What is Personal Loan?
A type of unsecured loan, which helps to meet your financial needs like marriage or any sort of needs or demands of your life. The Personal loan is a loan which doesn’t need any property as collateral or security and thus is an unsecured loan. The Personal loan offers you the much needed flexibility to meet the demands of life with the financial help from the lending agencies or the banks. With instant solution for your cash troubles, the Personal loans can be availed for any purpose without mentioning the actual motive or purpose to the banks.
Personal Loan Purpose (Vacation, Marriage, Medical Emergency, Medical Bills)
A personal loan is not the cheap loans and calls for more interest rates as compared to all other loan types. Either it is Home loan or the loan against property, the personal loan has the higher rates of interest comparatively. However, the importance is that the personal loan disbursement is a quick process and it may take just few minutes in some cases for the approval. The personal loan can be availed for various needs and demands. The most common needs of the people for which they have been seen applying for the personal loan is as mentioned below:
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The most common reason to take a Personal Loan is to get rid of other high paying loans in the form of Car Loans, Credit Card loans and other such loans.
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Another reason, which appears among the top genuine reasons for a personal loan is for the purpose of Marriage. In India, the marriage has been seen as one of the prime reasons for the people opting for a personal loan.
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Various people all over the country are also seen as applying for Personal loan for the purpose of medical emergencies and for paying off all medical bills.
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While, a small part of people, who are fond of traveling are seen as applying for personal loans for the vacation purpose and this number of people is constantly on the rise.
The personal loan can be availed for any purpose and it depends entirely on the needs, demands and wish of the person, who is applying for a personal loan. The person need not to mention any details of the requirements to the banks, for which he/she is applying for it.
Personal Loan Eligibility
The personal loan is one of the quickest loan type, which gets approved in a quick matter of time. However, there are some eligibility criteria, which person needs to meet in order to successfully apply for personal loans at Deal of Loan. Among, those eligibility criteria, below are some of them:
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Income of applicant
The income criteria for personal loans differ from one bank to another. While, some require the minimum income of Rs. 10000, there are some banks, which put this number at Rs. 15000 or Rs. 20000. However, the income eligibility requires the people to be salaried employees, thus ensuring that the loan amount will be returned.
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Age of applicant
The age is one of the factors, which plays an important role in the successful application of personal loans. Most of the banks are being seen as fixing this age limit of 21 years at minimum to 60 years at maximum. There are some other banks also, which put the age factor of 25 as the minimum bar for the eligibility.
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Job Stability of applicant
The Job Stability is just another issue, which is considered as an important aspect for a personal loan. Since, the personal loan is an unsecured loan, the banks consider this aspect as an important criteria to either approve or unapproved someone’s loan application. It is seen that some banks have fixed this criteria and has put forward a condition that the applicant must have been in the job for at least 2 years before applying for personal loans. Also, some banks check the stability while in the profession and things like constant changing the companies and job fields are also considered under this criteria.
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Loan Amount of applicant
The loan amount is just another parameter, which differs from one bank to another bank. The loan amount from 10 lacs minimum (depending on the income) to around 25 lacs is the total amount of money, which can be passed to the applicant if, he/she meets all the conditions as laid down by the banks.
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CIBIL Score of applicant
The CIBIL Score, another important parameter, which plays an all important role in the either the approval or disapproval of the application for personal loan, is a decisive factor. If you are a defaulter on loan at previous occasions, it gets highlighted at your CIBIL, Score and a low score in your CIBIL is a clear indication that your loan application is bound to decline. The CIBIL Score of around 750 is the bar, which most of the banks consider it for the successful loan application for any applicant.
Personal Loan Documents Required
The personal loans, being one of the quickest loan type, which gets processed; the documentation required in case of personal loans is at minimal. Below are mentioned, the list of documents, which is needed while applying for personal loans.
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Personal loan Application form
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Photographs
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Age proof of the applicant
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ID proof of the applicant
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Income proof of the applicant
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Bank statement of the account
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Residence proof of the applicant
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Signature verification proof of the applicant
After the post sanction, below are the documents, which are required:
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Loan Agreement duly signed
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Security Cheques required for SI and ECS
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Standing Instruction (SI) Request or ECS Form
However, the documents may differ depending upon the educational qualification and field of work and people who are doctors, architects, CA/CS/ICWA, MBA consultant or engineers may see the documents requirement vary from the ones as given above.
Personal Loan Interest Rates for all major banks
The personal loans rates of interest varied form one bank to another. The banks have their own way of attracting their customers and are seen as alluring customers with the lower interest rates or any other offers as provided with the personal loans. Below mentioned is the complete list of the interest rates as offered by different banks on Personal loans.
