What is a Personal Loan?
If you are thinking about your higher studies, having a plan of vacation for a couple of weeks, If your parents are planning for your marriage, suddenly any medical issue occur & don't able to fund the expenses?
Then you must know Personal Loan stands here for your personal needs, Various Banks, NBFC's & Financial Institutions are funding for Personal Loan.
Do you know Banks funds a maximum of 40 lakh on Personal Loans, flexible tenure, Easy Repayment mode both available online & offline, with the Lowest Interest Rates? Visit Financeseva they will provide you with complete guidance upon Personal Loan.
How to get a Personal Loan?
There are various types of loan most of you know for applying loan you must have security or assets, while personal loans is such loan where you don't need any collateral to pledge.
Now, you will think how to get a Personal Loan?
(Top 5 Easy steps to get a Personal Loan)
Specify your Requirement:- Determine your required Loan Amount
Know your Eligibility:- Before applying know eligibility & try to match
Check your Monthly EMI:- Checking Monthly EMI will estimate you how much you would pay
Compare Various Banks/Lenders:- Ask various banks & their ROI
Submit Documents:- Know the Checklist & make it ready
Also Read:-SBI Home Loan
How to get a Loan with Bad Credit?
Bankers generally check your ability of repaying Loan through a credit score, it's a complete report of your credit history like have one you borrowed loan earlier & have you timely paid you EMI like others factors. For applying Loan your Credit score matters a lot because it's a unsecured loan, therefore bankers don't have security or assets to auction if you failed to pay Loan. But still there is a chance to get personal loan with bad credit as below given points to consider :-
- Must show a proof of stable income
- Personal Loan Apply with Small Loan Amount
- Add your family members as a co-borrowers
Also Read:-Prime Minister Rozgar Yojana
Which Bank is best for Personal Loan?
To determine which bank is best for a personal loan, you must know some basic factors to consider & determine best bank for Personal loan:-
Interest Rates:- You are required to consider Interest Rates, because this rate will be same for your entire Loan Tenure. It's recommended to compare interest rates from different Bank & NBFC's.
Minimal Documents:- Generally Checklist are differed from bank to bank, thus you need to evaluate which bank ask minimal documents.
Tenure:-Number of months you would be required to sum- up Loan, know whether you need longer tenure or shorter tenure.
Most probably, SBI Personal Loan & HDFC Personal Loan are most preferred banks among borrowers, because of the special features & benefits offered by SBI Bank Personal Loan as well as HDFC Personal Loan it stands unique.
Also Read:- Unsecured Business Loan Low Rate of Interest
How does it work on?
Personal Loan is generally two types of Loan one is secured & another one as unsecured Loan.
Let's start with secured Personal Loan features: - If you have security or assets & looking for Personal loan, in this case, you will be charged low interest along with other facility.
While if we talk about Unsecured Personal Loan features: - In that case Lenders check your credit score, if it's above 700 then only you will be eligible to get Personal Loan because due to lack of security collateral not pledging you will be not offered loan easily.
Hope so things has been cleared well yet!
How much Loan can I get On a Low Salary?
The low salary generally counts in the low-income. With low income, borrowers can easily get small cash loans starting from 50,000 to 1,50,000. This is easy to repay into monthly EMIs.
Let's see some common salary and expected personal loan amount: -
| Salary | Expected Personal Loan Amount |
| RS.15,000 | Rs.1.50 lakhs |
| Rs. 20,000 | Rs. 5.40 lakhs |
| Rs. 30,000 | Rs. 8.10 lakhs |
| Rs. 40,000 | Rs. 10.80 lakhs |
| Rs. 50,000 | Rs. 13.50 lakhs |
| Rs. 60,000 | Rs. 16.20 lakhs |
Different Bank at different Personal Loan Rate of Interest
| Bank name | Rate of interest | Processing fee |
| HDFC BANK | 10.49%-18% | 2.50% (Min Rs 3999) |
| IDFC | 10.49%-18% | UP TO 2% |
| ICICI Bank | 10.49%-18% | UP TO 2.25% |
| YES BANK | 10.70%-20% | UP TO 2.50% |
| Indus Ind | 10.49%-20% | UP TO 2% |
How to use Personal Loan EMI Calculator?
Using a Personal Loan EMI Calculator is no more a complicated task, through the aid of technology anyone can easily able to get use it. You just have to enter required loan amount, interest rate applicable on loan amount & tenure period to repay the principal amount within a certain limit. Within a Seconds scheduled chart prepared upon your entered input values with a ratio bar clearly depicting the variation of interest rate & principal amount. This helps the borrowers to get a pre forecast on monthly payable EMI’s & eventually enhance financial planning.
How do you get a loan if you Have no Collateral?
A Personal loan is an Unsecured loan. You borrow money from banks and lenders without having to pledge your own items as collateral. Unsecured loans do not require collateral, or security like a house or car, for approval. The lenders issue these loans based on your information, like your credit history, financial condition, income, and outstanding debts.
Getting a Personal Loan without collateral is easy. You only need to apply for it. So, what are you waiting for? Apply today and fulfill your dreams!
Apply Now:-Personal Loan
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