Can I get a personal loan without salary slips?

Can I get a personal loan without salary slips?

Some lenders who provide a personal loan with no income proof or with no salary slips are HDFC Bank and Fullerton India.

What is a Personal loan?

A personal loan is lending of money by one or more individuals, organisations or entities to other entities, organisations or individuals without usually needing any security or collateral. There is some flexibility by the lender to use these funds. It is a type of unsecured loan that helps to meet current financial needs such as travelling or wedding costs.

Personal loans are generally short-term loans with a tenure ranging from 12 months to 60 months.

These loans have higher risk for the lender; therefore have higher interest rates, generally. However, there are several entities also offering attractive interest rates and flexible payment options. Usually they need 3 to 6 months of bank statements showing salary credits and latest salary slips. However, you can get a personal loan without salary slips. But, you need to submit some documents as proofs of steady income. Other documents that are accepted in place of this are Form 16, salary certificate or bank account statements. Some lenders also provide a personal loan without pay slips if you show a collateral or security. Getting such a loan also depends on every individual lender and the bank’s policies. Some may ask for a clean credit record, while some may ask for a Form 16 of last 2 to 3 years or an employer certificate and a talk with your employer, and so on.

Though the requirements from various lenders differ, these are some general guidelines for availing a personal loan by Finance Buddha:

Eligible Criteria Salaried Self-Employed Professionals
Age(Min-Max) 21-60 25-60
Income ₹3,50,000 ₹4,80,000
City Mumbai, Delhi NCR, Bangalore, Chennai, Kolkata, Hyderabad and Ahmedabad All over India
Co-applicant Not mandatory Mandatory
Employment Fulltime with at least 2 years of experience At least 5 years of earning turnover
Documents Required Bank Account Statement/ Latest Electricity Bill/ Latest Telephone Bill/ Latest Credit Card Bill/ Employers letter certifying current mailing address/Passport(Valid)- provided the passport address is present address mentioned in application form / Existing Registered House Lease/ Government I-card with photo Bank Account Statement/ Latest Electricity Bill/ Latest Telephone Bill/ Latest Credit Card Bill/ Employers letter certifying current mailing address/Passport(Valid)
CIBIL Required (750-900) Required

Apart from these documents showing regular income, the minimum required documents are:

  • A signed application form.
  • Identity proof that can comprise of Aadhaar Card, Passport, Driving License, Voter ID or PAN card.
  • Resident proof that can be through a Aadhaar Card, Passport, Driving License, Voter ID or Electricity/ Mobile bill/ bank statement/ Telephone/ (not older than 3 months).

Other factors determining a personal loan

  • Age proof: Aadhaar Card, Passport, Driving License, Voter ID or PAN card. Age also forms an important determining factor to avail a personal loan. Usually, the age limit is between 22 to 62 years.
  • Income: The income in most of these loans must be above the minimum wage limit. For some instant loans, there is a minimum income limit for salaried and self-employed people. This bracket varies across various financial institutions.
  • Employment: Stability in your employment forms an important factor for getting a personal loan. For a salaried individual an employment record of 2 years and for a self-employed professional, a minimum of 5 years can help in getting instant personal loans.
  • Credit history: A good credit rating always comes handy for getting any kind of loan. A credit report lists down all your financial record making it easier for the lender to verify your credentials.
  • Employer: Having a link with an organisation with a good reputed and high turnover makes it easier to get a personal loan. A good employer with whom the loan applier is working helps in gauging the trust factor of the candidate.

Why someone gets salary without pay slip

Pay slips forms an important part when applying for personal loans, for change of job, etc. Some employees get salary without pay slips because the employers may want to evade labour law levies such as provident fund, medical insurance, gratuity, pension fund, and so on. Employers might also be not providing these to restrict the employees’ change of jobs or if paying salary out of black money. However, things are changing and a more formal structure if coming to take place when employing individuals.

