The market today is flooded with advertisements promoting personal loans. These attractive advertisements lead one to think this as an easy access to money for luxurious lifestyle and holidays. But are they as easy as shown in adverts? Well the truth is – they are, unlike home loans that take forever to get sanctioned, personal loans are quickly available as in a day or two to a maximum of a week, depending on your choice of institute. But always exercise caution when things seem too easy.
Well, the first step is to apply for one. You need to approach the bank for personal loan and fill in the application and submit it along with necessary documents. However, in this hi-tech world, where there is a vast amount of information online- it is advisable to check your eligibility online. Along with the application, you will be required to furnish documents related to your identity and address and your photograph. For salaried individual, you should be able to submit the salary slips- 3 months and Form 16 whereas the self-employed applicants will have to submit last 3 years Income Tax Returns and CA certified balance sheets.
The other eligibility criteria are-
So what is the maximum amount of personal loan allowed if the above criteria is met?
Well, most banks, NBFC s and Fintech companies do take in and consider personal loan application for amounts as less as Rs. 50,000 and as high as Rs.25, 00,000.
An important factor to consider is the interest rate that is being charged on the personal loan. The interest rate is definitely higher than home loan as they do not require any collateral or guarantor for the loan. The interest rate charge by banks are- 10.85% - 37.00% depending on the banks internal policies. There is also a processing amount that is charged. Most banks do allow a long tenure for the instant personal loans ranging from 6 months to 5 years. This gives you the advantage of option for an EMI that is suitable for your monthly budget.
Advantages of taking personal loan from bank-
Top Banks Providing Personal Loans in India
||11.99% to 35.99%
|| 1% to 5% of total loan amount
||₹1,00,000 to ₹15,00,000
||12 to 60 months
"I am really happy that I got a loan from Qbera. My application has been rejected by lenders in the past without giving any explanation for rejection. Qbera approved my loan with minimum documents. Thanks a lot once again."
I did not want to make many enquiries as many requests can lower the CIBIL score. I contacted Qbera on a Monday and by evening itself they had an offer for me. They kept me informed through every step of the process and were also flexible with regards to my commitments. In the end, the loan was disbursed within two days of documents submission. Thank you Qbera for simplifying the process and helping me find a loan. " Show more...
"It was a nice experience with Qbera. I have never seen such an easy process for getting a loan, especially when you need it the most. Thank you Qbera for your support."
"I had a hassle-free experience with Qbera. It was a very easy application procedure and in a short span of 3 days I got my loan credited to my account. Thank you so much for the support Team Qbera"
"It was very easy to get a loan from Qbera. I just applied on their website and got a confirmed offer immediately. The amount was transferred soon after. Will give it 5 out of 5"
"It's good and quick response from the Qbera team to get the loan. They are very good at the communicating the things properly and appropriately"
Following a Supreme Court Order dated 13th March, 2018, Insurance regulator IRDAI extended the deadline for linking the 12-digit unique identity number with various insurance policies.
A day after SBI hiked deposit rates across maturities, the largest lender of India also raised MCLR by up to 25 basis points. MCLR is now at 8.15 percent which was earlier at 7.95 percent. This signals a possible increase in the EMIs of all types of loans – starting from personal loans to home, auto and other loans. ICICI Bank and Punjab National Bank (PNB) also hiked their MCLR by 15 bps. PNB home loans will now be at 8.6% and for women it will be 8.55%.