Sunday, September 25, 2022

Need Personal Loan? No Problem

Looking for a personal loan, but not sure which one to go with? Well, our experts can help you with the best option that suits your need and financial goals. 

  • Submit your inquiry 
  • Share required documents 
  • We go to all the banks for you
  • Compare the best personal loan suitable 
  • Get your personal loan approved

Know Personal Loan Eligibility

If you are applying for a Personal Loan, then you need to first understand if you are eligible to apply for it or not. Hence, we have made it simple by listing down the personal loan Eligibility Criteria. Personal Loan Eligibility consists of your Age, Income, CIBIL Score, and more. 

Criteria List For Saleried Self-Employed/Businessman
Age Min 21 years - Max 60 years Min 22 years - Max 55 years
Income (Monthly) Rs. 15,000/ month Rs. 25,000/ month
CIBIL Score Minimum 750 Minimum 750
EMI Criteria Minimum 60% of Monthly Income Minimum 60% of Monthly Income
Loan Amount Approval Minimum 50,000 - Manimum 25,00,00 Minimum 50,000 - Manimum 50,00,00

If you do not match the criteria, but still want some help? You can connect with our experts. 

Compare Personal Interest Rates

Every bank has a different interest and processing fee. With so many options, you need to understand which bank is suitable for your need. We have compared personal loans from several banks as shown below. If you still have doubts, you can connect with us. 

Bank Name Minimum Interest Rate Processing Fee
HDFC Bank 11% Upt0 2.50%
AXIX Bank 10.40% Upto 2.00%
ICICI Bank 10.75% Min 0.25% to 1.50%
Kotak Bank 10.50% Upto 2.50%
IDFC First Bank 10.75% Upto 1.50%
Bajaj Finser 13.0% Upto 4%
Bank Of India 10.25% Upto 2.00%
Canara Bank 11.10% Upto 1%
Federal Bank 10.49% Upto 3%

Personal Loan Documents Checklist

When you apply for any personal loan, you need to submit some documents so that we and the bank can verify if the documents submitted by the applicant are genuine or now. Hence, we have listed download below the documents that you need to have handy before you apply for a personal loan. 

Make sure you have the below documents. 

  • PAN Card,
  • Passport,
  • Aadhaar Card,
  • Voter’s ID Card,
  • Driving License

Make sure that you have these documents ready with you. 

  • Ration Card
  • Passport
  • Utility Bills
    • Telephone Bill
    • Electricity Bill
    • Water Bill
    • Gas Bill
  • LIC Policy Receipt

No matter if you are salaried or a business man, you will need to have the below documents before you apply for home loan. 

For Salaried

  • Form 16 
  • ITR for 2 to 3 Years 
  • Income proof

For Businessman

  • Form 16 
  • ITR for 2 to 3 Years 
  • Income proof
    • Balance Sheet
    • Profit & Loss Account Statement

Frequently Asked Questions

If you fails to pay any EMI, the bank will charge you a penallty on the interest on the overdue amount. Banks usually charge a penalty interest of 2%-3% per month. If you miss any EMI ensure you pay it as early as possible t avoide additiona ibterest on the overdue amount. 

 

There can be several reasons for Personal loan rejection. It can be bad CIBIL score, incomplete documents, old case on loan and more. If you apply with Infonetworth.com, we will guide you all the reasons on loan rejection. 

Not all the banks will charge you on foreclosure or prepayment of your personal loan. But some banks might ask you some fee on loan closure. 

Most of the banks ask that your salary should be minimum Rs. 15,000. But for those with this salary gets a very less loan. if you are looking for a personal loan between 5 lakh to 7 lakh, then we recommend you to apply only if your Salary is above Rs 20, 000. This will increase your chance to apply for big amount personal loan.