What are the sources to get personal loan without pay slip? Personal loans can be availed from various sources. It is important to study the features and compare the kind of loans as per your objective and needs. Some important lenders offering these kind of loans are:

  1. Banks: There are several commercial as well as non-commercial banks offering the best rates in personal loans. And, most of them have various policies which allow individuals to produce bank statements or other income related documents in place of pay slips. Some top banks include Citibank, Yes Bank, Standard Chartered Bank, IndusInd Bank, and so on.
  2. NBFCs: Banks generally have stringent rules and practices. Though they are beginning to be more flexible, NBFCs come to immediate rescue having a little more flexibility in various aspects. This may ask for a higher interest rate though.
  3. Individual Entities: There are several Fintech companies as well as well-reputed individual organisations that are doing very well in providing almost all financial services similar to banks. Fullerton India is a good example under this category in providing personal loans without a pay slip.
  4. Individuals: This way of getting a loan might be more informal but this also ensures greater flexibility. Individuals include some formal money lenders or can be from your own networks that are ready to provide personal loans without pay slips.

Eligibility checks

What are the important factors to check before applying for a personal loan? Loan applicants must do a thorough research as per their requirement about which kind of loan they wish to apply for.

  • Rate of Interest- This goes a long way and you need to first compare the interest rates by several lenders before applying for a personal loan.
  • Monthly EMI- After being sure of what kind of rate you are willing to pay, check the monthly EMIs and compare the monthly EMIs for the same loan amount.
  • Loan Tenure-Compare this before selecting a personal loan. Sometimes, a low interest rate might be spread across a long tenure that makes the total interest even more than many others.
  • Time Taken for Approval- See the ways of processing of the bank. It usually takes two to three working days to get a loan approval. If it is taking long and is hectic, it’s time to switch lender.
  • Prepayment Charges- Some lenders also charge a lot of prepayment fees. Check these to not run into huge credit losses.
  • Disbursal Time- Similarly, do a check of the disbursal time along with the processing time and compare them with other lenders.
  • Processing Fee- This might seem not-so-significant at the start but, remember to check this. Many lenders try to adjust lower interest rates with a high processing fee. This is generally within 1.5 to 2%.

A mention of top lenders who offer personal loan without pay slip

HDFC Bank: It provides personal loan without income proof if the customer is self-employed, has an operational current account with HDFC and has a business stability of 3-4 years of business stability.

Particulars Details
Interest Rate 11.25% – 21.50%
Loan Amount Upto ₹15 Lakh
Tenure Up to 5 Years
Processing Fees 0.99%-2.50% of the loan amount (minimum being ₹1,999)
Foreclosure Charges Nil-Up to 4% on the principal outstanding + GST
Part- payment Charges 2%-4%
Repayment Mode ECS, AD or PDC

Fullerton India: Similarly, Fullerton India needs self-employed individuals to have a current account with it and show 3 years of ITR to get the personal loan.

It provides loans to borrowers within the age group of 21 and 58 years with a loan amount of minimum Rs. 1 Lakh to Rs. 20 Lakh and loan tenure as 12 to 48 months. It generally charges a rate of interest in the range of 17.25% to 33.00%.

The lowest EMI of Rs. 2,898 per lakh is available and the processing fees are up to 2.00%. Pre-closure of Fullerton India personal loan is allowed with 3 – 7% and is nil after 36 months and part payment charges are not allowed here. Other charges include late EMI bounce charges, EMI payment charges and loan cancellation charges.

 

Top Banks in India who have Loan for Pensioners Product

Loan for Pensioners

The age of retirement sometimes binds you, but thanks to the financial assistance offered by the banks and NBFCs, the pensioners and retired professionals who can now apply for the pension loan. This loan amount can be used to meet the needs of emergencies and can be used in case of the financial crisis.

The pensioners’ loan allows the senior citizens to take the loan against their pensions, FDs, Kisan Vikas Patras, National Saving Certificates, LIC and RBI Relief Bonds etc. The maximum age limit for pensioners which the banks allow is 70 -75 years of age.

Most of the banks are reluctant to provide the loan to the pensioners, but there are certain leading banks like Punjab National Bank, State Bank of India, United Bank, Dena Bank, Bank of Baroda, etc. that provide the loan to the pensioners at an attractive interest rate.

The maximum loan amount may vary from bank to bank, and the interest rates may also change, but the fact of the matter is that with the help of this loan, the pensioners can now meet their emergent financial needs and other needs.

Top 5 Personal Loans for Pensioners in India

The banking and financial institutions in India offer myriads of benefits to the pensioners. There are various schemes offered by them which help the elderly people during and after their retirement. The need for financial emergencies can arise at any point in life, and the situation becomes even tougher if you have returned. If you don’t have any help around, what will you do? That’s the biggest question that bothers the elderly people but, the pension loan offered by the banks and NBFCs help this people. Although, the banks are reluctant to provide a loan to the pensions because of the higher risk are some banks which make the entire process easy and simple.

