Get Personal Loan for Your Financial Needs
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Personal loans are a popular choice for consumers to meet financial needs during an emergency. It is an unsecured loan used for diverse financial needs like meeting money for purchase to start a business, higher education, renovating your home, debt consolidation, marriage expenses, trip to your dream vacation, or even paying your medical bills. You can borrow personal loans through FinMarket up to ₹ 25 lakhs with interest rate at 10.75%* and tenure up to 60 months with minimum documentation. Also, you can transfer your existing high-interest personal loan to another bank by opting balance transfer.
- Loan amount ranging from 1 lakh to 25 lakhs.
- Quick disbursal of the personal loan.
- Minimum documentation required.
- Rate of interest starting as low as 10.75%*.
- Low processing fee.
- No collateral required.
Features and Benefits of Personal Loan
- Get a personal loan in quick time : Our lenders compete with each other in providing fast approval and disbursement. Once your application is approved, the sanctioned loan amount gets funded to your account.
- No collateral required : A non-collateral loan is also known as an unsecured loan, which means you need not pledge something that has a monetary value higher or equivalent to the loan amount.
- No prepayment charges : Most of our lenders provide options to close the loan after completing initial EMI's without any pre-closure charges.
- Personal loan tenure : A personal loan comes with 12 - 60 months of loan tenure, varies based on the customer profile, age of the customer, and customer repayment capacity. A personal loan EMI calculator helps you to estimate your monthly EMI for the loan you wish to borrow, also total interest payable, and payable amount.
- Multi-purpose instant personal loan : A personal loan is multi-purpose in nature utilized for meeting money for purchase to start a business, higher education, renovating your home, marriage expenses, trip to your dream vacation, or even paying your medical bills.
- Tax benefits : When personal loans used for purposes such as renovations or down payments on the property, tax deduction can be availed up to 2 lakh rupees, under section 24B, pay the interest during a given tax year.
- Minimal documentation : Personal loans require very minimal paperwork. Avail personal loans online by submitting only a few documents and get instant loan approval.
Get Personal Loan Eligibility in Minutes
Get Instant Personal Loan from FinMarket
Personal Loan Top Up
The top-up loan is the additional loan you take on your existing personal loan. If you are in the process of paying your EMI's, you can easily avail a top-up loan. Most lenders in India offer top-up loans at the same interest rate as your existing loan and it has simple documentation and a quick approval process.
Key Features and Benefits of Personal Loan Top-Up
- Attractive rate of interest.
- Avail top-up loan facility.
- Hassle-free transfer with minimal paperwork.
- flexible tenure.
- No collateral required.
- Organize your outstanding debt.
Get Personal Loan Balance Transfer & Start Saving on your EMI's
The personal loan balance transfer facility gives customers the benefit of transferring their existing loan to another financial lender. Customers primarily opt for this facility to enjoy a better rate of interest provided by a new lender.
Key Features and Benefits of Personal Loan Balance Transfer
- Attractive interest rate.
- Avail top-up loan facility.
- Zero processing fee, waiver of last EMI (equated monthly installment) benefit, etc.
- Hassle-free transfer with minimal documentation.
- Increased tenure.
Personal Loan Eligibility
To get a personal loan you must meet the following criteria:
- You must be a citizen of India.
- Age must be between 21 and 55 years.
- Employed with a public or private organization.
- Minimum Income must be above Rs. 25,000 per month.
| Criteria | Salaried | Self-Employed |
|---|---|---|
| Age (Primary applicant) | 21 years to 55 years | 21 years to 55 years |
| Net Monthly Income | Rs.25,000/- | Rs.50,000/- |
| Loan Tenure | Up to 5 years | Up to 5 years |
| CIBIL Score | Above 700 | Above 700 |
| Minimum Loan Amount | Rs.1,00,000 | Rs.1,00,000 |
| Maximum Loan Amount | Rs.25 lakh | Rs.30 lakh |
| Work Experience | Employed at current employer for 6 to 12 months. | Business tenure of 3 years (continuous) & ITR of last 3 years. |
Note: The instant personal loan eligibility criteria and factors will vary from lender to lender.
