How to get the best personal loan deal

Points to be noted before going for a personal loan in India.

  • Don’t just accept the first rate you are offered by your bank or building society.
  • Shop around to see which providers are offering the cheapest interest rate. Compare MCLRs (but remember that you might end up paying more if you have a poor credit history). A comparison website can help you do this.
  • Ask the lender for a quote before you apply. If they have to do a credit reference check, ask if they can do a ‘quotation search’ (which does not leave a mark on your credit record) rather than an application search (which does).
  • Consider peer to peer loans in India, though you are doubtful about your credit rating. These loans might offer lower interest rates and are available for smaller amounts.

Loanyantra is one such platform where you know every detail about the lender and get to know the interest rate calculation method of each lender. Loanyantra’s experts encourage you by making you understand what kind of loan product you can opt for out of thousands of products by hundreds of lenders.

Personal loan best deals in India
Personal Loan BEST Deals for you

Some of the products by top lenders in India Handpicked for you by Loanyantra –

SBI Bank Personal Loan

SBI Bank is one of the best banks for a personal loan. SBI very much known to its offers, offers a low-interest personal loan with interest charge on daily reducing balance. SBI offers three types of personal loansSBI Xpress Credit Loan, SBI Pension Loan, and SBI Saral Personal Loan. SBI offers a personal loan up to 10 Lakh. However, the loan amount will be variable based on your eligibility and income documents.

SBI Xpress Credit Loan

SBI Xpress Credit Loan is for salaried people maintaining salary account with SBI. This includes central state government employee, central PSU employees and few selected corporates.

SBI Pension Loan

SBI Pension Loan is for central or state government pensioner drawing pension via SBI with age less than 76 years.

SBI Saral Personal Loan

SBI Saral Personal Loan is personal loan given for salaried and self-employed engineer, doctor, architect, MBA etc. Details about SBI Saral Personal Loan is given below.

Interest Rate

SBI Bank Personal Loan Interest rate – talk to our experts for a lower interest rate.

Other Charges

  • Loan processing Fees – 2 to 3% of the loan amount + GST
  • Prepayment Charges – 3% on prepaid amount
  • Late Fess – 24% per annum

Key Features

  • Interest charged on a daily reducing balance.
  • Comparatively Less interest rate.
  • No hidden cost/administrative charges.
  • Maximum loan amount can go up to 24 time’s net monthly income.
  • Trustworthy brand with wide network of SBI branches.

Eligibility Criteria –

Salaried –

Factor Requirement
Age 21 years – 58 years
Net Salary Minimum Monthly Rs.15000
Total years in Job 2 years
Salary Account With SBI

 

Self-employed –

Factor Requirement
Age 21 years – 65 years
Minimum Profit After Tax 21 Lakh per year
Business Account with SBI

Documents Required – 

Salaried –

  • ID Proof, Address Proof
  • Latest Salary Slip with Form 16
  • Two passport size photos

Self Employed

  • ID Proof, Address Proof
  • Income Proof, Balance Sheet or Income Tax Returns
  • Two passport size photos

ICICI Bank Personal Loans

ICICI Bank is one of the best private banks for availing personal loan at a low-interest rate. ICICI bank offers fixed interest rate personal loan on monthly reducing basis. ICICI bank offers loan up to 20 Lakhs without any collateral. Personal loan tenure in ICICI bank varies from 1 year to 5 years.

Salaried individual and self-employed both can avail personal loans at ICICI banks. For simplicity personal loan of ICICI bank is divided into five types namely wedding loan, holiday loan, home renovation, top up loan and fresher funding.

Interest Rate

ICICI Bank Personal Loan Interest Rate – Talk to our experts for a better deal.

Other Charges

  • Loan Processing Charges – Up to 2.25% per annum plus GST
  • Prepayment Charges – 5% per annum of principal outstanding plus GST
  • Late Payment Interest – 24% per annum
  • EMI Bounce Charges – Rs.400 per bounce plus GST

Key Features

  • Selection of Loan tenure from 12 to 60 months.
  • Fixed interest loan. Interest will be charged on monthly reducing basis.
  • Auto Debit ECS facility for repayment of EMI.
  • All-purpose loan with faster approval.

Eligibility Criteria

Salaried –

Factor Requirement
Age 23 years – 58 years
Net Salary Minimum Monthly Rs.17500
Total years in Job 2 years
Years in Current Residence 1 year

Self-employed

Factor Requirement
Age 28 years – 65 years
Minimum Turnover Rs.40 Lakh for non-professional & Rs.15 Lakh for Professional
Minimum Profit After Tax Rs.2 Lakh for Proprietorship Firm / Self Employed
Business Stability In current business for at least 5 years

Documents Required

Salaried –

  • Proof of Identity – Passport / Driving License / PAN card
  • Proof of Residence – Utility Bill / Leave and License agreement
  • Salary Slip of last 3 months
  • Last 3 month bank statement
  • Two Passport size photos

Self Employed –

  • Proof of Identity – Passport / Driving License / PAN card
  • Proof of Residence – Utility Bill / Leave and License agreement
  • Income Proof (Audited financial for last two years)
  • Last 6 months bank statement
  • Proof of continuity of business

HDFC Bank Personal Loan

HDFC Bank Personal loans are quick and convenient. HDFC Bank personal loan is given for multiple purposes including wedding, travel, home renovation, medical expenses. Flexible tenure and competitive interest rate are additional advantages of HDFC personal loan.

Interest Rate

HDFC Bank Personal Loan Interest rate – Talk to our expert for a detailed pricing and for better deal.

Other Charges

  • Loan Processing Charges – 2.5% of loan amount
  • Prepayment Charges – 2-4% of Principal Outstanding
  • Late Payment Charges – 2% per month on EMI

Key Features

  • Instant Loan approval and processing in 4 hours.
  • Personal Accidental Coverage benefit.
  • Personal Loan Security Benefit.
  • Loan Amount up to 40 Lakh.

Eligibility Criteria – 

Factor Requirement
Age 21 years – 60 years
Income Minimum Monthly Rs.15000
Total years in Job 2 years

Documents Required

  • Identity Proof
  • Address Proof
  • Bank Statement of 3 months
  • Latest Salary Slip along with form 16 
  1. Axis Bank Personal Loan

Axis Bank offers a personal loan up to 15 Lakh with a minimum document and quick approval. A unique feature of Axis bank personal loan is zero charges on foreclosure and repayment. If you are sure that you will be able to close the loan quickly Axis Bank personal loan is a good option.

Interest Rate

Axis Bank Personal Loan Interest Rate – Talk to our experts for a lower rate.

Other Charges

  • Loan Processing Charges – 1.5% to 2% plus GST
  • Prepayment/Foreclosure Charges – NIL
  • Default Interest Rate – 24% per annum

Key Features

  • No prepayment or foreclosure charges.
  • Facility to earn additional reward via Axis eDGE Reward point program.
  • Loan Transfer facility

Eligibility Criteria

Factor Requirement
Age 21 years – 60 years
Income Minimum Monthly Rs.15000

Documents Required

  • ID Proof
  • Income Proof
  • Bank Statement
  • Residence Proof
  • Photograph
  • Signature verification proof

Though personal loans have become very common source of funding for immediate expenses. You should never mix it with emotion. Loanyantra helps you figure out what is best for you by giving you out of the box ideas and showing you the better deals. 

Personal loan from ICICI Bank

Reading Time – 10 min.

What you can expect in this article

  1. ICICI Bank personal loan introduction
  2. How can you use an ICICI Bank Personal Loan
  3. Why should you choose ICICI Bank Personal Loan
  4. Eligibility for ICICI Bank Personal Loan
  5. Documents required for ICICI Bank Personal Loan (Salaried and self-employed).
  6. ICICI Bank Personal Loan interest rates and other fees
  7. Calculation of EMI ICICI Bank Personal Loan.
  8. Personal Loan for NRIs.
  9. ICICI Bank personal loan insurance.
  10. ICICI Bank personal loan balance transfer.
  11. FAQs on ICICI Bank – Answers from Loanyantra.

ICICI BANK PERSONAL LOAN Instant Approval

ICICI Bank Personal loan offers the double benefit of quick access to funds and zero need for collateral to be put up as security. Personal loans have emerged as a great way to finance purchases that otherwise would have been challenging with a regular pay check.

Life is, and so are the requirements. What if you suddenly need some money. You will either ask your friends or tackle help from your relatives. What if you don’t have time for all this, for all such unplanned expenses and emergencies you have a personal loan. Whether you are getting married or planning an exotic vacation or any other emergency, you can take a personal loan. Personal loan offers dual benefit, firstly you get instant money and secondly there is no need to keep anything for security which is a must when it comes to other forms of loan.

