Usually banks look for a good repayment capacity while providing a personal loan. This could be judged by the bank by taking cognizance of regular income and age of the applicant. The eligible age and the monthly / annual income would also depend on the type of income that the applicant gets – from a job which provides a salary or from a business that a self-employed applicant runs.
If you are salaried, then your age should be between 23 and 58 years, whereas the eligible slab for self-employed persons is between 28 and 65 years of age. The monthly income for salaried people should be Rs. 17000 per month, and higher for people living in metro cities. Since self-employed people have a variable income every month, their turnover should be at least Rs. 40 lakhs per year, and if they are self-employed professionals like doctors or architects, then the minimum eligibility of annual turnover is Rs.15 lakhs. An important parameter for personal eligibility is the CIBIL score, and banks look at a score above 750 to be a par score for a personal loan. Depending on age and income, a personal loan could be for any amount between Rs. 75000 and Rs. 20 lakhs for salaried persons, with self-employed persons being eligible for loans up to Rs. 15 lakhs.
|Providers||Interest Rate||Processing Fee|
|SBI||12.55%-17.65%||1%-3% of the loan amount + applicable Service Tax|
|Axis Bank||11.25%-24%||1.50%-2.00% of the loan amount + Service Tax, as applicable|
|ICICI Bank||11.29%-22.00%||Upto 2.50% of the loan amount + Service Tax, as applicable|
|Tata Capital Bank||11.99%||Starts at 999/-|
|PNB Bank||3.10%-6.10% + MCLR||Upfront fees: 1.80%+ST+Edu Cess|
|Upto Rs. 2 lac: Rs.270+ ST & Edu.Cess|
|Over Rs.2 lac: Rs.450+ST & Edu.Cess|
|For Defence Personnel: Only Upfront fee / No documentation charges.|
|Bajaj Finserv Bank||14.75%||2.25%-3% of the loan amount|
|Fullerton Bank||14%||Upto 6.5% of the loan amount|
|IndusInd Bank||Starting at 11.49%||Upto 2.5% of the loan amount|
|Standard Chartered Bank||Starting at 11.25%||Upto 2.25% of the loan amount|
|Citi Bank||10.99% to 17.99%||0.50% to 3%|
|HDFC Bank||11.29%-20%||Upto 2.5% of the loan amount, subject to a maximum of 25,000 INR and a minimum of 1,000 INR|
|Kotak Bank||Starting at 11.29%||Upto 2% + ST + Other levies|
|HSBC||11.99%||Upto 2.5% of the disbursed loan.|
|Bank of Baroda||11.35% to 14.35%||Rs.1,000 to Rs.10,000|
|Corporation Bank||12.75% to 13.75%||1.50% of the loan amount subject to a minimum of Rs.500/-|
|UCO Bank Personal Loan||11.35% - 11.60%||1% (min. Rs. 750)|
|Union Bank||14.40%||0.50% of the loan amount, Minimum of Rs. 500 plus service tax|
|Bank of India||12% to 14.5%||Rs. 1,000 to 10,000 + S.T.|
|Allahabad Bank||13.10%||1.22% (min. 1228)|
|Canara Bank||12.75% (Floating)||Rs. 1,000 to 5,000|
|IDBI||12.45% (3 months MCLR + 3.90%)||1% plus service tax|
|Bank of Maharashtra||12.75%||1.00% of the Loan Amount (Min.:Rs.1000/-)|
|Andhra Bank||13.05% to 14.30%||Nominal|
|Yes Bank||11.49%||upto 2%|
|Syndicate Bank||14.20% p.a.||0.5% with a minimum of Rs.500 + Service Tax|
|Vijaya Bank||12.5% to 13.5%||0.25% of the loan amount, Max Rs. 10000 plus service tax|
|Indian Bank||12.65% to 13.65%||Rs. 508 to 0.508%|
|Federal Bank||17.25%-35%||Upto 6.5% of the loan amount|
|Capital First||12%||upto 1.5%|
What Is A Personal Loan?
A personal loan is a simple and effective way to tide over a requirement of funds. Unlike other loans which are provided for a specific purpose, the lender of a personal does not ask you for the purpose of the money. The loan, which is unsecured (meaning it doesn’t need any collateral), depends on your credit history and repayment capacity, and its approval or approved amount doesn’t depend on what you will use it for. The approved loan amount is credited to your bank account in total, and the repayment, which begins from the next month, is of a fixed monthly amount called EMI. The two things which would affect the EMI would be the tenure of your loan (which usually is from one to five years), and the personal loan rate of interest you are charged. Whether you are salaried or self-employed, banks have personal loan products designed for you. Students, NRIs, pensioners, and senior citizens can also apply for personal loans, and each of these segments would have different eligibility criteria.
