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Personal Loans in India

Get best offers on personal loan in your city

Last Updated 27th Jul 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 84 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.


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Personal Loan News - Jul 2021
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2021-07-16 : Bandhan Bank total loans rise 8% to ₹80,128 crore in Q1, deposits up 28%
    Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crores in the June quarter this fiscal. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crores in the March quarter. Total deposits grew by 28% year-on-year to ₹77,336 crores, while the CASA (current account and savings account) deposits jumped by 48% to ₹33,197 crores in the first quarter of 2021-22.
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 2021-07-15 : OBC & UBI merged with PNB
    After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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