Compare And Apply For Personal Loans

Yearning to go on a family trip or need to pay debt, personal loan is a quickest way to get liquid money to meet all your short-term requirements. If you are a newbie to the world of personal loans, we would be happy to guide you at each step, so that you will choose none other than the best personal loan, suiting to your needs. Our user-friendly tools will help you in saving thousands of bucks by choosing most cost-effective personal loan, in accordance to your requirements. To get a complete snapshot of personal loan sector in India, we advise you to check out our repository of content, including reviews, articles, guides, case studies, FAQs and news.

In today's internet savvy world, people are using internet to get loans of their choice. It not only helps in saving your time but also prevents you from the hassles of going through piles of paperwork. You can apply online by comparing personal loans from top-rated banks including IDBI, ICICI, Axis Bank, HDFC, State Bank of India, Bank of India, Standard Chartered, Saraswat, Indian Bank, UCO Bank, Canara and many more. Our online comparison of personal loans takes into account various parameters like loan amount, age, salary, city, occupation and repayment period etc. Users' reviews and experts' ratings will help in getting an idea of real-time situation and give you their hands-on experience.

Established itself as a one-stop platform for sourcing relevant information on personal loan, here, we ensure that you get information on loan, which fulfills all your requirements. To cater the diversified needs of people, we have classified banks on the basis of interest rates, prepayment charges, repayment period and EMI. The 'Expert Rating' helps in checking creditworthiness of product and bank.

Getting the updated information on changing personal loan interest rates is not an easy job. It is necessary to be updated with all the details about personal loans as it will help in choosing the most cost-effective option. We have outlined personal loan interest rates of India's reputed banks to better align your search for finding a best personal loan.

1. What is a Personal Loan?

   Personal loan is an all-purpose loan, which is given in most cases without any kind of security.

2. What are the eligibility conditions for a Personal Loan?

   The personal loan eligibility is as follows:

   1. Minimum take-home salary / gross monthly income of Rs 8,000
   2. Minimum age 21 years
   3. Maximum age 60

   However, this requirement would vary from lender to lender.

3. What are the interest rates charged for Personal Loans?

   Personal Loans Interest rates differ for different financiers and currently range from 12 to 30 per cent.

4. What are the tax benefits of taking a Personal Loan?

   The principal repaid does not qualify for tax deduction benefits. However, under Section 24 of the Income Tax Act, the interest paid for a Personal Loan taken for acquisition, construction and renovation of the house can be claimed for tax deduction up to Rs. 1.5 lakh. The borrower can claim tax benefits only after the construction is completed and possessing the property.

5. What are the documents required for obtaining Personal Loans?

   Compared to other types of loans, Personal Loan requires least number of documents. You are required to give documents supporting your identity, your residence and your income.

6. What is the repayment period for a Personal Loan?

   Personal loan repayment period varies widely; some lenders usually permit repayment up to a maximum of 60 months. However, most lenders restrict the tenure to a maximum period of 36 months.

7. How is the mode of payment for Personal Loans?

   Repayment of a Personal Loan is done by issuing post-dated cheques for the entire tenure of the contract. The amount of the post-dated cheque would be the EMI i.e. equated monthly installment. Some lenders also permit repayment option by way of standing instructions to your bank account or deduction at source from your salary every month.

8. What security needs to be provided for a Personal Loan?

   Typically, you do not have to provide a security or guarantor; however, some lenders may demand one.

9. What is the minimum and maximum amount that can be issued as a Personal Loan?

   Personal loans are available in the range of Rs 15,000 to Rs 10 lakhs.

10. Is there any service charge in procuring Personal Loans?

    Service charges of up to 3% of loan amount are levied. This amount differs for various lenders.