Are you looking for a personal loan to handle some unexpected expenses? If yes, your search ends here at Grow Rupiz. Whether you want funds for a wedding, medical bills, education, or even for a family holiday, we have got you covered. We can help you get a personal loan at an attractive interest rate so that you can take care of your life’s big and small financial needs.
Best Personal Loan Offers
| Lender/Bank | Loan Amount | Rate of Interest | Processing Fee | Tenure |
| Axis Bank | Up to Rs. 10 Lakh | 11.25% – 22% | Up to 2% | Up to 5 years |
| HDFC Bank | Up to Rs. 40 Lakh | 10.9% – 24% | Rs. 6500 | Up to 6 years |
| Kotak Mahindra Bank | Up to Rs. 35 Lakh | 10.99% – 16.9% | Up to 5% | Up to 6 Years |
| IDFC First Bank | Up to Rs. 10 Lakh | 10.7% – 23.99% | Up to 2% | Up to 5 Years |
| ICICI Bank | Up to Rs. 50 Lakh | 10.85% – 16.65% | Up to 2% | 1-6 Years |
| RBL Bank | Up to Rs. 5 Lakh | 18% – 26% | Up to 2% | Up to 3 Years |
| IndusInd Bank | Up to Rs. 50 Lakh | 10.49% – 26% | Up to 4% | 1-7 Years |
| Yes Bank | Up to Rs. 40 Lakh | 11.25% – 21% | 0% – 2.5% | Up to 5 Years |
| Federal Bank | Up to Rs. 5 Lakh | 12% – 22.5% | 1.5% – 2.5% | 1-4 Years |
| Tata Capital Limited | Up to Rs. 50 Lakh | 11.99% – 35% | Up to 4% | Up to 7 Years |
What is a personal loan?
A personal loan is a type of unsecured loan that you can use for any personal need. Unlike home loans, car loans, or gold loans, you do not need to submit collateral to the lender to obtain a personal loan. Plus, you do not need to explain what you will spend the money on. However, unsecured loans like personal loans come at a higher rate of interest.
You can obtain a personal loan for a sum of up to Rs. 15 lakhs. And, you can use the funds of a personal loan for almost anything. There is no restriction on how you spend the money. For example, you may take a personal loan to clear your debts, pay medical bills, or cover any sudden expenses that come your way. You can also use this fund to make improvements in your home or invest in something important.
Why Choose a Personal Loan?
If you are thinking about applying for a personal loan, you might wonder: Why should I go for it? Well, here are some good reasons.
- Flexibility: You can use the money for anything, like medical expenses, home repairs, clearing credit card bills, or even a holiday.
- Quick Process: Personal loans are usually approved quickly. You do not have to wait long for your money.
- Fixed Interest Rates: Most personal loans come with a fixed interest rate. This means the rate you start with will not change during the loan period.
- No Collateral Required: Unlike home or car loans, you do not need to put anything up as security when you apply for a personal loan.
- Easy to Apply: The application process is simple and easy. We will guide you through each step.
How Can a Personal Loan Help You?
Here are some ways that a personal loan from Grow Rupiz can help you:
Pay for Medical Bills
Life is unpredictable. And sometimes, you might need medical help right away. With a personal loan, you can cover the cost of hospital bills or emergency medical expenses without stressing about the money. You won’t have to feel ashamed of asking for money from your family and friends.
Home Improvement
Want to renovate or make repairs to your home? A personal loan can help you improve your living space. Whether it is painting the walls, upgrading your kitchen, or fixing broken plumbing, we can help you get the funds you need.
Wedding Expenses
Planning a wedding is an exciting time, but it can also be expensive. From the venue to decorations and catering, the costs add up fast. A personal loan can make sure that your dream wedding becomes a reality without worrying about finances.
Education Costs
Sometimes tuition fees and other education-related costs can be hard to manage. With a personal loan, you can continue your education and achieve your dreams without financial pressure.
Debt Consolidation
If you have multiple loans or credit card bills, paying them all at once can be stressful. With a personal loan, you can combine all your debts into one easy-to-manage loan. This will lower your monthly payments and make your life simpler.
Vacations or Travel
Everyone loves to take a break and explore new places. If you have been dreaming of going on a holiday but do not have enough savings, a personal loan can help you get there.
Instant Personal Loan to Solve Your Urgent Money Needs
An instant personal loan is a great option when you face sudden money problems. It can help you in the event of a medical emergency, a last-minute trip, or if something in your house breaks and needs immediate attention. These loans give you the money you need for a short time without using up your savings or stopping your important investments.
Here are some main benefits of these loans:
- Instant disbursal of money to your savings account.
- 100% digital process: the whole process is done online.
- You do not need to give anything as security.
- No paperwork is needed.
