Instant Personal Loan Online in India I Apply for Best Interest Rates from All Banks

Looking for an Instant Personal Loan in India to meet an important financial requirement? LoanSumo is an Instant Loan platform in India that provides quick online personal loans from private finance companies, NBFC and Banks with fast online approvals and easy disbursal process.

A personal loan online is a type of short to medium term loan offered by banks and online lenders. If you need money for a financial emergency or some other purpose, these loans can cover your needs well. You can find both secured and unsecured personal loans in the market, but the latter is more popular among borrowers and thus more widely available as well. Though commonly used for urgent needs such as sudden hospitalization or medical care, a personal loan can also come in handy when making down payments, taking vacations or restructuring debts. If you are planning to apply for a paperless personal loan in India, make sure to find out as much information as you can about it to make a well-informed decision.

Instant Personal Loan Online is used by people to meet their short or long-term financial needs. Financial needs can be anything ranging from home down payment to a health emergency. Personal Loan instant approval are offered by many different institutions such as Public Banks, Private Banks, NBFC’s, and Private Money Lenders. Each of these financial institutions operates in service their own niche of personal loans.

With the growth of technology, there are now a lot of loan providers who offer instant personal loans approvals with advanced customer profiling and banking mechanisms. Our Online Personal Loans from private finance companies, NBFC and Banks are designed to help customers meet their immediate financial needs through quick online application, instant loan approvals, and fast loan disbursals.

Online Personal Loan – a brief introduction

When looking for funds to accomplish a big project or overcome a financial rut, most people rely on conventional sources such as home equity loans, credit cards or loans from family and friends. However, there is one option that many do not know about. It is personal loan online apply. As the name suggests, these are loans that you can take out for a range of personal reasons. Unlike auto loans or mortgages, personal loans are not designated for any particular purpose. Though small personal loans are fairly popular, you can also obtain large sums for your needs.

After getting the approval on your loan application, you will receive the money at once up front, and you will have to repay the sum in instalments every month until the loan is fully paid off with interest. This is the reason personal loans are often called instalment loans. The fixed amount that you have to pay every month will be determined based on your capacity and the loan term. Though unsecured personal loans tend to carry higher interest rates than secured loans, they are often cheaper than most credit cards.

In most cases, you need to have good credit scores to be eligible for personal loans from the banks. Some online personal loan providers may be open to approving your loan application even if you have an average credit rating. However, that would require thorough research on your part to see if the deal is legitimate.

Secured vs. Unsecured personal loans

Though most personal loans are unsecured, you may also come across secured ones when carrying out your research. Understanding what they mean and how they are different from each other is crucial to choosing the best personal loan offers for your needs. Here is a brief explanation:

Secured personal loans: A secured personal loan requires you to pay a valuable asset such as your car or house as collateral. It acts as a security deposit that the lender can later use to acquire the money if you fail to repay the sum. The value of the asset provided as collateral should be equal to or more than the sum you have borrowed.

Unsecured personal loans: In the case of unsecured personal loans, you do not need to pay collateral to obtain the money. You get approval simply based on your creditworthiness. The lender cannot repossess your car or home or any other valuable asset if you fail to repay the loan. In that sense, unsecured loans carry a high risk for the lenders.

Unsecured personal loans often carry higher interest rates than secured loans. You may also need to provide a guarantor to qualify for an unsecured personal loan. Remember, if you fail to repay the loan, the guarantor will be liable to pay the sum.

Common reasons for applying for a Paperless personal loan

One of the best things about personal loan finance is that it offers a great deal of flexibility. Though you might have to mention what you want to do with the paperless loan in your application, you will have the freedom to use the money for a range of needs. Some of the common reasons for taking out a personal loan include:

  • Paying credit card bills and other payments
  • Refinancing or consolidating high-interest loans
  • Purchasing an electronic device or appliance
  • Undertaking an important home improvement project
  • Taking a short trip or a vacation
  • Funding a small business expansion or purchase
  • Paying for hospitalization or a medical procedure
  • Buying an engagement ring
  • Meeting the expenses for a wedding

If you are struggling with a cash crunch, a personal loan can add a quick injection of funds and smoothen out your personal finance. An easy application process, minimal documentation, the flexibility of usage and fast processing time are some of the perks that draw people towards paperless personal loan in India. Due to the huge demand and increasing potential, many NBFCs and leading banks in India are offering best paperless personal loans rate to self-employed and salaried individuals.

Flexible Personal Loans for Low CIBIL score

One of the main underwriting factors for many banks and NBFC’s when they lend to borrowers is a CIBIL Score. For these institutions, if someone has a low CIBIL score, they might not be eligible for an instant personal loan.  With modern under-writing methodologies being pioneered by many digital lending companies, P2P lenders, instant personal loan app and Private Finance Lenders, borrowers with a low CIBIL score now have more options for loans than before.

Does it always make sense to apply online for personal loan?

