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Types Of Personal Loan
Choose Crefite for Best Loan Rates, Easy to pay EMI's, Quick Disbursal and Low Processing Fees

Holiday loan from Crefite

Holiday Loan

Travel the world with an easy to apply holiday loan from Crefite

Wedding loan from Crefite

Wedding Loan

Now you can plan your own destination wedding with wedding loan from Crefite.

Home renovation loan from Crefite

Home Renovation Loan

You can easily upgrade your home and give it a much needed make-over with home renovation loan from Crefite.

Top-up loan from Crefite

Top-up Loan

You can go for additionl funding on your existing loan and manage your finances well with top-up loan from Crefite.

fresher-funding loan from Crefite

Fresher Funding

If you have just got your first pay-check and need a personal loan, look no further! Crefite comes to your rescue with fresher loan.

balance transfer loan from Crefite

Balance Transfer

Move loan to another bank to get lower rate benefit or top it up with a higher amount. You may even use personal loan to pay off credit card.Avail balance transfer loan today!

Personal Loan- Interest Rates in India

A ready reference of the ongoing bank personal loan interest rates and their associated charges:

BANK/NBFC Personal Loan Percentage Rates Loan Amount Processing Fees Foreclosure Charges Locking Period Loan Tenure
IDFC Bank 11.69% - 15.00% Per Annum 1Lakh to 20Lakhs 1.5% of the loan amount Allowed after 1 EMIs, 2 - 2.5% of outstanding amount 3 Months 3 to 60 Months
HDFC Bank 10.99% - 20.00% Per Annum 50k to 60Lakhs From Rs. 1500/- Up to 2.5% of the loan amount Allowed after 12 EMIs, Prepayment charges vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2% 1 Year 12 to 60 Months
ICICI Bank 11.00% - 22.00% Per Annum 50k to 25Lakhs From Rs. 999/- Up to 2.5% of the loan amount and applicable Service Tax 0% for Flexi PL up to 4% for Normal PL 6 Months 12 to 60 Months
Bajaj Finserv 12.00% - 16.00% Per Annum 1Lakh to 20Lakhs Up to 2.0% of the disbursed loan amount For Flexi Product 0% and Normal PL Upto 4% 1 Month 12 to 60 Months
Kotak Bank 11.00% - 24.00% Per Annum 1Lakh to 30Lakhs Up to 2.50% of the loan amount and applicable Service Tax Upto 4% 1 Year 12 to 48 Months
Tata Capital 11.49%-19.00% Per Annum 75k to 20Lakhs From Rs. 999/- Up to 2.0% of the loan amount and applicable Service Tax Upto 4% 6 Months 12 to 72 Months
Indusind Bank 11.49% - 20.00% Per Annum 1Lakh to 20Lakhs Up to 2% of the loan amount Upto 4% 1 Year 12 to 60 Months
Capital First 12.00% - 35.00% Per Annum 1Lakh to 15Lakhs Up to 2.0% of the loan amount and applicable Service Tax 5% of principal outstanding 1 Year 12 to 60 Months
Fullerton 17.25% - 35.00% Per Annum 65k to 20Lakhs Up to 3.5% of the loan amount Upto 4% 6 Months 12 to 60 Months
IIFL 12.00% - 20.00% Per Annum 1Lakh to 20Lakhs Up to 2% Upto 5% 9 Months 12 to 60 Months
RBL Bank 14.00% - 20.00% Per Annum 1Lakh to 20Lakhs Up to 2.0% of the loan amount and applicable Service Tax Upto 2.0 to 4.0% 1 Year 12 to 60 Months

Note: Charges vary from bank to bank. These are only indicative and subject to changes.

You may want to read:PERSONAL LOANS FOR PEOPLE WITH BAD CREDIT

Know your Personal Loan EMI per lakh with increasing loan tenure

For your ease, we have create an easy to read table for persoanl loan EMI For Rs 1 lakh @10.99%p.a.

