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Whether it is a foreign travel, marriage, higher education or a medical emergency we offer speedy execution

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What minimum interest rate for a Personal Loan can I get?

The minimum interest rate that you can get on a Personal Loan starts from 10.99% pa. For more specific details please visit respective bank web pages.

What is the minimum and maximum Personal Loan amount can I get?

For a Personal Loan you can get a minimum and maximum amount ranging from 50,000 to 50,00,000. For more specific details please visit respective bank web pages.

What is the minimum CIBIL score required to get a Personal Loan?

The minimum CIBIL score required to get a Personal Loan starts from 700 onwards.

What is the ideal Personal Loan tenure?

It is possible to procure a Personal Loan from a range of minimum 1 year to a maximum of 7 years. For more specific details please visit respective bank web pages.

What documents required for Personal Loan?
  1. 1. Borrowers KYC documents
  2. 2. Form 16 for last 2 years
  3. 3. 3 Months salary slips & 1 year of banking
How many days does it take for a Personal Loan to get sanctioned?:

To get a Personal Loan sanctioned it takes about 5 to 7 working days. For more specific information please visit respective bank webpages.

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FAQs

What is a Personal Loan?

A personal loan is an unsecured loan which you take to fund personal expenses. Such as for marriage, education, and even a vacation.

It does not require a ‘Collateral’ and like any other type of loan you need to repay it as per the terms and conditions provided by the lender you choose.

What is the tenure for a Personal Loan?

It is possible for you to get a Personal Loan for a maximum tenure of 7 years. While choosing a tenure for a Personal Loan you need to keep the following factors in mind:

  1. Loan amount
  2. Budget
  3. Interest rate
Is there a minimum amount for Personal Loan?

The minimum amount for personal loan will vary depending on the bank. However, most lenders have set the minimum amount at Rs 50,000.

How can I get a sanction for a Personal Loan?

After applying for a personal loan from a bank or NBFC you will need to take the following steps:

  1. Application of a loan either digitally online or physically by visiting baking institutions
  2. Submission and verification of key documents such as KYC and Financial
  3. The lender provides approval of personal loan by issuing sanction letter
  4. Finally, the personal loan amount is disbursed by lender
What is the maximum Personal Loan amount I can get?

In India depending on your employment status, credit score, and salary you get sanctioned a maximum personal loan amount of about Rs 75 lakh.

What is the processing fee of a Personal Loan?

The processing fee of a personal loan will vary depending on the bank. However, it is usually charged by most lenders in the range of 0.5% to 2.50% of the loan amount.

Can you have a co-applicant for a Personal Loan?

While applying for a personal loan it is possible for you to have a co-applicant. It is actually beneficial to get a co-applicant because it helps enhance your eligibility to get a personal loan at the minimum interest rate available. Besides, it also helps you acquire higher loan amounts at better interest rates.

Can you get tax benefits on taking a Personal Loan?

As per under section 80(C) of the Income Tax Act 1961 you can get possible tax benefits when you take a Personal Loan for certain situations. They are as given below

  1. Home Renovation
  2. Education Cost
  3. Business Expansion
  4. Property Purchase
  5. Buying Gold
How is the personal loan disbursed?

The process of personal loan disbursement involves four major steps. They are as follows:

  1. Step 1:

    Involves applicant selecting a lender and applying for a Personal Loan at the best interest rate available, which will be determined by the financial institution based on the individual’s ‘Creditworthiness’

  2. Step 2:

    Submission of important documents such as KYC and Financial by applicant and verification by the lender

  3. Step 3:

    Personal Loan approval via sanction letter provided by the lender

  4. Step 4:

    The disbursal of the Personal Loan

Is it possible to pay a personal loan before time?

When you take a personal loan there are two ways in which you can pay before time. They are as follows:

  1. Full payment
  2. Part Payment

It is necessary to note that banks cannot prevent you from making prepayments. There is however a charge that you will have to pay.

Loan Bazaar
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5/5

Hi, The new feature on Loan Bazaar Website, providing the facility to view the Home Loan Amortization Schedule is really wonderful. This will actually reduce paper wastage, telephone calls to be made and the waiting time for receiving the revert from Banker. It is quite an innovative move. Keep it up! Happy Diwali to one and all!

Shivam Sharma

5/5

Was struggling to get loan for my home from last 3 months, suddenly one day I found Loan Bazaar on google who is one of the most well known DSA for home loan. They offered me doorstep service and with the limited paper work, they santioned my loan within 7 days. Thanks to Loan Bazaar.

Aruna Kate

5/5

I work for an MNC financial services company in the customer service department and I must say that Loan Bazaar has one of the most user friendly website and EMI Calculator. Well done! In an endeavour to automate, My first visit to the website has been a pleasurable one!

Yash Sharma

5/5

Loan Bazaar Team’s commitment shown on the job are enthusing. I had opted for a switch over on HL recently and been able to get best possible attention and faster clearance over my request. Kudos Loan Bazaar…

Babu Patil

5/5

A very helpful and a very patient team . My special thanks to Mr.Jitendra Sharma and Ms.Kanchan for their support . Dont worry about loan just contact this team they have solution for all .Once again thank you all

Dr.Abhijeet Kumar

5/5

I recommended their services to a friend of mine, and the services given were excellent. Very professional team, with polite and helpful approach. Highly recommended

Jayesh Shah

5/5

Hi, The new feature on Loan Bazaar Website, providing the facility to view the Home Loan Amortization Schedule is really wonderful. This will actually reduce paper wastage, telephone calls to be made and the waiting time for receiving the revert from Banker. It is quite an innovative move. Keep it up! Happy Diwali to one and all!

Shivam Sharma

5/5

Was struggling to get loan for my home from last 3 months, suddenly one day I found Loan Bazaar on google who is one of the most well known DSA for home loan. They offered me doorstep service and with the limited paper work, they santioned my loan within 7 days. Thanks to Loan Bazaar.

Aruna Kate

5/5

I work for an MNC financial services company in the customer service department and I must say that Loan Bazaar has one of the most user friendly website and EMI Calculator. Well done! In an endeavour to automate, My first visit to the website has been a pleasurable one!

Yash Sharma

5/5

Loan Bazaar Team’s commitment shown on the job are enthusing. I had opted for a switch over on HL recently and been able to get best possible attention and faster clearance over my request. Kudos Loan Bazaar…

Babu Patil

5/5

A very helpful and a very patient team . My special thanks to Mr.Jitendra Sharma and Ms.Kanchan for their support . Dont worry about loan just contact this team they have solution for all .Once again thank you all

Dr.Abhijeet Kumar

5/5

I recommended their services to a friend of mine, and the services given were excellent. Very professional team, with polite and helpful approach. Highly recommended

Jayesh Shah

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