Personal loan, the very term generates a variety of emotions within the minds of listeners. Some get curious; yet others are not ready as these products are usually offered to those over 25 and more easily accessible for those over 35. Go in for urgent personal loans if you do not want to depend on your family and support each career move with your own funds that can be generated by leveraging your future income in the form of personal loans. You will be delighted and it will be really a big boost for your self-esteem when your loan gets approved without any collateral.
Personal Loan Eligibility Criteria
Men between the ages of 25-45 are more receptible to credit as compared to women who are credit averse and mainly do cash transactions. Girls do not patronize credit products much as they know they will be away from the job sector after getting married and in case they want to start a family, they need to have a nest egg that will see them through the child bearing and child rearing stage. Men being more adventurous in financial matters are spend-thrifts who do not have much of a spending tendency. Their focus is more on making money rather than saving money.
|Occupation||Monthy Income/Annual Profit||Loan Amount|
|Salaried Individuals||Rs.15,000 or Above||Min. Rs.1 Lakh or Above|
|Self Employed Professional||Min Rs.5 Lakhs||Min Rs.5 Lakhs or Above|
|Self Employed Business||Min Rs.5 Lakhs||Min Rs.5 Lakhs or Above|
Personal Loan Interest Rates 2017
Interest rates for personal loan usually matter to those who have got multiple approvals from banks and non-banking financial institutions and now want to get the best deals. Unlike home loans, personal loans have a fixed rate of interest and it’s not floating. But you can lower the monthly outflow, if you can avail of the balance transfer facility offered by banks for existing personal loan customers of any bank. You get a six month freeze on interest rates and thereafter it is less than the rates offered by your previous lender. Quite often borrowers take loans from private sector banks as the approvals are quick and hassle-free and later on transfer the balances to a public sector banks or any other lending institution offering a sweet deal.
|Top 05 Banks/NBFCs||Lowest EMI per Lakh for 5yrs||Interest Rate||Offer Details|
|SBI Personal Loan||Rs.2,275/Month||13.00% - 17.65%||Apply Now|
|HDFC Personal Loan||Rs.2,199/Month||11.49% - 20.00%||Apply Now|
|ICICI Personal Loan||Rs.2,199/Month||11.49% - 22.00%||Apply Now|
|Axis Bank Personal Loan||Rs.2,405/Month||15.50% - 24.00%||Apply Now|
|Bajaj Finserv Personal Loan||Rs.2,340/Month||14.25% - 16.75%||Apply Now|
Personal Loan EMI Calculator
Websites run by financial services providers offer just enough online personal loan emi calculators that are embedded within the code of the website. Users just need to fill in the desired loan amount by moving the slider and pick the tenure and rate of interest and click on the “calculate” button below the slider. You will see the exact figure of equated monthly installments that will be paid to the bank, once the loan is disbursed and repayments begin.
List of Public & Private Banks and NBFC's offering Personal Loans
Given the increasing risk component in personal loans, some banks have reduced the ticket size of personal loans and new players have entered. Browse through the offers being made by each bank and then take a wise decision. Quite often the speed of approval and the quality of service being offered by banks proves to be the critical differentiator. Borrowers do pay higher interest, if they can get disbursal faster with complete peace of mind and can save precious time and energy in the process.