Here is the list of 5 banks offering personal loans for pensioners in India:

SBI Pension Loan

SBI Bank is one of the leading banks in India. The Bank offers various schemes and loans. SBI pension loan is for the pensioners and the elderly people. This loan is being provided to retired people of Central and State Government. Even the defence personnel can also avail this loan. Family pensioners can also apply for this loan.

Purpose: You may avail of the loan to meet any financial need or family obligation.

Processing Fees: The bank doesn’t charge the processing fees for the defence pensioners. The processing fees may amount up to 0.5% of the loan amount plus the taxes which can be a minimum of Rs. 500 plus tax. There are no other hidden charges.

Loan Limit: The minimum loan amount is Rs. 25,000, and the maximum loan amount may reach up to Rs. 14 lac. The loan amount different for defence professionals, family pensioners, and regular pensioners.

Interest Rate:  13.05% per annum.

Eligibility for SBI Pension Loan:

  1.    Retired Central and State Government employees
  2.    The age of pensioners should not be more than 76 years
  3.    The pensioner may be drawing pension through any SBI Branch
  4.    Government treasuries should disburse the retirement
  5.    The defence pensioners of the army, air force, navy, paramilitary, Assam Rifles, coast guards, and Rashtriya rifles
  6.    The maximum age limit for defence pensioners is 76 years
  7.    In case of family pensioners, the spouse who receives pensions after the death of the pensioner is eligible for the pension loan
  8.    The age of family pensioner should not be more than 76 years.

Central Bank of India Personal Loan to Pensioners

Central Bank of India is also a popular bank that offers pension loan to the pensioners. The bank offers attractive interest rates to the pensioners, and they also don’t charge any processing fees.

Purpose: The pensioners can avail pension loan from the bank and use it in case of emergency or to meet immediate financial needs.

Processing Fees: Central Bank of India doesn’t charge any processing fees from the pensioners

Loan Limit: Pensioners who are 75 years of age or below are eligible for the loan amount of 5 lac for 18 months and for those who are above the age of 75 can get a loan of maximum 2 lac for up to 12 months.

Interest Rate:  11.70% per annum.

Eligibility for Central Bank of India Pension Loan:

  1.    The pensioners must draw pension via Central Bank of India
  2.    Central Bank of India offers pension to the pensioners or family pensioners drawing pension from the bank.

Punjab National Bank Personal Loan to Pensioners

PNB or Punjab National Bank is one of the leading banks in India. The bank has a long history and is known to provide myriads of financial products to cater to the variegated needs of the customers. PNB also offers loan to the pensioners so that they can meet their needs in case of an emergency. The bank provides a lower interest rate which is also an attractive feature of PNB loan to the pensioners.

Purpose: The pensioners can use the pension loan to meet their financial obligation in case of emergency. The pensioners can also use this loan to meet their personal and medical expenses.

Processing Fees: PNB does not charge any processing fees. However, there is a documentation charge of Rs. 500 plus GST which the bank charges.

Loan Limit: The bank offers the minimum loan of Rs. 25,000, the maximum loan limit depends on the pension drawn and the age of the applicant which is mentioned below:

  1.    The pensioners up to the age of 70, PNB offers the maximum loan of Rs. 10 lac
  2.    The pensioners above the age of 70 can get a maximum loan of Rs. 7.5 lac
  3.    The pensioners above the age of 75 get the maximum loan of Rs. 5 lac

Repayment: Punjab National Bank offers the maximum repayment period of 60 EMIs, and for those who are above 75 years of age they can repay the loan in 24 EMIs. The bank takes into consideration the net monthly pension such that the EMI doesn’t exceed 50%.

Interest Rate: The interest rate offered on the PNB Personal Loan for Pensioners is 2.60% above the MCLR.

Eligibility for Punjab National Bank Pension Loan:

The pensioners drawing pension via PNB branch are eligible for the pension loan from Punjab National Bank.

Bank of Baroda Loan to Pensioners

Bank of Baroda is also one of the leading Banks in India that offers pension loan to the pensioners at an attractive interest rate. The pension loan amount depends on the age of the pensioners.

Purpose: Bank of Baroda’s pension loan can be used by the pensioners to meet their financial emergencies and other needs.

Processing Fees: Bank of Baroda doesn’t charge any processing fees from the pensioners and family pensioners of BOB, but others have to pay the fees of Rs. 1000.