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HDFC Bank |
11.00% - 20.00% |
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SBI |
12.50% - 16.60% |
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ICICI Bank |
11.59% - 22.00% |
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Axis Bank |
11.25% - 24.00% |
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Bajaj Finserv |
11.99% - 15.50% |
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Standard Chartered Bank |
11.49% - 20.00% |
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IDFC Bank |
11.49% - 19.50% |
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Fullerton India |
16.00% - 34.00% |
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Kotak Bank |
11.50% - 24.00% |
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Citibank |
10.99% - 16.49% |
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IndusInd Bank |
11.99% - 23.00% |
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Bank of Maharashtra |
15.10% - 15.10% |
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Canara Bank |
13.65% - 13.65% |
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Dena Bank |
13.00% - 14.00% |
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Union Bank of India |
14.40% - 14.40% |
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Vijaya Bank |
12.50% - 13.50% |
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Yes Bank |
11.99% - 20.00% |
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RBL Bank |
16.00% - 20.00% |
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Tata Capital |
13.00% - 18.00% |
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Andhra Bank |
13.05% - 14.30% |
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Allahabad Bank |
13.10% - 13.10% |
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Corporation Bank |
12.75% - 13.75% |
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IDBI Bank |
13.20% - 13.75% |
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Indian Bank |
14.50% - 17.00% |
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Indian Overseas Bank |
12.70% - 15.25% |
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PNB |
12.25% - 15.25% |
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Karur Vysya Bank |
13.90% - 16.40% |
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Syndicate Bank |
14.20% - 14.20% |
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Federal Bank |
13.32% - 15.12% |
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Bank of Baroda |
11.60% - 16.60% |
Personal Loan Interest Rate and Charges 2017
The Personal Loan Charges as of 2017 vary from a minimum of Rs. 0 to around 1% and 2.5%. This fee is a onetime fee and it is charged based on the total amount of loan amount dispensed to the applicant. While, the Personal loan process charges vary, it can be considered as a base percentage of around 1%.
Special Offers : Personal Loan for Doctors, Architects and CA
With the time, the professionals like Doctors, Architects and CA are offered several exclusive benefits and offers. These professionals are offered low rate of interest personal loans and may be offered with the 0 processing charge personal loans. Several added benefits on the name of last EMI Free personal loans and other such are the prime offering, which banks do offer to the professionals like Doctors, Architects and CA. Also, on offer are some gifts which come during the festive days. The banks are always on toe to offer some extra benefits and benefits to the people who are more reliable and have huge stability and confidence attached in their name.
Deals of Loan Personal Loan Advantages
The Deals of Loan Personal Loan have several advantages attached with it. Below mentioned are some of those added benefits:
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Doorstep Service
Most of the banks offer the doorstep service in regard to the loans. The loan in the form of Personal loan is no exception. The bank representative has an appointment fixed with you and offers the best services and guide to the applicant for the successful Personal loan applicant.
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Quick Approval
No other loan type matches the personal loans when it comes to the approval time. The personal loan is the perhaps the quickest loan, which can be approved by the bank for the applicant. Some banks even claim to do so, within a couple of minutes. The facilities in the form of internet loan applicant with the login in your account make the process even more speedy and easy. With the Deal of Loan taking special care in concern with the Personal loans, the things get even quicker for the approval of applications for personal loans. The Deal of Loan makes things quick and easy when it comes to the Personal Loans.
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Direct bank login through Deals of Loan CRM
The Deals of Loan offer a robust and highly secure and multi functional CRM, which offers applicant the facility of direct login and makes it easy for the people to judge the choice of the banks for their needs. The direct bank login through Deals of Loan CRM is a special platform indeed for the people who are in need of the loan to meet their financial demands.
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Regular Status Updates
With the regular status updates, the applicant is ensured that the loan process goes smooth and in a more managed way. The applicant is made aware of the pending amount to be paid and is always informed in the best possible on how to process ahead with the personal loans.
There are several benefits of the personal loans and with the facilities in the form minimal documentation, less processing time, all purpose loan, easy availability, and several schemes and offers, the personal loan is the best option for the people who are looking to meet the financial needs to cover their lifestyle needs and demands. With the loan tenure is also at a good number of years, there is almost no disadvantage of the personal loans for someone is really looking for the urgent need of money.
With most of the banks offer personal loans, there is no dearth of options for the people who are looking for the solutions to their troubles. Most of the banks offer a decent solution to their personal loans category and offer people with the best option for the financial needs and demands. If you already made up your mind on going for the personal loans, the Deal of Loan is always ready to take you to the next step!
