One can use this loan for a variety of purposes like:
- Educational expenses
- Debt Consolidation
- Medical emergencies
- Travel / Holiday expenses
- Marriage expenses
- Dream vacation expenses
- Home Renovation
Lowest Personal Loan Rates in India
Here you can compare the lowest Personal Loan rates by top banks in India. You can select the lender on the basis of the maximum loan eligibility ,
rate of interest and processing fees. Read below the details and compare best Personal Loan.
fynloans offers excellent EMI saving options along with discount on Processing fees
Check Instant Rate Quotes
How to Apply Online at fynloans?
The process of applying is simple and the team here makes sure that you get the best deal in the market. We are associated with top lenders and also ex-bankers to help you at every stages of loan process. The expert advise helps you to get lowest interest rates. Some of the top lenders that people choose for Personal Loan are HDFC, ICICI Bank, Axis bank, Kotak Mahindra bank, SBI , etc. So, if you want to check eligibility and quick approval for your loan and get the best rate as well, you can apply online through fynloans.
What is the eligibility criteria for Personal Loan?
Personal Loan eligibility means the criteria set by the bank to decide whether you can get the loan or not. The table shows the criteria in general for a Personal Loan at all banks.
| Parameters | Salaried | Self-employed |
|---|
| Age | Age should be between 21-60 years | Age must be between 21-65 years |
| Income | Min Net take home of ? 18,000 p.m. | Minimum income of ? 2,40,000 p.a. |
| Current Experience | 2-3 years of current job stability | 3 years of current business stability |
What are the documents required to apply for Personal Loan?
The list of documents you are required to have to apply and get approval for Personal Loan is here:
| Proofs | Salaried | Self-Employed |
|---|
| Identity Proof |
Aadhaar Card/ Passport /PAN Card/ Voter ID Card |
Aadhaar Card/ Passport /PAN Card/ Voter ID Card |
| Address Proof |
Passport/Rent Agreement /Utility Bill |
Passport/Rent Agreement /Utility Bill |
| Residence Ownership Proof |
Property Documents/Maintenance Bill/Electricity Bill |
Property Documents/Maintenance Bill/Electricity Bill |
| Income Proof |
Latest 3 months Salary Slips and Form 16. |
Latest 3 years Income Tax Returns including Computation of Income, Profit and Loss Account, Balance Sheet, Audit Report, etc., |
| Business Existence Proof |
NA |
3 years old Saral Copy /Shop Establishment Act /Any Tax Registration Copy /Company Registration license |
| Job Continuity Proof |
Current Employment Certificate /Current Job Appointment letter (if it is more than 2 years) /Experience Certificate (including your previous job certificate or appointment and relieving letter) |
NA |
| Bank Statement |
Latest 3 months statement where your salary is getting credited |
Latest 1 year bank statement both current and savings. |
| Photograph |
Passport Size | Passport Size |
How can you calculate Personal Loan EMI?
The calculator takes into account basic details such as the loan amount, interest rate and tenure. So, compare different Personal Loan EMIs based on the rates offered by banks and NBFCs and then choose the best one for yourself.
What are the factors affecting Personal Loan eligibility?
Net Monthly Income
Lenders check Net monthly income ( No co applicants allowed). The higher your income, higher the loan amount eligibility and greater your chances of getting loan. Lenders also check if income is coming regularly and in the same account. Your monthly income and mode of salary credited can either make or break the situation for you.
Age
Since the max loan tenure is 5 years so the age criteria is 21-55 years for salaried and 21-60 years for self employed
Credit History
This the most important of all factor. Either you have a orevious loan track recrod or you are a 1st time borrower. If you have a clean and regular track record of payments in the past, your chances of loan sanctioning is very hign. You must not have defaulted on your EMIs or must have few DPDs. For a hassle-free loan process, it is very important to maintain a good credit score (CIBIL) of 700+ so that lenders can easily approve your application. You can also check your credit eligibility in by applying through fynloans.
Employment Status
If you are a salaried person, you must have minimum 2-3 years of work stability in your current organization. Whereas, in case of self-employed, a minimum 3 years in current business is required in order to become eligible for a smooth Personal Loan journey.
Professional/Business Status
As a self-employed professional or a businessman, you must submit your professional details, business status record and bank statements as proof of your financial stability. Once you meet the criteria, your loan eligibility automatically increases.
Your Employer Category
The companies are divided in Cat A, B, C D or not registered with Lenders categories. Working at a well-reputed company with higher classification can help you command better Interest Rate and quick approval.