Equated Monthly Installments (EMIs) are the monthly payments you make in order to pay off your personal loan. On a specific date every month, you will need to pay your personal loan EMI. Your personal loan EMI depends upon your loan amount, interest rate and loan tenure. Use the personal loan EMI calculator below to instantly get the lowest personal loan EMI quotes from HDFC Bank, Fullerton & other leading banks.
Use Personal Loan EMI Calculator below if you already have a Personal Loan
Personal Loans in India to meet your urgent cash needs for any purpose.
All major banks in India offer great personal loan deals at low interest rates and fast & simple approval process. Banks like HDFC Bank, ICICI Bank & Axis Bank offer personal loan with minimal documentation.
Benefits of Personal Loans:
- Personal loans can be taken for tenure of up to 5 years.
- No security or collateral is required to get a personal loan
- Personal loan can be taken from Rs. 50,000 up to 15,00,000
- Minimal documentation and quick approvals
- Repayment through easy EMI’s
Important Facts to Know about Personal Loans
- Take a personal loan only when you cannot borrow from friends & family.
- Always compare personal loan offers from various banks.
- Check your eligibility Compare interest rates, Processing fees, prepayment charges & Calculate EMI before signing the personal loan
agreement.
- Make sure you don’t default your payments which can impact your CIBIL credit score. A CIBIL credit score above 800 will help you get quick
approvals for personal loan, home loan or car loan. A score of 100 will result in immediate personal loan rejection.
Check Personal Loans eligibility & documentations online
Personal Loan Eligibility:
You are eligible for a personal loan if you are:- Salaried individual
- Self employed individual
- Self employed professional like doctor, lawyer, etc.
- Aged above 18 years
- Have a good CIBIL credit score
- Good repayment capacity with fixed & stable income source
- Overall banks rating for the company you work for
- Try our Personal Loan eligibility Calculator to check how much loan amount you are eligible for.
Personal Loan documentation:
Personal loan documentation process is minimal and generally banks require the following document:- Identity proof (Pan card, Passport, etc.)
- 3 to 6 months bank statement (if salaried then bank statement of your salary account)
- Residence proof (rent agreement, property document, ration card, etc)
- Salary Slips
- In case of self-employed banks require balance sheets, profit & loss account, partnership deed & other documents etc.
Personal Loan Faq’s
1. What are the interest rates for personal loans?
Each bank will have different Interest rates. Interest rates will also vary depending on each individual’s eligibility criteria’s. Typically Interest rates start at 12% and can go up to 28%.
2. How much money am I eligible for?
You can borrow as much as you can repay. This in banking terms would mean a personal loan that has an EMI that does not exceed 40% of your monthly take home income, where the EMIs for existing loans are also deducted.
For self-employed applicants, profit is the benchmark that determines loan value. The longer the time frame for repaying the loan the lower the EMI and this also means you can opt for a larger loan amount. The loan amount you are eligible for is also dependent on other factors like the company you are employed with, the location of your residence and your credit history.
3. Can I have a co-applicant for a Personal loan?
Yes, you can opt for a co-applicant. This can help you increase the loan amount you are eligible for as the income of the co-applicant is also taken into consideration.
4. What is credit history? How does a financial institution check on my credit history?
A credit history is basically a record of your past repayments of loans and credit card bills. Also, there is a central bank of data available with the Credit Bureau of India Limited (CIBIL), where data from all the banks on existing loans and their repayment patterns of their customers are accumulated. Before approving your loan a financial institution always checks with CIBIL on your loan repayment track record.
5. How can I compare quotes from multiple banks?
One of the easiest ways to do this is to compare online. Find your personal loan at BankBazaar.com to gain instant access to the best quotes from various lenders.
6. What does prepayment charge mean? Does it matter while comparing loans?
A personal loan is repaid to the lender within a fixed time frame, which is usually 1 to 5 years. In case you want to clear the loan payment earlier than the agreed time frame, the bank levies a prepayment penalty charge. This could be up to 5% of the outstanding loan amount but can vary according to the bank and the credit profile of the borrower. Make sure the interest saved by pre-paying exceeds the prepayment fee paid. This is one of the factors to keep in mind while comparing loans.
7. What is the difference between a fixed interest rate and floating interest rate?
A fixed interest rate remains constant throughout the loan tenure regardless of the market conditions whereas a floating interest rate can decrease or increase depending on market fluctuations. For instance, it increases when RBI hikes up short term interest rates. Banks usually quote the floating rate loans as their index rate (prime lending rate) plus or minus x%. Banks usually increase or decrease their prime lending rate when the RBI increases or decreases short term interest rates.
8. Does Bank Bazaar charge me for its services?
BankBazaar’s services come to you free of charge.
9. How will the security and privacy of my data be ensured?
BankBazaar will never share your data with any third party other than the financial institution that you decide to apply to. Our sound technology practices ensure a highly secure environment for all your data.