When it comes to banking and financial institutions offering personal loan, there are a number of options to choose from. But it is always advisable to choose the one which not only offers good interest rate but also offers hassle-free loan application and approval process. ICICI Bank is one such bank offering quick and easy personal loan.

The bank has a strong foothold in the banking sector and is one of the most renowned banks and also much preferred bank in India. ICICI Bank was recognised as one of the ‘Prestigious Brands of India’ in a list published by Herald Global, a portal that features national and international news as well as brand reviews.

Coming to its various offerings, ICICI Bank is known to offer superior customer services, quick loan services, and hassle-free loan approval.  Apart from a personal loan, the bank also provides a home loan, car loan, etc., at attractive interest rates thus making it one of the popular choices amongst the individuals seeking various loans.

How can you use a personal loan?

What are the various reasons you can opt for personal loan.  Go for this if you place yourself in any of the below mentioned situations.

ICICI Bank offers personal loan for the following purposes :

  1.    Holiday expenses
  2.    Marriage
  3.    Buying large appliances like television, laptop, etc.
  4.    If you are willing to renovate your home

Note: Moreover, ICICI Bank also offers fresher funding loan which helps the people avail personal loan on their first salary.

ICICI Bank Personal Loan interest rates, eligibility, documents needed for instant approval
ICICI Bank Personal Loan via Loanyantra.com

Why should you choose ICICI Bank personal loan as your funding partner?

If you are looking for a bank that is able to comprehend your situation and provide easy loan approval services, then ICICI Bank is the name to trust. Here are the advantages why you should go with ICICI Bank personal loan

  1. The first is, ICICI Bank is the most trusted bank in the private sector with low interest rates as SBI in Public sector.
  2. You are free to use the personal loan amount as per your need
  3.  Flexible tenure for up to 60 months
  4.  The personal loan is available at the fixed interest rate, and it is charged on a monthly reducing basis
  5. You can set up auto repayment by ECS, auto-debit, and PDC
  6. There is no need to put something as a guarantee

Eligibility Criteria for ICICI Bank Personal Loan – 

The collateral is not required for Personal Loan. Hence, the banks ensure the eligibility criteria is met before approving the loan. Also you get detailed information about the bank’s requirements from Loanyantra’s experts. Loanyantra’s experts guide you to keep you safe with correct and reliable lender like ICICI Bank.

Eligibility Criteria for Salaried Individuals

 

Eligibility for Personal Loan ICICI Bank Salaried Individuals
Age 23 years – 58 years
Years in Job The applicant must be employed with the current company for at least 2 years
Years in current residence The applicant must be staying in their current residence for at least 1 year

Eligibility Criteria For Self-employed Employees For ICICI Bank Personal Loan – 

Eligibility for Personal Loan ICICI Bank Self-employed Individuals
Age Minimum Age – 28 years for self-employed individuals. 25 years for doctors.

Maximum Age – 65 years

Turnover in Business Rs. 40 lakh for non-professionals; Rs. 15 lakh for professionals; as per audited financials
Profit after tax deduction Rs. 2 lakh
Years in current business 5 years in case you are self-employed and if you are doctor then you must be practicing for at least 3 years

If you put yourself in a satisfied bucket based on the above criteria, then just go ahead for your instant loan approval through Loanyantra.

Documents Required for Personal Loan from ICICI Bank

For successful application and approval of a personal loan from ICICI Bank, the documentation for loan approval has to be as per the norms of the bank. Here is the list of documents you need to submit for a personal loan application :

Documents for ICICI Bank personal loan that salaried individuals need to submit :

  1. ID Proof-  Passport, Voter ID, Aadhar Card, Pan Card, Driving License ( any of these would work)
  2. Proof of residence-  Utility bills like electricity bill, telephone bill ( it should not be more than three months old), Passport, Adhar Card
  3. Last three months’ bank statement
  4. Passport size photographs.

Documents for Personal Loan ICICI Bank that self-employed individuals need to submit :

  1. ID Proof-  Passport, Voter ID, Adhar Card, Pan Card, Driving License ( any of these would work)
  2. Proof of residence-  Utility bills like electricity bill, telephone bill ( it should not be more than three months old), Passport, Adhar Card
  3. Proof of Income (audited income proof (audited financials for the last two years).
  4. Bank statement of last six months
  5. Address proof of the office
  6. Office ownership proof

ICICI Bank Personal Loan Interest Rates and Other fees – 

Interest rate for a loan determines your loan EMI and loan tenure. The interest rate varies for different categories.  Here is the quick view of the ICICI Bank Personal Loan interest rate, loan amount limit, tenure and extra fees to be paid after the disbursal.

ICICI Bank Personal Loan Salaried Person Self-Employed
Interest Rate 10.99% to 22.00% 10.99% to 22.00%
Minimum Loan Amount Rs. 50,000 Rs. 50,000
Maximum Loan Amount Rs. 20 lakhs Rs. 20 lakhs
Minimum Loan Tenure 12 months 12 months
Maximum Loan Tenure 60 months 60 months
Processing Fees Up to 2.25% of loan amount per annum + Applicable GST Up to 2.25% of the loan amount + Applicable GST
Prepayment Charges 5% of principal outstanding loan amount + applicable GST 5% of principal outstanding loan amount + applicable GST

Calculation of EMI ICICI Bank Personal Loan:

Today, it has become very easy to calculate the EMI of the home loan. On Loanyantra’s website, you have an easy-to-use EMI calculator which can be accessed by any loan applicant. All you need to do is feed in the data and based on it the calculator does the calculation

You will only have to key in your ICICI Bank personal loan details in this calculator. First, you will need to go to the ‘Finance Tools’ section in the main menu of the website. Here, you will have to select ‘EMI Calculator’ and then begin your calculation!

All you need to do is to fill in the data and based on the following formula the EMI is calculated:  E = P*r*[(1+r)^n/((1+r)^n-1)].

E is the EMI

N= Number of years

R = Personal Loan Interest Rate charged by the bank

ICICI Bank Personal Loans for NRI

If you are an NRI and want to apply for the personal loan, then ICICI Bank is a good choice. It can immediately take care of your needs.

The best part about ICICI is that you can apply for the personal loan online and submit all the documents for processing. Here are the benefits of ICICI Bank You apply online to avail the loan through the ICICI bank website. Here are some of the key benefits of the NRI Personal Loan Plan:

  1. There is no need for collateral to get the loan
  2. Simple application procedure
  3. Online application submission
  4. Interest rate starting from 15.49%
  5. The applicant has to be Indian, and the co-applicant NRI should be a family member or a close relative
  6. Easy loan sanctioning

ICICI Bank Personal Loan Insurance

Seeing the unpredictability of life, ICICI Bank has the provision of ICICI personal loan insurance. The objective of this feature is to provide protection to your family from the burden of payment on the loan in case of the death of the borrower. The ICICI Pru Loan Protect Plan will help you face the unforeseen situation. Under this policy, ICICI Bank provides a lump sum amount which is at par with the loan amount. If you opt for this policy, then you can pay a premium based on the number of years as chosen by you.

The policy gives you two options:

  • You can choose lump sum amount
  • Limited pay option

ICICI Bank Personal Loan Balance Transfer

Well, the best part about ICICI Bank that it has the feature which makes your life easy. If you have already taken the personal loan from other BANK or NBFCs, ICICI Bank has the provision for you to transfer the balance loan amount from your current bank to ICICI at the lower interest rate, lower EMIs, and higher loan tenure.

In case of a balance transfer, ICICI Bank offers the interest rate of 10.99 %.

FAQs on Personal loan from ICICI Bank

1.How much time does it take for personal loan approval from ICICI Bank?

ICICI bank offers easy and simple personal loan application and approval process. ICICI Bank responds to the loan application within 2-3 days if you go via Loanynatra.

2.What is the interest rate on personal loan offered by ICICI Bank?

ICICI bank offers an interest rate of 10.99%. If you have taken a personal loan at a higher interest rate than this, then you must do the personal loan balance transfer to ICICI Bank and reap the benefits of lower interest rate, higher loan tenure, and lower EMIs. Loanyantra’s experts will help you in every step and calculate your emi and decide instantly.

