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Basic Eligibility Criteria

Good Credit ScoreGood Credit Score
Above 23 Years of AgeAbove 23 Years of Age
Valid Bank AccountValid Bank Account
Resident of IndiaResident of India
Self-Employed or Salaried ProfessionalSelf-Employed or Salaried Professional
Aadhar Card , Voter ID / Driving License and PAN CardAadhar Card , Voter ID / Driving License and PAN Card
Bank Statements for The Last Three MonthsBank Statements for The Last Three Months
Salary Slips for The Last Three MonthsSalary Slips for The Last Three Months

WHAT IS A PERSONAL LOAN?

Personal Loan is a kind of unsecured loan that can range from short term to medium term. You can fulfil your monetary needs like debt repayments, holiday planning, emergency medical expenditure, down payments, wedding expenses etc. There are certain criteria like income details, employment details, credit history and CIBIL etc. This loan amount is disbursed by a bank or any NBFC i.e. Non-Banking Financial Company. For the ease of borrowers, there are few tools such as Personal Loan EMI Calculator through which they can derive the interest to be levied upon them. This helps them to compare and choose the desired personal loan from the best source.

WHY TO AVAIL PERSONAL LOAN?

There are so many options for personal loan usage. But, one should always decide wisely in terms of spending the amount. The reasons for availing a personal loan are diversified, for example:

  • Emergency medical expenditure
  • Holidays with family
  • Admission of children to school and college
  • Repayment of Credit Card outstanding
  • Business prospects
  • Relocating to a place or renovating the house
  • Buying new gadget

WHAT ARE THE BENEFITS OF A PERSONAL LOAN?

You never know when a temporary and unpredictable financial difficulty comes across in life. For that, personal loan is one of the most fast and easy form of loan available for you. Due to our quick approval system, personal loan gets cleared within a quick duration and as soon as all the documents are verified.

  • Less Documentation: As there is nothing like asset verification or guarantee, a personal loan requires very less documentation. As soon as the documents are verified, your loan is approved.
  • Easily Available: A personal loan is so easily available that it becomes its biggest advantage. All the banks and other financial companies offer personal loans for salaried or self-employed individuals.
  • Fast Loan Approval & Disbursal: Personal loans get instant approval on online loan requests. If you are looking for a personal loan online, it will take only 2-3 working days to get the whole loan process completed.

CAN I APPLY FOR PERSONAL LOAN ON BANKINGONTIPS?

Yes. Bankingontips is a one stop solution for all your loan needs. You can choose and apply for personal loan on www.bankingontips.com easily.

Quick Eligibility Check: Bankingontips get you through an easy and fast eligibility check process. We also provide customized quotes depending on your credit needs.

Loan Comparison: Bankingontips offers hassle-free online personal loan application where you can also choose from a range of options available from various financial institutions and banks.

Immediate Approval: Once you have successfully submitted your personal loan application, you get instant approval on it.

WHAT ARE THE DOCUMENTS REQUIRED FOR AVAILING PERSONAL LOAN?

The personal loan documentation differs from salaried individuals to self-employed ones. Below are the lists of required documents:

For Salaried Individuals:

  • Identity Proof- AADHAAR, Driving License, Voter Id, PAN Card, Passport.
  • Residential Proof- Electricity Bill, Telephone Bill or any authorized residence proof.
  • At least three months’ salary bank account statement.
  • At least three months’ salary slips.

For Self-Employed Individuals:

  • Identity Proof- AADHAAR, Driving License, Voter Id, PAN Card, Passport.
  • Residential Proof- Electricity Bill, Telephone Bill or any authorized residence proof.
  • Proof of Income: Audited proof of last two years’ income.
  • Bank account statement of at least six months.
  • Official address proof.

HOW CAN I CALCULATE PERSONAL LOAN EMI ONLINE?

If you are going to apply for personal loan, first it is necessary to calculate the total EMI to be levied upon you. Through the ease of Personal Loan EMI Calculator tool available on bankingontips, you can easily calculate your total loan amount, interest rate and the tenure of your personal loan.

HOW CAN I GET BETTER RATE OF INTEREST FOR PERSONAL LOAN?

There are few ways you can get best and lowest interest rate for the personal loan you borrow.

  • In this phase of high competition, almost all the banks and financial institutions give seasonal and festive offers. It is best to quote at this time and do a smart choice by fetching lowest interest rate deals on the amount of your personal loan.
  • Always maintain a good credit score as not having it can end in loan application rejection. If you have a good CIBIL, your chances of getting attractive interest deals on a specific personal loan amount gets higher.
  • If you ever take any loan, try repaying the interest within due time to avoid hassles and extra charges. It also adds to your credit track record.
  • DO I HAVE TO PAY PENALTY FOR PREPAYMENT?

    Yes, maximum banks and other non-banking financial company charge penalty in case of prepayment on the personal loan which is 1-3% of the total outstanding personal loan amount.

    WHAT IS A PERSONAL LOAN EMI CALCULATOR?

    A Personal Loan EMI Calculator is a helpful tool to derive the accurate amount of personal loan you wish to borrow. It calculates the correct interest payable for the amount with appropriate tenure of personal loan. Therefore, it helps you in borrowing the correct choice of personal loan from different financial sources.

    WHAT IS THE MINIMUM INTEREST RATE ON PERSONAL LOAN?

    The interest rates vary from bank to bank depending on the amount you wish to borrow, repayment tenure, income and credit score etc. In India, the interest rate on personal loan starting from 10.75% presently. Though you can still bargain on it!

    FAQs

    A personal loan is a kind of loan given without any security for any requirement for the loan seeker, whatsoever.

    You can use the amount given by a personal loan to meet your monetary requirements like repaying the credit card bills, going for a vacation, meet up wedding or other events’ expenditures etc.

    Personal loan can be applied by any salaried, self-employed individuals etc.

    The tenure of a personal loan is minimum 1 year and maximum 5 years.

    The minimum age of the beneficiary should be more than 21 years and less than 65 years.

    Yes, banks do charge a processing fee which is 2-3 percent(negotiable) of the total loan amount.

    Personal loan can be repaid through equal installments, either monthly or through EMI basis. You can also give it through cheque or net banking.

    An EMI is called Equal Monthly installment which includes partial principal and interest.

    You can either pay your personal loan partially in equal installments or fully at any time of the loan tenure. Few banks charge a fee for prepayment while few do not. For this, you must check all policy documents before applying a personal loan.

    No, no guarantee/guarantor is required for opting personal loan.

    Yes, clubbing your spouse’s income with yours boosts your eligibility of taking a personal loan.

    Largely, all the banks offer you 30-40 percent of your net income.

    You can avail as less as Rs. 1000 as the minimum limit.

    The maximum limit is Rs. 15 lakhs.

    Yes, you can choose either fixed or floating rate of interest.

    While the interest rate differs from one bank to other but generally, it is between 14-26% depending on your credit history and loan you choose.

    Generally, banks take 72 hours to 7 working days for the loan amount disbursal.

    Definitely, your CIBIL score adds to your personal loan application. A good score helps in easy and larger amount than a low score.

    Yes, if you have been a customer to the bank you are taking loan from, you can avail relationship discount.

    You need the following documents while taking a personal loan:

    • Identity Proof
    • Residence Proof
    • Latest Salary Slip
    • 6 Months’ bank statement
    • Duly filled Form 16
    • Passport sized photograph
    • Duly filled personal loan application form

    Yes, you can apply for personal loan through bankingontips.com which helps in choosing the best loan scheme for your ease.

    Yes, your personal data is safe as we do not share it with third party without your confirmation or approval.