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One Personal Loan for all your Needs
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Personal Loan is an unsecured Loan granted to an individual. Personal Loan can be utilized for various financial needs such as wedding expenses, clearing debts, medical bills, home renovation and others. Minimal documentation and faster processing make personal stand top in a loan and it is best-preferred financing option. Compared to other loans personal loan to have a shorter repayment tenure ranging from 1-5 years. The APR(Annual Percentage Rate) varies depending on the individual applicant’s profile and may range from 11.29% to 35%. Processing Charge will vary from 1-3%.
In case of swapping Post Dated Cheques or change in payment mode then the additional charges are applicable. Also, depending on various banks, lenders and prepayment options may lead to applicable charges to vary.
The banks in India has grouped Companies into listed companies and non-listed ones. The companies are grouped based on Company Profile and Standards. The Companies are divided into certain categories such as Super A, Cat A, Cat B, Cat C, they are also called as Gold, Silver, Diamond, Platinum etc. The Bank considers these employees from different categories are creditworthy for availing the personal loans and provides the lower rate of interest and Maximum benefits of the Banks than compared to non-listed companies. The companies which are not popular or not recognized falls under the Non-listed companies. The employees under the category of Super A / Cat A companies are considered as ‘Top Leads’ by the banks and Provide special offers and benefits are high when compared to the other categories companies like Cat B / Cat C / Cat D. Top Cities to avail Personal Loan instantly are: Bangalore, Chennai, Coimbatore, Delhi, Kolkata, Mumbai and Pune.
Popular Banks offering Personal loan
Personal Loan EMI Calculator
EMI Calculator is used in identifying the Equated Monthly Instalment to be paid back to the bank for taking personal loans. EMI is calculated based on Principal Amount, Rate of Interest and Repayment time or Tenure. EMI’s helps in easily clearing the Personal Loan amount without having confusions in repayment options.
- Principal Amount: The amount which is borrowed from the bank as a loan is called Principal Loan amount.
- Rate of Interest: The Rate of Interest is the Percentage of amount one has to pay for borrowing Loan amount from the bank based on the principal amount taken.
- Tenure: Tenure is the time given to a borrower to pay off the taken loan without holding any dues to banks. usually, minimum tenure will be 12 months and extends up to 60 months.
- EMI is calculated on considering the three factors such as principal amount, rate of interest and Tenure.
Documents Required for Personal Loan
- Identity proof: Aadhar card, Voter ID, Passport and Driving License.
- Address proof: Ration card, Passport, Telephone bill, Rental agreement, Electricity bill.
- Bank Statement of 3 months or 6 months older bank passbook.
- Recent Salary slip or Current salary certificate.
- Latest Form 16 to legally depict the current net salary of the person.
Eligibility Criteria for Personal Loan
Basic Eligibility for a salaried person to take Personal Loan:
- Age limit: Min 21 years to Max 60 years.
- Employment Status: Employee should have at least one year of experience in his working field.
- Minimum Income: Employee Net Salary should be Minimum 15,000 per month.
- Loan Amount: Min 50,000 to Max 50 lakhs.
Credit Score for Personal Loan
- The Credit score is the number which tells about your financial history or credit history.
- The Credit score more than 750 is said to be Good Credit score. The higher the numbers, credit history is good.
- The Bank checks the borrower Credit score before availing the Loans.
- if the borrower holding more than 2 loans or if the repayments are missed by not paying to the banks in time, then that will reduce the customer’s Credit score.
- The credit score helps the Banks in identifying the financial history of the customers for providing Personal Loan.
Turn Around Time for Personal Loan
The Time taken by any of the banks to approve the personal loan application and Disburse the money to the Borrower account is called Turn Around Time. The Banks prioritize the borrowers according to bank rules in disbursing the money granted for Personal Loan. Turn Around Time may vary from one borrower to other. The minimum Turn Around Time will be 1 day and may reach 5 days too on working days. The Top Banks like HDFC Bank and ICICI Banks will have maximum 2 days Turn Around Time. Turn Around Time may vary from Bank to Bank.