Loan Limit: The regular pensioners who are below 70 years or 70 years of age can get a maximum loan of Rs. 8 lac. The pensioners above the age of 70 can get the loan of Rs. 5 lac.

In case of family pensioners who are below the age of 70 or 70 years, they can get a loan of Rs. 3 lac and the family pensioners above the age of 70 can get a loan of Rs. 1.5 lac.

The loan repayment duration can be between 3 years to 5 years.

Interest Rate: Base rate + 2.00% per annum.

Eligibility criteria for BOB Loan to Pensioners:

Bank of Baroda offers pension loan to those who draw pension via Bank of Baroda

Family pensioners of Bank of Baroda are also eligible for the pension loan

The age of the pensioners should not be more than 75 years

BOI Star Pensioner Loan Scheme

Purpose: Bank of India offers the personal loan to the pensioners in the form of the term loan, Demand Loan or Overdraft. The loan is granted to pensioners drawing pension through BOI or is retired employees of BOI.

Processing Fees: BOI charges no processing fees to the pensioners who are above the of 60. For others, the bank charges the processing fees of 2% of the loan amount. This is one-time fees. The pensioners also have to pat stamp paper and loan agreement charges.

Loan Limit: Bank of India offers pension loan under two categories :

Secured loan – This pension loan can be used by the pensioners to repay existing home loan, purchasing consumer durables like computer , laptops etc.

Unsecured loan- This loan amount can be used by the pensioners to meet medical expenses, education of self or spouse , marriage expenses.

The bank offers maximum loan between Rs. 3 lac to Rs. 5 lac. The family pensioners get the maximum loan of Rs. 1.5 lac.

Interest Rate: 2.00% + BSS (0.30%) over 1 Year MCLR

Repayment: Bank of India allows the maximum EMI of 36. Under exceptional circumstances, the bank allows maximum EMIs of 60.

BOI Star Pensioner Loan eligibility

  1.    Pensioners drawing pension via Bank of India branch
  2.    Family pensioners who draw the pension from the Bank of India branch
  3.    Retire professionals of Bank of India.

Documents Required for Pension loan:

Documents required for Pension Loans are:

  1.    ID Proof- The applicant needs to submit ID proof like Voter ID, DL, Adhar Card, etc.
  2.    Address Proof- Ration card, Adhar Card, Utility bills like electricity bill, telephone bill
  3.    Last six-month bank statement
  4.    Proof of retirement and the organization that the applicant had last worked
  5.    Pension slip

Dena Bank Loan to the Pensioners-

Purpose: Dena Bank offers pension loan to the pensioners so that they can meet their emergency financial requirement.

Processing Fees: The bank charges no processing fees from the pensioners.

Loan Limit: The pensioners can get the pension loan up to Rs 3 lac for a period of 36 months.

Interest Rate: 11.75%

Repayment: Dena Bank offers the repayment period of 36 months or 3 years to the pensioners.

Dena Bank Pension Loan eligibility-

The pensioners of State , Centra;  and Public Sector undertaking are eligible for pension loan from Dena Bank

The pension amount is at least 60% of the gross monthly pension after removing the EMI

Ex-staff member of Dena Bank

Documents Required for Pension loan Dena Bank:

Documents required for Pension Loans are:

  1.    ID Proof- The applicant needs to submit ID proof like Voter ID, DL, Adhar Card, etc.
  2.    Address Proof- Ration card, Adhar Card, Utility bills like electricity bill, telephone bill
  3.    Last six-month bank statement
  4.    Proof of retirement and the organization that the applicant had last worked
  5.    Pension slip

Home Loan to the Pensioners

The banks and NBFCs have become agile. They now offer home loan to the retired professionals and pensioners so that they can fulfil their dream. This home loan can be used for renovating, reconstructing or buying a new home. However, there are certain limitations to the same. The banks are a bit reluctant to provide a home loan to pensioners who are more than 75 years of age and some bank restrict the age limit to 70 years. Below is the tabular representation of the home loan providers to the pensioners along with maximum loan amount and repayment period.

