Money problems can occur at any time. You could need money to pay for your children’s schooling or a home wedding. It’s also possible that you’ll have to cope with unanticipated medical expenses. If you find yourself in a tight circumstance, you might want to consider getting an immediate personal loan online as a back-up plan.
A personal loan is an unsecured loan offered by banks and financial organisations to help people with personal problems. Personal Loans have grown easier to get as earnings have improved and banks have competed to strengthen their credit portfolios. Banks now provide competitive interest rates and repayment options.
Eligibility Criteria
- Should be a full-time salaried employee with a minimum take-home salary of ₹ 15,000/month (OR)
- Should be a self-employed professional with an income of at least ₹ 15,000/month.(Only certain professionals like doctors, lawyers, or business owners qualify)
- Must be above 18 years and below 60 years of age
- Must be a resident of India or NRI with clear documentation
Features & Benefits of Personal Loan
- The annual percentage rate (APR) for personal loans range from 9.6% to 24%, depending on your credit score, income, and other factors.
- Loan amount: Depending on your needs and qualifications, you may acquire a loan online for as little as 10,000 or as much as 50 lakhs.
- Personal loans can be taken for for as little as one year.
- Depending on the loan amount, a Personal Loan might last anywhere from 12 to 60 months.
- Collateral is not required because of the unsecured nature of the loan.
- Personal loans have the quickest response times in the market. Many banks approve personal loans online within 48 hours of filing.
- The amount of processing fees varies per bank. It normally varies from 500 percent to -2.5 percent of the total loan amount.
- Prepayment penalty: If you repay your Personal Loan early, you will be charged a prepayment penalty by the bank. The fees are typically 1-2 percent of the outstanding balance on the day the account is closed.
Documents Required
- ID Proof
(Valid Driving License / Valid Passport / Voter’s ID / Aadhar Card / Pan Card)
- Pan Card
- Address Proof
(Valid Driving License / Valid Passport / Aadhar Card)
- 3 Month Salary Slip
- Passport Photo
- 6 Month Bank Statement
Eligibility for a Personal Loan is affected by several factors
1. Credit score: Your credit score is the most important aspect in determining your eligibility. When it comes to personal loans, a credit score of 700 or more is regarded desirable. Your chances of getting a loan online are better if your credit score is good.
2. Earnings: People with a greater income are more likely to get approved for a larger loan than those with a lower income.
3. Employment: Employees of publicly traded enterprises, the federal and state governments, and public sector organisations are entitled to a greater salary.
4. Longevity in the workplace: You should be a long-term employee of your current company. If you work for yourself, the most important thing is to keep your business and money going.
5. Borrower’s age: You must be at least 21 years old to qualify. For determining the maximum age restriction, banks have their own standards. In most situations, you should not be older than 65 years old at the end of the payback period.
6. Loan amount: Applying for a loan amount that you can easily service increases your chances of being approved for a personal loan.
Top 5 Personal Loans Lenders
1. Omozing
Omozing helps make Smart Money Moves for a Lifetime. They strive to get lowest interest rates and best terms for your Online Applications at www.Omozing.com . We’ve made business lending smarter, faster and easier by transforming the approval process from stumbling blocks to stepping-stones. This enables borrowers to not just get access to capital, but also understand what areas they need to work on in order to enhance their credit profile. Omozing ensures that Borrowers get a secure, safe and reliable application process that be tracked online.
5 Reasons to choose Omozing
1. Loans from INR 10k to INR 10 lakhs
Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 10,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months. CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)
2. Cutomised Tailor Options
- Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.
- You have the freedom to utilise your loan anyway you want, whether for business or for immediate personal needs.
- Flexible repayment options depending on your specific cash flow and budget, as well as conditions that is beneficial to your position.
3. Lower CIBIL
While most lenders require borrowers to have a CIBIL score of over 750, at Omozing.com provide loans even with 600. Besides the CIBIL score, we also considers your age, employment status, and net monthly income.
4. Ways to apply
You can apply for a personal loan through us by 2 ways:
1. You can download our Mobile Application from Google app store.
2. Apply on portal using out Personal Loan link
5. Prompt Loan Disbursal
An easy online application process facilitates speedy verification and disbursal of loan. Get KYC verified from the comfort of your home and have our loan manager take care of an instant transfer of funds to your account.
2. SBI Personal Loan
SBI offers SBI Saral personal loan customized in a manner that helps an individual meet varied kinds of personal expenses. The interest rates at which these loans are offered are quite competitive with no hidden costs or administrative charges, no prepayment penalties. It also comes with easy repayment term.
Eligibility for SBI Personal Loan
The eligibility criteria you will have to fulfil in order to avail this personal loan scheme are:
- You must have a salary account with another bank.
- Minimum and maximum age of eligibility for this scheme is 21 years and 58 years respectively.
- You must have a minimum work experience of 1 year.
- You must be drawing a minimum monthly income of Rs.15, 000.
SBI Personal Loan Details
- Interest Rate – 9.60% p.a. onwards
- Loan Amount – Up to Rs.20 lakh
- Minimum Income Required –Rs.15,000
- Loan Tenure – Up to 6 years
3. FundsTiger
FundsTiger is a popular online loan platform. Our consumers come to us for their money requirements, whether they are short-term or long-term, small-ticket or large-ticket, personal, family, or business. FundsTiger team brings a wealth of international financial knowledge to the table and tailors it to your specific needs. Money advice, credit advice, wealth planning, and, of course, credit are all available to our clients.
Faster Funding – We are over 80% faster than most traditional banks and lenders
Total Focus on Your Wins – We leverage our technology and business expertise for your financial success.
Customized Loans – We can structure and customize loans for your unique needs
Customer needs in Forefront – Your needs are our priority. We promise to deliver you with services that are best on our capabilities. By handpicking the personal loan offers based on customer profile, we try to give you the most personalised experience.
Support you can rely upon – Monitor your loans 24/7 and reach out to a super-responsive support service
Relationships, not Borrowers – We believe in building relationships, not just lending to borrowers.
More Value for Money – We offer the best value for money loans when compared to all our competitors
Real-time Customer Support – Our customer support team is fast and efficient to clear all your doubts regarding personal loan eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.
Cutomised Tailor Options – Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.
4. IDFC FIRST Bank
If you are looking for a good significant amount of cash, this is the loan app you should download and use. The process is relatively simple to follow, and you can get your loan amount approved within a few minutes. The repayment process is also flexible, and you are allowed to pay off the loan in easy EMIs within 1 to 5 years.
The company also offers a few benefits to their existing customers by letting them have access to loan account details, statement details, outstanding balance, payment dates, and also for raising service requests.
5. Fullerton India
Fullerton India InstaLoan offers a quick and convenient way to apply for a personal loan for salaried and self-employed professionals. It is one of the best loan apps for the self-employed. The personal loan app claims to disburse a loan within 30 minutes of loan approval.
The app features a hassle-free documentation process where only your basic information is required. Also, you can dynamically track the status of your loan.