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Personal Loan / Business Loan

What is Personal Loan

The total loan amount plus the rate of interest is payable at a fixed equated monthly installment on a fixed date of repayment, either via account debit, post dated check or electronic clearing services.

Compare Personal Loans:

Owing to persistent needs for fulfilling aspirations, Personal loans are exceptionally in demand in India. Shopping for personal loans can be intimidating with several banks and lending institutions offering loans for different purposes. The best way is to compare the eligibility criteria, interest rates, fees and charges, and repayment tenure at PersonalLoanBazaar.com, and make a smart decision. we provide you a comparison from the leading banks like HDFC, HSBC, IDBI, ICICI Bank, SBI, Axis Bank, Kotak Bank and Bajaj Finserv etc.

Personal Loan for Salaried :

At times, we feel the need of some financial help which we can repay slowly on a monthly basis. These could be needed for your child's marriage, going for a foreign vacation, renovation of home, etc.

Personal Loan for Self-Employed :

Out of all the stages on loan processing, the most important stage is the calculation of the applicant's eligibility for the loan. A bank considers the fixed and variable income of the applicant for calculating the applicant's.

Key Benefits of Personal Loan
Personal Loans come with several benefits as mentioned herewith:
  • Get approved for loans up to INR 15 Lakh, depending on income and repayment capacity.
  • Personal loans ensure quick processing, which is often sanctioned within 72 hours, depending on documents submitted to the lending institution.
  • Personal loans typically don't require any guarantor or security.
  • It requires only minimal documentation.
  • 12-60 months repayment tenure.
  • Multiple repayment methods such as post dated checks, electronic clearing services, account debit.
  • Attractive interest rates.
  • Personal loans available for salaried and self employed
Eligibility Criteria for Personal Loan
For Self Employed:
  • Should be an Indian
  • Minimum age of 23 or 25 years with a maximum age of 65 years
  • Minimum income of INR 2-2.5 Lakh per annum
  • Minimum of 3 years experience in the same business
  • Private limited, partnership firms, and deemed limited companies are eligible for personal loans
  • Residence or office should be either self owned or rented
Personal Loan Repayment Process

The total loan amount plus the rate of interest is payable at a fixed equated monthly installment on a fixed date of repayment, either via account debit, post dated check or electronic clearing services.

Compare Personal Loans:

Owing to persistent needs for fulfilling aspirations, Personal loans are exceptionally in demand in India. Shopping for personal loans can be intimidating with several banks and lending institutions offering loans for different purposes. The best way is to compare the eligibility criteria, interest rates, fees and charges, and repayment tenure at PersonalLoanBazaar.com, and make a smart decision. we provide you a comparison from the leading banks like HDFC, HSBC, IDBI, ICICI Bank, SBI, Axis Bank, Kotak Bank and Bajaj Finserv etc.

Personal Loan for Salaried :

At times, we feel the need of some financial help which we can repay slowly on a monthly basis. These could be needed for your child's marriage, going for a foreign vacation, renovation of home, etc.

Personal Loan for Self-Employed :

Out of all the stages on loan processing, the most important stage is the calculation of the applicant's eligibility for the loan. A bank considers the fixed and variable income of the applicant for calculating the applicant's

FAQ
Personal Loan FAQ
What can I use a Personal Loan for?

Personal loan can be used for anything and everything. There are no restrictions on the end use. You could use the loan money to finance anything from the latest fla t-screen-plasma-LCD TV to buying your betterhalf a diamond ring.

How do I take a Personal Loan?

You can always start by checking out with different banks offering you the loan for the best offers - interests - EMI schemes etc. Also find out the eligibility criteria and the documents required to submit before you apply.

How is my loan eligibility determined?

Loan eligibility depends upon various factors which differ from banks to banks. The main factor of course, is your ability to repay the loan. Also your profile, in terms of residence and the place you work in also matters. Do make sure to check all such other eligibilities before applying.

How much personal loan that i can take?

