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What is Personal Loan
A personal loan is an unsecured loan that you can take from a bank or NBFC for any personal use including medical emergency, paying off old debts, travel, home improvement, education fees or wedding. Being an unsecured loan means you are not required to pledge any collateral or security with the bank. The loan repayment is done in the form of EMIs over a fixed tenure. You can avail loan online through the bank’s website, app-based lenders, by applying on Finfizz or by visiting the nearest branch of the bank.
Features and Benefits of Personal Loan
Given are the features and benefits of a personal loan:-
Unsecured Loan
Personal loan does not require any collateral or security such as a house, car or jewellery. Loan approval is based on your creditworthiness and employment profile which is reflected by your credit score.
Flexible End-use
The loan amount can be used for various purposes like meeting expenses of a medical emergency, travel, house renovation, debt consolidation, etc. There is no end-use monitoring by banks.
Flexible Tenure
You can choose the tenure as per your requirement. The tenure ranges between 2 months to 60 months.
Minimal Documentation
You are only required to submit minimal documents including documents for identity proof, address proof and income proof.
Quick Disbursal
You can have a loan amount credited to your account within 48 hours to 72 hours. If it’s a pre-approved offer then the loan can get sanctioned within a few hours.
Types of Personal Loan
You can avail personal loans for multiple purposes without any restrictions on end-usage. Best personal loans available for specific uses are as follows:-
Wedding Loan:
Many lenders offer personal loans for weddings which helps you make your or your child’s wedding a memorable event. The funds can be used for organising destination weddings as well as buying jewellery.
Travel Loan:
Travel loan is also known as a holiday loan that you can take to meet all the expenses related to vacation and pay the amount later. The added benefit of this loan is that it comes with travel insurance.
Home Renovation Loan:
A home renovation loan, also called a home improvement loan, helps you take care of costs like repairing costs, buying new material, labourer’s charges, etc. Unlike a home loan, you do not need to mortgage your house to get a personal loan for home renovation.
Pension Loan:
These are the loans for retired people to help them meet medical or daily expenses. The eligibility criteria such as age, work experience, salary credits etc do not apply for a pension loan. However, a pensioner has to submit pension proof to avail of this loan.
Personal Loan for Education:
Education Loan has existed for decades and has helped many people fulfill their dream. However, this loan only covers tuition fees, hostel fees and all the other expenses related to education. If you study abroad or do not take the hostel facility, then the living cost will not be covered under an education loan. A personal loan for education can be a better option to cover all these expenses as it can be availed for any purpose and interest rates are also lower than an education loan.
Consumer Durable Loan:
Banks offer consumer durable loans to people who want to buy white goods or any electric device. Also, sometimes such loans are covered by insurance.
How to Apply for a Best Personal Loan Online?
To apply for an online best personal loan, either you can visit the official website of the lender or perform the following steps:-
- Step 1 : If you need a thorough personal loan comparison before deciding on the bank, visit Finfizz.in.
- Step 2 : Click on the Personal Loan tab.
- Step 3 : Fill in the required information like name, age, loan amount required etc on the form given on the right side.
- Step 4 : Click on ‘Get Quote’.
- Step 5 : Fill the OTP and click ‘Submit’.
- Step 6 : At this step, you will be requested to provide a few more details to get customised offers. Fill in the details and click ‘Submit’.
- Step 7 : Compare your eligible offers and select the one that meets your requirements.
- Step 8 : Get assistance from our loan advisors or choose to complete the online journey to get instant loan approval and disbursal.
Documents Required for Personal Loan
You need to be ready with the following list of documents to be submitted at the time of personal loan application:-
- Identity proof- PAN Card, Aadhaar Card, Voter ID, Passport
- Address proof- Passport, Driving License, Election ID card, Utility bills
- Income proof- Salary Slip, Bank Account Statement, Form 16
- Self-employed professionals are also required to submit last year’s ITR and Bank Account Statement.
Personal Loan EMI Calculator
Personal Loan EMI Calculator is an online tool that helps you to calculate the EMI by entering details about the loan amount, interest rate and tenure. Advanced EMI calculators also build an amortization schedule which gives you a break up of every EMI into interest as well as loan repayment. EMI calculators are preferable over manual calculation due to their instant and accurate results and an ability to do multiple calculations in one go.
Personal Loan Eligibility Criteria
You need to be ready with the following list of documents to be submitted at the time of personal loan application:-
- Age : The minimum and maximum age to avail personal loan is 18 to 65 years. However, many banks require a minimum age of 21 years.
- Loan Amount : You can get a Loan of upto ₹ 75 Lakh, subject to your eligibility calculated based on your net take-home salary. Some banks usually limit the maximum eligibility to 10 – 27 times of net monthly income.
- Employment : Salaried persons working in government, private, or MNC companies can avail of a loan by submitting relevant proofs such as ITR and salary slips.
- Work Experience : The minimum work experience may vary in banks. However, banks prefer individuals with job stability with at least 3 years of total experience and 6-12 months of current work experience.
- Credit Score : Lenders may only approve your loan at low-interest rates if you have a 650 or more credit score.
How to Get Instant Approval on Personal Loan?
To get instant approval on a personal loan, you need to fulfil the following conditions:-
- A good relationship with your existing bank is maintained by paying off dues and instalment on time. If you are a savings account holder, ensure that you maintain the minimum required balance per month. This way, the lender develops trust in you and grants you an instant loan based on your financial credibility.
- Make credit card payments on time and maintain a good balance between no use and excessive usage of your credit card.
- A good credit score is key to getting a loan quickly. Maintain a good credit score above 650 and get the loan amount sanctioned in the account within no time.
- If you are working with top corporations and getting timely salary credits, you stand a better chance of getting a loan.