3. What are the minimum and maximum personal loan tenure by ICICI Bank?

The minimum loan tenure offered by ICICI Bank is 12 months and the maximum can go up to 60 months

4. How is the personal loan amount credited?

ICICI Bank will directly credit the fund using the Fund Transfer to your account. Also after disbursement, get cash back offer as Loanyantra’s customer by availing personal loan via Loanyantra from ICICI Bank

5. How can I repay my personal loan amount to the bank?

You can choose from the following Repayment options to make payment to the ICICI Bank:

  • Electronic Clearing Service (ECS),
  • Post-Dated Cheque (PDC)
  • Standing Instruction (SI)

6. What is the maximum personal loan amount that ICICI Bank gives?

The maximum loan amount is Rs. 20 lakhs.

7. Is there a provision for prepayment of ICICI Bank’s personal loan amount, if yes, then after how long can I prepay my personal loan?

Yes, ICICI Bank gives you the benefit of prepaying your personal loan amount. You can do so after completion of 6 months from the date of disbursement of the personal loan.

8.Does ICICI Bank require a guarantor for approval of personal loan?

No, you don’t need a guarantor for getting the personal loan from ICICI Bank.

9. I am an NRI, can I get the personal loan from ICICI Bank?

Yes, ICICI Bank offers the personal loan to NRIs. NRIs can get the maximum personal loan of 10 lakhs and the EMI should be paid in INR. You need not be present for the loan approval if you have a POA (Power of Attorney) in your bank’s branch place. Let Loanyantra know your details, all the process is done free with door step service. Let you POA enjoy the free customer service and avoid going around the banks on behalf of you.

10.What interest rate the bank charges from NRIs for ICICI Bank Personal Loan ?

The NRIs can get the personal loan from ICICI Bank at the interest rate of 15.49%.

11. What is the maximum loan tenure for NRIs applying for the personal loan from ICICI Bank?

The maximum loan tenure is 36 month.

12.Is there a provision for personal loan balance transfer to ICICI Bank?

Yes, you can transfer the balance personal loan amount to ICICI Bank.

13.Is there personal loan insurance provision in ICICI bank?

Yes, ICICI bank ICICI Pru Loan Protect Plus plan which gives your coverage on the personal loan and the amount is at par with the personal loan amount.

14.Is Credit score important for Personal loan approval?

Yes, credit score should be atleast 650 for your instant loan approval. the credit score determines your credit history and repayment capability. So, the lower the credit score, the tougher the loan approval process.

A word from Loanyantra – When it comes to applying for the personal loan or any other type of loan, people get usually stuck with tedious application procedures and lack of awareness adds to the burden of the entire process of loan application. To make the entire process easy for you, Loanyantra has developed this platform where you will get access to all the information related to different types of loan and interest rates offered by the banks and other financial institutions. You also get to know about the various interest rates, calculation of EMIs and other benefits that you can get by applying for the loan from a particular bank. Loanyantra helps with the entire process of loan application and instant approval. Moreover, Loanyantra lets you know about the bank and NBFCs which offers a lower interest rate and easy application processing and approval. You also get a SPOC who let you know about the entire details about the loan process. All-in-all we bring the entire services related to loaning at your doorstep. A reliable connect with us help you explore the loan process in the entirely new manner with the first ever fintech startup in India, Loanyantra.

 

IDBI Bank Personal Loan – Get instant approval with low ROI via Loanyantra

Article Read Time – 10 min

What can you expect in the article –

  1. Introduction IDBI Bank Personal Loan
  2. Why you should go with IDBI Bank for PERSONAL LOAN
  3. Categories who can avail personal loan from IDBI Bank
  4. Eligibility Criteria for IDBI personal loan
  5. IDBI Bank Personal Loan Interest Rates
  6. Personal Loan Overdraft Facility for IDBI Account holders
  7. Other charges applicable for IDBI Personal loan
  8. Documents needed for IDBI Personal loan and Loanyantra’s door step service.
  9. Features and Advantages of Personal Loan from IDBI
  10. IDBI Bank Personal Loan EMI Calculator and Loanyantra’s guide and expert’s advice.
  11. Credit score and IDBI Personal Loan
  12. FAQs about Personal Loan from IDBI

IDBI Bank PERSONAL LOAN 

Industrial Development Bank of India or IDBI is one of the famous Indian Financial administrations organization. IDBI is spread across the nation, with 1400 branches and 2000 ATMs IDBI has become one of the leading public sector banks. It has caught the Indian markets with IDBI’s creative financial products.

IDBI Bank offers myriad financial products, and IDBI bank personal loan is one of them. People take personal loan for various purposes. In the current times, one may require additional assets for different purposes, be it house construction or wedding or a movement or a crisis restorative costs, Personal loans have become a great medium to fulfil the needs, although coming at a higher interest rate, personal loans are easy to avail and in case of emergency, they can be a great solution. Personal loans in India is a very common solution for immediate needs fulfilment as the banks or NBFCs ask for a reason and cooperate to fulfil your dream by disbursing the loan according to your eligibility.

Before heading to take the personal loan from IDBI bank, it is essential to have complete knowledge about IDBI, IDBI’s key features and what is the eligibility criteria that will make your loan application a seamless and hassle-free process for personal loan from IDBI.

Why you should go with IDBI Bank for PERSONAL LOAN – 

IDBI Bank because of its innovative banking products  and customer-centric operations, it is one of the Fortune 2000 Top Companies of the world. The best part about this bank is that IDBI has designed and developed its products in a manner that it suits all the segments of the society.

Categories who can avail personal loan from IDBI Bank – 

IDBI Bank offers a personal loan to the following people (after they have fulfilled the eligibility criteria specified by the bank):

  1.    Salaried people
  2.    Pensioners
  3.    Self-employed or business owners
IDBI Bank Personal Loan Interest Rates Today
IDBI Bank Personal Loan Interest Rates Today

Eligibility Criteria for IDBI personal loan:

As mentioned above the personal loan from IDBI Bank can be availed by salaried people, self-employed people, non-professionals, and pensioners. Here is a tabular representation of what are the eligibility criteria for all

 

Features Salaried /pensioner Self-employed/Non-professional
Eligibility
  1. All the salaried professionals having salary account with IDBI and pensioners having pension account with the Bank. All the professionals or pensioners who have been associated with premium firms, state or central government and have a valid account with IDBI or other banks.
Self-employed Professional/Non Professional having Asset/Liability relationship with IDBI Bank
Minimum Net Salary/ Income for IDBI Personal Loan Salaried professional – minimum annual income of Rs. 1,80,000

 

For Self-Employed Professional, the minimum annual income should be Rs. 3,60,000.

Age limit for IDBI Personal loan The minimum age limit is 21 years for salaried and self-employed people and the maximum age limit is 60 years. Whereas for the pensioners the maximum age limit is 75 years at the time of maturity of loan amount.
Tenure of IDBI  Personal loan The minimum tenure for personal loan is 12 month and maximum tenure is 60 months.
The minimum and maximum loan amount given by IDBI for Personal Loan   The salaried and self-employed professionals have the minimum and maximum personal loan falling in the range of  Rs. 50,000- Rs.10,00,000
The pensioners have the minimum and maximum personal loan limit in the range of  Rs. 20,000- Rs.5,00,000
Prepayment / foreclosure charges of IDBI Personal Loan
  1. According to RBI, if you apply for prepayment or foreclosure after 6 months of personal loan disbursal then there are no prepayment charges applicable on your loan closure..
  2. In case the borrower is willing for prepayment or foreclosure within six months of the disbursal, then one has to be pay prepayment charge  which is 2% of the outstanding loan amount.
  3. Part pre-payment: This feature can be availed based on the above conditions. However, one who does the part pre-payment, would not be sanctioned personal loan for the next 12 months from the date of making the part pre-payment.
Top up loan Eligibility The borrowers who have a good track record of repayment and at the same time they are the loan account holders with IDBI  for at least 12 months are eligible for top-up loan.

IDBI Bank Personal Loan Interest Rates

The IDBI Personal loan interest rate starts from 12.55%. And is different for each category of loan product-

  • Salaried Individuals- For these customers, the IDBI bank offers interest rate at one year MCLR (8.65%+3.90%) of 12.55% .
  • For those who are the retired staff of IDBI bank and have the pension account with overdraft facility get the interest rate of 9.80% onwards.

To be more clear about how the IDBI Personal loan interest rates are calculated here is the table about mclr and spread.