 

Loan Provider Maximum Loan Amount Repayment Period
State Bank of India 1) 7,50,000 – 14,00,000

2) 2,50,000 – 5,00,000 (family pensioner)

Before the pensioner reaches the age of 75
United Bank of India Rs. 2 lac Before the pensioner reaches the age of 70
LIC Housing Finance NA Before the pensioner reaches the age of 70
Bank of Baroda Rs. 5 lac – Rs. 8 lac 77-78 years of age
Punjab National Bank Rs. 5 lac – Rs. 10 lac 60 EMIs for those who are below 75 years of age and for those who are above the age of 75, the bank allows 24 EMIs
Dena Bank Rs. 1.5 lac- Rs. 3 lac Before the pensioner reaches the age of 73
South Indian Bank Rs. 25 lac 15 year or till the pensioner reaches the age of 75
Bank of India Rs. 5 lac 60 EMIs

Important Point to Note:

The pensioners are eligible to take the home loan only in the case they are repairing, constructing renovating the new or existing house. The only condition is that the property should be in the name of the applicant.

The minimum monthly pension should match the parameters specified by the bank. For example, Bank of India has the specified the minimum salary of Rs. 5000.

The bank usually approves the loan to pensioners who are less than 75 years of age, but banks like United Bank of India doesn’t give a loan to those who are above the age of 70.

Our Role: Loanyantra is a one-stop destination for various types of loan. Whether you are working or retired or pensioners and are seeking for the right way to avail loan with minimum hassle then, you must connect with Loanyantra. On our portal, you can find all the information related to personal loan, home loan, etc. We also help you with the complete paperwork related to loan application and approval. Not only we help you find the right bank for your need but also bring the banking services at your doorstep so that you just concentrate on your dream and we can help you achieve the same.

NRI Personal Loans Hand Book

NRI Personal Loans are the most common source of finance which helps Indian citizens residing in foreign countries to avail personal loans in India. Almost all the major private and public banks offer NRI personal loans. There are two types of personal loans offered in India-secured loans and unsecured loans. Secured loans are loans wherein it is secured against an asset, be it home, car or any item of high value, whereas unsecured loans are those in which one does not require give in any security or collateral, the lender relies on the borrower’s contractual obligation to repay the loan back.

Nri Personal loans
NRI Personal Loans

If an NRI has to travel urgently or if any personal emergency situation rises up, then a personal loan can be their aid and it can help them to tide over the contingency in the short period of time. Similarly, if one is looking to buy any consumer durable but is in short of cash, a personal loan can help to finance the purchase. All one got to do is choose the right lender and then apply for a loan amount as required.

An NRI personal loan falls under the category of secured loans in which the borrower pledges his/her property or asset as collateral to the lender. Furthermore, the borrower is also expected to submit relevant documents for the application of the loan. The document requirement differs from person-to-person and it mainly depends on the profession of the prospective borrower.

Documents required for NRI Personal Loan

•A copy of your passport and visa.

•Salary certificate in English, specifying name, date of joining, designation and salary details.

•Both domestic (NRE/NRO/FCNR) and international bank statements for the last six months.

•If the applicant is not available in India when the application form is submitted, then a General Power of Attorney duly attested by the Indian consulate in the NRI’s resident country needs to be submitted. If applicant is present in India then the Power of Attorney can be locally notarized.

•A copy of NRI’s appointment letter as well as contract.

•In case the applicant is employed in the Middle East, then they need to submit a copy of their labour card/identity card that is translated in English and countersigned by the respective consulate.

•In case the applicant is employed in the merchant navy, then they need to submit a copy of their CDC as well as their contract slip with Income details.

Few major banks that offer NRI Personal Loans are – 

State Bank of India

ICICI Bank

HDFC Bank

Kotak Mahindra Bank

Punjab National Bank

Axis bank

Citibank

NRI Personal Loan Via Loanyantra –

Loanyantra tries to get the best interest rate in the market by the top lenders in India. Along with that you can also avail prevailing offers by Loanyantra say, cash back offer, referral offer which might save a 0penny for you. Also going through Loanyantra can make you aware of the offers run by different banks viz, processing fee waiver period, etc. In today’s busy world, going to the banks directly and getting information from the banker is really tough. And hence came up Loanyantra, with a mission to create awareness among people about banks offers and savings.

All you need to do is to just give a missed call to our number and our customer relationship manger will call you for more detailed discussion to know your requirement and suggest the best suited product.

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.

 

Personal loan for Infosys Employees ICICI Bank

Personal loan for Infosys employees ICICI Bank comes with personalised features and discounted interest rate. With extended offers of personal loan, Infosys employees can enjoy special features like quick and simple personal loan process, fixed rate of interest where interest is charged in monthly reducing basis on personal loans. No security or collateral required for Infosys employees. Attractive personal loan interest rate for Infosys employees.

