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What is a Personal Loan?
The term personal loan has emerged as a boon for individuals seeking quick and hassle-free access to funds. A personal loan is a financial tool that offers unparalleled flexibility and convenience to borrowers. Unlike traditional loans, an online personal loan is unsecured, meaning you don't have to provide any collateral to secure it.
With My Mudra's quick personal loans, you can say goodbye to lengthy approval processes and mountains of paperwork. Our application process ensures that you can get the funds you need when you need them, without unnecessary delays. We are committed to providing you with the best financial solutions.
Features & Benefits of Fast Approval Personal Loan
No Collateral Required:
Quick personal loans don't require collateral, as it is an unsecured loans making them accessible and removing the risk of losing assets in case of default.
Flexibility in Usage:
Online instant personal loan offer flexibility in how the funds can be used. Borrowers can utilize the loan for various purposes such as debt consolidation, home improvement, medical expenses, etc.
Customizable Tenure Period:
Borrowers can choose a repayment tenure that suits their financial situation. Longer tenures may result in lower monthly payments, while shorter tenures may reduce the interest rate.
Quick Approval:
Personal loans online have a quick approval process. Online application options and instant approval systems help borrowers receive funds quickly.
Minimal Documentation:
Personal loans usually require minimal documentation. Basic identification and income proof are the major requirements.
Fast Disbursement:
Once approved, mudra personal loan offers quick disbursal of funds, which is beneficial in emergencies or urgent financial needs.
Types of Online Personal Loan
Go travel and explore the world with our personal loan for travel at affordable EMIs.
Personal Loan for Medical Emergency
Manage urgent bills with our personal loan for medical emergency – quick approval & speedy disbursal!
Struggling with funds before payday? Get an advance salary loan instantly!
Receive additional money at any time through a convenient personal overdraft loan.
Make your wedding grand with low-interest personal loan for wedding!
Go travel and explore the world with our personal loan for travel at affordable EMIs.
Personal Loan for Medical Emergency
Manage urgent bills with our personal loan for medical emergency – quick approval & speedy disbursal!
Struggling with funds before payday? Get an advance salary loan instantly!
Receive additional money at any time through a convenient personal overdraft loan.
Eligibility & Documentation for Personal Loan
Personal Loan Eligibility
Age:
21 years - 58 yearsMonthly Income:
Minimum Rs.30,000Interest-Rate:
9.99% Upto 50 lakhCIBIL Requirement:
700 or higherTenure:
Between 12 - 84 months
Personal Loan Documents
KYC Documents:
Submit Aadhar CardOther Documents:
Submit PAN CardBank Statements:
Previous six months statementSalary Slip:
Three latest month salary slipsPhotograph:
Submit the passport size photoHow to Apply for an Instant Personal Loan Online?
Compare Personal Loan rates from our top lenders
Personal Loan – Fees and Charges
While the charges of immediate personal loans usually vary widely depending on the lender and the credit profile of the loan applicants, the following table will give you a fair idea of the instant personal loan charges levied by the lenders:
Particulars |
Charges |
|---|---|
| Loan Processing Fees | 0.5% to 4% of loan amount |
| Pre-payment/Part-payment/Foreclosure Charges | For Floating Rate: Nil For Fixed Rate: Usually around 2% - 5% on the principle outstanding |
| Stamp Duty Charges | As per actuals |
| Legal Fees | As per actuals |
| EMI/Cheque Bounce | Around Rs 400 per bounce |
Personal Loan EMI Calculator
A Personal Loan EMI Calculator is a digital tool that helps you quickly and accurately calculate your monthly EMIs for an urgent personal loan. This user-friendly online tool simplifies financial planning by providing instant results. To calculate your fast personal loan EMI, enter three simple details: loan amount, repayment tenure in years, and interest rate. After entering all these details and pressing the enter key, it will automatically give you the EMI amount.
You can easily plan your budget using this calculator so that you will not have any problems with your finances and can make your EMI payments on time.
You can calculate EMI on your personal loan using the formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where,
- ‘R’ denotes the rate of interest
- ‘P’ denotes the principal amount
- ‘N’ denotes the loan tenure
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Top Reasons to Choose My Mudra for Your Instant Personal Loan
When taking a personal loans with low interest rates, borrowers compare offers from multiple lenders, often visiting various bank and NBFC websites individually. Instead, explore My Mudra for a seamless loan application experience with added benefits.
Here are a few more reasons to apply for personal loans through My Mudra:
- Get access to the offers from 20+ partner banks and NBFCs, allowing you to check and compare best low interest loan options very conveniently.
- My Mudra collaborates with the most trustworthy and authorized financial institutions in our country, ensuring reliability and credibility.
- Enjoy a hassle-free online application process with My Mudra, making it simple and convenient for you to apply for personal loan with low interest rate.
- There is full transparency throughout the process, as My Mudra bridges the gap between the customers and Bank/NBFCs seamlessly and efficiently.
Frequently Asked Questions On Personal Loan Easy Approval
Which bank is providing the cheapest Personal Loan in India?
HDFC is providing the cheapest Personal Loan in India starting at an interest rate of 10.25% P.A.
What is the interest rate for Personal Loan?
What is the process of Personal Loan?
What is the eligibility criteria for Personal Loan?
Is Personal Loan secured or unsecured Loan?
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What our Customers say about us
Sunita Singh
Verified CustomerI was searching for the best personal loan in India with the lowest interest rate, and My Mudra offered me the perfect deal.
Ravi Pandey
Verified CustomerMy Mudra made it easy to apply for a personal loan online with instant approval. Quick disbursal and a hassle-free process!
Kanika Rajput
Verified CustomerNeeded an urgent personal loan for a medical emergency. My Mudra approved it instantly with quick disbursal!
Praveen Gupta
Verified CustomerNeeded an urgent personal loan, and My Mudra approved it instantly. Low interest rates and fast disbursal helped me a lot!