In some situations, getting a personal loan to cover a particular expense makes perfect sense. For example, it would actually be wise of you to apply online for personal loan to refinance or consolidate the high-interest debts that are causing you a lot of stress. Research shows that most credit cards have an average interest rate that is higher than the personal loan interest rates. That means, if you have a decent credit rating, you might actually be able to get a personal loan that is cheaper than a credit card!

Some people also apply online for personal loans when taking on critical home improvement projects. It is actually a smart idea despite the fact that you would have to bear higher interest rates than any home equity loan. With a home equity loan, you would have to put your house as collateral, whereas an unsecured personal loan requires no collateral or security deposit. Even if you are fully intent on keeping up with timely loan repayments, you should avoid putting your house or other assets on the line.

Despite their apparent advantages, apply personal loan online may not always be the best solution to your financial needs. For example, taking a vacation or paying for a wedding with a personal loan may not be the wisest decision. It is true that a personal loan is likely to be less expensive than a credit card in such a situation. However, you should strive to save up for the luxuries or the big life events. Increasing the debt burden for non-essential stuff does not always make sense.

Additional note:

Getting a personal loan for a small business investment or a medical procedure would be a judgment call. If you get better deals and lower interest rates on a small business loan or a health insurance scheme, it would be smart to opt for that instead of a personal loan. Personal loans are convenient and flexible, and they are great when it comes to funding large expenses. However, obtaining it only makes sense if you get to save on interest without putting any of your assets on the line.

Personal Loan Lenders – Type of Lenders

Some of the different types of lenders you will see offering personal loans are below:

  • Public Banks (SBI – State Bank of India, Bank of Baroda, Andhra Bank, etc)
  • Private Banks (HDFC, ICICI, Citi, Axis, Standard Chartered, RBL, etc)
  • NBFC’s (CapitalFirst, IIFL, IndiaBulls, etc)
  • Digital Lenders (MoneyTap, Qbera, etc)
  • P2P Lenders (Faircent, ATL)
  • Private Finance Lenders

Instant Personal Loan Approval @ LoanSumo

LoanSumo provides instant personal loan approval to borrowers. We match borrowers with a lender who might be best suited for the borrower based on borrower profile and needs. While working with a range of lenders across the spectrum, we are ideally suited to meet the various variety of customer needs.

Instant Online Personal Loans from Banks

Many banks today offer personal loans but are not able to provide personal loans. Banks have a manual process of identity verification and disbursal which may take time. SBI Personal Loan and HDFC personal loan are some of the most common choice among personal loans by many borrowers. LoanSumo also offers low salary personal loan to salaried employees with income below 20000.

Types and features of personal loans

There are different types of personal loans available, and each of them has some unique features that you need to know about. As mentioned above, personal loans often turn out to be less expensive than credit cards. So, if you have decent credit scores and if you are lucky, you may get excellent personal loan rates. In that case, you might obtain a personal loan for any requirement. Here is a quick list of personal loan types and their common features to help you know which would be ideal for your needs.

Type of Personal Loan

Features of the Loan

Institutions That Offer the Loan

Low CIBIL score personal loan
  • Appropriate for people with poor credit ratings or low CIBIL scores
  • Comes with steep interest rates
It may be difficult to qualify for most personal loans with a low CIBIL score. However, you may try negotiating with the banks or go for a secured personal loan. Banks may also offer a personal loan if your income has increased significantly in the recent times.
Business Start-up Loan
  • Appropriate for start-ups and SMEs
  • The first 15 months accrue zero interest rates
  • After the first 15 months, the interest rates may be anywhere from 7.9% to 19.9%
SIDBI (Small Industries Development Bank of India), ICICI Bank, IFCI (India Finance Corporation Of India), TATA Capital, Kotak Mahindra, Standard Chartered, Oriental Bank, Bank of Baroda and so on.

 

Same day or instant personal loan
  • Suitable for people with an urgent need of cash
  • Instant approval on loan application
  • High rates of interest may be applicable

 

HDFC Bank and Citibank
Loans for unemployed individuals
  • Appropriate for individuals with no employment
  • Most options require no collateral
  • Often comes with steep interest rates
TATA Capital, Government loan schemes designed for the unemployed, Max finance, India Lends and so on.
Government loans for small sized businesses
  • Designed for small-sized businesses
  • Low rates of interest charged as per the government scheme

 

Andhra Bank, Bank of Baroda and state bank of India,
Government loan schemes – SIDO (Small Industries Development Organization), NSIC (National Small Industries Corporation Limited), NABARD (National Bank for Agriculture and Rural Development) SIDBI, WASME (World Association for Small and Medium Enterprises)
Small business loans specifically for women
  • Exclusive personal loans for female entrepreneurs
  • Popular schemes include the likes of –
  • Punjab & Sind Bank’s Udyogini Scheme
  • SIDBI’s Mahila Udyam Nidhi Scheme
  • Dena Bank’s Dena Shakti Scheme

