Personal Loan
Get Personal Loan with FinBucket Loan in just 10 minutes
What is Personal Loan?
Personal Loan is an unsecured loan which is taken to meet a person’s current financial needs. There is no need for any security or collateral while applying for it. It provides you with the flexibility to use the funds according to your convenience and need. In case someone requires instant cash and it can be used for traveling, wedding, medical emergency, home renovation, or anything else, you can then simply get your hand on Personal Loans.
Hurry up! Get Loan for personal use through Finbucket and enjoy the perks. Our company is one of the best among the existing Loan companies for online personal loans.
Eligibility for Personal Loan
There are various kind of banks and NBFC’s that are ahead to provide Personal Loan to all applicants but for this first, the applicant must fulfill the eligibility criteria. Actually, different banks have different eligibility criteria. But the criteria that most of the banks and NBFC’s commonly adopt for the request of a Personal Loan includes the following:
| Category | Self-Employed | Salaried |
|---|---|---|
| Age | 28 years to 65 years (25 years for doctors) | 23 years to 58 years |
| Income |
|
Rs.17,000 (Rs.25,000 for metro cities) |
| CIBIL Score | Above 750 | Above 750 |
| Loan amount | 75 k(Min)- 15 Lakh (Max) | 75 k(Min)- 20 Lakh (Max) |
Where to apply for a Personal Loan?
If you are seeking a company who can help you to apply for a Personal Loan Online,fast and easy way then here at Finbucket is for you:
- If you are seeking a company who can help you to apply for a Personal Loan Online,fast and easy way then here at Finbucket is for you:
- Our company has collaborated with various public sector and private banks to offer customized personal loans for its users. Here, you can easily apply for personal loans online with the help of our expert team.
- We help in the calculation of loan and checks for the user’s personal loan eligibility instantly.
- Here, instant quotes are offered to the eligible loan applicant according to their profile and with discounted interested rates.
- We are also allowing users to compare the best deal on their own. Hence, the users can simply compare the loan offers of various banks at different rates and can choose by their own with which bank they want to go for.
- Not only this, rather feedback shared by the previous applicants acts as a helpful tool for new applicants to get the best personal loan deal.
- Finbucket generates instant e-approval as soon as the user successfully submitted his/her personal loan application.
- With Finbucket, all the applications are sent electronically to the concerned bank department assuring complete privacy and transparency.
Benefits of Personal Loan
Following are the benefits of a easy loan for personal use:
- No Limitation on end use
- Quick disbursal
- No Collateral required
- Flexibility to choose the tenure
- Fixed rate of interest
- Tax Benefits
Personal Loans can be used for any purpose. It has no limitations for which it has been used. Personal Loan is one of the easiest ways to get cash if you require a fund.
If you fulfill all the formalities and have a good credit score then you can get a personal loan in 72 hours. Besides, some of the banks provide the facility of online approval of personal loans for existing customers.
There is no need for collateral security as it is an unsecured loan. Hence, it is easy to get.
It has 7 years of tenure. So, you have the flexibility to choose a tenure which suits you the best. Longer the tenure, lower the EMI and Vice-versa. Hence, you can decide after calculating the EMI.
Generally, Personal loan has a fixed rate of interest. The equated monthly installments will remain fixed for the entire loan tenure. Hence, you do not have to worry about the interest rate changes.
In case, you use Personal loan for the construction, renovation of the house or making down payment for the house then you can avail the tax deduction of up to Rs. 2 lakh under section 24 B for the interest in a financial year. Point to be remembered here is you will have to provide enough documents to prove that the money has been utilized for that purpose only.
Top Banks providing Personal Loans in India
Documents required for Salaried Person
- Proof of Identification
- Address Proof
- Residence ownership proof (Any one out of the given list):
- Property documents
- Electricity bill
- Maintenance bill
- Office address and ownership proof (Any one out of the given list):
- Property documents
- Electricity bill
- Maintenance bill
- Proof of business existence (Any one out of the given list):
- Sales deed/ agreement (executed)
- Saral copy (3 years old)
- Copy of tax registration
- Company registration license
- Proof of Income (Any one out of the given list):
- ITR for Last 2 years of the applicant along with computation of income duly attested by a Chartered Accountant
- Profit & Loss account, Audited balance sheet including tax audit report, if applicable
- Bank statement:
- Investment proof (if any):
- Existing loans:
- Professional Degree Certificate:
Current 1-year bank statement (both savings and current)
Passport size, colored photograph
fixed assets, fixed deposit, shares, etc.
