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Personal Loans in India

Get best offers on personal loan in your city

Last Updated 19th Apr 2021

  • Get lowest personal loan interest rates starting @10.25% from different banks
  • Compare online and get best personal loan offers from various banks
  • Avail personal loan for a maximum tenure of 5 years and pay less EMI for longer tenure
  • Estimate your loan eligibility online at MyLoanCare Personal Loan Eligibility Calculator
  • Apply for personal loan online at MyLoanCare and get attractive cashback upto ₹ 1,000
  • No collateral security or guarantor required to get personal loans
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Features of Personal Loan

A personal loan is an unsecured loan that can be availed for various purposes such as vacation or travel, higher education, wedding, medical treatment, credit card payment etc. Some of the key features are:

  • No Collateral Required: A personal loan is an unsecured loan, and you don't require to submit any security in the form of shares, cash or any other asset.
  • Loan Tenure: A personal loan can be availed for tenure ranging between 1 Months to 72 Months.
  • Personal loan Rates: Personal loan rates start at 10.25%. Along with rates, borrowers also have to pay other charges like processing fees, prepayment and foreclosure charges etc. on a personal loan.
  • Loan Amount: You can get personal loan amount ranging between ₹ 5,000 to ₹ 75 Lakh based on your income eligibility and credit score.
  • Special Schemes: Banks also offer customized personal loan interest rates and schemes for pensioners, salaried borrowers working in government, defence, private or MNC companies and self-employed professionals like Doctors, CA, CS, Architects.

How to choose the best personal loan in India?

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 follow the following procedure.

  • Compare Personal Loan Rates: To get the best personal loan online, you must compare personal loan interest rates of all banks and NBFCs at an online marketplace like myloancare.in. Along with rates, check processing fee, prepayment charges and any other associated cost on loan.
  • Check Other Services of Banks: Once you have shortlisted some banks, you must consider other services like turnaround time, quick loan delivery, doorstep services, transparency in the loan process. You can also check online reviews of various financial institutions.
  • Verify Personal Loan Eligibility: Now, finally check your loan amount eligibility and monthly EMI you can afford based on factors such as age, monthly income, current obligations etc. You can use an online Personal loan eligibility calculator and Personal Loan EMI calculator, respectively to check your loan eligibility and EMI you can afford.
  • Examine Other Possibilities: Before applying for a loan, you can look at other options like taking a personal loan from your friends or family. If you take a loan from your family, you may have to pay nil or negligible interest on the loan. However, it depends on your relationship with them.

Compare Personal Loan offers for different cities in India

FAQs

What is the lowest interest rate on a personal loan?

Presently, the lowest rate of interest rate on a personal loan is 10.25%.

How long does it take to get a personal loan?

The personal loan gets disbursed in 3 to 7 days. However, some banks disburse the amount the same day if you are an existing customer with excellent credit history.

What is the minimum income requirement to get personal loan?

The minimum income required to apply for a personal loan is ₹ 25,000.


Personal Loan News - Apr 2021
  • 2021-04-13 : Bank credit rise 5.56%; deposits 11.4% in FY21
    RBI reported that the Bank credit which includes retail loans like home, personal, business, car, two-wheeler, education and doctor loan along with business and mudra loans grew 5.56% to Rs 109.51 lakh crore in the financial year ending March 31, 2021. Further, the deposits include fixed and recurring deposits and rose 11.4% to Rs 151.13 lakh crore.
  • 2021-04-13 : Jan Dhan accounts witnessed unusual surge in total balance in March
    Pradhan Mantri Jan Dhan Yojana accounts winessed showing a significant increase in the month of March. There was an addition of ₹5,882 crore. The total balance of Jan Dhan accounts stood at ₹1,45,550 crore as on March 31, 2021 with 42.20 crore beneficiaries. In the beginning of the month, the total balance was only ₹1,39, 668 crore. PMJDY is a flagship financial schemes aiming financial inclusion.
  • 2021-04-13 : Jan Dhan accounts witnessed an unusual surge in total balance in March
    Pradhan Mantri Jan Dhan Yojana accounts witnessed showing a significant increase in the month of March. There was an addition of ₹5,882 crores. The total balance of Jan Dhan accounts stood at ₹1,45,550 crore as of March 31, 2021, with 42.20 crore beneficiaries. At the beginning of the month, the total balance was only ₹1,39, 668 crores. PMJDY is a flagship financial schemes aiming at financial inclusion.
  • 2021-04-13 : Bandhan Bank’s collection efficiency ratio at 96% in Q4
    Bandhan Bank reported an overall collection efficiency of 96% for the quarter ending March 2021. Total advances which include retail loans like home, personal, business, car, two-wheeler education and doctor loan along with business and mudra loans grew by 21% at ₹87,054 crores. Deposits which includes fixed and recurring deposits grew by 37% at ₹77,972 crores. Further, CASA deposits increased by 61 per cent at ₹33,827 crores.
  • 2021-04-07 : RBI announced Rs. 50,000-cr refinance to all-India financial institutions
    Reserve Bank of India announced that it will provide Rs. 50,000 crore refinance to all India financial institutions. The National Bank for Agriculture and Rural Development will get Rs. 25,000 crore, National Housing Bank Rs. 10,000 crore, and Small Industries Development Bank of India Rs. 15,000 crore.
*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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