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Why you should borrow personal loans to fulfil your financial goals?

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.

Four tips to obtain easy personal loan India.

Personal loans are gaining popularity amongst salaried individuals who often hunt for finances during crisis time. They have been around for a while, and they’ve now gained an edge over the conventional loan patterns. Top banks and non-banking finance companies provide personal loan at attractive interest rates with instant e-sanction. Whether you need funds for a car repair, home renovation or pay medical bills, personal loan India can come to rescue you during a cash crunch. You borrow personal loan from banks or financial institutions and payback in the form of fixed monthly installment with interest on top of the principal amount.

If you’re running into debt all over the place, it acts as a very good tool for debt consolidation. Wherein you pay single, and low personal loan interest rates, in convenient monthly installments to the lenders.

Here are 4 tips to get instant personal loan India:

Check your credit score before you make an application. It holds a significant bearing on your quick loan sanctioning, and low-interest rate deal.

Shop for the best personal loan interest rates: Sticking to the first loan lender isn’t a good idea. Instead, you should compare quotes with top banks & NBFCs and make an informed decision. Most lenders post their borrowing limit, documentation, eligibility criteria, required credit score, etc. on their website.

Do your quick maths: As a borrower, it’s important to determine how much cash you could avail based on your risk potential and credibility. So, use an online calculator that would give you a rough idea of what your monthly EMI would look like. You should try different permutations and combination of personal loan interest rates until you get your desired number.

Maintain good debt-to-Income: If there is a higher debt to income ratio, it means you would find it difficult to make repayment. This will adversely impact your loan application, and chances are lenders would reject it. So, always borrow less and make timely repayment of your debt to maintain a good income-to-debt ratio.

Watch out for charges: Other than processing fees, there are pre-closure charges, cheque bounce charge, etc. These small changes can make a dent in your pockets.  You shouldn’t feel like getting punished for the early exit of your debt.

Top banks and financial institutes provide a personal loan with interest rates as low as 10.99% to 16%. You can borrow from Rs 1 lakh to 30 lakhs. Once you key few details on aggregator sites such as your name, place of work, monthly income and fixed obligation, organization details, etc. they would come up with the best match as per your affordability and financial requirements.

Best personal loan interest rates are awarded to the borrowers with an excellent credit score and stable income source. If you handle it responsibly, a personal loan is a good financial tool to fulfil your goals on time. Seize your opportunity now!

5 criteria you should use to compare personal loan providers.

Choosing the right personal loan and personal loan providers is no walk in the park. It requires tons of analysis & evaluation. You’ll need to carry out thorough market research to find the best loan and lender for your needs. It might seem daunting but this article will make things easier by highlighting 5 of the most important criteria that you should weigh your options against. They will help you make the right selection of finance & financer.

1. Loan amount on offer.

You should look for lenders that are willing to provide the loan amount you need. This is probably the first criteria that a good lender should fulfill. Different lenders will judge your loan worthiness differently and it’s possible that some lenders might not provide the loan amount you need.

2. Repayment comforts.

The lender should offer a choice of repayments plans. Some lenders offer up to 6 or 7 repayment options such as a step-up, bullet, EMI holiday, etc. Each of these repayment plans is suited for different kind of financial profiles. The more choices you have the easier it is for you to find a repayment plan that best suits your financial capacity.

Personal Loan

3. Charges.

All personal loan providers will have their own set of charges. How many charges there are and how much each charge will be different from the next lender’s charges. This is why it is important to compare charges before finalizing on a lender. While compare charges remember to pay special attention to the processing fee as this is one of the bigger charges involved. Most lenders charge between 1 & 2 percent of the loan amount – making this an important personal loan percentage to compare when evaluating the various lenders. Also look at late payment, prepayment & cheque bounce charges as you might encounter these while repaying your loan.

4. Reviews.

Most people compare numbers and figures and rightly so; a personal loan is a financial decision and needs to be backed by sound mathematical planning. However, sentiments of others can help make the right decision as well. That’s why you should what other people feel and say about the personal loans & personal loan providers out there. Positive reviews and good ratings are a sign of a good financial offering. It’s important you find unbiased reviews such as those on aggregator sites. These reviews are from real borrowers and not marketing gimmicks.

5. Interest rates.

This is one of the most important personal loan percentages. That’s why many lenders compare this rate before doing anything else. But this is a wrong approach. One should first find a few good loans and lenders that provide good loan amounts, comfortable repayment solutions, have good reviews have fewer charges and then compare their interest rates to see which the best is.

These were 5 of the more important criteria you should base your selection process on. They will ensure you get a loan and loan provider.

Good luck and all the best, happy borrowing!

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