Infosys employees Personal Loan Documents ICICI Bank for instant approval –

  • Personal Loan Application form.
  • Photograph
  • Age proof
  • ID proof
  • Income proof
  • Bank statement
  • Residence proof
  • Signature verification proof.

Infosys Employees Eligibility check for Personal Loan from ICICI Bank –

  • Minimum age of applicant: 21 years
  • Maximum age of applicant at loan maturity: 60 years
  • Minimum Net Monthly Income: Rs 15,000
  • Maximum loan available: Rs 15 lacs.

Infosys personal loan is specially designed for the Infosys employees and Infosys bpo employees in ICICI bank. Zero Balance salary account can be maintained by Infosys employees with ICICI bank.

If you are an Infosys employee, get different deals on different loan products. ICICI personal loan offer for Infosys employee includes not only discounted interest rates but also rewards for paying loans through EMIs. Your minimum average salary per month should be minimum Rs. 15,000 in ICICI salary account for ICICI personal loan as an Infosys employee.

Before 2013, Infosys had special offers and schemes for its employees on different loans. Earlier it was tough to get loans from different lenders. Now Infosys had stopped schemes on loans for its employees. But personal loan and car loan schemes are still existing for Infosys employees.

Get the work done even smoother without even to wait as Loanyantra can assist you in every step by the loan experts. As an Infosys employee either in consultation or BPO, you can avail varied offers. So, get to know everything.

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 company has left no stone unturned to keep its employees happy and maintain a healthy work culture. Did you know that it 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, thus reducing their cost of operations by making the entire process seamless.

Personal Loans for Infosys Employees by ICICI Bank
Personal Loans for Infosys Employees by ICICI Bank

Infosys Employees benefits from loans schemes-

One of the biggest benefits 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 loan benefits which include:

  • Lower personal loan rate at 12.99% which is around 2% lesser than the normal market rate.
  • Easy repayment tenure
  • Infosys employees can get finance ranging from 50 thousand to 20 lac
  • Loan approval for Infosys employees for personal loan is done within 2 hours
  • Lower interest rate who have a salary of Rs.75,000 or their net monthly income is in the similar range
  • No need to run through burdensome paperwork, just some necessary paperwork and you will have your personal loan approved if you are working at Infosys
  • ICICI banks offer a lower interest rate of 11.49% if the employee has a salary account with ICICI

Tabular Representation of Personal Loan Interest Rates for Infosys Employees from other banks

Bank Name Rate of Interest Offered 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 minimal paperwork and quick approval , but there are some basic criteria that they need to fulfil to get a loan.

Documents for personal loan for Infosys employees –

  1. Photograph
  2. ID proof
  3. Age proof
  4. Bank Statement
  5. Residence proof
  6. Income proof

Eligibility criteria:

  1. The applicant must be 21 years of age (minimum)
  2. The maximum age of the applicant at the time of loan maturity should be 60 years

Different fees charged by the banks :

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 depend 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 changed from the people in case they are not able to pay the loan amount on time.

Personal Loan for Infosys Employees and Credit Score Check –

Well, whether you are working in Infosys, or any other company, banking and financial institutions have certain set parameters which one must fulfil to avail the loan. This involves complete documentation, falling in the eligibility criteria specified by the banks and finally the credit score. A good credit score for all the employees is a must for anyone to apply for a personal loan and gets it approved. Credit score showcases your credit health and your financial position to repay the loan on time. Thus, it’s always advisable that you must check the credit score before applying for personal or any other type of loan. For all this you have Loanyantra. We are a company that matches your credit and demographic profile to the lender’s criteria such that your application gets shortlisted in no time. We also do 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. We will offer you the best advice 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.

 

 

 

 

How does personal loan affect your credit

Know how Personal loan affect your credit and manage your loan through Loanyantra. Every now and then, you need a little help with your finances. A personal loan is one way to smooth your finances or get extra cash for a purchase. An unsecured personal loan can allow you to accomplish some of your goals without the need for collateral, or to share a specific purpose with the lender.

Personal loan interest rates, loan amount and tenure details – 

Bank Name Personal loan Interest Rate Minimum Tenure- Maximum Tenure Personal Loan Amount
Citi Bank 10.99% – 15.99% 1-5 years Max-30Lakhs.
Axis Bank 15.50% to 24% p.a. 1-5 years Min- Rs 50,000

Max-Rs 15 lakhs.

