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Personal Loan details

A Personal loan is unsecured form of loan that can be used for multiple purposes such as for travelling, education, purchase, home renovation, for marriage, in case of medical emergencies, for business purpose or any other household expenditures.

1. Interest Rate Range: 10.99% to 21% (Per Year).
2. Repayment Period: Minimum of 1 Year to maximum of 5 Years.
3. Processing Fee : 1%-3% of the loan amount + Service Tax.
4. Representative Example:, if you take a loan of Rs. 1 lakh at the rate of 16% with repayment tenure of 3 years, your EMI will be Rs 3,516. The total payable amount at the end of 3 years would be Rs 1,26,565. Therefore, you are paying total interest amount to the tune of Rs 26,565. This, however, excludes other applicable charges which are documentation charges and processing charges:
5. Loan Processing Charge@ 2% = Rs 2000 + S.T.

Connect with Bank & Offers
Bank Name Interest Rate Processig Fee Login Fee Pre Closer Fee Days to Sanction
HDFC BANK 10.49%-18% 2% 0 3% 4
ICICI Bank 10.99%18% 2% 0 3% 5
Axis Bank 11.49%-18% 2% 0 3% 7
Kotak 11.49%-18% 2% 0 3% 5
IDFC 12%-19% 2% 0 2% 5
Indus Ind 12%-20% 2% 0 3% 5
RBL 12.5%-21% 2% 0 3% 5
Final Interest Rate will be dependant on customer's credit score, income, employment type, past credit histroy and decision is taken by respective Financial Institutions.
*T&C Apply

Why do you need a Personal Loan?

Why do you need a Personal Loan?

A personal can be taken for a variety of purposes and requirements. Some of these include:

Travel Loan: Going out and exploring the world is not a privilege anymore but a necessity for most of you tired of a busy life. Funds are not a constraint anymore as personal loans can be taken for a luxurious vacation or for short holidays

Home Improvement Loan: These help for reasons as wide ranging from getting a fresh coat of paint for the house to small repairs or remodelling and buying household equipment

Marriage Loan: It is known that weddings or marriages can cost a lot and it is not easy to arrange for such funds. Extended parties or travel can are additional costs which can be met by applying for a gurufinancials personal loan

Debt Consolidation Loan: Most of you would have opted for borrowing money in life to meet a requirement or transact through credit cards. A personal loan from gurufinancials provides a great way to pay off high-cost credit card obligations or debts with high EMIs

Rent deposit Loan: Increasingly young people are travelling to find employment in metro cities where rent deposits can be quite high. It is normal for deposits to be charged in the range of ₹ 1,00,000 for a single house. If you are new to credit, personal loans are the best option to arrange for immediate funds

Medical Loan: Life is never predictable, and you might come across accidents and emergencies from time to time. Personal loans which do not require collateral are a good option to get money quickly. gurufinancials’s online process allows you to get a fast loan and meet your financial needs

Personal Loan Eligibility

A personal loan as the name suggests is provided to individuals and not businesses. Most banks and NBFCs (Non-Banking Financial Companies) offer personal loans to both salaried and self-employed individuals/professionals. The eligibility criteria for a personal loan vary slightly depending on the type of applicant. Following are some of the key personal loan eligibility factors that need to be kept in mind*:

Particulars Salaried Self-Employed
Age 21 - 60 years 21 - 68 years
Minimum Income Rs. 15,000 per month Rs. 5 lakh per year (gross)
Employment stability    Total experience- Minimum 2 years
   
Employment stability    Experience in the current organization- Minimum 1 year Minimum 2 years in current business

*The personal loan eligibility criteria mentioned above are generic in nature and actual eligibility factors will differ from one lender to another.

Documents required for Personal Loan

Documents are proof of reliability and establish the complete profile of a borrower. KYC documents are required as per law to process any loan application and inform authorities when required. We accept your documents in electronic format and these can be uploaded on the site. The basic documents required to apply for a loan include:

  • Photograph
  • PAN Card
  • KYC (Identity and Address Proof)
  • Bank Statements for the last 3 months

Depending on the credit analysis the team might ask for other documents which might include:

  • Salary slips Latest 3 month
  • 6 month bank statement where salary credited
  • Form 16 2 yrs
  • House ownership proof (if any)
  • Permanent address proof
  • Proof of employment etc
  • Any loans then Loan sanction letter and track record

For self Employeed

  • 2 yrs of IT Return set with Balance sheet ,P& L account with CA Seal and signature
  • 1 year CA & SB Accounts
  • Gst Certificate
Simple tips while applying for a Personal Loan Online

While our personal loans are exciting there are a few points that you should keep in mind before proceeding with a loan:

Do not focus only on the interest rate - While the interest rate is important it is good to note that the processing fee as well as the pre-closure charges are applicable on each transaction. In case you propose to pre-close your loan, choosing an option which has no pre-closure charges would make more sense even though the interest rate might be a little higher.

Do not hide key information - We conduct thorough checks on validity and originality of information as well as documents and anomalies would result in the loan application getting rejected.

Do not borrow personal loan for investments - This move could backfire if the potential investment turns bad for some instance.

Calculate your repayment potential before taking a loan - Though you might be eligible for a higher loan amount be certain if you could pay the projected EMI or reconsider a smaller amount. A default or delayed EMI payment will affect your CIBIL Score which will hamper the possibility of you getting loans in the future.

