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About Personal Loan?

Personal Loan is an unsecured loan for personal use which doesn't require any security or collateral and can be availed for any purpose, be it a wedding expenditure, a holiday or purchasing consumer durables, the loans is very handy & caters to all your needs.

Tips for Best Personal loan deal:-

» Compare exact Emi | Processing fee | Tenure | Documents before choosing bank
» Never pay any fee to any person to get loan sanctioned.Processing fee are deducted from Loan amount.
» Only give documents to one bank and check whether he is authorized Bank employee or vendor.

  • Documents Required
  • Benefits of Personal Loan
  • Intrest Rates
  • EMI Cal

Generally the documents required to processing your loan application are almost similar across all the banks; however they may differ with various banks depending upon specific requirement etc. Following documents are required by financial institutions to process the loan application:-

   » Address Proof
In case of Salaried:-
   » 6 months Bank statements
   » Residence proof
   » Salary slip for 3 month
   » Guarantors & their same set of documents
In case of Self-employed:-
   » Balance Sheets
   » Partnership Deed & other mandatory documents etc.

» A Loan without security: A Personal Loan is not a secured loan (bank doesn't ask for any security or collateral) as against a Secured Loan where one is required to pledge a house or other security to acquire a loan.

» Simple Documentation: A Personal Loan can be accessed with minimal paperwork or documentation & doesn't take much time to procure as against a Secured Loan.

» No specification about the end use of the loan amount: You are not required to disclose the end use of the money borrowed, Banks are concerned about the fact that whether the borrower is able to pay back the loan with interest before the due date or not and they confirm this by checking the income, employment or business & other factors of the borrower.

Personal Loan Rate of Interest
Banks Interest Rate Banks Interest Rate
ICICI Bank 13.50% to 18.50% HDFC Bank 13.99% to 18%
State Bank Of India 18.50% Fullerton India 16% to 32%
AXIS Bank 15% to 16% Kotak Bank 13.75% to 15%
Standard Chartered 16% to 17% Citibank 15% to 16%
Bank of Baroda 14.75% Corporation Bank 14.50%
ING Vysya 13.75% to 17.25% Andhra Bank 15.75% to 16.75%

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