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LoansXpert –

Many times there are certain exigencies that require people to spend immediately and they do not want to touch their fixed deposits of already invested amount to cover up such expenses. In such scenarios, an instant personal loan is the best options which take over the immediate expense load from your shoulder and you can repay it in small amounts in the said period.

Some such scenarios which demand a person to take a personal loan are weddings in family, repair of your four-wheeler, a gift to someone, medical conditions that need to be catered immediately, you must send your child for higher education which demands huge cost at once, you want to take your family to that unplanned leave. The best part about personal loans is they have short processing time and can be availed immediately. Moreover, a person can get the amount disbursed into his account within 24 hours in case of personal loan. apply online or just call us using the contact information available on the site.

Purpose of Personal Loan

Personal Loan can be used for the below purposes

  • Marriage
  • Buy Land
  • Settling Debt
  • For Higher Studies
  • For House Renovation
  • For Holidays Abroad
  • For General Purpose

Eligibility of Personal Loan

You could be judged for giving personal loans based on two criteria’s that is your profession and source of income. Below are the factors considered while deciding your personal loan eligibility.

A salaried person who has attained the age of twenty-one years and is not more than fifty-eight years old.

employed with a reputed organization in the private or public sector for at least two years regularly with a minimum wage of twenty thousand rupees per month.

A person who is self-employed or a businessman between the age of 25 to 65 years with the regular running business for the past three years in the same place with an earning of at least two lakh rupees a year.

Document required for salaried individual for Personal Loan

Below is the list of documents that are required to submit with your personal loan application form.

Documents Required for Personal Loan
  • Government approved Identity Proof (PAN Card, Voter’s ID, Passport, Driving License)
  • Address Proof (Aadhar Card, Electricity Bill, your Passport)
  • Last three months bank statement.
  • Last three months Salary slip.
  • Passport Size Photo
  • Company ID

Document required for a self-employed individual

Below is the list of documents that are required to submit with your personal loan application form.

  • Government approved Identity Proof (PAN Card, Voter’s ID, Passport, Driving License)
  • Address Proof (Aadhar Card, Electricity Bill, your Passport)
  • Last three months bank statement.
  • ITR filings for last two years which are certified by a CA..
  • Educational documents of highest degree attained.
  • Passport Size Photo
Documents Required for Personal Loan

Personal Loan limit that one can avail

For Salaried Individual
  • Minimum Income – INR 20,000
  • Minimum Loan Amount – INR 75,000
  • Maximum Loan Amount – INR 15 lacs
  • Loan Tenure – 12 to 72 months
For Self Employed Individual
  • Minimum Income – INR 20,000
  • Minimum Loan Amount – INR 300,000
  • Maximum Loan Amount – INR 20 lacs
  • Loan Tenure – 12 to 48 months

What is the Interest Rate applicable on Personal Loan?

The interest rate applicable to the personal loan varies for different financial institutions from 11.49 percent to 20 percent. The various factors which can affect the interest you need to pay on your personal loan may depend on various factors such as credit score, your standing in your profession or business, the length of your service in your organization, your income and if you still have any other loan.

The EMI to be paid on your loan amount may vary with the interest rate you are paying and the loan amount you have applied for and what is the tenure you have chosen to pay that amount. The personal loan tenure can vary from one year to seven years depending on different criteria’s.

The longer the tenure of your loan, the lesser the EMI you need to pay every month however the lump sum amount may increase slightly depending on the interest rate you are paying for that tenure. The EMI could be sent through auto debit or ECS facility. You may also opt for a postdated cheque payment facility.

Personal Loan Interest Rate comparison

Private Sector BanksPublic Sector Banks
Bank NameInterest RatesBank NameInterest Rates
YES BankStarting at 10.75%Bank of India13.45% - 14.20%
ICICI Bank10.99% - 18.49%Central Bank of India10.85% - 14.35%
Axis Bank16% - 24.00%Punjab National Bank10.45% - 15.00%
HDFC Bank11.25% - 21.50%Syndicate Bank12.40% - 13.65%
Kotak Mahindra Bank10.99% - 20.99%Vijaya Bank12.55% - 13.55%

How your eligibility for Personal Loan is calculated?

Your eligibility for a personal loan is calculated on your capacity to repay your personal loan. Using a Personal Loan eligibility calculator, one can himself also determine the amount of loan and the period for which one can payout that loan amount to calculate the EMI he would be comfortable to pay.

Longer the tenure, shorter is your EMI. Also under personal loans, you don’t have to give any security to cover your loans, these can be available based on your credit score alone.​

Factors that affect the loan amount

  • Total Income / Salary
  • Source of Income
  • Employment History
  • Loan Tenure
  • Loan Amount Required

FAQs About Personal Loan

There are many banks which offer different interest rates. We have filtered interest rates of some of the best banks in India.

Tata Capital11.75% to 18%
Citibank10.99% to 17.99%
SBI12.75% to 14.75%
ICICI Bank11.25% to 22.00%
HDFC Bank11.25% to 21.50%
Kotak Mahindra11.25% to 19.99%
Bank of Maharashtra12.70%
Dena Bank13% to 14%
Union Bank14.4%
Yes Bank20% to 22%

An equated monthly installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off your Personal loan each month so that over a specified number of years, the loan is paid off in full.

The mathematical formula for calculating EMIs is:EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly installments. But you don't need to worry about those calculations, you can calculate your EMI using our EMI Calculator.

The lowest rate of interest for a personal loan is 10.99% as of June 2019.

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