Check the loan agreement thoroughly - Please ensure that you read all the Terms & Conditions before signing the agreement. In case of any queries, check with our team and they would be more than happy to help you.

Do not file multiple applications: The final and most important suggestion is not to approach and apply for a loan with multiple banks/NBFCs or NBFC-P2P lending platforms. If your applications are rejected, it could affect your credit rating in a major way.

gurufinancials is a service which provides a great way to finance your immediate needs. For all your quick personal loan requirements, apply through this site or download the app.



Compare Personal Loan Rate of Interest in Mumbai, Pune, Thane, Navi Mumbai,Delhi, Bangalore,
Personal loan rate of interest is varying from bank to bank, but personal loan interest rate depends on your salary or income, your company category, credit score or payment history and your relationship with the bank. Before applying personal loan you need to aware of personal loan details, please refer our personal loan blog if you need more information. Compare personal loan interest rate offered by various banks.
Bank Name Rate of Interest for Salaried Employee Processing Fee
HDFC Bank 10.99% - 17.85% 0%(MIN) TO 2.5%(MAX )
Axis Bank 11.99% to 24% 0.99%(MIN) TO 2%(MAX )
ICICI Bank 10.99% - 17.85% 0%(MIN) TO 2.5%(MAX )
Standard Chartered Bank 11% - 16% 0%(MIN) TO 1000 ON LOAN AMOUNT(MAX)
IndusInd Bank 14% - 16% Up to 2.50% of loan amount plus tax
Kotak Bank 11.50% - 24.00% Up to 3.00% of loan amount
Bajaj Finance 14.25% - 16.75% 2% to 3% of loan amount
HDB Finance 14% TO 21% 1%(MIN) TO 2%(MAX )
Fullerton Finance 13.00% - 24.00% 2%
State Bank of India 11.00% - 17.65% Nil
IDFC Bank 10.99% - 24.00% 2% to 4%
Tata Capital 13.50% - 18% 1%(MIN) TO 2%(MAX )
Yes Bank 12.50% - 16.00% 2% to 3%

FAQ

Frequently Asked Questions
What is a Personal Loan?

Personal loan is a loan which is taken for immediate personal use. It can be taken for any personal use like for a vacation, marriage in the family, sudden medical expenditure etc. Personal loan doesn’t require any collateral security or any surety and is easily available. The amount of loan ranges from Rs.50, 000- Rs. 30 lakhs with a repaying period of 1-5 years.

What is the amount of personal loan one can get?

The minimum and the maximum amount of loan vary from bank to bank and also the repaying capacity of the borrower. However the banks and the NBFC’s offer personal loan ranging from minimum Rs.1000 to maximum Rs.15 lakhs or even 30 lakhs depending on the financial status of the borrower.

What is the tenure of the personal loan?

The tenure of repayment of personal loan generally ranges from 12 months to 60 months.

What are the interest rates on personal loan?

The personal loan interest rates by each bank are calculated by their own unique classification method. The interest rates vary from 12.99% to 25% for various banks.

What are the charges applicable for personal loan?
The banks mainly charge following fees:
  • Processing fees: The processing fee varies from bank to bank. But generally is in the range of 05%-2.5%.
  • Prepayment Charges: Few banks take pre payment charges i.e. they charge if the borrower pays the loan amount before the tenure. Generally the pre payment charges are in the range of 0%-5%.
  • Cheque Bounce Charges: Few banks charge if the cheque deposited gets bounced. It is in the range of Rs.500 per cheque to Rs.1000 per cheque.
  • There are other charges like cheque swap charges, amortization schedule charges, statement of account charges, duplicate statement issuance charges etc. which is different for every bank.
What are the eligibility criteria for personal loan?

The eligibility criteria for personal loan vary from bank to bank. Banks decide the repayment capacity of the borrower on the basis of age, income, employment and work experience. The criterion is mainly based on the work profile of the borrower i.e. whether he is self employed or salaried.

Eligibility for self employed:
  • Individuals in the age group 24 years to 65 years can apply
  • Borrower should have minimum of 3 years work experience
Eligibility of salaried:
  • Individuals in the age group 21 years to 58 years can apply
  • Borrower should be with the current employer for minimum 1 year
How to choose the best personal loan?
Calculate the loan cost on the basis of interest rates and other charges of various banks:
  • Choose lowest Interest rates: The personal loan interest rates range from 12.99% -25%. One must go for the loan offering minimum interest rates.
  • Check Processing fees and other charges: When going for personal loan one must read all the charges carefully. Different banks have different processing fees ranging from 0.5%-2.5%. Many banks don’t charge pre payment penalties which is advantageous for the borrower.
  • EMIs: The monthly installments change with the tenure. If the tenure is short the EMIs are high but the interest amount is less. But if the tenure is long the EMIs are low but the interest amount is high. So one should compare the various EMIs according to the repayment capacity.
  • Check out the eligibility criteria: The banks offer personal loans on the basis of eligibility criteria and this varies from bank to bank. One should check the eligibility criteria for personal loan in various banks to get the best deals.
How to get instant online personal loan?

One can apply by filling our enquiry form or cantact form.

How much time will it take to get my personal loan approval?

Once we received your application and all the documents it will take 48 hours for loan approval.

How can i submit documents to apply online personal loan?

Once all the documents are ready, our executive will come and collect documents at your doorstep.

Where can i check my loan application status?

You can check your status with us or respective bank websites.

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