IDBI Bank Personal Loan interest rate for overdraft account holders mclr method Interest rate breakup – mclr+spread
Salary account or pension account with overdraft facility 1 yr MCLR + 3.90%
Pension Account with overdraft for retired IDBI employees 1 yr MCLR + 1.15%

Personal Loan Products from IDBI – Personal Loan Overdraft Facility for IDBI Account holders – 

IDBI Personal Loan overdraft facility Criteria Salaried / Permanent Employee Pensioners holding account with IDBI
Eligibility Permanent employee with 1 year of continuous service in any organisation either government state or central or private company. Customers maintaining their pension account with IDBI Bank Ltd.
Tenure Overdraft facility valid for 2 years and is renewable Overdraft facility is valid for 1 year and is renewable.
Maximum Loan Limit Five times of net salary as per last 6 months. Five times the monthly net pension
Age Limit Minimum Age 22 years

Maximum Age 58 Years

Not more than 75 years

Other charges applicable for IDBI Personal loan –

 

Processing Fee
Salaried and Self Employed Professionals 1% of the loan amount plus taxes
Pensioners with Overdraft Facility to IDBI Bank No fees but documentation charges are borne by the borrower
Salary Account with in-built overdraft facility No fees but documentation charges are borne by the borrower
Prepayment
Prepayment
In a period of 6 months of loan disbursement 2% of the outstanding loan amount plus taxes
After 6 months of disbursement No charges applicable
Part Payment
In a period of 6 months of loan disbursement 2% of the outstanding loan amount plus taxes
After 6 months of disbursement No charges applicable

Documents needed for IDBI Personal loan –

The personal loan just like any other loan, requires submission of certain documents so that the bank can analyse your credibility and based on it, the bank can sanction the personal loan. If you go via loanyantra, you are eligible for doorstep service of collection of documents and also know precautions while issuing the documents. Know some of our testimonials about our hassle-free services for home loan and personal loan . http://loanyantra.com/testimonials.aspx

Here is the list of documents required to avail personal loan from IDBI –

Documents For Salaried individuals for IDBI Personal Loan – 

  • Duly filled the personal loan application form
  • Identity Proof which may be any of the following –
    1.Voter ID
    2.Adhaar Card
    3.Driving License
    4.Ration Card
    5.PAN Card
    6.Defense ID card
    7.Government employee ID card
  • Residence Proof which includes the following –
    1.Passport
    2.Ration Card
    3.Voter ID
    4.Aadhaar Card
    5.Driving License
    6.Registered lease / rent agreement
    7.Utility bills like telephone, electricity or water bill
    8.Gas bill or Property tax bill
  • Form 16
  • Latest salary slip
  • Last six-month bank statement

Documents for Pensioner for IDBI Personal Loan

  • Duly filled the personal loan application form
  • Identity Proof which may be any of the following –
    1.Voter ID
    2.Adhaar Card
    3.Driving License
    4.Ration Card
    5.PAN Card
    6.Defense ID card
    7.Government employee ID card
  • Residence Proof which includes the following –
    1.Passport
    2.Ration Card
    3.Voter ID
    4.Aadhaar Card
    5.Driving License
    6.Registered lease / rent agreement
    7.Utility bills like telephone, electricity or water bill
    8.Gas bill or Property tax bill
  • Form 16
  • Latest salary slip
  • Last six-month bank statement
  • Income certificate for last two financial years.

NOTE – The pensioners would need a Deceleration-cum-undertaking from their pension office that they will not shift the pension account without NOC from the branch.

Documents for Self-employed Individuals for IDBI Personal Loan – 

  • Duly filled the personal loan application form
  • Identity Proof which may be any of the following –
    1.Voter ID
    2.Adhaar Card
    3.Driving License
    4.Ration Card
    5.PAN Card
    6.Defense ID card
    7.Government employee ID card
  • Residence Proof which includes the following –
    1.Passport
    2.Ration Card
    3.Voter ID
    4.Aadhaar Card
    5.Driving License
    6.Registered lease / rent agreement
    7.Utility bills like telephone, electricity or water bill
    8.Gas bill or Property tax bill
  • ITR
  • Last six-month bank statement

Features of Personal Loan from IDBI – 

  • IDBI offers personal loan for both salaried and self-employed individuals
  • It also offers personal loan for pensioners
  • The people falling in the age group of 22-60 can apply for the personal loan
  • IDBI offers personal loan between Rs. 50,000 to Rs. 10 lac
  • The IDBI personal loan tenure is from 1 to 5 years
  • The IDBI personal loan interest rate varies between 13.20% to 13.75%
  • IDBI charges the processing fee of 1% of the loan amount, and it is paid at the time of personal loan application

How much time does IDBI Bank take to process the personal loan application?

The bank usually takes the decision within 15 days from the date of submission of the loan application. Sometimes bank may offer instant loan offers which gets approval within 2-3 days of submission of application form.

How does Loanyantra help you for instant approval of personal loan from IDBI?

Loanyantra is a one-stop solution for various loan and allied services. You get all sort of help and consultation that will guide you with the right way to apply for the loan. We take care of all the paperwork and other nitty-gritty of loan approval so that your loan gets approved instantly. Our SPOC or Single Point of Contact will help you with the search of the bank that offers minimum interest rate, flexibility, and easy repayments options so that you can get the best deal in the market.

Get instant approval for personal loan from IDBI through Loanyantra and also assured low interest rate. You can also avail cashback offers if you disburse your loan via loanyantra. Benefits from going through loanyantra include doorstep document collection, visit the bank branch only once, get to know the alerts on your personal loan whenever the bank increases your interest rate, calculate your emi of personal loan and also calculate your part payments too and reduce the loan tenure.

The advantages of Personal Loan from IDBI Bank:

  • Loan facility for  salaried, self-employed and pensioners
  • Attractive interest rate.
  • Interest is charged on the daily reducing balance.
  • No insurance fees is charged from the borrower for loan insurance
  • Personalized services and easy documentation process.

IDBI Bank Personal Loan EMI Calculator – 

With the help of personal loan EMI calculator, you can easily calculate the EMI and based on it decide how much personal loan you can afford, here is the formula for the personal loan for IDBI bank:

P*r* (1+r)^n/([(1+r)^n]-1)

Here

P = Loan amount. It can vary between Rs. 50,000 – Rs. 10 lac

r = It is the interest rate which is 13.20%

n = It is the loan tenure which is in the month, in the case of IDBI bank it is 60 months

Instead of doing manually you can always use loanyantra calculator and check your emi and also check your eligibility. If tough to take a decision always give a missed call and talk to our experts.

IDBI Bank personal loan status check and how to use the website and how Loanyantra can assist in getting the loan via Loanyantra’s experts

What is the credit score required for IDBI bank personal loan? If bad score, how to rectify and reapply?

The credit score plays a key role in loan approval. It is a mark of the borrower’s credibility. Although different banks and financial institutions have different credit score benchmark, having a good credit score betters the probability of loan approval. For IDBI bank you need to have the credit score of 750.

Will a poor Credit score can affect your chances of loan approval, however, following these two steps will help you improve it over a period of time and make you eligible for the personal loan :

The interest rate changes according to the cibil score range. The lower the cibil score range, the higher the personal loan interest rate. The higher the cibil score range, the lower the personal loan interest rate.

Borrower category Personal loan interest rates and Cibil score range 700 – 750 750 – 800 above 800
Salaried Customers 13.50% 12.50% 12.25%
Pensioners 14.00% 13.50% 13.00%
Payroll Accounts 13.25% 12.25% 12.00%

Setup payment reminders- poor credit score are a result of irregular payments of debts or other loans. It is important that you must pay your bills and other EMIs on time. Setting up payment reminders will help you improve the credit score

Reduce the debts- well, its easier said than done, but lowering the debt or outstanding amount is always helpful in improving your credit score.

Never leave yourself in a doubt while going for a loan. Clear every minute doubt by knowing about each and every detail of before and after disbursal of personal loan.

FAQs about Personal Loan from IDBI

What is the EMI charged by IDBI bank?

IDBI bank charges the EMI of 13.20% which makes the lowest EMI per lac, i.e., Rs. 2,286.

Does IDBI bank have pre-payment charges?

If you apply for pre-payment after six months of loan disbursement, there will not pre-payment charges. However, if one wishes to pre-pay before six months of loan disbursement, then one has to pay 2% of the outstanding loan amount as pre-payment charge.

What is the processing fees charged by IDBI Bank on the personal loan?

IDBI Bank charges the processing fees of 1 %.

How does having a co-applicant affect the personal loan application?

IDBI Bank allows you to have a co-applicant while applying for the personal loan, and it increases your probability of personal loan eligibility.

What is the age limit for personal application in IDBI?

IDBI Bank gives the personal loan to people falling in the age group of 22- 60 years. The eligibility for personal loan further depends on the credit score and other eligibility parameters set by the bank.

What is the minimum monthly income for an individual to be eligible for the personal loan from IDBI bank?

