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Features & Benefits of Personal Loan
- No Collateral Required: Personal loans don't require collateral, as it is an unsecured loan making them accessible and removes the risk of losing assets in case of default.
- Flexibility in Usage: Personal loans 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 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, personal loans offer quick disbursal of funds, which is beneficial in emergencies or urgent financial needs.
What is a Personal Loan?
The term personal loan has emerged as a boon for individuals seeking quick and hassle free access to funds. Personal loan is a financial tool that offers unparalleled flexibility and convenience to borrowers. Unlike traditional loans, a personal loan is unsecured, meaning you don't have to provide any collateral to secure it.
With My Mudra Personal Loan 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 the unnecessary delays. We are committed to providing you with the best financial solutions.
Types of Personal Loans
Medical Emergencies
Marriage Functions
Rennovate Dream Home
Gadgets & Appliances
Travel Purpose
Education Fee
Age:
21 years - 58 years
Monthly Income:
Minimum Rs.30,000
Interest-Rate:
10.25% Upto 50 lakh
CIBIL Requirement:
700 or higher
Tenure:
Between 12 - 84 months
KYC Documents:
Submit Aadhar Card
Other Documents:
Submit PAN Card
Bank Statements:
Previous six months statement
Salary Slip:
Three latest month salary slips
Photograph:
Submit the passport size photo
Strategies to improve your odds of securing a Personal Loan
Since the personal loan is an unsecured loan, this nature of personal loan increases the credit risk, as it leaves them with no collateral or security. To mitigate this risk of personal loan, banks and NBFCs factor in various aspects of their credit history and follow strict eligibility policies when looking at their loan applications. Borrowers those who are planning to avail personal loan can strategically improve the chance of getting approved for the personal loan, so here are some tips discussed below for it:
- Maintaining your CIBIL score is first and the most important tip, so you need to maintain your score above 700.
- It is advised that reviewing your credit report on a regular basis for inaccuracies is crucial, as the error occurred can lower your credit score and also may diminish your loan approval chances.
- Do compare the offers of personal loan available from Banks and NBFCs before finalising your loan deal.
- Apply for the loan from a Bank/NBFC where you are sure about the highest chances of approval of personal loan.
- Keep in mind that you should avoid making multiple loan applications within a short period of time.
Factors affecting Personal Loan Interest Rate
There are many factors which determine the interest rate of your personal loan:
- Credit History: The key factor which plays crucial role in the approval of personal loan. Credit history not only determines your eligibility but along with it also affects the interest rate. High credit scores help in building the lender's trust in the borrower’s financial behaviour.
- Monthly Income: People with higher income usually have higher potential for repayment of loan so people with higher income receive the loan with lowest interest rate.
- Repayment History: The borrower will track the record of your repayments of your debts according to your interest rate. A consistency and timely repayment history of your loan results in the lower interest rate, demonstrating reliability to lenders.
- Status of Employer: Interest rate depends on this factor too. In which company you are working with, the reputation and financial stability of the employer plays a vital role over here as it signifies the reliability and potentially impact the interest rate of the borrower.
- Bank Relations: Long standing and positive relation with the bank lead to preferential rates or more flexible terms for the borrower and impact the interest rate of loan.
The Personal loan interest rates primarily influence the total cost of your borrowing. So, before applying one must always look for the best interest rates available by the different banks on their credit profile.
Personal Loan Details
| Interest Rate | 10.25% p.a. onwards |
| Processing Fees | NIL |
| Loan Tenure | 12 to 84 Months |
| Late Payment Charges | According to Lender’s Rule |
Compare Personal Loan rates from our top lenders
HDFC Bank Personal Loan
HDFC Bank customises the offering for you, no matter why you need a personal loan. If you are already a customer and have an HDFC Bank account, then you can benefit from special rates, charges and offers.
| Interest Rate | 10.65% p.a. onwards |
| Loan Amount | Up to Rs 1 Cr. |
| Tenure | Up to 6 years |
| Minimum Monthly Salary | Rs 25,000 |
| Age | 21-60 years |
| Credit Score | At least 700 |
| Processing Fee | Up to Rs 4,719 |
ICICI Bank Personal Loan
A leading bank in personal loans, ICICI offers an amazing interest rate and also extends personal loans to serve the varied financial requirements of its borrowers. For selected existing customers, the bank offers overdraft facility, pre-approved offers and top up loan facility. The pre-approved offers feature minimal paperwork and 3-second disbursals.
| Interest Rate | 10.95% p.a. onwards |
| Loan Amount | Up to Rs 1 Cr. |
| Tenure | 1 - 6 years |
| Minimum Monthly Salary | Rs 30,000 |
| Age | 23-58 years |
| Processing Fee | Up to 1% of loan amount |
| Credit Score | At least 700 |
Axis Bank Personal Loan
Axis Bank’s Personal Loan is designed to effortlessly meet your various personal requirements such as travel, sudden medical emergency, wedding and much more. The Axis bank also extends pre-approved offers to its selected existing customers. The offers provide the facility of digital processing and instant approvals. Axis Bank has also collaborated with My Mudra to extend its select customers pre-qualified offers.
