Tips to get Personal Loan

What is the personal Loan?

Before taking personal loan we should know what a personal loan is. A personal loan is a kind of unsecured loan people take to complete their personal needs(wedding, vacation, education, medical). Personal loans are easy to get, the documentation for a personal loan is very minimal. And the interest rate is also low.

Eligibility Criteria for Personal Loan

Minimum age of 21 years and maximum of 60 years.
Minimum 2 years of work experience if self-employed, a minimum of 2 years of business experience.
Minimum income 25,000
Minimum CIBIL score 650
The applicant should have an account in this bank.

Documents require for approving Personal loan

KYC Documents

Pan Card
Aadhaar Card
Voter’s ID
Passport Size Photo

Income Documents

Salaried: Last 3 years of PAYSLIPS, 6 months’ salary account bank statement.
Self – employed: IT files of the last 2 years, Financial Documents, last 6 months primary account statement of the company.
Installments applicant is currently paying, all the numbers of credit cards and credit limit applicant has.

Proof of Employment / Business Continuity

Salaried: Form 16 or appointment letter of 2 years earlier.
Self Employed: Tax registration certificate of dated 2 years or an earlier period.

Tips to get a Personal Loan

Credit Score/CIBIL Score – A good credit score is always important to get a personal loan. The interest rate often depends on the credit score. You must have a credit score in between 650-900 to get a personal loan. The more punctuality you have on your credit payments, the higher your credit score will be.
Decide your loan amount carefully – When you are taking a loan take only that amount you need. You must apply for a loan that you can repay on the fixed tenure. Because the bank will check your salary slip and if they don’t think that you can’t repay that amount on that fixed tenure your application for a loan can be canceled.
Don’t apply for a new loan while you are repaying a previous one – When you are taking a new loan you must maintain a gap of six months from your previous loan. Banks generally avoid those applicants considering that they can’t take the burden of two loans at a time.
Eligibility Criteria – Bank has some eligibility criteria before giving personal loan. The applicant must be in the age group from 25-55. Applicant must have a job from last 2 year and if he/ she is self-employed he/she must running their business for the last 2 years.
Find the right Institution– While you are taking a personal loan you must find the right institution because out there there are institutions who are giving loans on the high-interest rate you should avoid them.

Now we are giving a list of financial institutions who give personal loans.

Bank Name	Loan Amount	Loan Tenure( Yr)	Loan Interest	Pre Closure Charge	Processing Fee Range
Allahabad Bank	Minimum-50,000 Maximum-7.5 lakhs.	1-5	11.60%-13.60%	2.25% of outstanding balance only in case of take over.	1.22%(minimum 1,228)
Axis Bank	Minimum-50,000 Maximum-15 lakhs.	1-5	15.75%-24.00%	NIL	2.00%+service charge applicable.
Andhra Bank	Minimum-50,000 Maximum-1,50,000	1-5	11.55%-16.00%	NIL	NIL
HDFC Bank	Minimum-50,000 Maximum-25 lakhs.	1-5	10.99%-21.25%	Between 2% to 4% of outstanding principal.	Upto 2.50%
State Bank Of India	Minimum-25,000 Maximum-15 lakhs.	1-5	10.75%-15.55%	Between 2% to 4% of outstanding principal.	1.01% of the loan amount
ICICI Bank	Minimum-50,000 Maximum-40 lakhs.	1-5	10.99%-18.49%	5% of outstanding principal + GST	0.99% to 2.25%
IDBI Bank	Minimum-50,000 Maximum-10 lakhs.	1-5	10.99%-18.49%	2% of outstanding principal.	1%+ S.T charges
Yes Bank	Minimum-2 lakhs Maximum-20 lakhs.	1-5	14%* per annum.	Within 12 to 24 months: 4% Within 24 to 36months: 3% Within 36 to 48 months: 2% After 48 months : No charges.	2% of the principal minimum 999
Indiabulls Bank	Minimum- Maximum-15 lakhs	1-5	11.99%* onwards	5% if less than 6 months.	Upto 5%
Capital first	Minimum-50,000 Maximum-4 Lakhs	1-5	12%-16%	4% of outstanding	2% of principal
Aditya Birla	Minimum-25,000 Maximum-15 lakhs	1-5	11.00%-13.75%	4% of principal outstanding in 1st year, 3% in the 2nd year, and thereafter preclosure permitted after 6 months.	1% of principal.
Fullerton	Minimum-65,000 Maximum-25 Lakhs	1-5	14.00%-33.00%	4%of outstanding principal.	Up to 2.00%
Bajaj Finance	Minimum-1 lakh Maximum-25 lakh	1-5	13%-16%	NIL	1.5%-2.00%
UBI(United Bank Of India)	Minimum- Maximum-2 lakhs	1-3	13.45%-14.20%	NIL	1% of principal.
BOB(Bank of Baroda)	Minimum-50,000 Maximum-10 lakhs.	1-4	11.80%-16.80%	Within 6 months it costs 6% after six months no charges.	2% minimum rupees 250
PNB(Punjab National Bank)	Minimum- Maximum-10 Lakhs.	1-5	12.00%-15.00%	NIL	1.8%+ Taxes
OBC(Oriental Bank Of Commerce)	Minimum- Maximum-5 Lakhs	1-5	10.65%-11.65%	NIL	0.5% Minimum RS.500
BOI(Bank Of India)	Minimum-10,000 Maximum-5 Lakhs	1-3	12.00%-14.00%		2% or 1,000+10,000+ Tax.
Indusind Bank	Minimum-50,000 Maximum-25 Lakhs	1-5	11%-16%	4% of outstanding principal	Minimum 1% maximum 2.50%
Standard Chartered Bank	Minimum- Maximum-	1-5	10.99%*-14.49%	NIL	999 almost.
TATA Capital	Minimum-1 lakhs Maximum-20 lakhs.	1-5	11.50%-17.25%	4% of the outstanding principal.	upto2%
UCO	Minimum-50,000 Maximum-10 Lakhs	1-5	11.35%-12.70% For Woman-11.20%*		1% minimum RS.750
Syndicate Bank	Minimum-50,000 Maximum-2 Lakhs	1-5	12.25%-13.50%	NIL	0.5%minimum RS.500
Kotak Mahindra Bank	Minimum- Maximum-25 Lakhs.	1-5	10.99%-20.99%	5% of outstanding principal.	Up to 2.5%
Citi Bank	Minimum- Maximum-30 Lakhs	1-5	11.49%-17.99%	2%-4% as applicable.	Upto 0.50%
Dena Bank	Minimum-15,000 Maximum-1 Lakhs	1-3	13.00%-14.00%		1% of principal
Federal Bank	Minimum- Maximum-10 Lakhs	1-5	11.75%-14.65%	NIL	0.5%minimum RS.500