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Paisabazaar
Personal Loan
Paisabazaar brings personal loan offers from 30+ banks and NBFCs to cater to diverse consumer segments.This allows consumers to compare the key loan features offered by top lenders and then apply for the best option available on their credit profiles. We have also tied up with some of the top banks and NBFCs to offer pre-approved/pre-qualified personal loan with end-to-end digital processing and instant disbursal.
Poonawala fincorp CHECK ELIGIBILITY HERE
Key Highlights of Personal Loan
Loan Amount
Interest Rate
Usually 10.49% p.a. onwards; some PSUs may offer lower rates
Tenure
Up to 5 years (some lenders offer repayment period till 8 years)
Processing Fees
0.5% to 4% of loan amount (may vary across lenders)
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Best Personal Loan Schemes and Offers
HDFC Bank
Maximum Loan Amount Up to 40Lakhs
Rate of Interest 10.49% - 24%
Tenure up to Upto 6 Years
Processing Fee 4,999 based on loan amount
Axis Bank
Maximum Loan Amount Up to 40Lakhs
Rate of Interest 10.49% - 22%
Tenure up to 1-5 Years
Processing Fee Upto 2%
Kotak Mahindra Bank
Maximum Loan Amount Up to 10Lakhs
Rate of Interest 10.99% - 36%
Tenure up to Upto 6 Years
Processing Fee Upto 3%
IDFC First Bank
Maximum Loan Amount Up to 1Crore
Rate of Interest 10.75% - 36%
Tenure up to Upto 5 Years
Processing Fee Upto 3%
ICICI Bank
Maximum Loan Amount Up to 50Lakhs
Rate of Interest 10.65% - 16%
Tenure up to 1-6 Years
Processing Fee Upto 3%
Personal Loan Eligibility Criteria
Personal loan eligibility criteria can vary from one lender to another due to their
varying credit risk policies. The eligibility criteria can also vary as per the loan
variant and the occupation profile of the applicant. Here are some of personal loan
eligibility criteria used by most lenders:
* Age: 18 – 60 years
* Salary: At least Rs 15,000 per month for salaried customers
* Income: At least Rs 5 lakh p.a. for self-employed customers
* Credit Score: Preferably 750 and above as having higher credit scores improve chances of loan approval
* Employment Stability: Usually 1 year with some lenders requiring longer work experience
* Business Continuity: Usually 3 years of business continuity with some lenders requiring longer period of business continuity
* Employment Type: Salaried employees working with reputed organisations, MNCs, Private and Public Limited Companies, Govt. organisations, PSUs, and large enterprises
Documentation Required
Personal loan lenders require documents from their applicants to establish their identity,income, loan repayment capacity and place of residence. These documents are more or less the same across lenders.Here are the few common set of documents that you will need to submit when applying for a personal loan:
Identity Proof:
Passport/ PAN Card/ Voter’s ID/ Aadhaar Card/ Driving License
Address Proof:
Passport/ Aadhaar Card/ Lease/ Property Purchase Agreement/ Utility Bills
(not more than 3 months old)/ Passport/ Driving License
Income Proof For Salaried Individuals:
Salary Slips/ Bank Account Statement/ Form 16
Income Proof For Self-employed Professionals:
Previous Years’ ITR/ P&L Statement and Balance Sheet/ Bank Account Statement
Business Proof For Self-employed Individuals:
Business Incorporation Certificate / Professional Degree/ Certificate of Practice/ Partnership Deed/ GST Registration and Filing Documents/ MOA & AOA/ Shop Act License
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How to Apply Online for a Personal Loan?
Paisabazaar.com allows customers to compare personal loan offers from 30+ banks and NBFCs and apply for the best-suited offer online with ease. The steps for the same are as below:
> Enter your mobile number.
> Enter personal details like desired loan amount, employment type, net monthly income, current residing city,bank where you receive your salary and company name.
> Provide OTP for verification and check for available pre-approved offers.
For viewing other offers, provide more details like total EMI you pay currently,
PAN, total work experience, tenure in current organisation, etc.
Compare various offers and apply for the one that best suits your requirements.
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