…and a lot more

TATA Capital, HDFC, Citibank, Fullerton, IndusInd, Kotak Mahindra, Bank of Baroda, ICICI, IDBI, Dena Bank, Punjab & Sind Bank and many more
Corporate Loan
  • For existing industrial houses or businesses
  • Loans available in both secured and unsecured forms
HDFC, HSBC, TATA Capital, Citibank, Kotak Mahindra, IndusInd, Allahabad Bank, Standard Chartered, Bank of Baroda, ICICI and so on
Home Improvement Loan
  • For furnishing, remodeling and repairing a house
  • Some banks offer 100% coverage of the costs, whereas others provide 90%
  • Fixed interest rates usually ranging from 9% to 12.5% p.a.
ICICI, HDFC, PNB, Canara Bank, Bank of Baroda, DHFL and more
Medical Loan
  • For medical expenses including hospitalization, medical care or surgery
  • No security or collateral required
  • Loan amount of up to Rs. 25 lakhs
TATA Capital, SBI, Arogya Finance and so on
Marriage Loan
  • For funding marriage expenses
  • Loan amount ranging from Rs. 5 lakhs to Rs. 20 lakhs
  • Interest rates ranging from 13.49% to 34%
Bank of Baroda, Kotak Mahindra, PNB, IDBI, Citibank, Axis Bank, Tata Capital, ICICI, HDFC, SBI and so on

 

Advantages and disadvantages of personal loans

Personal loans are a great way to overcome difficult financial situations or take on projects that require a significant funding. Though these loans are there for the short-term financial needs, they may leave a long-term impact on your overall finances. When used right, you can benefit well from the financial help. However, failing to repay the loan on time can damage your credit scores. There many such aspects that you need to think about before applying for a personal loan. Just like all other financial products, personal loans come with some advantages and disadvantages that you need to be aware of.

Advantages

Disadvantages

Flexibility: One of the best things about personal loans is that you can use the money for any reason. Unlike a home loan or a car loan that is designated for a particular purpose, you can use your personal loan for any personal project or purchase.

 

The loan also offers the flexibility to choose the tenure. The tenure dictates how much time you will have to repay the loan. It may go up to 7 years, but you may choose how long you need. A longer tenure will increase the number of EMIs but each EMI will consist of a smaller amount. Paying larger EMIs also means that you have chosen a short tenure.

 

Need high credit scores: To get the best personal loan interest rates and offers, you would have to have an impressive credit profile. If you have high credit ratings, you would receive a ton of options from banks and other lenders. You may also be eligible for instant approval if your credit score is high enough for the lender.

 

On the other hand, if you have an average or poor credit rating, a personal loan may not be on the cards for you. Some lenders may still want to provide you with the loan, but that would cost you a steep interest rate and other fees.

Instant funds and fixed interest: Many banks and online lenders provide personal loan instant approval to borrowers with a sterling credit profile. If you meet the eligibility criteria put forth by the lender, you may be able to get the money within 72 hours!

On the other hand, most personal loans come with fixed interest rates. That means the monthly instalments will bear the same interest rate for the entirety of the loan tenure. This way, you do not have to worry about constantly increasing interest rates.

 

No part payments: Though you get the advantage of choosing your loan tenure, you should know that most personal loan providers and banks do not allow partial payments. That means you need to keep paying the EMIs for the entire duration of the tenure that you have chosen. Since the initial instalments go into paying the interest itself, the loan turns out to be more expensive in the end.

Make sure to look into the payment plan and how much interest you will be paying by the end of the tenure before signing the deal.

Tax benefits: In some scenarios, a personal loan can also provide tax benefits. For example, if you have taken the loan for renovation or construction or the down payment on your house, you may be able to get a tax deduction of up to Rs. 2 lakhs. This comes under Section 24B for the interest section of a financial year. However, to receive this benefit, you will have to provide enough documents to prove that you have used the money only on the project and nothing else. High rates of interest: Banks and online lenders often impose steep interest rates on personal loan products. Though the rates may vary depending on the lender and your credit scores, you may still find it higher than the interest rate on other conventional loans. However, with a thorough personal loan comparison, you may be able to find decent rates for the amount you need.

As you can see, personal loans have their share of pros and cons. It is up to you to evaluate your situation and your needs before deciding to go for a personal loan. If you do not have a choice but to take out a personal loan, you should always research into the various providers and look into their offerings before making up your mind about which loan offer to go for.