Eligibility Criteria for Personal Loans in India
The eligibility criteria for personal loans in India can be different from one lender to another. Because each one has their own way of checking risk. These rules can also change depending on the type of loan and the kind of job the borrower has. Below are some common personal loan criteria that most lenders use:
- Age: An applicant must be 18–60 years old.
- Salary: Salaried individuals should have a salary of at least Rs. 15,000 per month.
- Income: Self-employed individuals should have an income of at least Rs. 5 lakh p.a.
- Credit score: Preferably 750 and above.
- Employment stability: Usually working in the same company for at least 1 year.
- Employment type: Working with government, public sector undertakings, MNCs, private limited companies, and reputed companies.
- Business continuity: Usually 3 years of business continuity.
Document Requirements for Quick Approval of Personal Loans
When you apply for a personal loan, lenders ask for some documents to check who you are, how much money you earn, if you can pay back the loan, and where you live. Most lenders ask for the same kind of papers. Here are some of the common documents you will need to provide while applying for a personal loan:
For Salaried Individuals
- Identity Proof: Passport, Voter ID, Driving License, Aadhaar Card, or PAN Card
- Address Proof: Aadhaar Card, Voter ID, Passport, or Utility Bills
- Income Proof: Salary Slips, Bank Statements, Form 16
For Self-Employed Individuals
- Identity Proof: Aadhaar Card, PAN Card, Voter ID Card, Passport, or Driving License
- Address Proof: Passport, Voter ID, Aadhaar Card, or Utility Bills
- Income Proof: Previous Years’ ITR, P&L Statement, Balance Sheet, Bank Statements
Features and Benefits of Personal Loans in India
Personal loans in India are easy to get, need no security, and can be used for any purpose with quick approval and flexible repayment. The top features and benefits of such loans include:
- No need to give any security or collateral.
- Loan amount depends on your income and credit score.
- No end-use restriction: can be used for any purpose, like medical bills, travel, or home repairs.
- Easy to apply online through banks or apps.
- Quick approval and fast money transfer to your bank.
- Flexible repayment period (from a few months to a few years).
- Interest rates vary based on your credit history and the lender.
- Minimal documentation.
- Quick disbursals.
Processing Fees and Charges for Personal Loans
The fees and charges for personal loans can be different for each lender and also depend on the borrower’s credit profile. But the table below gives you a good idea of the common fees and charges that most lenders take when giving a personal loan:
| Particulars | Fees & Charges |
| Loan processing fees | 0.5% to 4% of loan amount |
| Loan cancelation | Around Rs. 3000 |
| Legal fees | As per actuals |
| Stamp duty charges | As per actuals |
| Penal charges | Usually @ 2% per month; 24% p.a. |
| EMI/cheque bounce charges | Around Rs. 400 per bounce |
| Prepayment, part-prepayment, and foreclosure charges | For Floating Rate: Nil For Fixed Rate: Usually around 2% – 5% on the principal outstanding |
Factors That Affect Your Personal Loan Interest Rate
The interest rate on your personal loan depends on several factors. Here are the top factors that largely influence the interest rate.
Credit Score
A credit score is one of the most important factors that significantly influences the interest rate of any type of loan, be it a home loan or a personal loan. If you have a good credit score, you are more likely to get a personal loan at a lower interest rate. Most banks and lenders will check your credit score before determining the interest rate for the loan.
Income
Another important factor in obtaining a loan is the income. How much you earn in a month or annually will be considered by the lenders. If you have a stable job and high income, you may be eligible for obtaining a loan at a lower (better) rate. A good and stable income shows that you are financially stable and can repay the loan on time.
Loan Amount
The amount of money you want to borrow also affects the interest rate. If you want a larger loan, you might have to pay a higher interest rate. On the other hand, if you want a small loan, this can be more affordable.
Loan Term
The tenure of a personal loan is another factor that influences the rate of interest on the loan amount. If you choose a longer loan term, you may pay a lower monthly amount. But in this case, the interest rate will be higher. On the other hand, shorter loan terms have lower interest rates but higher monthly payments. So, make an informed decision thoughtfully.
How to Apply for a Personal Loan Online
Want to apply for a personal loan online? The process is easy and quick. Here is a simple guide to help you through the process of applying for a personal loan online.
Step 01: Research Lenders
There is a plethora of lenders that offer personal loans. This is why you need to research lenders to figure out which one is trustworthy and offers you funds at a lower interest rate. Look for different lenders to figure out the one that best suits your needs. Compare things like interest rates, loan terms, fees, and customers’ reviews.