LOAN AMOUNT INTEREST RATE TENURE MONTHLY LOAN INSTALMENT(Rs.) TOTAL INTEREST AMOUNT(Rs.) TOTAL AMOUNT REPAID(Rs.)
1,00,000 10.99% 1 yr 8,838 6,051 1,06,051
1,00,000 10.99% 2 yr 4,661 11,848 1,11,848
1,00,000 10.99% 3 yr 3,274 17,843 1,17,843
1,00,000 10.99% 4 yr 2,585 24,036 1,24,036
1,00,000 10.99% 5 yr 2,174 30,425 1,30,425
Crefite's Personal Loan EMI Calculator
Crefite's Personal Loan EMI Calculator is quick and efficient. Just input your loan requirement, loan tenure and interest rate and you get to see your monthly loan instalment andloan ammortization schedule in seconds.Crefite's Personal Loan EMI Calculator helps you to arrive at the EMI that suits your wallet and repaying capacity. Visit

Explore Crefite's personal loan EMI calculator Now!

Know All About Personal Loans

Q. What is a personal loan?

By definition - "A personal loan is an unsecured loan taken by individuals from a bank or a non-banking financial company (NBFC) to meet their current financial requirement
In layman's terms, it is an amount one borrows for a personal need. It can be anything from buying a car(old or new), cover your marriage expenses, consolidate high cost credit card debt into a low cost personal loan, loan for vacation, anything under the sun, for your personal use.
The key point to note is that it is a unsecured loan. It means that the borrower does not provide his assets like a property, movable o unmovable, as a collateral. Hence, in case of a loan default, the lender, in this case, the bank or NBFC, cannot auction anything to recover his dues. It is for this reason that the rate of interest on a personal loan is a bit higher than a secured loan.
Then, how is the loan provided? How does the bank decide if the loan should be granted or not to the individual? Well, it is provided and approved on the basis of factors such as income level, credit and employment history, repayment capacity and also the credit rating of the loan applicant.

Q. How do personal loans work?

Personal loans can really come handy when stuck in an emergency. However, it would be prudent to know how it actually works before applying for the same.
Personal loans work like any other loan - there is a fixed amount one borrows(principal amount) and then repays it over a fixed tenure in a fixed equated monthly instalment (also known as EMI). EMI's also includes the interest amount. The rate of interest charged depends on factors that determine the borrowers repaying capacity.

Must Read:How to get a personal loan

Q. What are the fees associated with a Personal Loan?

You can expect banks to charge the following fees at the time of processing your loan application :
1. Loan Processing Charge
2. Stamp duty Charge
3. Pre-EMI Charges(if any)

Q. What are the factors affecting personal loan eligibility?

Whether you want to apply for a small bank loan or a big amount, there are 5 broad criteria used to decide the personal loan eligibility of an applicant:

1. Credit score
2. Current income
3. Employment history
4. Current EMI's being paid by the borrower and
5. Repayment history


All these factors go on to reflect in the CIBIL Score of loan applicant. On an average, a score of 750+ is considered a good score when applying for a loan.

Must Read:Learn how to increase your credit score

An understanding of the personal loan eligibility criteria can help save you from getting your loan application rejected with the bank. Do ensure that you meet the personal loan eligibility norms set forth by the banks. Here is a ready checklist:


Eligibility for Salaried Individuals

The following are the eligibility criteria for salaried individuals for availing a personal loan- • Minimum age of the applicant: 21 years
• Maximum age of the applicant: 58 years
• Minimum work experience: 1 Year
• Minimum Net Monthly Income: ₹ 20,000


Eligibility for Self Employed Individuals

The following are the eligibility criteria for self-employed individuals for availing a personal loan- • Minimum age of the applicant: 24 Years
• Maximum age of the applicant: 65 Years
• Minimum work experience: 3 Years
• Minimum Net Annual Income: ₹ 1 lakhs


Q. What documents do I need to apply for a personal loan?

Documents Required For Personal Loan

The list of documents required for availing personal loan are as follows:

For Salaried Individuals

• Loan Application Form
• Proof of Identity:- Passport / Driving License / Voters ID / PAN Card (any one)
• Proof of Residence:- Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
• Latest 3 months Bank Statement (where salary/income is credited).
• Salary slips for last 3 months.
• 2 Passport Size photographs.

For Self-Employed

For self employed individuals, the list of documents is more exhaustive. Please refer the following:

• Loan Application Form
• KYC Documents : Proof of Identity; Address proof; DOB proof.
• Identity Proof PAN Card or Driving License or Voter ID Card or Adhaar Card, etc
• GST Registration number
• Salary slips of the previous 2 months
• Proof of Residence:- Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
• Latest 3 months Bank statement.
• Proof of residence or office ownership.
• Proof of continuity of business.
• Note: *Please note that the list is indicative. Additional documents may be needed during loan processing.