IDBI Bank grants the loan to the salaried professional who has a minimum salary of Rs.20,000 per month.

What is the credit score required to be eligible for the personal loan from IDBI bank?

The bank considers the credit score of 750 to be good enough to grant the loan.

What is the maximum loan amount that an applicant can get?

One can get a maximum loan of up to Rs. 10 lac.

What is the minimum loan amount that can be availed from IDBI Bank?

Minimum personal loan of Rs. 50,000 can be availed for personal loan from IDBI Bank.

Is personal loan different from a top-up loan?

Top-up loan is always taken on top of any other loan say persoanl loan or home loan. Eligibility for top-up loan needs an existing personal loan.

Role of Loanyantra: – Loanyantra is a leading platform where you will find all the information regarding loans and banking services. But our feature is not merely restricted to just information, rather we also help the borrowers with complete information and procedure that needs to be followed for loan application and approval. Whether you are applying for loans or you are planning to shift your loan from one bank to another; personal to home loan, you will get all the services on our platform. We also help doing the complete paperwork so that your loan application and approval becomes a hassle-free process. Know about loan interest rates today.

 

Personal Loan for Infosys Employees

Personal Loan for Infosys Employees
Working with one of the leading IT firms always comes with an added advantage. Well, here I am talking about Infosys, a company which is one of the most renowned IT firms. For it, the employees are its biggest asset, and the Infosys company has left no stone unturned to keep Infosys employees happy and maintain a healthy work culture.

Did you know that Infosys is the third largest IT service company as per 2016 revenue report? Infosys has spread its wings in various areas like business consulting, pharma, aerospace , defence services and is now working in the area of Blockchain. Apart from offering innovative services and business solutions, Infosys makes sure that its employees are satisfied and have a proper work-life balance.

Infosys Software for Banks-
Infosys has been rendering innovative IT solutions in various domains and Banking is one such sector where we can find a popular software named Finacle being used. This software was developed by Infosys and is currently used in around 85 nations across the globe. This software aims at improving the products and making the banking operations seamless. With the help of this software, the banks can launch their products and services quickly. It becomes easy for the customer to target their customers using this software. The turnaround time for banks gets drastically reduced with the help of this software. Finacle lowers the product deployment time. With the help of this software. The banks can deploy their products in weeks instead of months. It also helps the banks to break their technology silos and cut down on the duplication of applications and thus reducing their cost of operations by making the entire process seamless.

Personal loan for Infosys employees interest rates are a bit low when compared to the market rate.
Personal loan for Infosys employees interest rates are a bit low when compared to the market rate.

Infosys Employees benefits from loans schemes-

  • One of the biggest benefits Infosys employees have at Infosys is that they enjoy work-life balance which is not only reflected in their work culture but at the same time the company also provides them special leverages which add to the employee benefits. One such aspect is a personal loan.

Infosys employees enjoy special personal loan benefits which include:

  • Lower personal loan rate for Infosys employees at 12.99% which is around 2% lesser than the normal market rate.
  • Easy repayment tenure for personal loan for Infosys employees. Loanyantra helps you in managing the repayments and closing the loan on time without paying a penny more.
  • Infosys employees can get finance ranging from 50 thousand to 20 lac
    Personal loan approval within 2 hours. Going through Loanyantra adds more benefits by reducing the interest rate even more and through cahback offers.
  • Lower interest rate who has a salary of Rs.75,000 or their net monthly income is in the similar range.
  • Infosys employees need not run through burdensome paperwork for sanction of loan, a minimal paper work needed and going through Loanyantra helps you with its doorstep facility which needs no roaming around banks.
  • ICICI bank offers a lower interest rate of 11.49% if the employee has a salary account with ICICI Bank.

Tabular Representation of Personal Loan Interest Rates for Infosys Employees – 

Bank Name Personal loan Interest Rates for Infosys Employees
Union Bank of India 13.40% per annum for salaried individuals.
Standard Chartered Bank Starts at 11.99% p.a.
Bajaj Finserv 11.49%  per annum
DENA Bank
  • 13%
Bank of India 12.40% to 14.40% per annum
ICICI Bank 11.49% to 22.00% per annum
Canara Bank MCLR + 5.45% per annum
State Bank of India 12.50% to 16.60% per annum
United Bank of India 14.85%
IndusInd Bank 11.25% to 26.00% per annum
Kotak Mahindra Bank 11.5% to 24% per annum

Special companies offer special leverages to its employees. Infosys offers a seamless process of loan sanction and approval. There is a minimal paperwork and quick approval, but there is some basic criteria that the Infosys employees need to fulfil to get a loan.

Personal Loan for Infosys Employees Documents – 

  • Identity Proof – The Infosys employee needs to produce Identity Card at the time of submission of documents. You can submit either Voter ID, Passport, Driving Licence or Aadhar Card.
  • Address Proof – Address proof can be of any type which shows your present address details like Passport , Electriciy Bills, Water bill, Rent Agreement or Ration Card. Address proof is important as there is a checking done before the loan sanction to confirm the address proof.
  • Income Proof– Salary Slip of last 3 months or Bank Statement of last 6 months. It is easy if you have a salary account with ICICI bank. Also Loanyantra’s expert is with you till your loan disbursement for any doubts and clarifications with your loan process.
  • Tax – Form 16 or last filed ITR

Personal loan for Infosys Employees Eligibility – 

Eligibility criteria varies across lenders depending on the borrower’s profile and relationship with the bank. General requirements for Personal loan for Infosys Employees are outlined below:

 

Particulars Eligibility Infosys Employees Personal Loan
Age 23 years minimum to 58 years maximum
Income Rs.17,000 (Rs.25,000 for tier I cities)
Credit Score Above 750
Minimum Loan Amount Rs.75,000
Maximum Loan Amount Rs.20,00,000

Personal Loan for Infosys Employees – Extra Fees and Charges

The approval of the loan includes various kinds of fees which apply to everyone, even on the Infosys employees.

Here are some of the fees that the Infosys employees are subjected to pay :

Processing fees– This fees are usually charged by the banks to press your application. It may be a bit lower for the IT employees, but they are also subjected to pay processing fees. These fees depends on the loan amount.

Pre-Payment Charges: This amount is usually charged by the lender in case the borrowers wish to prepay the loan before the closings tenure.
Payment Delay Charges: This is the penalty which is charged from the people in case they are not able to pay the loan amount on time.

Here are the details about some of the top banks in India for Personal loan for Infosys employees –

Bank or Financial Institution Name Interest Rate Processing Fees Loan Amount Tenure Pre-Closure Fees
TATA CAPITAL 10.99% – 25%

Fixed

NIL 20 Lac maximum 1-6 years 0
HDFC BANK 10.99% – 21.25%

Fixed

Up to 2.5%( Charged one time) 40 lac 1-5 years Pre-closure fee = 4% of principal outstanding (plus applicable tax) in 2nd year.
ICICI BANK 11.00% – 18.25%

Fixed

From .75% (min. ₹999 + applicable tax)

(Charged one time)

20 lac 1-5 years 5% of principal outstanding
Bank of Baroda 11.35% – 16.35%

Floating

1,000 to ₹10,000

(Charged one time)

1L – 10L 1-4 years Nil pre-closure fee after 6 months
Bank of Maharashtra 12.70%

Floating

1% (min. ₹1,000)

(Charged One Time)

1.5L Max 1-3 years
IDBI Bank 12.55%

Floating

1% + applicable tax

(Charged One Time)

50K – 10L 1-5 years Optional Pre-closure
YES BANK 14%Fixed NIL 20 lac maximum 1-5 years Conditional pre-closure only after 6 months
Axis BANK 15.50% to 24% 1.50% to 2.00% + GST as applicable Min. Rs. 50,000/Max. Rs. 15 lacs Up to 5 years NIL
SBI Personal Loans Scheme (SBI Saral Scheme): 8. 50% above Base Rate floating 2.02%-3.03% of the loan amount. 25 lac 5 years
Bajaj Finserv 13.99% to 18.00% Up to 2.25% of loan amount plus GST 1 lac-18 lac, the upper limit of personal loan can reach up to 25 lac based on applicant income 1-5 years NIL

The lower of the two amounts given below: 1) 5% of principal outstanding or 2) Interest outstanding for the unexpired period of the loan.

Personal Loan for Infosys Employees EMI Calculator – 

EMI calculation is a must for everybody irrespective of how much you earn. It is important to calculate the EMI first for your loan and then to decide for yourself as to how much you can pay from your salary. Loanyantra has every calculator which show you a graphical representation about your EMI once you enter your details. This helps in making your decision clear w.r.t  how many years, how much interest rate, how much EMI and which bank.