Loan eligibility depends upon various factors. The main factor is your ability to repay. The bank would like that the instalment you pay should not exceed more than 30 to 40% of your net salary or 2-3 times of your income tax return. Please check the eligibility section (hyper link)of our site to know how much you can borrow

How soon can I get my loan money?

Usually banks disburse your loan within seven working days. However, it is recommended that you keep all your documents ready and in order, especially the post dated cheque (PDC ), to avoid any delays. The loan is disbursed only after the completion of submitting of all required documents.

How do I repay my loan?

At the time of applying for the loan, banks ask you to submit all the post dated cheques (PDC ). for each month with Emi which is equal monthly ins tallments or they ask you to sign an Ecs(Electronic clearing system ) with the account tha t you hold. Mostly these cheques/Ecs are presented on 1 st of each month , so please do confirm with the bank on that respect.

What are the interest rates for personal loans?

Each bank will have different interest rates. Interest rates will also vary depending on the individual's profile. Typically interest rates vary from 14.25% to 28%.

How much money am I eligible for?

ou can borrow as much as you can repay comfortably. This in banking terms would mean a personal loan that has an EMI that does not exceed 40% of your monthly take home income, once the EMIs for existing loans have been deducted. For self-employed applicants, profit is the benchmark that determines loan value. Opting for a long tenure will lower the EMI, and therefore will enable you to be eligible 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.

Can I have a co-applicant for a Personal loan?

Yes, you can opt for a co-applicant. To do so, please submit your application on BankBazaar.com, and inform the bank's sales manager contacts that you wish to add a coapplicant. This can help you increase the loan amount you are eligible for as the income of the co-applicant is also taken into consideration.

What is credit history? How does a financial institution check on my credit history?

A credit history is a record of your past repayments of loans and credit card bills. Credit Burea u of India Limited (CIBIL) maintains this credit history, by compiling data from all the banks on existing loans and the repayment history of their customers. Before approving your loan a financial institution always checks with CIBIL on your loan repayment track record.

How can I compare quotes from multiple banks?

Complete the short form above to find best personal loan offers that you are eligible for. Compare these personal loan offers basis EMIs, interest rates, processing fees, prepayment charge and customer ratings and apply to the lender of your choice.

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 prepaying exceeds the prepayment fee paid. This is one of the factors to keep in mind while comparing loans.

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. Most personal loans are offered at a fixed interest rate.

Does Dream Home Reality charge me for its services?

No. Dream Home Reality services come to you free of charge

How will the security and privacy of my data be ensured?

Dream Home Reality 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

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

Work for a stable company

Try our Personal Loan eligibility Calculator to check on the loan amount you are eligible for

Personal Loan documentation's

personal loan documentation process is minimal. Generally banks require the following documentation:

dentity 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 applicants, banks require balance sheets, profit & loss accounts, partnership deeds & other documents etc

Personal Loan Interest RatesUpdated on 20 August 2013

Details of Personal Loan
Personal Loan Interest Rate.(Monthly reducing balance)
14.25% to 49% fixed
Processing Fees
1% to 5% of loan amount
Personal Loan Tenure
1 year to 5 years
Personal Loan Amount
Rs. 1 lakh to Rs. 20 lakhs
Pre-closure Charges
Up to 5% of pre-closed amount
Guarantor Requirement
No guarantor required

Pointers for your personal loan!

Evaluate all loan offers. The first condition for loan offer selection is the total money outflow that the loan will cost. The second factor is the EMI. A loan offer with a lower EMI and a longer tenure may seem attractive, as it could be easy on your purse strings, however not all such loans prove to be cost effective in the long run.

Alternatives to a personal loan

Whenever people have a requirement for some urgent cash and cannot come up with the amount needed with the resources they have, they inadvertently apply for a loan from a bank. Getting a loan today has become very easy, what with the stiff competition prevalent among different banks.

A personal loan? Think twice!

Personal loans are the one of the most widely chosen options, in case you are in a spot and need some urgent cash. However, personal loans are tricky and you need to know as much as possible about their basics before applying for one. Let's start with some common questions.

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