Personal loans are one of the best financial tools that will help you fulfil your needs of day-to-day life. You can borrow from Rs 1 lakhs to up to 30 lakhs at attractive interest from top banks and non-banking financial companies in India. The reason might vary from meeting your household requirements like durables – electronic goods, furniture to other needs like sudden medical attention or funds for higher education. Personal loans in India can be utilized to meet your short term financial goals without having to surrender your policy papers or break any investment funds. You should first know your needs; look for options provided by banks & NBFCs, and check the personal loan interest rates that prove affordable on your wallets.
Due to widespread internet penetration in every sector, even the loan lending segment is not leaving any stone unturned to lure potential customers. Taking a personal loan is very easy and simply online. There are round the year deals and discounts for customers, and you can compare quotes online to make an informed decision. Just in case you still are not so internet friendly you can always approach the banks or NBFCs directly to make an application for the loan. They will have special units in their branches for catering to customers seeking a personal loan.
A salaried individual will be able to procure personal loans in India rather faster and easier than self-employed or business-oriented individuals. That’s because they have a fixed monthly income, and it acts as a guarantee for the financial institute. A regular and secure flow of income with good credit history is what lenders will be eyeing on before they sanction the loan for you. Your age, occupation, and income will easily determine your repayment capacity. Other than this, lenders would decide your eligible loan amount and personal loan interest rates. Once these factors are evaluated it takes a mere couple of minutes to drop a message or email in your inbox about your loan sanction. The disbursal takes place in mere 3-5 working days. You can repay the money with affordable EMIs for a period between 30-60 months.
Different loan lenders will have different eligibility criteria; however, some of the common conditions would be as follows:
- Your age should be between 21-60 years to apply for personal loans in India.
- The borrower should be employed at least 1-2 years in the existing company else run a successful business for 2+ years before applying for a personal loan.
- Your minimum income will vary across different lenders. However, it range between 15,000 to 20,000 for metropolitan cities, while at least 15,000 for other cities across India.
- The ratio of borrowing should not exceed 30% to 40% of your monthly take home salary else it might seriously derail your finance.
- Maintain a healthy credit score of around 700-800 for quick loan sanction and instant disbursal. It acts as a triumph card for negotiating with the lenders for low personal loan interest rates.
Reputed aggregate sites compile quotes from top banks and NBFCs in India on their website. You can compare quotes in terms of interest rates, processing fee, eligible loan amount, tenure, EMI, etc. Before you sign on the dotted lines, it’s better to go through the terms and conditions. If you have any doubt, talk to the customer support team online that is available 24X7 for your assistance.