FAQ's

Personal loans can be an ideal solution during financial crisis. Be it wedding expenses, home renovation or medical emergency, a personal loan can be your solution to meet the immediate financial requirements as they are easy-to-get, fast in disbursal and require no collateral.

The ideal personal loan depends on the credit profile of the customer. The credit score, monthly income, employer, employment type, and other factors are all included in a credit profile. To find the finest personal loan, all of the following aspects are taken into account.

To get a personal loan, you need to meet the following eligibility requirements:

• Between the age of 18/21 years – 50/55 years
• Must be salaried or self-employed
• Credit score of 600+ with a good credit history
• Minimum monthly income of ₹14500 for non-metro cities and ₹18,000 for metro cities
• Should be employed at the current organization for at least 6/12 months or business tenure of at least 1 years (continuous)

Personal loans have a significant impact on your credit score. Missing an EMI on a personal loan might have a negative impact on your credit score. The fact that personal loans are unsecured is one of the reasons for this.

Personal loan approval has become instantaneous as a result of digitization. However, due to the documentation process, the disbursement could take up to 2-3 days.

No such thing as the finest personal loan exists. Every borrower must seek out the lender who best meets his or her requirements. To do so, you can either evaluate different lenders offline or apply to services like IndiaLends, which can help you choose the right lender for your needs.

A personal loan can, of course, be paid off early. This is referred to as personal loan prepayment. However, this could result in a specific penalty sum that varies from lender to lender.

The interest rate on a personal loan ranges from 6.5% – 24% which differs from lender to lender.

The banks consider the following factors when looking at a personal loan application:
1. Age
2. Monthly Income
3. Credit Score
4. Credit History
5. Documents

The best personal loan interest rates are determined by a customer’s credit profile. A consumer must have a solid credit score, a continuous source of income, and be salaried/self-employed in order to get the best rates.

HDFC Bank currently offers personal loans with rates starting at 11.75 percent. Customers’ interest rates, however, may vary depending on their credit profile.

You can apply for a personal loan from Bajaj Finance on their own website or through IndiaLends for quick approval and disbursement.

The minimum salary to get a personal loan is ₹14,500 for non-metro cities and ₹18,000 for metro cities.

14. Who is eligible to get this loan?

Any Indian citizen living in Delhi, Mumbai, Pune, Bangalore, Hyderabad and Chennai.

15. How do I apply for this loan?

This is a digital loan and you will have to apply through our website.

16. What are the documents required along with my application?