Personal Loan for a better future
Personal Loans are ideal for funding higher education, business expansion, home improvement, weddings, travel, medical expenses, and more. Navi is currently offering the lowest personal loan interest rate, starting at 10.50%, with a flat processing fee of 3.99%. Get instant approval for affordable personal loans up to 50 Lakh for 5 years without pledging collateral or adding a guarantor.
Apply for Best Personal Loans Offers with Low Interest Rates
Key Highlights of Personal Loan
- Submit an online loan application and get instant loan approval
- Personal Loan amount can be used for any personal purpose, including marriage, education, medical emergency, shopping, travel, etc.
- No collateral or security is required as personal loans are unsecured loans.
- You can get a personal loan through the best instant loan app in India or online lending marketplaces.
Features & Benefits of Personal Loan
- Loan tenure: Personal loans are available for periods as short as 12 months. The average tenure for a Personal Loan is between 12 and 60 months, depending on the loan amount.
- Security: Due to its unsecured nature, collateral is not required.
- Loan turnaround time: A Personal Loan typically has the fastest turnaround time in the industry. Many banks personal loans online approval within 48 hours after submission of the online
- Processing fees: It depends on the individual bank. It is usually 3.5% of the loan amount.
- Prepayment penalty: Banks charge a prepayment penalty if you repay your Personal Loan before the determined period. The charges range between 1-2% of the outstanding amount on the date of closure.
Types of Personal Loan
Here are the different types of personal loans available in India:
- Travel Loan: These personal loan schemes are for people who love travelling. This loan is called by many names, including travel loan, vacation loan, and holiday loan. You can avail of this loan to travel around the world and pay the bills latrine affordable EMIs. You can also get travel insurance as an added benefit with this loan.
- wedding Loan: Weddings in India come with a long list of expenses. It’s once in a lifetime experience for everyone and to make it more memorable many people often need financial support. Therefore, many lenders have started providing personal loans for weddings These loans are availed by the would-be brides and grooms or their family members to pay for the wedding-related expenses like venue booking, catering, honeymoon vacation, etc.
- Festival Loan: These loans are offered for celebrating festivals, parties, and functions. Festival loans help you in preparing for the festivities and host parties.
- Consumer Durable Loan: As the name suggests, this personal loan variant is availed for the purchase of appliances or consumer durables.
- Pension Loan: Pension loans can be availed by retired personnel to fulfill their financial needs like paying medical bills, meeting daily expenses, etc. Under pension loans, banks provide a few times the amount of pension the pensioner has drawn in previous months before submitting the loan application.
- Home Renovation Loan: These loans are provided for the purpose of renovation, repair, purchase of new material, and other house-related expenses.
- Education Loan: You can use these loans for paying the tuition fees of your child, or any other big academic requirements like going abroad.
- Computers and Mobile Phones Loan: Many lenders nowadays are offering computer loans and mobile phone loans for the purchase of computers, laptops, and smartphones. Some lenders even offer insurance with the loan.
Eligibility Required for Personal Loan
| Occupation | Salaried employees, self-employed professionals, self-employed non-professionals, and business owners |
| Age | Minimum 21 years at loan application and maximum 60 years at loan maturity |
| Monthly Income | 20,000 |
| Job/Business Continuity | 2 years continuous job or 3 years continuity in business |
| ITR | Last 2 years IT returns |
| Credit Score | 700 & above |
*Personal loan eligibility criteria may differ from bank to bank.
Documents Required for Personal Loan
| KYC Documents |
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| Income Documents for Salaried |
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| Income Documents for Self-employed |
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| Other Documents |
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Factors Affecting the Eligibility of a Personal Loan
- 1. Credit score: This is the most crucial eligibility factor. A Credit score of 700 or above is typically considered a good score for personal loans. The better your credit score, the higher your chances of getting a loan online.
- 2. Income: People with higher incomes are more eligible for a higher loan amount than those who have low incomes.
- 3. Employment: Employees of listed companies, Central and State Governments, and public sector undertakings are eligible for a higher amount.
- 4. Work continuity: You should be a long-term employee of your current organisation. In case you are self-employed, the continuity of business and income is the most critical
- 5. Age of the borrower: The minimum age requirement is 21 years. Banks have their criteria for deciding the maximum age limit. In most cases, your age at the end of the repayment period should not exceed 65 years.
- 6. Loan amount: Applying for a loan amount that you can service comfortably makes you more eligible for a personal loan and improves your chances of approval.
How to Apply for a Personal Loan
- Click on the ‘Compare and Apply’ option
- Fill up a registration form with the necessary details
- Get the latest personal loan offers and choose from them.
- Apply for the loan plan that you have chosen.
- Fill up a simple form online
- Provide necessary personal loan document.
Once the application form is received, you will be contacted by the Bank’s representatives.