Compare Personal Loan by Different Banks

Interest rates for a personal loan vary from borrower to borrower & lender to lender, depending on their individual credit history and amount borrowed. Being unsecured loans, personal loans have a higher interest rate than those on secured 'home and car' loans. At present, many leading banks offer such loans at cheaper interest rates. However, the rate applicable to a borrower is contingent on key factors, including credit score, income level, loan amount and tenure, previous relationship (savings account, loans or credit cards) with the lender, etc. We at RupayaBazaar.com provide you all information regarding personal loan. Thus, we recommend our viewers COMPARE BEFORE APPLY FOR PERSONAL LOAN .

Bank Name  Interest Rate Range (%)  Lowest EMI Per Rs. One Lakh Tenure (Years)  Loan Amount (Min - Max)  Age (Min - Max) For More Detail & Apply
 13.00 - 13.00
Rs. 2,275 1 - 5  Rs. 0.50 L - Rs. 7.50 L  21 - 60 More Detail
 11.90 - 12.90
Rs. 2,219 1 - 5  Rs. 0.50 L - Rs. 5 L  21 - 55 More Detail
 15.50 - 24.00
Rs. 2,405 1 - 5  Rs. 0.50 L - Rs. 15 L  21 - 60 More Detail
 11.60 - 16.00
Rs. 3,302 1 - 3  Rs. 0.50 L - Rs. 10 L  21 - 60 More Detail
 12.70 - 12.70
Rs. 3,355 1 - 3  Rs. 0.50 L - Rs. 1.50 L  21 - 60 More Detail
 13.75 - 13.75  Rs. 3,406 1 - 3  Rs. 1 L - Rs. 3 L  21 - 60 More Detail
 10.99 - 18.99  Rs. 2,174 1 - 5  Rs. 1 L - Rs. 30 L  23 - 60 More Detail
 12.65 - 13.65  Rs. 3,353 1 - 3  Rs. 0.10 L - Rs. 3.5 L  21 - 58 More Detail
 13.00 - 14.00
Rs. 3,369 1 - 3  Rs. 0.15 L - Rs. 1 L  24 - 55 More Detail
 12.82 - 14.62  Rs. 2,674 1 - 4  Rs. 0.50 L - Rs. 10 L  21 - 55 More Detail
 15.75 - 20.00
Rs. 2,419 1 - 5  Rs. 0.50 L - Rs. 25 L  21 - 60 More Detail
 10.99 - 22.00
Rs. 2,174 1 - 5  Rs. 1 L - Rs. 20 L  23 - 58 More Detail
 12.49 - 13.49  Rs. 2,249 1 - 5  Rs. 0.50 L - Rs. 10 L  22 - 60 More Detail
 14.50 - 17.00
Rs. 3,442 1 - 3  Rs. 0.50 L - Rs. 5 L  21 - 58 More Detail
 13.55 - 13.55  Rs. 2,304 1 - 5  Rs. 0.05 L - Rs. 5 L  21 - 60 More Detail
 13.09 - 21.50
Rs. 2,280 1 - 5  Rs. 0.50 L - Rs. 15 L  21 - 60 More Detail
 12.95 - 15.45  Rs. 3,367 1 - 3  Rs. 0.50 L - Rs. 10 L  25 - 60 More Detail
 11.50 - 24.00
Rs. 2,199 1 - 5  Rs. 0.50 L - Rs. 15 L  21 - 58 More Detail
 11.70 - 14.70
Rs. 2,209 1 - 5  Rs. 0.50 L - Rs. 15 L  21 - 60 More Detail
 14.50 - 23.00
Rs. 2,353 1 - 5  Rs. 1 L - Rs. 20 L  25 - 58 More Detail
 12.40 - 14.90
Rs. 2,245 1 - 5  Rs. 0.25 L - Rs. 15 L  21 - 58 More Detail
 13.25 - 13.25  Rs. 2,288 1 - 5  Rs. 0.50 L - Rs. 2 L  21 - 58 More Detail
 14.40 - 14.40
Rs. 2,348 1 - 5  Rs. 0.50 L - Rs. 5 L  21 - 58 More Detail
 12.50 - 13.50
Rs. 2,250 1 - 5  Rs. 0.50 L - Rs. 1 L  21 - 58 More Detail
 14.00 - 14.00
Rs. 2,327 1 - 5  Rs. 2 L - Rs. 20 L  25 - 58 More Detail

 

Eligibility Criteria for Personal Loans 

Salaried Individuals

  • Minimum Age of the Applicant - 21 years
  • Maximum Age of Applicant at Loan Maturity - 58 years
  • Minimum Employment Period - 2 years in total and 1 year at present organization
  • Minimum Income - Rs. 8000 per month

 

Self Employed Professionals & Businessman

  • Minimum Age of the Applicant - 25 years
  • Maximum age of Applicant at Loan Maturity - 65 years
  • Minimum Business Period - Minimum 3 years in current business and 5 years total experience
  • Minimum Annual Income - Rs.60,000

 

Personal Loan Documents Required

  • Photo Identity Proof
  • Residence Address Proof
  • Residence Ownership Proof
  • Income Proof
  • Latest 3 months Bank Statement (where salary/income is credited).
  • Salary slips for last 3 months.
  • 2 passport size color photograph

 

List of Common Documents Required for Personal Loan

Here is the list of common documents that should be submitted irrespective of which bank you are applying and where you are located.