Factors you need to consider before applying for a personal loan

Personal loans are widely available today, and it is not uncommon for you to receive emails about personal loans online or instant approval loans. The creative promotional material might also make you feel as if the lender has customized the loan just for you. You should not fall for the offers that seem attractive only on the surface. Even if you need money for an emergency, you should be careful and take time to research your options. You should also consider some critical factors before deciding to go for the personal loan. Here are some of the top considerations that you need to make before applying:

Flat interest rate vs. reducing interest rate:

When looking for personal loan bank offers, your objective may be to narrow down the lowest interest options. However, that should not be your sole focus. You must also find out whether the loan comes with a flat interest rate or a reducing interest rate. With flat interest rate, the EMIs that you have to pay as repayment every month will remain the same till the loan is fully paid off. That means the payable interest rate does not reduce even when the large chunk of the principal amount has been paid off. Reducing interest rate implies that the EMI amount will decrease as you keep paying the principal amount. This happens due to the reduction in interest rate.

Flat interest loans often come with significantly low rates of interest, but that does not mean you will be paying less in the end. In this case, you need to see how much you will end up paying by the time the tenure gets over. You should also compare the numbers with the total cost of a personal loan with reducing rate of interest. A good personal loan calculator would come in handy when comparing the various options.

The details of the overall cost:

The interest is not the only additional amount that you have to bear. There are other charges that you need to be aware of. Only calculating the principal amount plus the interest will not reveal the total cost of the loan. Make sure to check out the following aspects too:

Processing fee: In most cases, banks levy a processing fee of 1-2% on the personal loan amount. Some banks may also charge a fixed processing fee. These additional charges inevitably increase the total cost of a loan. That is why you should seek loan offers from banks that impose as little processing fee as possible.

Prepayment fee: If you are planning to take out a personal loan to overcome a short-term cash crunch, you might have plans to repay the loan as soon as the cash flow becomes normal again. Loan prepayment can actually save you from paying the hefty interest rates. However, some lenders may impose fines for repaying the loan before the term gets over. They do this to ensure that borrowers refrain from paying the loan early and so that they can get the full amount of the interest. That is why you should find out about your lender’s prepayment policies beforehand.

Late payment charges: You will also get fined for repaying the loan late. Missing your EMI can cost you dearly. If your cash flow problems are going to continue for a while, you may have troubles keeping up with timely repayment every month. Make sure to consider that before applying for the loan.

Prioritizing needs over eligibility:

Do not go overboard with the loan amount. You should borrow only as much as you need. Your lender may persuade you to take a bigger amount simply because you are eligible. You may even be tempted thinking about what all you can do with the extra money. However, do not forget that the extra sum would add to your debt burden, making it that much more difficult to repay the loan on time. You should calculate your needs beforehand and stay firm on your decision even if you get seemingly better offers on larger amounts.

Always look for better rates:

You should check out loan offers and interest rates from as many banks and lenders as possible to determine which will be the best one for your needs. Never apply for a loan only to see how much it would cost. Applying for a loan means you are inviting a hard credit check, which will impact your credit rating. If you are just window shopping for loans, there is no need for you to actually submit an application.

Ensure that you can pay the EMIs on time:

You need to chalk up the repayment plan even before you apply for the loan. Worrying about paying the loan after you have already obtained it will do you no good. You know your current financial situation and you can somewhat predict how it might be few weeks or months down the line. After a thorough and honest assessment, if you feel that you can pay the EMIs on time, go for the personal loan. If you are not confident, it would be better to stay away from any loan for the moment.

Review credit score before applying:

Banks and other personal loan apps will consider your CIBIL score to determine whether or not you are creditworthy. Having a low credit score can make it difficult for you to get a good personal loan. If you have average credit ratings, you may find offers with steep interest rates. However, if the ratings are too low, the banks may simply reject your application. That is why it would be wise to check your CIBIL score beforehand for efficient planning.

Do not be tempted by the add-on offers:

Sometimes, banks try to lure borrowers into taking more than just a personal loan. For example, when telling you about the personal loan offers, the lender may start talking about the great insurance plans they have in place. They may persuade you into taking the insurance, but you should stay firm in your decision to just avail of the personal loan and nothing else. Such add-on features, though appealing and profitable on the surface, will only increase the EMIs every month.

As you can see, personal loans can help you a great deal in difficult financial situations, but they can also add to your debt burden. You should borrow only if you do not have any other choice and if you are confident about your repayment capabilities.

Are you eligible for a personal loan?

Before you start looking for personal loans online approval schemes, you should find out whether or not you are eligible for a personal loan. Both banks and online lenders have set qualifying criteria that you need to fulfil in order to have access to the personal loans. Though the specific requirements may vary from one lender to the other, there are some common parameters that will determine your eligibility. In general, any professional, self-employed or salaried individual with a decent credit rating may be eligible for personal loans from the banks.

However, you should also remember that personal loans are mostly unsecured and that banks will not lend money just to anybody without ensuring that they have the capacity to pay the loan back. If they deem you a high-risk candidate, they may either increase the interest rate or reject your application right away. Most lenders look at the following factors when determining your creditworthiness:

Income:

Whether you are a salaried employee or a self-employed business owner, your income will determine whether or not you are eligible for the personal loan. Lenders often categorize applicants on the basis of their income profile to see if they earn enough every month to keep up with the EMIs. You need to make the lender-stipulated minimum income every month to qualify for their loan products.