When Would You Need A Personal Loan?
There are several situations in which you could need a personal loan. There might be an impending marriage in the family, a medical emergency could have arisen, there could be substantial college tuition fees to be paid, or you might even be planning to go on a long vacation. Instead of coughing up money for all such expenses at once, you could go for a personal loan and repay over the next several months.
What Are The Pros and Cons Of A Personal Loan?
The biggest advantage of a personal loan is that there is no security involved, which also results in the approval process being much faster. It is a much better (read cheaper) option than taking an advance on your credit card, and if used for the purpose of home renovation, it can also offer you tax deductions for the interest repayment. On the flip side, the personal loan is unsecured and hence carries a much higher rate of interest than car or home loans.
What Are The Things To Consider While Selecting A Personal Loan?
The documentation required for a personal loan is not too detailed, and the approval process too takes a few days only. What you should rather spend time on is in comparing the various rates of interest, the amount you are eligible for, and the other charges that will be levied at the time of application or prepayment (foreclosing the loan earlier than its tenure).
How Can One Finance Help You?
What you need is an experienced and unbiased advisor who can help you with the correct selection of lender and also help with the actual application process when you are not sure how to apply for a personal loan. We will fulfil that role for you end to end, using our deep relationships with all major banks, which gives us visibility to the best personal loan offers. We will help you decide which bank is best for personal loan, we will collect your documents and submit them online or in person, and we will also follow up with the bank. In short, we would be a complete loan consultant to you till the amount is disbursed into your account.
For more than a decade, Fullerton India has grown into one of the foremost Non-Banking Finance Companies (NBFCs) of the country. They have a number of loan products including a very popular personal loan. This personal loan is unsecured, and can be used to tide over an unplanned and urgent financial requirement, like a medical emergency, an educational requirement, a vacation etc.
Any salaried or self-employed individual can apply for a Fullerton India personal loan. The eligibility condition in terms of age is 21 years and the maximum age is 65 years. The maximum age permissible reduces to 60 years for self-employed applicants. An applicant needs to have a minimum of 3 years work experience if he is salaried, and 2 years if he is self-employed. Also, the applicant for a Fullerton personal loan needs to have a continuous stay of at least 1 year in the present address from where the application is being made.
The income eligibility is Rs. 12000 per month for salaried persons, and 15000 per month for self-employed persons. This refers to the net monthly income after deducting all other financial commitments like EMIs of earlier loans and insurance premiums. Fullerton also has some special loans for women, with lower interest rates. These loans are for 4 years and up to 10 lakhs can be taken as loan.
The documents required for a Fullerton personal loan basically require KYC validation and a view of the income status of the applicant, with some differences between salaried and self-employed applicants. The basic requirement for all categories is the filled up application form along with passport sized photographs. For identity proof, any recognized document which carries the photograph and full name of the applicant is admissible. Examples of acceptable documents are Aadhaar Card, PAN Card, passport, Voter ID Card or Driver’s License. Address proof can be submitted through driver’s license, passport, Aadhaar Card or utility bills (of last two months).
For proof of income, salaried persons can provide latest monthly salary slips of recent three months along with Form 16. Self-employed applicants would need to provide ITR (income tax returns) along with bank statements of the applicant as well as his company. Self-employed persons might also need to provide financial statements like balance sheet or profit and loss statements. All applicants would also need to submit a cheque for processing fee.
The interest rates for Fullerton personal loans are on fixed rates based on monthly reducing balance. The rate starts from 11.99% and can go up to 23.99% per annum. At a broad level, Fullerton offers the best interest rates for corporate employees. Employees of central and state government departments can also be offered better rates. Before making an application for a personal loan, an applicant could submit the required loan amount and the planned loan tenure along with employment details into the EMI Calculator and get an idea of the monthly repayment amount that would need to be paid.
This is a unique service offered by Fullerton for its customers. You can have complete information about your own credit history from their website. Once your registered phone and loan account number are submitted you would easily get all your details. You can utilize the Fullerton website for this only if you are an existing customer of Fullerton. You can collect your credit report on your registered email id. This can be useful if you have an existing loan with Fullerton and plan to take a top up loan, before which you can make timely repayments and check if your credit score has gone up. For more details you can discuss with OneFinance team
Apart from the usual ECS (debit instruction from bank account) and PDC (cheques deposited in advantage), Fullerton provides an alternative mode of repayment to its personal loan borrowers. They can log on to the website of Fullerton and make their repayments online. The facility is in partnership with BillDesk. As soon as you select the repayment option on the Fullerton website, your browser redirects you to the BillDesk portal from where you can carry out the repayment transaction with complete security. If you are making payments for different charges levied, then you should make separate transactions for each charge, and provide suitable narration for each transaction, so that they are easier to track.