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Online Personal Loan

Last Updated 01st Dec 2020

  • A personal loan is an unsecured loan that can be availed to meet urgent financial requirements such as a wedding, medical emergency, home renovation, educational expenses etc.
  • Compare and get best offers on a personal loan online.
  • Apply for a personal loan online and save time and effort without hurting your credit score.
  • With instant personal loan application, avail a loan within a few hours.
  • Estimate your loan eligibility online with MyLoanCare personal loan eligibility calculator.
Apply for Personal Loan @ 10.45%* Get upto ₹ 1,000* Cashback Or Free Corona Health Insurance Cover of up to ₹5 lakh

Personal Loan

Personal Loans are unsecured loans available for both salaried and self-employed professionals to meet unexpected financial needs for marriage, medical emergency, travel, home renovation, pay credit card dues etc. Presently, you can get a personal loan for a tenure ranging between 1 months to 72 months at 8.95%. Banks may also charge a processing fee of Upto 2.25% of Loan Amount on a personal loan.

Procedure to Apply Personal Loan Online through Myloancare

You can apply for a personal loan online through the bank website or online marketplace. However, to get the best rates on a personal loan, you must calculate your loan EMI and eligibility before making a detailed comparison of offers and schemes of leading banks and NBFCs in India.

Here is a step-by-step procedure to apply for a personal loan through MyLoanCare.in.

  • Visit MyLoanCare.in or download the app and fill in your personal and loan requirement details like name, number, income, residence, existing loan and other details.
  • Personal Loan Form
  • Once you submit the details, you will get multiple banks option to compare rates and charges based on the details provided by you.
  • After that a MyLoanCare representative will contact you to confirm your details and discuss your loan requirements. He/she will suggest the right banks and loan offers to you based on your eligibility and also explain the complete personal loan process and documents required.
  • If you are eligible and interested, our representative will fix an appointment with the bank for document pick-up and further loan process. You can also upload your documents online at MyLoanCare’s website. A bank's representative will contact you and will initiate a verification process.
  • After verification of your documents and based on your credit history and eligibility, the bank will decide to sanction or reject your loan. If sanctioned, you will receive a sanction letter from the bank mentioning the key loan terms, including interest rate, processing fees, tenure, prepayment charges.
  • Finally, the sanctioned loan amount will be disbursed to your bank account.

Why should you Apply for a Personal Loan Online with MyLoanCare?

As mentioned above, a personal loan online provides you with the convenience of applying for a loan without any hassle, thus saving both your efforts & time. If you apply for a personal loan online with MyLoanCare, you can easily compare the personal loan rates of leading lenders and get a loan at best rates based on your eligibility. Along with that, you can also get free-on call assistance regarding the process of applying for a personal loan, eligibility, documents required etc. Further, you also become eligible for Free Corona Health Insurance cover upto Rs. 5 Lakhs if you apply for a personal loan online with MyLoanCare

Benefits of Personal Loan Online Application

You can apply for an online personal loan application anytime and anywhere at the comfort of your house instantly in a few minutes. Along with that, lenders approve online personal loan applications within a few hours if you have a good credit history. A list of reasons as to why one should apply for a Personal loan online are listed below:

  • Compare personal loan rates: You can quickly determine the best bank for a personal loan by comparing personal loan interest rates and other charges like processing fees, prepayment fees etc., if you apply for a personal loan online.
  • Checking personal loan eligibility: With online Personal Loan eligibility tools, you can determine the loan amount and tenure based on your income level. Further, it is also easy to calculate Personal Loan EMI using Online Personal Loan EMI calculator.
  • Does not affect your credit score: Applying for a personal loan directly with the banks may affect your credit score. However, if you apply for a personal loan through the online marketplace, then you can compare the personal loan rates of the various institutions without hurting your credit score.
  • Minimal documentation: If you apply for a personal loan online, you have to fulfil minimal paperwork and can submit documents online, thus saving both your time and efforts. Therefore, the entire process from applying for a loan to sanctioning a loan is quick and convenient.
  • Tracking your Personal Loan account: It is easy to track your Personal Loan account by installing a mobile application on your phone. You can know account balance, information about the previous transaction or any other information about your personal loan account by sitting in the comfort of your house.

Top Personal Loan Providers

Banks Interest Rate Loan Tenure
SBI 9.60% 72 Months
HDFC Bank 10.50% 60 Months
ICICI Bank 10.75% 60 Months
Bajaj Finserv 12.99% 60 Months
IDFC First Bank 11.00% 60 Months
Axis Bank 10.49% 60 Months
Tata Capital 11.25% 72 Months
Fullerton India 11.99% 48 Months
IndusInd Bank 11.00% 60 Months
Kotak Bank 10.50% 48 Months
RBL Bank 13.99% 60 Months
IIFL 12.99% 60 Months
HDB Financial 13.99% 60 Months
IDBI Bank 12.00% 60 Months
Indian Bank 11.05% 36 Months

Personal Loan Eligibility

You can get a personal loan if you fulfill the following eligibility criteria:

  • Age: The age limit to get a personal loan is between 21 to 65 years. However, some banks have also launched special personal loan schemes to pensioners up to an age of 76 years.
  • Profession: Both salaried individuals and self employed professionals can avail a personal loan. The interest rates are lower for salaried applicants.
  • Credit Score: A credit score of 750 or above is considered an ideal score for availing a personal loan. However, some banks give personal loans at a credit score of 650 and above.
  • Income: The minimum income required to apply for a personal loan varies for salaried and self employed professionals. You should have a minimum salary of ₹ 25,000 for getting a personal loan.