Even the minute discount in interest rate reduces the EMI and vice versa the minute increase in Your EMI will reduce the tenure of your loan.

For example, if you want a loan of 5 lakhs, the interest rate for personal loan is 11.5%, the tenure is 5 years, then the emi stands for 10,599.

Loanyantra’s Tip – Increase your EMI to Rs. 11,00o, it reduces your tenure to 54 months from 60 months resulting in Rs.60,000 saving from paying to Bank. Become a customer and manage your loan through Loanyantra’s tips by the experts.

Personal Loan for Infosys Employees Credit Score – 

How to check whether you are eligible for loan or not. Well, whether you are working in Infosys or no, banking and financial institutions have certain set parameters which one must fulfil to avail the personal loan. This involves complete documentation, falling in the eligibility criteria specified by the banks and finally the credit score.

A good credit score is a must for anyone to apply for a loan to get it approved. Credit score showcases your credit health and your financial position to repay the loan on time. Thus, it is always advisable that you must check the credit score before applying for personal or any other type of loan. The minimum credit score for a personal loan for Infosys employee is 750. Always check your credit score before applying for the loan. Otherwise, applying for loan and rejection from bank will again adds for bad credit score. If you have a bad credit score, pay your bills, insurance premiums and other EMIs on time for 6 months. Check the score after 6 months and for sure you find an improvement in your score. Apply for loan to experience a complete process.

Loanyantra’s Tip on Credit Score – Too many times checking your credit score also will reduce your credit score.

Loanyantra matches your credit and demographic profile to the lender’s criteria such that your application gets shortlisted in no time from the suitable lender. Loanyantra also does the pre-screening of the application as per the specifications of the bank.

So, if you are looking for a personal loan and are worried about the entire process, connect with Loanyantra for offers and the best advices ever and solutions. Our range of services covers all aspects of the loan process right from the application, finding the banks providing the lowest interest rate. We also help you with the preparation of entire documents that would be required at the time of loan application. Connect with us today for more information.

5 Ways to Get Personal Loan for Employee of Proprietorship Company

There are ways to get personal loan or home loan for  an employee working in a Proprietorship Company or Firm.

While in emergency, the most sought option to arrange money is personal loan provided all other alternatives such as own savings or help from acquaintances fail to meet the requirement.
However before granting loan; lenders first check the income and the employer’s credibility. If the applicant works in a big company (public or private limited) and meets all other criteria including CIBIL score, salary etc. then approval is quick.

However if someone works in a proprietor firm then it becomes a challenge to get finance. This is because lender also check the credibility of the company applicant works for. Since in a proprietorship company ownership is held by a single person, so risks such as sustainability, turnover etc. always exists. For e.g. if anything unfortunate happens to the proprietor, then the whole business may come to standstill and there will be uncertainty in the job of employees i.e. company may shut down or workers will not get salary and so on. And in such cases, if any employee is granted a personal loan then repayment will become difficult due to no income.
Although there are loans which you can get by keeping securities as collateral with the bank. We would be discussing such financing options in this article.

Personal loan for employee of proprietorship firm
Personal loan for employee of proprietorship firm_loanyantra

So how can employee of proprietorship firm get personal loan? There are few solutions as follows:
High income: If the applicant works in a proprietor run company but earns good income which is higher than required by the lender then he/she has higher chance of finance approval. In addition to this, if the company is into business for a long time and profitable too then also the chances of getting personal loan increases. Salary slip and bank statement as required by the lender will help to prove the income.

Against fixed deposit: If the borrower has FD account with the bank then he can get personal loan against this FD at a lower interest rate with minimal documentation. Most importantly lender won’t check the employer’s credibility. This type of a loan is secured as the FD is pledged with the bank. And applicant will get loan amount which is 80% – 90% of the FD amount.

Against securities: Employee from proprietorship firm can also get personal loan by keeping LIC policy, gold, mutual fund, ETF, and savings bonds as a security with the bank. Calculation of the loan amount varies with each financier. Some may have a cap on the amount while others may lend money depending on the market value of the pledged security.

Peer lenders: If all of the above solutions fail then individual working at proprietorship company can apply for personal loan at peer to peer online loan marketplaces. Borrower gets an option to choose the investors (basically money lenders) and at the same time bargain for interest rate. Although every P2PL company has its own eligibility criteria, applicant has vast options to choose a lender. Also called as PTPL, these marketplaces are secured way of getting personal loan and charges are very less compared to banks.

Private money lenders: This option is mentioned but should be avoided as much as possible. Because they take control of your assets such as property or gold or any other till the complete repayment is done. And there are cases of fraudulent activities conducted by these lenders of forging the documents and taking control of the assets. Negative sides of getting personal loan from them is that interest rate charged is very high and recovery process is very bad. Ofcourse there are few benefits such as no credit history check, quick disbursal of money, flexi-repayment option, etc. as happens with banks.

So as mentioned above there are multiple options for employee of a proprietor owned company to get personal loan. Remember to payback all the EMI on time and fully which will help in getting a good CIBIL score.

Personal Loan for Employee working for Proprietorship Firm – 

Usually, the personal loan tenure is minimum of 1 year and maximum 5 years. It is easy when you go with Loanyantra.com as dedicated relationship manager explains you about your eligibility, different banks criteria, interest rates and about legal documents. All you need is your salary slip, address proof, reliable and profitable proprietorship firm, for personal loan for employees of proprietorship firm. All you need to do is just give a missed call to 040-71011991. And get a call back and get personal loan instantly as an employee of a proprietorship firm.

 

Personal loan from HDFC Bank

Personal Loan from HDFC Bank Via Loanyantra.com

HDFC Bank’s Personal Loans are easy-to-get, quick and convenient. You can use a HDFC Bank personal loan for a variety of purposes, including travel, wedding expenses, home renovation, in a medical emergency or to buy a gadget.

HDFC Bank Private Banking Group has been recognized as the No. 1 Bank in the High Net Worth clients’ category in Euromoney’s Private Banking and Wealth Management Survey 12018.  Also awarded by Business Today as Best Bank of the year 2018, Best in Innovation, Fastest Growing Large Bank.

Private Banking Services are powered by the best technology that you have come to expect in all aspects of your life.

Loanyantra.com feels proud to partner with HDFC Bank, a giant in banking industry. Home loans and personal loans at a customised interest rate and a complete priceless loan monitoring and management is what loanyantra provides. It is a great choice to opt for a loan from HDFC bank via Loanyantra.com.

Out of many what HDFC offers in different sectors, HDFC Personal loans mark a really unique influence.

HDFC Personal Loans

HDFC Bank, India’s No 1 Bank, provides personal loans with hassle-free documentation and superfast disbursals.
Besides speedy and transparent processing, the Bank offers a host of other benefits on its personal loans including flexible tenures and competitive interest rates.
These unmatched benefits from HDFC Bank make the products among the best personal loans in India.

Features of Personal loan from HDFC Bank – 

  • Fulfil Your Every Need
    No matter what your needs, HDFC Bank can customise a Personal Loan for you. Existing HDFC Bank account holders can avail special offers, interest rates and charges. First-time Loan customers can also avail of a host of benefits.
  • Transfer Loan Balance with Ease
    Transfer your existing Personal Loan to HDFC Bank. Enjoy lower EMIs and SAVE on your interest payments
    Interest rates as low as 11.39% on the existing loan transfer
    Flat processing fee of only Rs. 1999.
    To transfer your loan balance, Loanyantra.com is one of the authorised channel partner to get you a personal loan from HDFC bank at a lower interest rate than the existing market rate. Also get a complimentary service of managing your loan till you close it.
  • Quick Eligibility Check & Disbursal
    Check your Personal Loan eligibility online or at select branches in just 60 seconds. Once all your papers are submitted, the loan will be disbursed in just one working day.
  • Stay Protected – Personal Accident Cover : For a nominal premium, you can avail of Personal Accident cover of up to Rs. 8 lakhs, and Critical Illness cover of up to Rs. 1 lakh. The premium for these policies will be deducted from the loan amount at disbursal. Applicable taxes and surcharge/cess will be charged extra.
Personal loan from HDFC Bank via loanyantra.com
Personal loan from HDFC Bank via loanyantra.com

Eligibility Criteria for Personal Loan From HDFC Bank –

The following people are eligible to apply for a Personal Loan:

  • Salaried doctors, CAs, employees of private limited companies, employees from public sector undertakings, including central, state and local bodies.
  • Individuals between 21 and 60 years of age
  • Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
  • Those who earn a minimum of Rs. 15,000 net income per month (Rs. 20,000 in Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin)

Documentation Details for Personal Loan From HDFC Bank – 

Now in digital India, with Aadhar card the final and original proof, documentation has become very easy and accessible.