  • Complete loan application form with one passport size photograph.
  • Valid Proof of Applicant's Identity: Voter ID card, passport, pan cad, driving license.
  • Proof of Residence: Ration card, passport and utility bill.
  • Proof of Age: Voter ID card, passport, pan cad, driving license.
  • Financial Documents:
  1. Salaried Individuals: Latest 3 months’ Salary Slips and Form 16, bank statements for 6 months
  2. Self Employed Individuals: Latest 1 year bank statement for both savings and current account

Documents Required for Salaried Individuals

  • Valid Proof of Applicant's Identity (any one of the following): Voter ID card, passport, pan cad, driving license
  • Proof of Residence (any one of the following): Ration card, passport and utility bill
  • Proof of Age (any one of the following): Voter ID card, passport, pan cad, driving license
  • Income Proof: Latest 3 months’ Salary Slips and Form 16.
  • Job Continuity Proof: Current Employment Certificate or Current Job Appointment letter and Experience Certificate
  • Bank Statement: Latest 6 months’ statement from bank
  • Investment Proof (if any): Shares, Fixed Deposit, Fixed Assets, etc.,
  • 1 passport size color photograph
  • If there are existing loans submit Payment Track Record and sanction letter

Documents Required for Self Employed Professionals

  • Valid Proof of Applicant's Identity (any one of the following): Voter ID card, passport, pan cad, driving license
  • Proof of Residence (any one of the following): Ration card, passport and utility bill
  • Proof of Age (any one of the following): Voter ID card, passport, pan cad, driving license
  • Office address: Property document, maintenance bills, utility bills
  • Office Ownership Proof : Property Documents, Maintenance Bill, Electricity Bill
  • Business Existence Proof: 3 years old Saral Copy, Shop Establishment Act
  • Income Proof: Latest 2 years Income Tax Returns including Computation of Income, P&L Account, Balance Sheet

Documents Required for Senior Citizens/Pensioners

  • Photo Identity Proof: Passport/ Driving License/ Voter ID/ PAN
  • Residence Address Proof: License/ Registered Rent Agreement/ Utility Bill
  • 1 passport size color photograph
  • Age Proof Document: pan card or passport
  • Income Proof: pension returns or bank statement

FAQ on Personal Loan

Personal loan is an all-purpose loan, which is given in most cases without any kind of security like a car, home, shares etc.
Most of the nationalized, foreign and co-operative banks offer personal loans. Besides banks, some other finance companies and financial institutions also offer them. For more information, visit our product browser section.
Lending rates differ for different financiers and currently range from 12 to 30 per cent. Visit our product browser section for more information.
Personal loans are available in the range of Rs 15,000 to Rs 10 lakhs.
The period varies widely; some lenders usually permit repayment up to a maximum of 60 months. However, most lenders restrict the tenure to a maximum period of 36 months. For specific information, visit our product browser section.
a. Minimum take-home salary / gross monthly income of Rs 8,000 b. Minimum age 21 years c. Maximum age 60 (However, this requirement would vary from lender to lender.)
Loan eligibility is dependent on primarily the following factors: 1. The company where you work. Every bank has a list of companies running into thousands which they have categorised into segments like A, B, C etc depending on the credentials and financials of your employer. The higher the category the higher is the loan eligibility chances. 2. Quantum of loans and credit card outstanding that you already have. Typically a bank will not give a loan if the total EMI obligation (including the current personal loan that your are trying to apply for) exceeds 50-75% of your total net take home salary. 3. Your gross/net salary 4. Your credit score as reflected in your CIBIL or Equifax report. Having a good credit score is a necessary but not a sufficient criteria.
a. Salaried individuals b. Self-employed professionals c. Self-employed non-professionals d. Any salaried individual/self-employed professional is eligible for a personal loan and the amount of loan eligibility will differ based on the person’s current earnings.
Service charges of up to 3% of loan amount are levied. This amount differs for various lenders. For details, see our browser section.
Personal loans are called all-purpose loans because the financier is not concerned about the purpose for which the loan is taken.
No. Typically, you do not have to provide a guarantor; however, some lenders may demand one. For more details, you can visit our product browser section.
Yes. You can club the income of your spouse for the purpose of boosting your own eligibility for a personal loan.
Repayment of a personal loan is done by issuing post-dated cheques for the entire tenure of the contract. The amount of the post-dated cheque would be the EMI i.e. equated monthly installment. Some lenders also permit repayment option by way of standing instructions to your bank account or deduction at source from your salary every month.