If there is an existing loan, need to submit sanction letter, payment track record
(in case of professionals)
Documents required for self-employed
- Proof of Identification
- Address Proof
- Residence ownership proof (Any one out of the given list):
- Property documents
- Electricity bill
- Maintenance bill
- Office address and ownership proof (Any one out of the given list):
- Property documents
- Electricity bill
- Maintenance bill
- Proof of business existence (Any one out of the given list):
- Sales deed/ agreement (executed)
- Saral copy (3 years old)
- Copy of tax registration
- Company registration license
- Proof of Income (Any one out of the given list):
- ITR for Last 2 years of the applicant along with computation of income duly attested by a Chartered Accountant
- Profit & Loss account, Audited balance sheet including tax audit report, if applicable
- Bank statement:
- Investment proof (if any):
- Existing loans:
- Professional Degree Certificate:
Current 1-year bank statement (both savings and current)
Passport size, colored photograph
fixed assets, fixed deposit, shares, etc.
If there is an existing loan, need to submit sanction letter, payment track record
(in case of professionals)
How to apply for Personal Loan?
Following is the procedure for applying loan offers:
- First of all, you have to fill a simple application form given on our site.
- We are excel to coordinate with 30+ banks/NBFC to get your application to them.
- Then you can choose the best one for you by comparing interest rates.
- In the end, we will send you an e-approval that your loan application is accepted within 24-48 hours and the amount will be credited to your account
Personal Loan Interest Rates
| Bank Name | Interest Rates |
|---|---|
| SBI | 12.5% to 16.5% p.a. |
| ICICI | 11.59% to 18.49% p.a. |
| Axis Bank | 15.50% to 24% p.a. |
| HDFC Bank | 15.75% to 20% p.a |
| Citibank | 14.25% to 19.99% p.a. |
| Standard Chartered | 11.99% to 17% p.a. |
| TATA Capital | 13.99% to 17.5% p.a. |
| Oriental Bank | 11.20% to 12.95% p.a. |
| Capital First | 13% to 18.45% p.a. |
| Indusind Bank | 11.25% to 26% p.a |
| Fullerton India | 21% to 40% p.a. |
| Kotak Mahindra | 11.5% to 24% p.a. |
| Aditya Birla | 14% to 16% p.a. |
FREQUEntly Asked Questions
Get answers to all your questions
Personal loans can be prepaid in parts or fully at any stage. Some banks might charge a prepayment penalty whereas some banks will not. Some banks will not allow the part-prepayment. So, check all the documents before finalising with the bank.
Yes, you can club the income of your spouse to boost your eligibility to avail a personal loan.
The interest rate varies from banks to banks and it is within 14-26 percent depending on your profile and the scheme that you opt for.
Yes, your CIBIL score and credit report will be seen by banks and the minimum CIBIL score requirement is 750+.
Yes, the CIBIL score affects the interest rate offered to you. If your CIBIL score is high and if you have a good repayment history, then the bank will offer you a lower interest rate.
You need to submit an identity proof as well as residence proof, your latest salary slip, form no. 16, last 6 months bank statement and a passport sized photograph that is to be affixed on the application form.
If you don’t have a bank account with the bank, it is not mandatory to apply for one. You will be eligible for a relationship discount if you apply for a loan with your existing banker.
Some banks let you register yourself for ‘Do Not Disturb’. The executives will not disturb you with cold sales calls.
The best way to apply for an personal loan is by using the online loan application tool at BankBazaar.com The tool can be accessed on this page allowing users to choose personal loan from various banks and NBFCS as per their selection.
Various banks and NBFC’s offer personal loans ranging from a minimum amount of Rs. 1000 to a maximum amount of Rs. 15 to Rs. 20 Lakhs. Loan amount (maximum and minimum) depends on the underlying bank as well as the personal financial details of the loan seeker.
Testimonials
Some of our Awesome Testimonials
“I had to just fill our form at FinBucket. They automatically searched across 50+ partner banks and NBFCs and gave the best deal to me.”
Nitin Bhatia, COO,
CaterWow Private. Limited
“I had taken loan for the first time online. Instant assistance and patience from team FinBucket helped me apply and get loan easily.”
Shikha Bhatia,
Founder, Shiksha Learning Academy
“I am very satisfied with the services and business relation with FinBucket. It was easy and simple to get any information regarding loan from them.”