Repayment ability:

The lender may assess your repayment ability based on your income and your credit history. Both your capability and your intentions of paying the loan will play a part here. If you have been working for a number of years or have owned a business for a long time, it will increase the lender’s confidence in you.

Age:

Every lending institution including banks has an age bracket for loan applicants. You need to be within that bracket to qualify for personal loans. Typically, a personal loan applicant has to be an adult.

Credit rating:

As mentioned above, credit rating plays a huge role when it comes to getting approval on personal loans. These unsecured loans are approved only on the basis of your credit history. If you have a track record for maintaining your finances well and paying your dues on time, you are likely to have a decent credit rating. As long as you meet the standards set by the lending institution, you will get approval on your loan application. If your credit rating turns out to be lower than their minimum requirement, your application will get rejected.

Existing EMIs:

If you have multiple other EMIs to service every month, you are less likely to get the approval on your personal loan application. Already having a huge debt burden can reflect poorly on your financial management skills. However, whether or not you are eligible for the personal loan will depend on how well you are able to pay all the EMIs every month. If the lender finds you capable of handling the additional debt and repayment plan, you will likely get the personal loan regardless of how many other loans you are currently repaying.

These are some of the baseline requirements that you need to fulfill before applying for a personal loan. The banks and lenders may have other parameters that you would have to meet.

The top personal loan providers in India

When looking for mini cash loan, you may come across offers from various institutions including banks and other lenders. To get the best rates and the most legitimate loan offers, you should always rely on established and credible lenders. You must also compare the various providers to see which one fits your needs the best. Below is a quick list of some of the best banks in India that provide personal loans.

  1. State Bank of India:

State Bank of India is one of the most renowned government banks in India and has its headquarters in Mumbai. Currently, SBI offers four types of personal loans to its audience. Some of the most notable SBI personal loans include the likes of SBI Xpress Credit Personal Loan, SBI Saral Personal Loan and SBI Festival Personal Loan.

SBI personal loan interest rate-

  • SBI Xpress Credit Personal Loan has the base interest rate of 10%
  • SBI Saral Personal Loan comes with the interest rate of 5% p.a.
  • The Jai Jawan Pension Loan scheme has the interest rate of 14.75% p.a.
  • SBI Festival Personal Loan comes with an interest rate of up to 16.75% p.a.

Some of the notable features of SBI personal loans include:

  • Attractive interest rates
  • Discounted schemes
  • Zero payment penalties
  • No hidden charges
  • Quick loan approval
  • High sums of money
  • Online application submission
  • 24/7 customer support
  1. Axis Bank:

As of 2016, Axis Bank has a wide network of 2500 branches all over India. It is also India’s third largest private bank with a whole range of excellent personal loan plans to offer. Axis Bank’s personal loan schemes come with attractive features such as simple procedures, minimal documentation, and quick loan approval. These personal loans are suitable to the Indian audience for a range of their needs. Here are some things you need to know about the bank’s personal loan schemes:

  • Axis Bank has personal loan plans for both self-employed and salaried individuals.
  • You can borrow anywhere from Rs. 10,000 to Rs. 15 lakhs as a personal loan.
  • The bank offers a flexible tenure. Typically, loan terms may be between 12 months and 60 months.
  • The bank levies interest of anywhere from 15.50% to 24% on personal loans. The interest rate may fluctuate due to market conditions and other factors.
  • You will also get to enjoy eDGE Loyalty Points for obtaining Axis Bank’s personal loans. You can redeem these points for discounts and cash surplus.
  • Axis Bank offers multiple payment modes for easy repayment of EMIs. You can pay through Post Dated Cheques or Electronic Clearing Service (ECS).
  1. ICICI Bank:

ICICI Bank has over 4000 branches in India, which makes it one of the largest and most popular banks in the country. That is why it is no surprise that the bank offers great multipurpose personal loans to its audience. Due to its instant processing and quick approval policies, ICICI bank has become the most sought-after banks for personal loans. You can apply for a personal loan without any collateral, security or guarantor. The application process is simple with minimum documentation requirements. You may even get instant approval!

Highlights and benefits of ICICI personal loans-

  • The bank offers a fixed interest rate, which can be anywhere from 11.49% to 17.50%.
  • You can borrow up to Rs. 20 lakhs as a personal loan.
  • The loan term usually lasts from 1 to 5 years.
  • Since the bank offers a fixed interest rate, you need to pay the same amount every month.
  • You do not need to go through an extensive documentation process to apply for the loan.
  • You may get instant approval and quick disbursal of funds.
  • The bank provides the loan amount via direct credit and fund transfer.
  • You may choose from several payment modes such as PDC, AD or ECS.
  • You can get the money within 72 hours after completing your loan application process.
  1. Punjab National Bank:

PNB or Punjab National Bank is one of India’s most popular public sector banks. The bank offers personal loans that you can obtain for a number of needs. PNB personal loans are available to both self-employed and salaried individuals as well as pensioners who receive their pensions through any branch of PNB in the country.