Step 02: Check Eligibility and Gather Documents
This is one of the most important things that you should do or know before applying for a personal loan. Make sure you meet the lender’s requirements, like age, income, credit score, job status, and location. Do not apply for the loan if you do not meet the criteria; otherwise, it will affect your credit score. Additionally, accumulate all the required documents and keep them handy before applying for a personal loan online. You may need documents like your ID proof, address proof, income proof, and other documents that the lenders ask for.
Step 03: Calculate Loan Amount
Next, make an informed decision on exactly what amount you need. Make sure the loan amount fits with your budget and how much you can afford to repay easily. Do not take a loan beyond your repayment capacity.
Step 04: Fill Out the Application Form and Submit Documents
Visit the lender’s website that you have chosen. Fill out the online application form with accurate details. You may need to fill out the details like personal information, job details, income, how much funding you want, and why you need the loan. Remember that most lenders allow you to apply for a loan directly on their site. However, you can also present a physical application to obtain a personal loan. After filling out the application form, you will need to upload documents. Upload the accurately scanned or digital copies of the documents you have accumulated. Make sure they are clear and easy to read. Then, review your application thoroughly, double-check all the information you have entered, read the terms & conditions, and then submit it online.
Step 05: Wait for Approval
Once you submit the application form with the required details and documents, the lender will review it. They may check your credit score and other details. If your loan is approved, the lender will send you an offer. This will include the loan amount, interest rate, repayment plan, and other important details. Make sure you understand everything before you agree.
Step 06: Agreement Sign and Disbursement
If you are happy with the loan offer, sign the loan agreement online. Once you have signed the agreement, the lender will send the loan amount to your bank account. It usually takes a few days to process. Some banks and lenders also make quick disbursement of the amount.
Step 07: Repayment
Finally, make sure you repay the loan on time according to the terms you agreed to. This will help you avoid late fees or damage to your credit score.
Repayment Options for Personal Loans
When you take out a personal loan, you will need to repay the money in monthly installments. The amount of each installment depends on:
- The loan amount
- The interest rate
- The loan tenure
You can choose a loan tenure that works best for your financial situation. If you want lower monthly payments, you can choose a longer tenure. However, keep in mind that the longer the tenure, the more you will pay in interest.
Prepayment and Early Repayment
If you can pay off the loan earlier than expected, you may be able to save on interest. Some loans allow for early repayment without penalty. So, check with us if you are considering paying off your loan early.
Top Banks for Personal Loans in India
ICICI Bank Personal Loan
- Interest Rate: 10.85% p.a. onwards
- Loan Amount: Up to Rs 50 lakh
- Tenure: 1 to 6 years
- Minimum Salary: Rs 30,000 per month
- Age: 20-58 years (for salaried); 23-65 years (for self-employed)
- Processing Fee: Up to 2% of loan amount
Kotak Mahindra Bank Personal Loan
- Interest Rate: 10.99% p.a. onwards
- Loan Amount: Up to Rs 35 lakh
- Tenure: Up to 6 years
- Credit Score: At least 730
- Age: 21-60 years
- Minimum Monthly Salary: Rs 25,000 (for corporate borrowers); Rs 30,000 (for non-corporate salary borrowers)
- Processing Fees: Up to 5% of loan amount
HDFC Bank Personal Loan
- Interest Rate: 10.90% p.a. onwards
- Loan Amount: Up to Rs 40 lakh
- Tenure: Up to 6 years
- Minimum Salary: Rs 25,000 per month
- Age: 21-60 years
- Credit Score: At least 650
- Processing Fee: Up to Rs 6,500
Axis Bank Personal Loan
- Interest Rate: 11.25% p.a. onwards
- Loan Amount: Up to Rs 10 lakh
- Tenure: 6 months to 5 years
- Age: 21 to 60 years
- Minimum Monthly Salary: Rs 15,000
- Processing Fee: Up to 2%
IndusInd Bank Personal Loan
- Interest Rate: 10.49% p.a. onwards
- Loan Amount: Up to Rs 50 lakh
- Tenure: 1 to 7 years
- Age: 21 to 60 years (for salaried); 25 to 65 years (for self-employed)
- Processing Fee: Up to 3.5% of the sanctioned loan amount
- Minimum Salary: Rs 25,000 per month
Personal Loans FAQs
Q: Can I use a personal loan for anything?
Yes! You can use a personal loan for almost anything, like medical bills, education, or home improvement.
Q: What is the minimum loan amount?
The minimum loan amount varies, but typically, you can borrow as little as ₹10,000 or ₹20,000.
Q: How long does it take to get a personal loan?
The loan approval process is quick. You may receive the loan within 24 to 48 hours of applying.
Q: How is my interest rate decided?
Your interest rate is based on your credit score, income, and the loan amount.
Q: What happens if I cannot repay my loan?
If you miss a payment, your loan may be subject to late fees. If you continue to miss payments, your credit score could be affected.