What are the Documents Required for Personal Loan ?
| Criteria | Salaried | Self-Employed |
|---|---|---|
| Identity Proof | Passport, Voter's ID, Driving License or PAN Card | Passport, Voter's ID, Driving License or PAN Card |
| Residence Proof | Passport or utility bills | Passport or utility bills |
| Income Proof | Past 6 months Bank statement of salary account and 3 Months payslips (Latest) | Past two years audited financial statement |
What are the Personal Loan Documents Required for NRI ?
- Passport copy
- Visa copy
- Bank statements
- Salary certificate
- Official email id or the email id of the hr.
- Nro/nre bank statements of the last 6 months
- Proof of identity, residence, income, and assets
- Recent passport photographs of yourself and the guarantors
Interest Rates for Personal Loan 2024
Personal loan interest rate is one of the most important factors that determine the selection of a loan offer. Thus, one should always compare interest rates from multiple lenders before settling on a loan offer.
| Banks/NBFC Names* | Key Highlights |
|---|---|
| HDFC Personal Loan | Interest rates starts at 10.75% onwards Tenure of up to 5 years Loan amount up to ₹50 lakhs |
| AXIS Personal Loan | Interest rates starts at 10.75% onwards Tenure of up to 5 years Loan amount up to ₹50 lakhs |
| ICICI Personal Loan | Interest rates starts at 10.75% onwards Tenure of up to 5 years Loan amount up to ₹50 lakhs |
| Kotak Personal Loan | Interest rates starts at 10.5% onwards Tenure of up to 5 years Loan amount up to ₹30 lakhs |
| Standard Chartered Personal Loan | Interest rates starts at 11.5% onwards Tenure of up to 5 years Loan amount up to ₹50 lakhs |
| Bajaj Finserv Personal Loan | Interest rates starts at 11.25% onwards Tenure of up to 5 years Loan amount up to ₹40 lakhs |
| SBI Personal Loan | Interest rates starts at 11.25% onwards Tenure of up to 5 years Loan amount up to ₹20 lakhs |
| IDFC Personal Loan | Interest rates starts at 11.5% onwards Tenure of up to 5 years Loan amount up to ₹40 lakhs |
| Tata Capital Personal Loan | Interest rates starts at 10.95% onwards Tenure of up to 5 years Loan amount up to ₹35 lakhs |
| YES Personal Loan | Interest rates starts at 9.4% onwards Tenure of up to 5 years Loan amount up to ₹10 lakhs |
| BOB Personal Loan | Interest rates starts at 10.95% onwards Tenure of up to 5 years Loan amount up to ₹100 lakhs |
| PNB Personal Loan | Interest rates starts at 10.95% onwards Tenure of up to 5 years Loan amount up to ₹40 lakhs |
| IndusInd Personal Loan | Interest rates starts at 12% onwards Tenure of up to 5 years Loan amount up to ₹40 lakhs |
| Aditya Birla Personal Loan | Interest rates starts at 11.5% onwards Tenure of up to 5 years Loan amount up to ₹35 lakhs |
| Finnable Personal Loan | Interest rates starts at 12.5% onwards Tenure of up to 5 years Loan amount up to ₹5 lakhs |
| Paysense Personal Loan | Interest rates starts at 12.5% onwards Tenure of up to 5 years Loan amount up to ₹5 lakhs |
| Incred Personal Loan | Interest rates starts at 12.5% onwards Tenure of up to 5 years Loan amount up to ₹25 lakhs |
Note: The above-stated interest rates are subject to change from time.
Tips for Successful Personal Loan Application
- Maintaining a good credit history, a score above 700 is considered ideal.
- Make a list of all your needs and the amount that you need to borrow.
- Check with the lender to find out whether or not you are eligible for a personal loan.