Some notable features-

  • PNB personal loans come with a floating interest rate. The base rate is 9.60%.
  • The loan term usually lasts up to 5 years.
  • You need a guarantor to be approved for the loan.
  • Salaried individuals can borrow up to 20 times their net monthly income.
  • Pensioners can borrow up to Rs 10 lakhs.
  1. UCO Bank:

Previously known as United Commercial Bank, UCO Bank is one of India’s oldest banks. UCO Bank Cash and UCO Bank Personal Loans are two of the most popular financial products that people go for. UCO Bank personal loans have a number of great features including:

  • No collateral or security deposit required.
  • You can borrow up to Rs. 2 lakhs. However, if you need to borrow more than that, you will have to provide collateral for 40% of the loan amount.
  • The UCO Cash loan scheme is the most popular personal loan that the bank offers.
  • Both self-employed and salaried individuals can obtain this loan.
  • You may borrow a minimum amount of Rs 50,000 or the maximum amount of Rs. 10,00,000.
  • For men, the repayment tenure may include 12-48 EMIs, whereas, for women, it may include 12-60 EMIs.
  • Men have to pay interest of base plus 5.40% or 15.35%.
  • The interest rate for women is base plus 4.40% which equals to 14.35%.
  1. HSBC Bank:

With over 89 million global customers, HSBC is one of the largest banks in the world. The bank has catered to its Indian audience since 1959. HSBC offers some excellent financial products and services, one of which is their personal loan schemes. In the major cities in India, the bank offers excellent personal loans with features such as low rates of interest, fast processing, and minimum documentation.

HSBC provides personal loans for a range of needs including-

  • Paying off another loan
  • Marriage expenses
  • Home improvement or furnishing
  • Travel expenses
  • Purchasing equipment or consumer durables
  • Or any other personal need

Some highlights of HSBC personal loans-

  • The interest rate may range from 11.99% to 18.34%.
  • The bank offers a flexible loan term of up to 5 years.
  • You may borrow a maximum amount of Rs. 15 lakhs. Some applicants may also be eligible for personal loans worth of Rs 20 lakhs!
  • You may repay your loan through various payment modes such as Standing Instructions (on your HSBC bank account), Electronic Clearing System or EMI.
  • You do not need to provide collateral, security deposit or guarantor to obtain the HSBC personal loan.
  • With fast application and quick processing, you stand to get the money within a short span of time after submitting your application.
  1. IDBI Bank:

With 2413 ATMs and 1413 branches, IDBI Bank Limited is presently the 10th biggest development bank in the world. The company has its headquarter in Mumbai. The bank offers personal loans to both salaried and self-employed individuals. If you have some short-term financial needs, the IDBI personal loan plans may be the ideal solution for you. You may also use the money for various purposes such as buying electronic gadgets, going on vacations, taking on a home improvement project and so on.

Some highlights of the IDBI personal loan-

  • Fixed interest ranging from 12.75% to 13.75%.
  • Processing fee includes 1% of the total loan amount and the applicable taxes
  • Loan tenure may go up to 60 months.
  • Prepayment charges include 2.00% of the loan amount plus applicable taxes. There will be no charges after 6 months into the loan tenure.
  • No collateral or guarantor required.
  • You may borrow anywhere from Rs. 50,000 to Rs. 1000000.
  1. Standard Chartered Bank:

Standard Chartered Bank, known for its exciting personal loan schemes, competitive interest rates and flexible repayment schedule, is one of the best places for you to look for a personal loan. The bank has catered to its Indian audience since 1858 and has branches in over 42 cities. Some of the features of its personal loans are:

  • Both salaried and non-salaried individuals can apply for SCB personal loans.
  • The repayment tenure can be anywhere from 12 to 60 months.
  • No collateral or security required.
  • The application process is simple and it only requires the minimum documentation.
  • The bank has a quick processing time and instant approval scheme present for its personal loans.
  • Salaried individuals can borrow up to Rs 30 lakhs, whereas entrepreneurs can borrow up to Rs. 10 lakhs.
  • The bank offers monthly reducing balance interest rate that ranges from 12.50% to 17.00%.
  • There are no processing fees involved.
  • Prepayment penalties only apply if you pay the loan in the first year of the tenure. You will have to pay 5% of principal outstanding plus ST. There will be no prepayment charges after the 1-year mark.
  • You may choose a loan term of 1 year to 5 years.
  • No need to provide a guarantor.
  1. Andhra Bank:

Andhra Bank is a mid-level public sector bank with its headquarter in Andhra Pradesh. The bank has over 2000 branches all over India. Andhra Bank offers a range of personal loan schemes to cater to the financial needs of its audience. The personal loans are divided into two categories – consumer loans and clean loans. Consumer loans are given to salaried individuals, whereas clean loans are for self-employed applicants. Some of the notable features of Andhra Bank’s personal loans are:

  • Floating interest rate of BR+5.50% (up to 3 years) and BR+5.50%+0.25% (above 3 years).
  • Loan tenure may last up to 60 months.
  • There are no prepayment charges.
  • You need a guarantor when applying for the loan.
  1. HDFC Bank:

HDFC Bank is India’s fifth largest bank as far as assets are concerned. Among the many financial products and services that the bank offers, its personal loans stand out due to factors such as amicable interest rates, flexible tenure, faster processing and approval process and transparent terms and conditions. Some of the mentionable features of the HDFC Bank’s personal loans are:

  • Monthly reducing balance interest rate of anywhere from 11.29% to 20.00%.
  • Processing fee might include 0 to 2.5% of the total loan amount.
  • The loan tenure may range anywhere from 1 year to 5 years.
  • Prepayment is only allowed after 1 year. After that, prepayment may bring penalties such as 4% plus ST in year 2, 3% plus ST in year 3 and 2% plus ST after that.
  • You do not need to provide a guarantor.

HDFC personal loan is also known for quick disbursal of funds. So, you want money quickly, this bank will be a suitable choice. Both salaried and self-employed individuals can apply for the loan. HDFC is one of the leading platforms for personal loans online approval schemes.

For more information on NBFC’s & Banks Personal Loans

ICICI Bank Personal Loan
HDFC Bank Personal Loan
SBI Personal Loan
Axis Bank Personal Loan
Indusind Bank Personal Loan
RBL Bank Personal Loan
Yes Bank Personal Loan
SC Bank Personal Loan
IDBI Bank Personal Loan
Aditya Birla Personal Loan
Capital First Personal Loan
Qbera Personal Loan
Bajaj Finance Personal Loans
IndiaBulls Personal Loan
IIFL Personal Loan
MoneyTap Personal Loan

What is a personal loan EMI calculator?

Before applying for a personal loan, you need to create an overall budget for the loan and also consider the amount you can comfortably pay every month as EMI. An EMI calculator can efficiently help you to remain within your budget, which minimizes the chance that you will default on loan repayments. Check out the Fintwon EMI calculator to understand how you should proceed.

A good personal loan EMI calculator can be a highly effective tool for personal loan comparison. Though most personal loan deals are fairly simple, there are many aspects that you need to consider to choose the best one. A personal loan EMI calculator can help you:

  • Figure out how much you should borrow
  • Identify the amount you will have to pay in interest
  • Draw up the best tenure plan for easy repayment of the loan
  • Find the most competitive interest rates in the market

LoanSumo helps you to find the best personal loans based on your requirements. We are dedicated to helping borrowers find the most suitable lenders as per their needs.

Documents you need to provide with your personal loan application

If you have researched your options in personal loans and have found a suitable match, now it is time to submit your application. Along with the form, you would need to provide some official documents to complete the process. Most banks require the same kind of documentation. Some of the necessary documents that you need to provide with your personal loan are:

Self-employed individuals need to provide:

  • A properly filled out and signed application form
  • Passport sized photograph

 As identity proof, they need to provide-

  • Voter’s ID Card
  • Employer issued ID card
  • Passport
  • Driver’s license
  • Ration Card
  • Electricity bill
  • Utility bill/municipal tax receipt/title deed
  • Mobile bill/telephone bill
  • PAN Card

As proof of age, they can provide-

  • Class 10 (secondary) school certificate
  • PAN card
  • Passport
  • Voter ID card
  • Premium receipt of LIC Policy
  • Ration card

As address proof, they can offer-

  • Title deeds and ownership of property
  • Ration card
  • Telephone bills
  • Electricity bill

Salaried individuals need to provide the following documents as income proof:

  • A copy of salary certificate or latest salary slips
  • Copy of ITR of the last two years and form 16
  • Copy of employment certificate or appointment letter to show you are still at the job
  • Salary account statements of the last 3 months
  • A C.A certified balance sheet, profit and loss statement and computation of income of the last two years
  • Bank statements of the last six months from all the bank accounts

For More Information on City wise Personal Loans

Personal Loans in Hyderabad
Personal Loans in Bangalore
Personal Loans in Chennai
Personal Loans in Mumbai
Personal Loans in Pune
Personal Loans in Indore
Personal Loans in Ahemdabad
Personal Loans in Delhi
Personal Loan in Kolkata

Interest Rates and processing fees for personal loans from different banks

If you have decided to go for the personal loan and have all your documents ready, the only thing remaining would be to choose the best personal loan deal from a bank. Before applying, you must carry out a comparison of all the different rates offered by the mainstream banks. Here’s a quick list that should help you out:

Bank

Interest Rate

Processing Fee

PNB Personal Loan 3.10%-6.10% + MCLR Rs.270+ ST & Edu.Cess as documentation charges of loans up to Rs. 2 lakhs