STANDARD CHARTERED BANK 10.99% – 14.49% 1-5 years Max- 30lakhs.
HDFC Bank 10.99% – 20.75% 1-5 years Max- 25Lakhs
FULLERTON 14% – 33% 1-4 years Max- 15lakhs
HSBC 11.29% p.a. to 17.5% up to 5 years Max- 30 lakhs
ICICI 10.99% to 22.00% per annum 1-5 years Max- 20lakhs
IDBI 12.75% to 13.75% up to 5 years Min- Rs. 50,000

Max-10lakhs

SBI 12.90% – 14.90% 5 Years Min- 25,000

Max- 15 lakhs

The above table lists the lenders with whom loanyantra.com has tie-ups. About every bank’s personal loan interest rates, you find at the end of the article.

But whenever you get any loan, it’s important to consider the impact on your finances and on your credit. It is always better to consider the personal loan affect on credit.
Before you apply for a personal loan, consider the credit score factors that are likely to be a part of the equation. Any debt impacts your credit — and that means a personal loan can affect your situation as well.
But that doesn’t mean the effects of a personal loan will be all negative. In fact, when used properly, a personal loan can have a net positive impact on your credit, and that means it can also have an effect on your life and finances beyond just your credit rating.

What happens to your credit when you apply for a personal loan? How does personal loan affect your credit?

When credit score calculated by CIBIL, there are five main credit score factors that each carry a specified weight:
Payment history: 35%
Amounts owed: 30%
Length of credit history: 15%
New credit: 10%
Credit mix: 10%
With a personal loan, the main things that affect your credit score fall under the categories “length of credit history” and “new credit.” When you apply for a personal loan, that represents an inquiry that will show up on your credit report and impact your credit score.

Things change if you are making a lot of credit inquiries in a short period of time, however. The more loans you apply for in a short timeframe, the bigger the impact on your credit history.
Your new credit will also have an impact on your credit history. Part of the calculation of credit history is the average age of your accounts. A new credit account, like your personal loan, brings down the average age of your accounts.
However, the impact shouldn’t be too huge, as long as you don’t have a lot of newer credit dragging on your score.
Once you get your personal loan, it’s important to pay attention to how you manage personal loan affect credit score, since that’s what will matter most to your credit score going forward.

Don’t let a personal loan bring down your credit score

Simply getting a personal loan isn’t likely to have a long-term negative impact on your credit. You might be surprised to discover that a personal loan can actually help your credit score in the long run.
Of the credit score factors, the most important item is your payment history.
As long as you make your loan payments on time and in full, your score will be impacted positively. The more on-time payments you have, the better your credit score.
With a personal loan, factors that affect credit score most are the payments you make and the mix that your loan adds to your credit profile.

Adding a personal loan to your credit mix can actually give your score a little boost. While credit mix is only 10% of your score, it can still provide a little help. Showing that you can handle an instalment loan as well as a revolving credit loan (such as a credit card) can add to your score.
The opposite is true, too. If you miss payments on your personal loan, you will be penalized. When you get any type of credit, it’s vital that you make regular payments in order to prevent damage to your credit score.
A personal loan is most dangerous to your credit when you don’t make payments.

Only borrow what you need

Any time you borrow money, it is important to limit your loan to what you need to accomplish your goals.
A personal loan can be a way to consolidate your debt to make it easier to pay off, or to help you smooth your cash flow while you restructure your finances. No matter what you use your personal loan for, don’t borrow more than you can handle and avoid paying late.
Your instalment loan won’t have the same impact in the credit utilization measure of your credit score, but it can still impact decisions about your finances in the future.
Lenders and others look at your credit file for red flags. If you have a large personal loan, it can affect your ability to get other credit and financial products, even if you have a good credit score. Lenders and others assess risk, and a large personal loan can make you a bigger financial risk.

Personal loans can help your finances, and even provide a boost to your credit, but you need to be careful about how you apply for and use them.

Personal loan interest rates (as of May 08th 2018)

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%

Why go through Loanyantra for a personal loan –

Loanyantra, an online platform for all your financial needs. It is India’s 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 and also get alerts as long as you are in the loan about the current market interest rates. Also avail wonderful offers like cashback and referral offers by getting a loan through loanyantra.com.

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.

 

 

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.