The following documents are required along with your Personal Loan application:
Identity proof (copy of passport/voter ID card/driving license/Aadhaar)
Address proof (copy of passport/voter ID card/driving license/Aadhaar)
Bank statement of previous 3 months (Passbook of previous 6 months
Latest salary slip/current dated salary certificate with the latest Form 16.

5 Things You Should Know before Applying for a Personal Loan from HDFC Bank – 

  1. You pay the loan in equal monthly instalments (EMIs). The loan will be paid through post-dated cheques. You can also pay through ECS or a standing instruction to debit your HDFC Bank account with the EMI amount. Calculate how much you need to pay each month through the EMI calculator. Or whenever there is a query regarding the loan interest rate or tenure, loanyantra.com clarifies if you are an existing loanyantra customer.
  2. No pre-payment permitted until repayment of 12 EMIs. Prepayment charges are applicable if you prepay the loan within 3-24 Months – 4% of Principal Outstanding,25-36 Months – 3% of Principal Outstanding
    >36 Months – 2% of Principal Outstanding. The additional charges (if any) are applicable in case you default or in case of SWAP (i.e. change the repayment mode).
  3. If you wish to change the mode of repayment of Personal loan from HDFC Bank, Post Dated Cheques(PDCs)/Security Cheques submitted towards loan repayment that have not been encashed, will be defaced and retained by the Bank.
    In case, you wish to have your old Post Dated Cheques(PDCs)/ Security Cheques to be returned to you, you should lodge a request at the Retail Loan Service Center or through PhoneBanking or email at www.hdfcbank.com/services within 45 days from the date of application of change in repayment instructions.
  4. You should mention in your loan application a Guarantor, a person who guarantees to pay for your debt as a default on a loan obligation. Also get the signature done and also check if the guarantor’s credit scoring is good.
  5. Once you close the personal loan from HDFC Bank, get all the documents back and get a NOC from the banker and ask him to inform the CIBIL to maintain your credit scoring.

Know more about Personal loan from HDFC bank via loanyantra and get the loan disbursed as fast as nowhere else. Get proper guidance at every step from Loanyantra’s dedicated executives.

 

 

 

Personal Loan FAQs

What is a personal loan?

A personal loan is a type of loan which can be used for your personal use like for a holiday, wedding, etc. Personal loan is comparatively easy to obtain when you are in urgent need. An important point to note is that personal loan comes at a higher interest rate as compared to other loans. Thus, you should only go for this, if you can repay it. You can take a personal loan for up to five years. As compared to other loans, the personal loan requires lesser paperwork. The amount of personal loan depends on the income of the person.

Am I eligible for a personal loan?

Any individual who has a regular source of income can take a personal loan; you can be a working professional, salaried person or a business owner.

What is the minimum amount of personal loan that I can take?

Yes, there is a minimum amount. Although, the loan amount is different for different financial institutions. Most of the money lenders have set the minimum loan amount to be 30,000.

What is the tenure of a personal loan?

The tenure for loan year ranges from 1 – 5 years. Few financial institutions also offer seven years loan tenure.

Can I have a co-applicnat for personal loan ?

It’s true that you can apply along with your spouse. Having a co-applicant increases your income bracket, thus making you eligible for a higher loan amount. But, at the same time, you should remember that a poor credit history of the co-applicant might adversely affect your loan application.

What is the basis for calculation of maximum loan amount?

In case of salaried people, the banks or the financial institution, from where the person is taking the loan, makes sure that the EMI of the loan should be 30% -40% of the total take home salary. If the borrower is already availing some other loan like home loan, car loan, etc. then, these factors are also taken into consideration while calculating the personal loan amount. In case of self-employed people, the profit earned in the most recent P/L Statement is considered. Banks also considers other liabilities of the applicant before calculating the EMI and loan amount.

What are the documents required for personal loan application?

Although, the documentation process is different for different financial institutions. But, there are a few documents which are commonly required by almost every financial institution and banks.

Here is the list of documents for personal loan that you must have while applying :

  • Income proof like salary slip for working professionals, ITR is required in case of self-employed individuals. Banks may ask for the most recent Profit and Loss Statement as well for business owners and self-employed individuals.
  • Address Proof
  • Identity Proof like Adhaar card, Pan card, passport, etc.

Is there any pre-payment charges in case the person wants to pre-pay the personal loan?

There are times when a person might want to pay off the loan before the loan tenure period, in that case, the banks or the financial institutions charge additional ad fees which are known as pre-payment or foreclosure. This amount usually ranges between 1%-2% of the principal outstanding amount. Again, some for some banks the foreclosure amount might be higher.

For any help regarding personal loan, Loanyantra is completely on your support. Get proper guidance and faster disbursal at a lower interest rate and also get cash back offers. All you need to do is just give a missed call to 040-71011991. Get a call back from a dedicated relationship manager.

 

 

Indiabulls dhani personal loan

Personal loans exclusively from Indiabulls dhani personal loan features quick, easy and fast personal loans.

After five years of study, it is stated that the search is majorly from mobiles than from PCs and laptops. So, Indiabulls came up with an innovative personal loan feature known as Indiabulls dhani personal loan.

What is Indiabulls dhani personal loan?

To make you reach your financial needs with much ease, Indiabulls introduced first of its kind, loans from phone, called Indiabulls dhani personal loan.

Do you have an Aadhar card? If yes, then the personal loan is sanctioned and disbursed through your phone to your account.

Never miss any of your needs, any of those pending vacation, any of those dream aims. Celebrate your life with this new feature in your phone. Fulfil every dream by attending to it financially within minutes.

How does Indiabulls dhani personal loan work?

It works in three steps.

  1. Download the app in your phone from playstore or app store.
  2. Enter your loan amount, aadhar number.
  3. Get money in your account instantly.

Indiabulls dhani personal loan – features and benefits

  • Use your smart phone, know your aadhar number. That’s all you need to know to get maximum Rs. 15 lakhs amount in your account as personal loan.
  • Never leave your dream unfulfilled – As the process is so easy, it just takes seconds to get your dream true.
  • The lean interface leaves the user with quickest experience with fastest loan disbursement.
  • No need to apply your documents. Just enter your aadhar number and get the loan amount disbursed in your account.

How Loanyantra helps

Personal loans through Loanyantra is the best way out there in the market. Know every detail about every product, every feature about each loan. Loanyantra is known for its customised service with happy feedback. Manage your loan through our dedicated customer relationship manager. Receive market updates and interest rate changes as and when there is a change. All you need to do is just a missed call to 040-71011991.

 

What you don’t know about BITCOINS

Is Bitcoins legal in India?

At present, there are no regulations governing virtual currencies like bitcoins in India. RBI, on December 24, 2013, issued a press release on virtual currencies like bitcoins, litecoins, bbqcoins, dogecoins stating that creation, trade and usage of virtual currencies as a medium for payment is not authorized by any central bank or monetary authority. Further, RBI has cautioned virtual currency traders and users to various security related risks such as hacking, malware attack etc.

While RBI has not legalized bitcoins, it has declared them unauthorized as of now. RBI is currently examining the risks associated with the usage, holding and trading of virtual currencies under the extant legal and regulatory framework of India, including foreign exchange and payment systems laws and regulations.

There is enough scope for legalizing bitcoins. One has to wait and watch as to which approach the Indian government takes. Keeping pace with the changing times, Indian government will have to come out with appropriate amendments in the foreign exchange and information technology laws to specifically include bitcons.

What are the popular bitcoin websites that do transactions?

HighKart.com became the first e-commerce site in India to exclusively accept bitcoins as a payment method. WERWIRED, a Bangalore-based geospatial, security and entertainment consulting company offered bitcoins as a mode of payment for its customers. Castle Bloom, a salon in Chandigarh, became the first physical outlet to start accepting the digital currency. Buysellbitco.in, an online portal dealt in buying and selling of bitcoins in India. But it was raided by the Enforcement Directorate.

Some of the Indian Exchanges to Buy Bitcoins are PocketBits, Unocoin, Zebpay, Coinsecure.

PocketBits is one of the Best Cryptocurrency Exchange to Buy & Sell Bitcoins or Altcoins in India.