Rs.450+ST & Edu.Cess as documentation charges for loans over Rs. 2 lakhs

Defense personnel need not provide any documentation charges, only the upfront fee

 

Tata Capital Personal Loan 11.99% Starts at Rs. 999 with upfront fees of 1.80%+ST+Edu Cess
ICICI Personal Loan 11.29%-22.00% Up to 2.50% of the total loan amount plus Service Tax, as applicable
Axis Bank Personal Loan 11.25%-24% 1.50% to 2.00% of the total loan amount plus Service Tax, as applicable
SBI Personal Loan 12.55%-17.65% 1% to 3% of the total loan amount plus Service Tax, as applicable
Bajaj Finserv Personal Loan 14.75% 2.25% to 3% of the total loan amount
Fullerton Personal Loan 14% Up to 6.5% of the total loan amount
IndusInd Personal Loan Starts at 11.49% Up to 2.5% of the total loan amount
Citibank Personal Loan 10.99% to 17.99% 0.50% to 3%
HDFC Personal Loan 11.29%-20% Up to 2.5% of the total loan amount, subject to 25,000 INR as maximum and 1,000 INR as the minimum
Kotak Personal Loan Starting at 11.29% Up to 2% plus ST and other levies
HSBC Personal Loan 11.99% Up to 2.5% of the amount of the disbursed loan
Bank of Baroda Personal Loan 11.35%-14.35% Rs.1,000 to Rs.10,000
Central Bank Personal Loan 11.50% Min Rs. 500
Dena Bank Personal Loan 13.00% – 14.00% 1.00% of the loan amount
Corporation Bank Personal Loan 12.75% – 13.75% 1.50% of the disbursed loan amount and subject to a minimum of Rs.500
UCO Bank Personal Loan 11.35% – 11.60% 1% or minimum Rs. 750)
Union Bank Personal Loan 14.40% 0.50% of the disbursed loan amount or a minimum of Rs. 500+service tax
Bank of India Personal Loan 12% – 14.5% Rs. 1,000 to 10,000 + S.T.
RBL Personal Loan 14% 3% of the disbursed loan amount
Allahabad Bank Personal Loan 13.10% 1.22% (minimum 1228)
Canara Bank Personal Loan 12.75% (Floating) Rs. 1,000 to Rs. 5,000
IDBI Personal Loan 12.45% (3 months MCLR plus 3.90%) 1% plus service tax
Bank of Maharashtra Personal Loan 12.75% 1.00% of the disbursed loan amount or Rs. 1000 minimum
Andhra Bank Personal Loan 13.05% – 14.30% Nominal
Yes Bank Personal Loan 11.49% Up to 2%
Syndicate Bank Personal Loan 14.20% p.a. 0.5% with minimum Rs.500 plus Service Tax
Vijaya Bank Personal Loan 12.5% – 13.5% 0.25% of the disbursed loan amount, a maximum of Rs. 10000 plus service tax
Indian Bank Personal Loan 12.65% – 13.65% Rs. 508 – 0.508%
Federal Bank Personal Loan 17.25%-35% Up to 6.5% of the disbursed loan amount
Capital First Personal Loan 12% Up to 1.5%
IDFC Personal Loan 11.50% Up to 1.5%

*Please remember that the figures provided here are subject to change depending on market fluctuations.

LoanSumo offers Personal Loans to borrowers in some of the major cities in India including Hyderabad, Pune, Chennai, Mumbai, Delhi, Kolkata, and Bangalore.

Online Application with Instant Personal loan Process – Fast, Secure & Easy

LoanSumo provides a super easy online application process to help customers apply for quick personal loans. We have a secure application process that is easy to complete. Additionally, our technology allows us to have quick approval and disbursal process of Personal loan from private finance companies, NBFC and Banks. Below is the 3-step process for borrowers to apply online:

Apply Online in 2 minutes: Our instant online loans application takes basic data of the customer to match the borrower with the right type of lender. Filling in the online application will include details like Name, Aadhar, PAN, etc.

Instant Personal Loan Approval: As soon as we receive a customer application, based on customer requirements and the profile of borrower, we match them with a lender. Once matched with a lender, the lender will get back with a fast online approval within 1 hour to 24 hours.

Loan Amount in Bank Account: Once the approval is given, lenders will deposit money in the bank account of the borrower within 24 hours. In the meantime, the lender completes all loan processing and verification. LoanSumo is not responsible for any lending decisions of disbursal process of the lender. We just help borrowers connect with the right lenders.

Loan Processing – Documents Needed for Quick Personal Loan:

Our online application requires some basic items for the lender to make a better decision on the customer profile. To complete the online application, below items will need to be submitted:

  • Copy of Aadhar Card
  • PAN Card Copy
  • Bank Statements for last 6 month
  • Address Proof
  • Last 3 months’ Salary Slips
  • Proof of Employment