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 starting 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 10.99%* 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.
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 quick approval process.
Key Features and Benefits of Personal Loan Top-UpThe personal loan balance transfer facility gives customers the benefit of transferring their existing loan to another financial lender. Customers primarily opts for this facility to enjoy a better rate of interest provided by a new lender.
Key Features and Benefits of Personal Loan Balance TransferTo get a personal loan you must meet the following criteria:
| 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 min 6 to12 months. |
Business tenure of min 3 years (continuous) & ITR of last 3 year. |
NOTE : The instant personal loan eligibility criteria and factors will vary from lender to lender.
| 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 |
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 |
Interest rates | Processing Fees |
|---|---|---|
| HDFC Bank | 10.75% onwards | Up to 2.5% |
| ICICI Bank | 11.25% onwards | Up to 2.25% |
| Axis Bank | 10.99% onwards | Up to 1.75% |
| Bank of Baroda | 10.50% onwards | Up to 2% |
| PNB | 9.95% onwards | Up to 1.8% |
| Citi Bank | 10.50% onwards | Up to 3% |
| Standard Chartered | 10.99% onwards | Up to 1% |
| Bajaj Finserv | 12.99% onwards | Up to 4.13% |
| Tata Capital | 10.99% onwards | Up to 2.5% |
| Fullerton India | 11.99% onwards | Up to 2% |
NOTE : The above-stated interest rates are subject to change from time.
| 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. |
A: Travel loans are nothing, but personal loans taken for the specific purpose of travelling. Most lenders in the market provide travel loans for both domestic and foreign travels.
A: Yes, financing a wedding with a personal loan has become a suitable option you can apply for a personal loan to fund your marriage expenses. Whether you are salaried or self-employed, you can avail marriage loan with or without documents.
A: There is no need to produce any medical reports or hospital bills for taking a personal loan for a medical emergency.
A: If you have exhausted your term loan limits allowed by your bank but still need funds for your business, you can apply for a personal loan. The loan will be sanctioned based on your individual credit history so that you can use it for your business.
A: Yes, you can use a personal loan to purchase a car. you get your funds before you purchase the vehicle.
A: After a certain period of time, you can make a part-payment towards the loan. The part payment will further deduct the outstanding principal amount of the loan.
A: Yes, it is smart to consolidate multiple outstanding debts. Doing this you can reduce your interest rate and simplify your monthly bills.
Find answers to all your queries ranging from application procedure to eligibility criteria, interest rates, and documents required.
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.
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.).
Personal loan EMI calculators allow you to estimate your monthly instalments and interest rate with ease. Use the personal loan calculator
3 factors used for calculating the personal loan are as follows:
Calculating the monthly payment or EMI (Equated Monthly Instalment) 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).
Yes, a personal loan does not require any collateral or security such as property, shares or gold.
You can avail of loans ranging from Rs 1,00,000/- to Rs 30,00,000/- depending on your eligibility, income and repayment capacity.
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.
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.
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You need to have work experience of at least 2 years. This varies from lender to lender.
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