Balance Transfer in Personal Loan
Balance Transfer is one of the special options to reduce the burden on the borrowers who are paying high-interest rate on taking Personal Loan. Balance Transfer is a helpful option when a customer wants to choose another bank which is offering the Personal Loan at a Lower rate of interest when compared to present Bank. The Banks usually don’t change the interest rates for personal loans in the midway of the loan period, they remain constant till the loan is cleared but choosing balance transfer option may help borrowers in reducing their rate of interest on personal Loans by changing their Banks which is providing the lower rate of interest. Once Balance Transfer is Successful, then the borrower will stick on to the new bank’s norms and regulations.
Preclosure of Personal Loan
- Clearing the personal loan before the actual loan Tenure period is called as Preclosure.
- This is the option given by the banks for their customers to clear off the all the loan amount in one settlement.
- Borrowers can clear off their personal loan at one stake after Certain EMI’s through this option.
- Pre-closure helps customers to get rid of the long-term EMI’s and also the Interest rates on the loans taken.
Part Payment in Personal Loan
- Part Payment option helps the customers to clear certain EMI’s at a time.
- Clearing Payments in a part is called Part Payment.
- On choosing Part Payment, The tenure period and EMI’s varies.
- Only Few Bank Provides Part Payment options such as Bajaj Finserv, Tata Capital, Axis Bank etc.
- Part Payment is one of the best options to clear our loan amount before the expected EMI’s.
- Banks charge some fee for choosing Part Payment on Personal Loans.
Personal Loan in Bangalore:
Availing Personal Loan in Bangalore is so easy because it holds all top bank networks to help the people in Bangalore. If you are one among the Bangalore resident then choosing personal loan will be much easier with less documentation and high benefits. All Bangaloreans whose salary is more than Rs. 20,000 can avail a loan in no time without any collateral or any deposits. The rate of interest is less to avail a personal loan in Bangalore from top banks like HDFC Bank, ICICI Bank and much more. Bangalore is the top city in India to have highest banking sectors, therefore, taking the personal loan in Bangalore is easy by applying through loanbeku in just a minutes.
Popular Banks in Bangalore offering Personal Loan:
Personal Loan in Chennai:
Chennai is the on growing city for setting platforms for banking sectors. There are popular banks like HDFC Bank, Tata Capital, Bajaj Finserv and Standard Chartered Banks to provide the personal loan in Chennai for people who stay in Chennai. The salary criteria will vary for borrowing the personal loan in metro and non-metro cities. the people from Metro cities will get a personal loan if their salary is minimum 20,000 with all correct documentation.
Popular Banks in Chennai offering Personal Loan:
Personal loan in Delhi:
Delhi being the capital city of India has the highest banking network to bridge all over the India. Delhi is one of the metro city. The residents of Delhi earning the gross salary of minimum Rs. 15,000 can avail the personal loan in Delhi from popular banks in Delhi at lower interest rates. Personal loans can be utilized to match different needs like house furnishing, wedding, jewelry purchase etc. There are few popular banks like Standard Chartered Bank, Tata Capital, Oriental Bank of Commerce etc. Personal loans can be taken with less documentation and without any security or collaterals to the banks.
Popular Banks in Delhi offering Personal loan:
Popular Banks to offer Personal Loan at Lower Interest rates
|HDFC Bank Personal Loan||10.99% to 20.00%|
|ICICI Bank Personal Loan||10.99% to 22.00%|
|Citibank Personal Loan||10.99% to 16.49%|
|Bajaj Finserv Personal Loan||11.99% to 15.50%|
|Axis Bank Personal Loan||11.25% to 24.00%|
|Tata Capital Personal Loan||11.99% to 18.00%|
|IndusInd Bank Personal Loan||11.99% to 23.00%|
|Kotak Mahindra Bank Personal Loan||11.50% to 24.00%|
|Standard Chartered Bank Personal Loan||11.49% to 20.00%|
|Capital First Personal Loan||12.00% to 18.00%|
|HDB Personal Loan||13.99% to 16.99%|
FAQ's on Personal Loan
1. What is a Personal loan?
A Personal loan is an emergency financial help where one can make benefit from the bank for personal needs. It will be very useful to people who are really in need of money. choose the bank which provides a personal loan at lower rate of interest and less turn around time. A personal loan is an unsecured loan so, Bank will not ask any collateral or guarantor for your loan.
