interest rates compared to other types of loans. This can lead to increased overall borrowing costs.
Impact on Credit Score:
Failing to make timely payments or defaulting on a personal loan can negatively impact your credit score, making it harder to qualify for future credit.
Debt Accumulation:
Taking on multiple loans or borrowing more than you can comfortably repay can lead to a cycle of debt accumulation, potentially causing financial stress.
Penalties and Fees:
Late payments or breaches of loan terms can result in additional penalties and fees, adding to the overall cost of the loan.
Predatory Lending Practices:
Some lenders may engage in unethical practices, such as hidden fees or excessively high interest rates. It’s crucial to carefully review loan terms and choose reputable lenders.
Precautions:
Compare Offers:
Shop around and compare loan offers from different lenders. Look for the most favorable interest rates, terms, and conditions.
Read and Understand Terms and Conditions:
Thoroughly review the loan agreement. Understand the interest rates, fees, repayment schedule, and any penalties for late payments or defaults.
Budget for Repayments:
Calculate how the loan repayments fit into your monthly budget. Ensure you have sufficient income to cover these payments without compromising essential expenses.
Avoid Borrowing More Than Necessary:
Only borrow the amount you need for a specific purpose. Avoid taking on additional debt that isn’t essential.
Maintain Good Credit Habits:
Pay bills on time, manage existing debts responsibly, and monitor your credit report for accuracy. A good credit score can lead to better loan terms.
Responsible Borrowing Practices
Responsible borrowing practices are essential for maintaining healthy financial well-being and ensuring that loans are used effectively without causing undue financial strain. Here are some key principles of responsible borrowing.
Borrow Only What You Need
Take out a loan for a specific purpose and borrow only the amount required to meet that need. Avoid taking on unnecessary debt.
Avoid Multiple Simultaneous Loans
Taking on multiple loans at once can lead to financial strain. Consider whether you can comfortably manage the repayments before taking on additional debt.
Regularly Review Your Financial Situation
Periodically assess your financial standing and adjust your borrowing habits accordingly. This helps ensure that you're on track towards achieving your financial goals.
Charges & Fees related to Personal Loans
| Criteria | Description | Example |
| Origination Fee | A one-time fee charged by the lender for processing and underwriting your loan application. | 1% – 6% of the loan amount |
| Processing Fee | A separate fee for covering administrative costs associated with processing your loan application. | Flat fee of ₹1,000 – ₹5,000 |
| Prepayment Penalty | A fee charged if you pay off your loan early. | 1% – 4% of the remaining loan amount |
| Late Payment Fee | A penalty charged for late or missed loan payments. | 1% – 5% of the missed payment amount |
How to Apply for a Personal Loan?
To apply for a personal loan online at Apnee Bank, follow these steps,
- Login to Apnee Bank
- Hover on “Loans” and Click on “Personal Loans”
- Enter your personal details such as mobile number, annual income, employed or self-employed, current city and also the required loan amount
- Click on “Proceed” and you will see a list of personal loan offers from various banks and NBFCs. Select the one that suits your needs and fill out additional details as required.
- Get an approval from the lender. It is a conditional approval which means the loan approval is subject to verification. A representative from the lending institution will contact you for further processing.
Frequently asked questions
In these days of digital lending, the loan approval process has become very quick. There are several banks offering instant personal loans and pre-approved loans based on your relationship with the bank in few seconds of your consent. Banks like HDFC, ICICI, offer an instant personal loan to its customers and have been customer's choice for personal loans.
Most banks require a minimum salary of Rs. 20000 and above for personal loan eligibility. However, there are many NBFCs like Bajaj Finser, Tata Capital, and Hero Fincorp that can offer personal loan for Rs. 15000 salaried person
Your credit score is an indicator of your credit worthiness. Normally, banks and NBFCs expect a credit score of Rs. 750 and above. However, with NBFCs, you can get a personal loan with credit scores from 650. The decision to approve or reject your loan application, however, lies with the discretion of the NBFC
Generally, the tenure of a personal loan ranges from 12 months to 60 months. The tenure, loan amount, and the interest rate can vary based on borrower's income, credit needs, and more
Personal loan is a unsecured loan, since the bank does not require any collateral from the user.
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Happy Customers
Name: Rakesh Kumar
Occupation: Software Engineer
Location: Bangalore, India
Financial Need:
Rakesh Kumar, a talented software engineer, aimed to pursue higher studies abroad to enhance his skillset. The program required a substantial investment of INR 15 lakhs for tuition fees and living expenses. Having planned diligently, Rakesh was short of this amount.
Solution – Fincover Personal Loan:
Rakesh approached Fincover for financial assistance. After a detailed assessment of his creditworthiness, income stability, and repayment capability, he was offered a tailored personal loan solution.
Loan Details:
- Loan Amount: INR 15 lakhs
- Interest Rate: 11% per annum
- Loan Tenure: 5 years
Results:
With the support of Fincover’s personal loan:
- Rakesh successfully funded his education abroad.
- He completed the program and returned with advanced skills.
- Leveraging his newfound expertise, Rakesh secured a high-paying job in a multinational company.
- He managed his loan repayments seamlessly, building a strong credit history in the process.
Testimonial from Rakesh Kumar:
“Fincover was the financial backbone I needed to realize my aspirations. Their personalized loan helped me accomplish my dream of studying abroad. I’m grateful for their support, which ultimately paved the way for my career growth.”
Name: Priya Sharma
Profession: Marketing Manager
Location: Mumbai, India
Financial Requirement:
Priya Sharma, a dedicated marketing manager, aimed to renovate her home to accommodate her growing family. The estimated cost for the renovation project was INR 8 lakhs, which included refurbishing the kitchen, expanding a bedroom, and enhancing the living space.
Fincover Personal Loan Solution:
Facing a shortfall in funds for the renovation project, Priya turned to Fincover for financial assistance. After a thorough evaluation of her financial stability and creditworthiness, Fincover offered her a tailored personal loan to meet her requirements.
Loan Details:
- Loan Amount: INR 8 lakhs
- Interest Rate: 10.5% per annum
- Loan Tenure: 4 years
Outcomes:
With the support of Fincover’s personal loan:
- Priya successfully renovated her home, creating a comfortable and spacious environment for her family.
- The loan process was smooth and efficient, enabling her to manage the expenses without stress.
- Priya repaid the loan in regular instalments, improving her credit history and financial credibility.
Priya Sharma’s Testimonial:
“Fincover truly understood my needs and provided the financial support required for my home renovation. Their personalized loan solution made the process hassle-free, and I’m delighted with the results. Thank you, Fincover, for helping me turn my house into a dream home!”