Personal Loan Interest Rate Calculator - Jan 2017

Personal Loan Interest Rates

Last Updated 17th Jan 2017
Salaried
Interest Rate %
Lowest EMI Rs. 0 per lakh
Loan Tenure From months to months
Loan Amount Min Rs. 0 and Max Rs. 0
Prepayment Charges Not allowed
Foreclosure Charges Not allowed
Apply Personal Loan Online @11.29%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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Personal Loan

gives the facility of personal loan to the people who want money to achieve their urgent requirements. There are some features and benefits of taking personal loan from :
    • has been rated 0/5.0 by customers for its service quality on MyLoanCare
    • offers special schemes and discounts for employees of large companies.
    Personal Loan interest rates in depends upon
    • Loan amount: Personal loan rate in depends upon the amount you apply for. Higher the loan amount, lesser will be the interest rate
    • Company where you work: has a list of companies to which they lend personal loan. Interest rate will be less if your company is listed
    • Your Salary: Income helps you in determining your rate of interest. interest rate varies with your monthly income. Higher the income, less will the rate of interest

    Personal Loan Eligibility

    Eligibility of personal loan in SBI relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
    • Age: Age plays an important role to know your eligibility and repayment capacity. offers personal loan to salaried individuals who are atleast years old at the time of loan approval and maximum years at the time of loan maturity.
    • Income: Loan eligibility significantly depends upon your income. Usually bank set minimum levels of income to apply for personal loan. asks for net monthly income of minimum Rs. 0.
    • Job stability and Profession: Job stability is important to improve your status and eligibility for personal loan from . In case you are salaried, you must be in a full time job for at least months of which not less months must be with your current company. In case you are self-employed, you must be in current profession or business for at least 0 years and should preferably own either your office or your place of residence. Minimum turnover and minimum net income criteria may apply. Other than job stability, profession is also an important factor which can affect your eligibility. If you are working with a reputed company, probability of getting personal loan from increases as the income is considered to be more stable and bank offers low interest personal loan to the employees of reputed companies
    • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your personal loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your personal loan eligibility.
    • Loan Amount: gives you personal loan depending upon your income. gives you an amount ranging from Rs. 0 to Rs. 0. To improve chances of approval, apply for a loan amount that you can comfortably service.

    Personal Loan EMI

    Personal Loan EMI of is a fixed amount that you pay each month towards the repayment of your personal loan till the end of tenure. Lowest EMI offered by is Rs. 0 per lakh loan amount at lowest personal loan interest rate of %. Personal Loan EMI of depends on factors like:
    • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
    • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
    • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

    Documents Required for Personal Loan

    Personal loan documents for employees

    • Filled up loan application form
    • Passport Size Photo
    • Copy of Income Tax PAN
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – months payslip, years Form 16, months bank statement showing salary credit and any EMI debit

    Fee and Charges on Personal Loan

    Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. allows prepayment of personal loan after paying EMI’s with

    Personal Loan Top up, Transfer

    • offers personal loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of
    • You can avail additional top-up personal loan from , subject to your eligibility
    Illustration on Personal Loan
    Maximum Annual Percentage Rate (APR) 0% to 0%
    Representative example of the total cost of the loan, including all applicable fees
    Here is an illustration of the total cost of the loan:
    • Total amount borrowed: Rs. 100,000
    • Time period: months to months
    • Personal Loan Interest Rate: % to %
    • Processing Fee payable to : Upto Rs. 2,000. Current offer for processing fee is
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From Rs. 0 for a months Rs. 100,000 loan at % (lowest rate, longest time period) to Rs. 0 for a months Rs. 100,000 loan at % (highest rate, shortest time period). This is inclusive of principal repayment.
    • Annual Percentage Rate (APR) of charge including all applicable fees: 0% to 0%
    • Total cost payable over loan tenure: Rs. -98,000 for months loan to Rs. -98,000 for months loan
    ’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure - months. Rate of interest depends upon company categorization, income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of .

    Compare Personal Loan Interest Rates of with other banks

    Frequently Asked Questions on Personal Loan

    How much interest is charged by on personal loan?

    offers an interest of % to % on personal loan.

    What is the lowest EMI per lakh on personal loan?

    If you apply for a personal loan from , your lowest EMI per lakh will be Rs. 0.

    What is the minimum and maximum tenure of personal loan?

    You can repay your personal loan from in a flexible period of minimum months to maximum months.

    How much personal loan amount I can borrow from ?

    offers you personal loan if you need a minimum amount of Rs. 0 to a maximum amount of Rs. 0.

    Are there any prepayment charges on personal loan?

    You can take personal loan from with .

    Can I add my spouse’s income while applying for personal loan from ?

    You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
Personal Loan News - Jan 2017
17th Jan 17 State Bank of India likely to increase its stake in its credit card joint venture SBI cards
SBI is likely to increase its stake in its credit card joint venture named as SBI cards and payments services (SBICPSL). SBI expects to complete the deal by March, 2017. Currently, SBI with 47.6 lakh credit cards has the second largest number of credit cards in circulation in the country.
17th Jan 17 Yes Bank hired Silicon Valley based Gunshup to develop banking chatbot for loan offerings
Yes Bank has announced a partnership with Silicon Valley based Gunshup (a bot platform) to develop its chatbot named as YES mPOWER. The chatbot will facilitate customers to perform transactions on various social messengers. Customers will also get full information about various loan products (personal loan and mortgage loan) of the bank on the platform.
14th Jan 17 Retail loan applications fall 31 percent after demonetization
CIBIL in its report has highlighted a decline in volume of retail loan applications to 31 percent during 1st November to 31st December, 2016. The volume of retail loan application has dropped to 10.3 million as compared to an expected 14.9 million during the two month tenure after demonetisation.
13th Jan 17 HDFC Bank reduces personal loan interest rates to 11.29 percent
HDFC Bank has reduced its personal loan interest rates by 20 basis points. The revised personal loan interest now stands at 11.29 percent as compared to 11.49 percent earlier.
12th Jan 17 CIBIL reports a slowdown in retail loan portfolio of banks post demonetization
CIBIL in its report has highlighted a decline in demand for consumer durable loans and auto loans by 60 and 43 percent respectively during November and December this year as compared to previous year. The volume of loan applications has reduced across various loan segments and has been reported at 12 lakh, 16 lakh and 15 lakh for categories of consumer durable loans, personal loans and auto loans respectively during the two months period post demonetization.
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.