Documents Required for Online Personal Loan Application

To get a personal loan online, you must submit the application form along with the following documents.

  • Identity proof: PAN Card/ Aadhaar Card/ Voter ID/ Passport/ Driving License/ Govt issued card
  • Address proof: Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old)
  • Income proof: Salary Slip/ Bank Account Statement/ Form 16. In the case of self-employed Previous Year ITR/ P&L Statement and Balance Sheet/ Bank Account Statement also need to be submitted.
  • Business proof: PAN , sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI

FAQs

How do I apply for a loan online?

You can apply for a personal loan online through the specific bank website or online marketplace like MyLoanCare.Borrowers can also apply for personal loan through mobile banking by downloading the bank mobile application from playstore.

How long does the Online Personal loan application take to get approved?

It usually takes 1-7 days for approval of your loan application. However some banks may approve your loan in a few hours if you have an excellent credit history.

How can I get a personal loan online?

You can apply for a personal loan online through the bank website or online marketplace like MyLoanCare by submitting a personal loan application along with required documents.

What do banks look at when approving for a personal loan?

Banks check personal loan eligibility based on factors such as credit score, income, organisation you are working with, profession etc before approving your personal loan online.

Which is the best app to Apply Personal Loan Online?

Some of the best personal loan applications to apply for personal loan online are Indiabulls Dhani app, Money tap. Besides banks like SBI, HDFC, Axis Bank also have their online loan app.

Why should you take a personal loan Online?

A personal loan is an unsecured loan that can be availed without any collateral, and also there is no restriction on end-use of a personal loan. If you apply for a personal loan online, you can quickly get a loan with minimal documents at best interest rates.

Do I need to provide any security while applying for an Online Personal loan?

No, a personal loan is an unsecured loan and does not require any collateral in the form of cash, shares or any other asset.

How can I get a personal loan instantly?

Instant personal loan applications such as Cashe, Kredit Bee, Cashbean, Early Salary etc. provides a personal loan instantly in a few hours with minimal documents for income and identity proof. However, banks like HDFC and ICICI also provide instant paperless personal loan within a few hours of application if you have an excellent credit history.

Is a personal loan available for a holiday or travel purposes?

Yes, a personal loan can be taken to meet individual financial needs, such as a holiday or travel. There are some banks which have exclusive personal loan products for a holiday and trip.

What can a personal loan be used for?

There are no restrictions on the end-use of a personal loan. You can use a personal loan for urgent finance requirements for individual or business needs such as a wedding, travel, medical emergency, home renovation, educational needs or to pay credit card dues.


Personal Loan News - Dec 2020
  • 2020-11-27 : DHFL posts net loss of ₹2,122.65 crore
    DHFL reported a consolidated net loss of ₹2,122.65 crores in the second quarter of the fiscal against a net loss of ₹6,640.62 crores in the same period a year ago. DHFL reported a total income of ₹2,205.90 crores backed by retail loans like home, personal, car, two-wheeler and gold loans along with mudra and business loan.
  • 2020-11-27 : ESAF Bank opens 500th branch in Ahmadabad
    ESAF Bank opens 500th branch in Ahmadabad. The bank is aiming to offers equal opportunity for the whole society through universal access. It offers retail loans like home, personal, car, two-wheeler and gold loans along with mudra and business loan.
  • 2020-11-26 : Credit growth slows to 5.8% in the September quarter
    RBI reported that the credit growth which includes retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loan decelerated to 5.8% in the September quarter from 8.9% in the year-ago period. Further, deposits which include FD and RD increased by11% year-on-year in the July-September period as compared to 10.1% growth a year ago. The share of current account and saving account (CASA) in total deposits stood at 42.3% in September 2020 compared to 41.2% a year ago.
  • 2020-11-26 : Lakshmi Vilas Bank to operate as DBS Bank from Friday
    The RBI clarified that the merger of Lakshmi Vilas Bank with DBS Bank India will come into force from 27 November. Further, the moratorium imposed will also be removed.
  • 2020-11-11 : Bank credit increases by 5.06%, deposits rise by 10.12%
    RBI reported that Bank credit which includes retail loans like home, personal, gold, car, two-wheeler, education and gold loans along with business and mudra loans by grew by 5.06% to Rs 103.39 lakh crore. Deposits which include Fixed and recurring deposits rose by 10.12% to Rs 142.92 lakh crore in the fortnight ended October 23.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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