Concepts In Personal Loan
What is a Personal Loan?
Personal loan is a type of unsecured loan that is given to individuals for personal use. The borrower can use the money to pay for any expense, such as debt consolidation, home renovation, wedding, medical emergency, travel, festival or other types of expenses.The borrower should carefully consider what type of personal loan will work best for them before taking out a loan.
Credit Lelo will connect you to many lending partners so you can get the best possible rates., and our experience team will take you through the process quickly. Pick from our list of Personal Loan Partners of Banks & NBFCs according to your criteria for quick approval and easy disbursement.
Features & Benefits of a Personal Loan
- No Collateral/Security Required
- Loan Amount up to 50 lakhs
- Flexible End Use
- Tenure up to 7 years
- Flexible Part/Pre payment Options
- Minimal Documentation
- Easy Approval
- Quick Disbursal
Personal Loan EMI Calculator
Types of Personal Loan
Eligibility criteria for Personal Loan
- Age Limit- Minimum 21 years to Maximum 58 years
- Work status – Salaried Employee
- Work Experience – Minimum 1 year
- Salary- Minimum net salary Rs. 20,000/- and above, based on your working city.
- Employment – MNC, public or private limited company(If proprietor/partnership, need PF statement or salary minimum Rs. 35,000/-)
- CIBIL Score- Minimum 650 and above
The above-mentioned personal loan eligibility criteria are indicative in nature. Lenders have the discretion to relax or make the documents for a personal loan more stringent from one applicant to another.
Documents/Check list for Personal Loan
- Adhar , Voter ID, Driving Licence, passport
- Pan
- Passport size photo
- Latest 3 months payslips
- Company id
- Minimum 1 yr employment proof
- Latest 3 months bank statement
- Present address proof(adhar, voter id, driving licence, passport, HR letter, gas bill, rental agreement on Rs. 100 bond paper, postpaid bill).
- Additional Documents: own house proof, balance transfer documents(latest 3 months credit card statements/loan account statements), Form 16 and PF passbook statement.(These additional documents are not for all, for required customers only)
The above-mentioned personal loan documents are indicative in nature. Lenders have the discretion to relax or make the eligibility criteria for a personal loan more stringent from one applicant to another
A wedding loan is a type of loan which is provided to the couple for their wedding. The purpose of this type of loan is to help them pay for the expenses associated with their wedding, such as catering, venue, and other big-ticket items. This can be an excellent option if you want to make sure you are able to enjoy your big day without any worries about how much it will cost. The lender will provide funds up-front or in instalments over time with interest rates that are often lower than what you would find on a credit card or personal line of credit. It’s important that you understand all aspects of this type of loan before making any commitments so that you can determine. For this, Credit Lelo suggests taking a bank or NBFC to ensure easy personal loan approval.
• Loan up to Rs. 40 lakhs for wedding loan
• Repayment time up to 72 months
• Minimal documentation
• Low rate of interest
• Quick process and easy disbursement
Rate Of Interests For Personal Loan
Bank Name | Interest Rate | Processing Fees |
HDFC Bank Ltd | 10.25% | Min Rs. 999 Upto 2.50% |
ICICI Bank | 10.25% | Min Rs.999 Upto 2.25% |
Axis Bank Ltd | 10.25% | Min Rs.4999 |
Kotak Mahindra Bank Ltd | 10.25% | Min Rs.3999 |
Yes Bank | 10.49% | Min 1% |
IDFC FIRST Bank Ltd | 10.49% | Min 0.99% – Upto 2.00% |
Tata Capital | 10.49% | Min 2% – Upto 2.50% |
IndusInd Bank | 10.49% | Min 0.75% to Max 1.75% |
Standard Chartered Bank | 11% | Min 1% |
Shinhan Bank | 10.40% | Min 1% |
Axis Finance Ltd | 12% | Min 2% |
Bajaj Finance Ltd | 12.99% | Min 1.50% – Up to 3% |
Fullerton | 13.99% | Min 2% |
HDB | 14% | Min 1.5% – Upto 3.5% |
Muthoot | 14% | Min 2.50% – 3.50% |
Hero | 14% | Min 2.50% |
Aditya Birla Finance Limited | 14% | Min 2% |
Loantap | 15% | Min 1.50% |
Incred Finance | 18% | Min 3% |
Finnable | 20% | Min 3% |
Paysense | 20% | Min 3% |
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