Unocoin is one of the India’s Trusted Bitcoin Company having more than 150,000 users. Buy and Sell Bitcoins in India from Unocoin. Apart from Buying and Selling Bitcoins, you can Send & Receive Bitcoins. It can also be used to do Prepaid/Postpaid Recharges. Unocoin can be accessed from the Website and Unocoin also has an Android & iOS App

What is the value of the bitcoin?

The value of the bitcoin varies in each website. Please do check with different traders and in different websites before buying it.

Who are those trading in bitcoins in India?

Tech-savvy young investors, real estate players and jewellers are among those invested in bitcoin and other virtual currencies.

How do I invest in Bitcoins?

You can get bitcoin by:
– Mining them (the process by which new Bitcoins are generated by solving the math problems quoted in the website).
– Purchasing them from bitcoin exchange for real money
– Receiving them in return for sale of goods or services

persoanl loans for bitcoins
Personal loans for bitcoins

Is it worth investing in bitcoins?

Today’s world is running towards digitalisation. So, it is not quite far for India to reach the so called Digital currency stage. Just that the Government has to make it regularised.

Ofcourse, it is worth investing once the government regularises it.

Is it safe investing in Bitcoins?

The network is peer-to-peer and transactions take place between users directly through the use of cryptography, without an intermediary. These transactions are verified by network nodes and recorded in an immutable public distributed ledger called a blockchain.

The Sharp rise in bitcoin exchange rate in recent years (from $1000 to $1300 for January-April 2017 and from $1300 to $1700 in the last two weeks) raises concerns that the rate may “collapse” and even to return to their former positions; however, bitcoin had and still have serious preconditions for growth, so it is not necessary to consider this growth as a “bubble”.

What is the minimum amount needed to buy Bitcoins in India?

You need not buy one Bitcoin to begin investing with. You can start with buying a part of the Bitcoin. The minimum amount needed to begin investing in Bitcoins is around Rs.500.

How is investing in Bitcoins advantageous for me?

Bitcoin shows stable annual scale, growth rates, and there is reason to believe that this trend will continue. The graph below shows that the exchange rate of bitcoin over the last 12 months has increased about 4 times from 450 to $ 1,700.

Bitcoins have a number of benefits. It significantly reduces transaction costs, enables the growth, ease and security of e-commerce and physical transactions, etc.

What are the disadvantages of bitcoins?

– When goods are bought using Bitcoins, and the seller doesn’t send the promised goods, nothing can be done to reverse the transaction. This problem can be solved using a third party escrow service like ClearCoin, but then, escrow services would assume the role of banks, which would cause Bitcoins to be similar to a more traditional currency.
– Risk of Unknown Technical Flaws : The Bitcoin system could contain unexploited flaws. As this is a fairly new system, if Bitcoins were adopted widely, and a flaw was found, it could give tremendous wealth to the exploiter at the expense of destroying the Bitcoin economy.

Do be aware that most of them are out there to scam you. If you do decide to invest, make sure it’s going to a legit company that pays you back.

What are the legal procedures to buy Bitcoins in India?

Submit your PAN card and a valid address proof and a bank account. Make sure that the PAN and bank account belongs to the same person. The verification process takes about 2-3 working days. After this, you are good to go.

Do we get loans to invest in Bitcoins?

It depends on the risk potential. Say if you can afford some EMI for loans then you should go for it .

Investment is always Good.. And as you can see the bitcoins is going popular as compared to share market or any other investment plans in INDIA.
so, it is important for the money to be invested to increase your returns.

Find out some interest bearing funds when you invest in bitcoins. For example, BitBays is an exchange website which pays a small promotional interest rate on all balances held on their site.

So, calculate your interest to be paid on your loan and the interest gained in bitcoin investments and the final returns expected once you sell the bitcoins. Only if you are sure of gains, you can go for the loan.

What is the procedure to get loan for bitcoins?

The loan can be taken as personal loan as the reason for the personal loan need not be mentioned. The procedure can be followed just as you follow for the personal loan.

What  you should know before investing in bitcoins?

Since use of bitcoin involves high level of risks, unless ambiguity surrounding bitcoins is resolved its use cannot be foolproof.

Research before investing in Bitcoins. There are many websites and it is recommended to find the correct and trustworthy one.

How is the tax calculated when you trade in bitcoins?

The tax aspect of bitcoins is also a grey area, in order to comply with the income tax regulations, a person accepting bitcoins against services should pay income tax after converting bitcoins into rupees and the bitcoin sellers who earn profit can pay capital gains tax (if selling after a long duration). Such steps will legitimize the unregulated bitcoins transactions.

There are actually 3 ways in which you earn bitcoin & the taxation differs from one to another.

The income tax authorities may choose to tax the gains from bitcoins under the head “Income from other sources”. Further, if the income gets taxed under “Income from other sources”, the taxpayer would have to pay taxes at a rate as applicable to the tax slab he falls under. For eg, if his taxable income exceeds Rs 10 lakh, he would be liable to a tax @ 30% as against the flat rate of tax of 20% he would be liable to pay, if charged to tax under long-term capital gains. The benefit of indexation as would be available if taxed under capital gains , would also not be available if taxed under Income from other sources.

India has sent tax notices to tens of thousands of people dealing in cryptocurrency after a nationwide survey showed more than $3.5 billion worth of transactions have been conducted over a 17-month period.

So, it is also important to know the taxation rules and also to pay the tax when needed.

In summation, bitcoins are digital cash and decentralized, peer-to-peer payment system. Being volatile in nature, care has to be taken that a mechanism is devised to tackle risks associated with fraud and money laundering. Regulators will have to take steps to provide individuals and businesses with rules to integrate this new technology with the formal regulated financial systems.

 

 

Compare personal loan interest rates – 2018

Compare Personal Loan Interest Rates – 2018

Compare personal loan interest rates and get aware of which lender fits in your budget. Know more and calculate and save maximum on your personal loan.

Personal loans are the loans which offer higher flexibility, and  can get them quickly as compared to the other loans available in the market. If you are undergoing a financial crisis and don’t have funds, then you can opt for personal loan. However, certain objectives cannot be fulfilled with personal loan.

Here is the list of purpose for which you can get the loan and the objectives which cannot be sufficed with it.

Purposes for which loan is given
Payment of credit card
Child education
Land purchase
Medical expense
Wedding
Vacation

Purpose for which loan is not given
Home construction
Business expansion

Personal loans similar to any other loan, also has an interest rate. However, different banks have different personal loan interest rates. Here is the list of the prominent banks and their offered personal loan interest rates.

compare personal loan interest rate
Compare personal loan interest rate via loanyantra.com

 

Bank Personal Loan Interest Rates
Citibank 10.99% – 16.49%
SBI Personal Loan 12.50% – 16.60%
HDFC Bank Personal Loan 10.99% – 20.00%
ICICI Bank Personal Loan 10.99% – 22.00%
RBL Bank 13.99% – 16.00%
Canara Bank 13.65% – 13.65%
Dena Bank 13.00% – 14.00%
Union Bank of India 14.40% – 14.40%
Vijaya Bank 12.50% – 13.50%
Andhra Bank 13.05% – 14.30%
Allahabad Bank 13.10% – 13.10%
Bajaj Finserv 11.99% – 15.50%
Standard Chartered Bank 11.49% – 20.00%
Bank of Baroda 11.60% – 16.60%
Corporation Bank 12.75% – 13.75%
IDBI Bank 13.20% – 13.75%
Indian Bank 14.35% – 14.85%
IDFC Bank 11.00% – 19.50%
Axis Bank 11.25% – 24.00%
Tata Capital 11.99% – 18.00%
Fullerton India 14.00% – 34.00%
IndusInd Bank 11.99% – 23.00%
Kotak Bank 11.50% – 24.00%
IIFL 12.99% – 19.99%
Yes Bank 11.99% – 20.00%
Bank of Maharashtra 15.10% – 15.10%
Federal Bank 13.32% – 15.12%
Indian Overseas Bank 12.70% – 15.25%
Syndicate Bank 14.20% – 14.20%
Karur Vysya Bank 13.90% – 16.40%
Punjab National Bank 12.25% – 15.25%

However, personal loans are the loans which rescue at the crux of any financial crisis. Lenders usually don’t ask the reason behind lending but look for the proper documents. Know more about genuine reasons to get personal loan..

Reasons to Get a Personal Loan

Why go through Loanyantra for a personal loan –

Loanyantra, an online platform for all your financial needs. It is the first ever fintech company to manage your loan till the closure. Usually, you find personal loan interest rates are a little higher when compared to any other loan interest rates. Here is when loanyantra helps you getting a personal loan at the best rate. Also avail wonderful offers like cashback and referral offers by getting a loan through loanyantra.com.