- Compare interest rates offered by various lenders ensures that you get the lowest rate.
- Don't apply for a loan at several lenders which decreases your credit score.
- Assess various fees that your lender charges to get a clear estimate of the expenditure.
- Once done with finalizing a lender, make sure you ask them about loan pre-payment.
- Before borrowing a loan, plan for its repayment to avoid financial confusion later.
- If your loan application has been rejected, it is advised to wait for at least 6 months to apply again.
Do's and Don'ts While Applying for a Personal Loan
| Do's | Don'ts |
|---|---|
| Check the rate of interest offered by the lender. | Ignore your credit score and make multiple inquiries regarding loans from different banks. |
| Check the eligibility criteria and documents. | Do not sign your loan documents without reading it completely. |
| Consider how you'll pay the loan off. | Don't ask someone to co-sign your loan if you're not sure you can make the payments. |
| Make sure that the loan is in accordance with your FOIR. | Applying without calculating your required credit amount. |
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FAQs on Personal Loan
Find answers to all your queries ranging from application procedure to eligibility criteria, interest rates, and documents required.
How can I apply for a Personal Loan?
Applying for a loan through the FinMarket is a simple process. All you need to do is fill in the requested information on our online application form and click 'submit'. Based on your requirements we bring you customized offers and products to choose from. Once you select the product and provide the necessary documents, our lenders approve your loan and the funds are disbursed directly to your bank account.
Can I take a Top-up on existing Personal Loans?
Yes, you can take top-up on an existing personal loan if you have paid 12 EMIs on the existing personal loan. You can place the request for a top-up on existing personal loans through the following channels.
Customer Care: You may also call our Customer Care number 1800 572 2132. (10:00 a.m. to 6:30 p.m.).
What is a Personal Loan EMI Calculator?
Personal loan EMI calculators allow you to estimate your monthly installments and interest rate with ease. Use the personal loan calculator* as a guide to estimate loan tenure and amount before applying for a personal loan.
3 factors used for calculating the personal loan are as follows:
- Loan Amount
- Interest Rate
- Tenure of Personal Loan
How to calculate the monthly payment for Personal Loans?
Calculating the monthly payment or EMI (Equated Monthly Installment) is a complex job. In order to calculate the EMI, you need to be aware of the personal loan amount, the tenure of the loan in months, and the interest rate that is to be charged on the loan. These details have to be applied in the following formula to arrive at the EMI:
EMI= [P x R x (1+R) ^ N]/ (1+R) ^ N - 1]
Here, P = Principal (amount borrowed as a loan), R = Rate of interest levied (monthly rate), N = Repayment term of the loan, otherwise called the tenure (in months).
Can I apply for a personal loan without producing any security or collateral documents?
Yes, a personal loan does not require any collateral or security such as property, shares or gold.
What are the minimum and maximum loan amounts to apply for a personal loan?
You can avail of loans ranging from Rs 1,00,000/- to Rs 50,00,000/- depending on your eligibility, income and repayment capacity.
Will I have to visit a bank to get a Personal Loan?
No, you do not have to visit the bank to apply for a personal loan. You can simply visit our website www.finmaket.in and apply online. Once you fill the form you will receive a call from our loan specialists to get further information about your requirements and check your eligibility criteria. If all the requirements are fulfilled we will provide you with the loan.
I have a question which is not listed here; what do I need to do?
Our loan specialists are here to help you, please feel free to contact our customer representative at 1800 572 2132 If you have a more pressing matter to discuss, feel free to visit our branches.
Is my Data Safe with Finmarket.in?
FinMarket strongly committed for protecting the privacy of its customers and has taken necessary and reasonable measures consistent with best industry practices to protect the sensitivity and confidentiality of your information and it shall not be held liable for disclosure of SI when done in accordance with this Privacy Policy or pursuant to terms of the Terms of Use of this Website.
How long do I have to be employed to get a personal loan?
You need to have work experience of at least 2 years. This varies from lender to lender.