| Interest Rate | 10.75% p.a. onwards |
| Loan Amount | Up to Rs 40 lakh |
| Tenure | 12 - 84 months |
| Minimum Monthly Salary | Rs 25,000 |
| Age | 21 - 60 years |
| Processing Fee | Up to 1.5% of Loan Amount |
| Credit Score | At least 700 |
Kotak Mahindra Bank Personal Loan
Kotak Mahindra Bank provides the personal loans only to the salaried employees. Kotak Mahindra Bank also offers an overdraft facility, hence giving borrowers the flexibility of withdrawing their funds anytime and repaying the amount as per customers convenience.
| Interest Rate | 10.75% p.a. onwards |
| Loan Amount | Up to Rs 90 lakh |
| Tenure | Up to 6 years |
| Minimum Monthly Salary | Rs 30,000 |
| Age | 21 - 60 years |
| Processing Fee | Up to 1% of loan amount |
| Credit Score | At least 700 |
IndusInd Bank Personal Loan
There are various personal loan schemes offered by IndusInd Bank, including wedding loan, home renovation loan, loan for medical emergencies and loan for education.
| Interest Rate | 10.49% p.a. onwards |
| Loan Amount | Rs 30,000 - Rs 50 lakh |
| Tenure | 1 to 6 years |
| Minimum Monthly Salary | Rs 25,000 |
| Age | Salaried: 21-60 years |
| Processing Fee | Up to 1 - 1.5% of the sanctioned loan amount |
| Credit Score | At least 700 |
Which banks to prefer for this loan
| Bank | Rate Of Interest |
|---|---|
|
10.65% |
|
10.49% |
|
10.95% |
|
10.75% |
|
10.75% |
Personal Loan – Fees and Charges
While the fees and charges of personal loans usually vary widely depending on lender and the credit profile of the loan applicants, the following table will give you a fair idea of the personal loan fees and 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 |
An Equated Monthly Instalment (EMI) calculator is a digital metre which shows the calculation of your monthly EMIs, a simple online tool that makes EMI calculation very easy and fast.
To get the results from the personal loan EMI calculator, you just have to provide three basic information related to the loan that has to be availed: loan amount, repayment tenure (in years), and rate of interest. After providing the details press Enter button and you will know your EMI calculation instantly.
This EMI calculation process will help you plan your budget so that before the due date you can pay your EMIs on time.
Factors Affecting Personal Loan EMI
An Equated Monthly Instalment (EMI) is a fixed amount that you pay every month throughout the tenure period. The EMI remains constant throughout the tenure period.
Three major factors affecting the personal loan EMIs are mentioned below:
- Principal Amount of Loan: The principal amount is directly proportional to your EMI, higher the loan amount, the higher will be the EMI.
- Rate of Interest: Personal loan EMIs get affected with every increment in the interest rates.
- Tenure: Longer tenure on your loans means lower EMIs. Which leads to overall interest cost on the loan.
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Consider Availing Personal Loans from My Mudra for these reasons
When looking for a personal loan, borrowers compare offers from different lenders. While one can check the availability of personal loan offers by individually visiting websites of various banks and NBFCs. However, My Mudra will make the process faster, easier and more convenient.
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 personal 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 a personal loan
- 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
HDFC is providing the cheapest Personal Loan in India starting at an interest rate of 10.25% P.A.
Personal loan with lowest interest rate is available, the interest rate for the personal loan starts from 10.25% P.A.
Get fast approval personal loan through My Mudra. Borrowers can get their documentation done online and can get instant approval and disbursement of personal loan.
A Person having minimum salary of Rs.25,000 with a CIBIL Score of more than 700 is eligible for the personal loan.
Personal Loan is an unsecured loan because it does not require any collateral or security.
The minimum salary required to get a personal loan is Rs. 25,000 per month.
Processing fees is the charged amount by the lenders for loan, which varies from bank to bank, which is about 1% of the total loan amount.
Processing fees= 1% of total loan amount loan + GST.
There are many banks in India who provide personal loans with different loan amounts and interest rates. Some of the listed banks are: HDFC Bank, Axis Bank, IndusInd Bank, Kotak Mahindra Bank, ICICI Bank, Yes Bank & many more.
Security requires the borrower to provide Collateral or security for the loan amount where an unsecured loan doesn't require the border word to provide any Collateral to get a loan.
The personal loan amount varies from bank to bank. The maximum amount a borrower can avail is 1 Cr. provided by many banks in India.
You can calculate your EMI through EMI calculator just by providing basic loan information.
My Mudra helps you to get your urgent personal loan in India in a minimal time and assisting the needful in getting a personal loan online with the lowest interest rate as per your requirement.
Tenure or repayment period helps you to manage your monthly installment,the maximum tenure of personal loan is 84 months.