2. How to take a Personal loan?
A personal loan is offered by banks and financial institutions. Different Banks offers personal loan at varying interest rates and other special offers for the borrowers.
People don’t have to walk-in to banks for taking the personal loan. just visit loanbeku.com and fill the simple form to take your personal loan in a minute from best banks at lower interest rate.
3. Who can we Take a personal loan Online ?
People who can earn a minimum of Rs. 15,000 as a salary or monthly income of Rs. 20,000 are eligible for taking personal loan easily with less documentation in less time.
4. What is Tenure in Personal Loan?
Tenure is the time given to the borrower to clear the personal loan amount taken from the bank. the minimum tenure starts from 12 months and may extend to 60 months according to different banks.
5. What is the Minimum Credit score needed to apply for a Personal loan?
A Credit score is a 3 digit number that represents your credit history. the credit score is given by institute called CIBIL. the CIBIL checks for your credit history to check your financial history and your previous loans if taken.
Credit score more than 750 is considered good for taking the personal loan.
Visit loanbeku.com to check your CIBIL score for free.
6. What are the documents required for taking the personal loan?
Address proof, Income proof(submit your salary slip), Identity proof.
7. What is the Processing fees for Personal Loan?
The processing fee is the normal fees collected from almost all the banks for Paperwork and other expenses for providing the personal loan. usually, the processing fees start from 1% and may reach up to 2.5% of loan amount depending on Financial Institutions
8. How to calculate the EMI for my personal loan?
EMI’s are calculated based on Personal loan amount, Rate of Interest and Tenure. Calculate the EMI’s for your personal loan Online in loanbeku.com
9. How to get the lower interest personal loans Online?
Loanbeku.com will help people in getting personal loans at lower interest rates with less documentation and faster loan disbursal to your account.
10. What is Preclosure of Personal Loan?
Preclosure is the loan option given to people from respective banks to clear the loan amount in a single stake to the bank before completion of tenure period.
The preclosure option is available only in few banks where Charges are deducted for choosing preclosure.
11. What is Part payment in Personal Loan?
Part payment is the option used to clear certain EMI’s of the personal loan at once. Making payments part by part by paying certain EMI’S at once to reduce the interest rate as well as to finish the loan before actual tenure time. Few banks deduct charges for choosing Part payment option and this option will be applicable only after paying certain EMI’s.
12. How is Personal loan disbursed to the bank account?
Once the Personal Loan application is approved by the bank then the loan amount will be disbursed to the customer account.
Get approval on Personal loan online in 2 mins from loanbeku.com
13. What is Personal Loan Balance Transfer?
Balance Transfer helps the borrowers from shifting their loan amount from present bank to new banks for various reasons. usually, balance transfers are used to avail lower interest rates offered by new banks compared to present banks. The borrower can shift their personal loan amount to other banks and once the banks are changed then the customer will come under the new norms according to the new bank that was changed.
14. How to pay EMI’s for the Personal loan Online?
The payment option called Electronic Clearing Services(ECS) will deduct the EMI’s from the borrowers account automatically. Banks Advice customers to maintain sufficient balance in the account to avoid Bounced EMI’s.
15. Which Banks are good for taking a Personal loan?
There are few popular banks like HDFC Bank, ICICI Bank, Citibank to offer the personal loan at lower rate of interest for their borrowers. Visit loanbeku.com to apply for the Personal loan in best top 10 banks to get lower interest rates and exciting offers.