Do note that personal loan application can also be approved and processed without any documents if the applicant has a bank account/banking relationship with the lending bank. In this case, the bank already has the KYC documents of the customer and the application is processed instantly.

Must Read:Types of personal loan and how does it work in India

Q. What is the procedure to take a personal loan?

The Personal Loan Procedure - Demystified

Once you have decided to take up the personal loan, the following are the stages through which the personal loan approval process goes through.

STEP 1: COMPARE THE INTEREST RATES AND CHARGES OF ALL BANKS AND NBFC'S
STEP 2: CHECK YOUR PERSONAL LOAN ELIGIBILITY

Even before your loan application is processed, lenders first check if you meet their loan eligibility criteria. These factors are listed here.
• Credit score
• Current income
• Employment history
• Current EMI's being paid by the borrower and
• Repayment history


STEP 3: APPLY FOR PERSONAL LOAN

One has the option of applying online, in-branch (if the lender has branches) or even over-the-phone. Check the list of documents required here.


STEP 4: APPROVAL FROM BANK

Once the application is submitted to the bank, it goes through their credit check stage. If you already hold a salary account with a given bank, your approval may come in couple of hours. Else it may take up to two days.


STEP 5: LOAN DISBURSAL

Once the loan is approved, the final disbursal can be as quick as the same day or at the most couple of days. Banks normally deduct the processing fee from the approved amount and disburse the remaining amount. For instance, if the the processing fee is 10% s the loan amount of say Rs 1000, the final amount you get in your bank account is only Rs 900. The repayment would be based on Rs 1000.


STEP 6: LOAN REPAYMENT

As per the loan repayment schedule shared with you, your loan EMI's would begin. If you want to pre-pay your loan, you must be cognizant of loan pre-payment charges your bank would charge you.


STEP 7: LOAN CLOSURE

Once all of the outstanding balance and interest has been done, the loan is closed out. Make sure you are aware of pre-payment charges levied by your bank if any.

Also Read:Methods to improve your credit score

Q. What are some of the pros & cons of personal loan?

Personal Loan can help you manage your finaces when in need of urgent cash. Nevertheless, one must be mindful of its pros & cons. Here are disadvantages and advantages of personal loan.
Pros
1. Zero collateral: A personal loan is an unsecured loan and does not require any collateral or security. One can avail of a personal loan easily if your Credit Score is good.
2. Minimal paperwork: A personal loan requires less documentation. A basic identity, address and emplyment proof can easily get your loan application processed.
3. Quick Approval: Many banks have introduced online application process through their portals and mobile apps which is faster and hassle free. Some banks also offer pre-approved personal loans.
4. Flexibility: There is no restrictionon teh usage of borrowed personal loan amount so long it s for a legal use.
Cons:
1. Qualification criteria: Without a good credit score, availing personal loan may become difficult. 2. High Interest Rates: Since it is an unsecured loan, interest rate of personal loan is higher than other secured loans.
3. Prepayment penalty: Banks may charge prepayment penalty on prepayment of Personal Loans. Hence, it is important to know the terms and conditions and chrges before taking up the personal loan.

Q. Why should you choose Crefite for your personal loan assistance

At Crefite, we believe that our customers should get only the best experience. We are commited towards helping you with the right banking parner, help you get teh lowest interest rate and a tenure which is comfortable for yu to pay. Moreover, we save you from the trouble of physically visiting bank branches and comaparing interest rates. We offer doorstep document pick up and do the rest of formalities on your behalf. Our executives are trained to communicate politely with our customers and give them all relevant informaion to them. We are always open to feedback and can be reached on mail at support@crefite.com at all times.

1. Time Bound Closure

We understand your needs and work actively towards quick processing your loan applications on time.

2. Customer First

We at Crefite are committed towards fulfilling your interests first. We do not believe in hard-selling products that do not meet your requirements.

3. Professional Approach

All executives at Crefite are trained to interact with our customers in the most professional and polite manner.

4. Reliable

We respect the privacy and integrity of your personal information.All our processes are strong, secure and ensure data confidentiality at all times. Our web portal is fully protected and go through multiple layers of data security and validity to give you the best experience you deserve.

5. Certified

We partner with some of the most reputed financial instituitions in the country like Yes Bank, IDFC Bank, Bajaj Finserve, Fullerton Capital and many more.

6. Client Speak

Our clients who have done business with us, love us! Check ut our client testimonials to know more.

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