Key Highlights
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Understand your Personal Loan Eligibility instantly
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Expert Guidance to Personal Financial Planning
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Instant Personal Loan Application
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E-Approval of Personal Loans
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Minimal Documentation
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Quick Disbursal
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Get options from 25+ Banks/NBFCs for your Personal Loan requirement
What is Personal Loan?
A personal loan is a type of Short to Medium Term Unsecured Loan often taken to meet a personal financial need i.e. home renovation, financing a wedding, meeting emergency medical expenses, etc. A Personal Loan does not require collateral security and is flexible in use.
Are you Eligible for a Personal Loan?
A personal loan is granted to individuals and not businesses. As such Banks and NBFCs (Non-Banking Finance Companies) offer Personal Loans to both Salaried and Self-Employed Individuals or professionals.
How does Personal Loan work?
Personal Loans are flexible to use and can be acquired without collateral security. The loan duration can range from 12 months to 60 months, depending upon the terms of the agreement. A short tenure usually has a higher EMI amount.
Personal Loan Eligibility with Top Banks/NBFCs
| Profession |
Salaried |
Self Employed |
|---|---|---|
| Age |
21-60 Years |
21-68 Years |
| Gross Income |
INR 15000 |
INR 5 Lakh |
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Minimal Documentation
Banks/NBFCs usually demand only Identity Proof, Address Proof, and Income Proof as a basis of disbursing loan.
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Flexible Loan Amount
Factors like Income history, age, profession, loan repayment history, credit score, repayment capacity, etc. come into play in determining the amount of personal loan a person can avail.
Personal loan interest rates
Personal Loan Interest Rates vary from Bank to Bank. They are calculated based on the Credit Rating of the Individual, Loan Amount, Tenure, etc. Here are the interest rates of some of the leading Banks and NBFCs.
| Bank Name | ROI | Pre-Payment And Forceclose |
|---|---|---|
| HDFC Bank | 10.75%* | 4% of principal outstanding + GST |
| IDFC First Bank | 11.75%* | 5% of Principal O/S + GST |
| AXIS BANK | 12.00%* | NIL |
| KOTAK BANK | 10.75%* | Upto 2.5% of the loan amount + GST |
| HDB FINANCIAL SERVICES | 15.99%* | NIL |
| ADITYA BIRLA FINANCE LIMITED | 15.99%* | 4% of the Principal outstanding amount + GST |
| Apply |
Documents required for Personal Loan
Banks and NBFCS have specific guidelines on the documents required for Personal Loan. These include:
- 1. Identity Proof - Personal Identity documents like PAN Card, Voter Card, Aadhar Card, Driving License. Passport, etc.
- 2. Address Proof - Bank Account Statement, Electricity Bill, Property/Rent Agreement, Driving License, Aadhar Card, etc.
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3. Income Proof - The documents depicting proof of income can be
- a) Salaried Form 16/Bank Account Statement/Salary Slip, etc.
- b) Self-Employed Bank Account Statements/PEL Statements of past 3 years ITR of last 3 years.
- 4. Business Documents - Certificates determining the presence of Business Le GST Registration Partnership Document, MOA & AOA, Certificate of Practice, etc.
How to apply for Personal Loan at Loan Ki Dukaan?
At LoankiDukaan, applying a personal loan is a swift process. After you log in to the website, hit the 'Personal Loan' button, and follow the steps:
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Your Personal Details
Enter Your Details like Name, Occupation, Monthly Income, Mobile Number, etc along with the expected/ required loan amount etc.
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Compare and Select
A list of Personal Loan offers from the best of Banks/NBFCs suited for your profile will be displayed after verification. Select the best offer as per your requirements and fill in the additional details required.
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Apply for the Loan
Apply for the loan online and get e-approval. A team member from Loan Dukan will guide you through the documentation process.
How is your Personal Loan EMI calculated?
It is always better to understand your Personal Loan EMI amounts before applying for the loan to plan your finances better. Loan Ki Dukaan has a personal loan EMI Calculator to help you calculate the EMI amount instantly as per
your Loan Amount, Tenure, Interest Rate, etc. This helps in informed decision making and selecting the best personal loan offer.
Look at the table below to understand how Personal Loan EMIs are calculated.
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Loan Amount
5 Lakhs
10 Lakhs -
Interest rate
10.50%
10.50% -
EMI for 1 Year
LoanINR 44,074
INR 88,149 -
EMI for 2 Year
LoanINR 23,188
INR 46,376 -
EMI for 3 Year
LoanINR 16,251
INR 32,502 -
EMI for 4 Year
LoanNR 12,802
INR 25,603 -
EMI for 5 Year
LoanINR 10,747
INR 21,494
Loan Verification Process
Loan Verification for Personal Loans involves key steps::
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Applying for the Loan
Once you make a Personal Loan Online Application on Loan Ki Dukaan, your chosen lender received your loan application.
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Document Pickup And Verification
Lender's representative contact you for verification of personal loan e-application and arrange for pickup of documents required for loan application.
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E-approval of Loan
Once the application and documents are collected, verified, and checked. The loan is approved if and when the eligibility criteria are met.
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Loan Disbursal
Loan is disbursed upon confirmation and signing of the loan agreement.
How is your Personal Loan disbursed?
Once the Personal Loan is approved and sanctioned, the disbursal takes 2-3 days. Banks or NBFCs usually disburse loans through Direct Transfer of Funds. The Loan Amount is directly transferred to the savings/current Bank Account as specified by the Applicant.
FAQs
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If I get my Salary in Cash, am I eligible for a personal loan?
For people receiving salary in cash, Banks/NBFCs usually demand proof of income in the form of salary slips. A cross-verification with the employer may also be done by the Bank.
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Can a student apply for a personal loan?
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What are the other charges of Personal Loan, besides interest rates?
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What happens if I miss an EMI payment?
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I already have a personal loan from a bank, will I get another one from another bank?
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How can I choose the best Personal Loan Offer?
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Are Personal Loans Tax Exempted?
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Why should I apply for Personal Loan on loankidukaan.com?