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:

CategorySelf-EmployedSalaried
Age28 years to 65 years (25 years for doctors)23 years to 58 years
Income
  • Minimum turnover of Rs.40 lakhs for non-professionals
  • Minimum turnover of Rs.15 lakhs for professionals
Rs.17,000 (Rs.25,000 for metro cities)
CIBIL ScoreAbove 750Above 750
Loan amount75 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
  • 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.

  • Quick disbursal
  • 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.

  • No Collateral required
  • There is no need for collateral security as it is an unsecured loan. Hence, it is easy to get.

  • Flexibility to choose the tenure
  • 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.

  • Fixed rate of interest
  • 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.

  • Tax Benefits
  • 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:
  • Current 1-year bank statement (both savings and current)
    Passport size, colored photograph

  • Investment proof (if any):
  • fixed assets, fixed deposit, shares, etc.

  • Existing loans: 
  • If there is an existing loan, need to submit sanction letter, payment track record

  • Professional Degree Certificate:
  • (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:
  • Current 1-year bank statement (both savings and current)
    Passport size, colored photograph

  • Investment proof (if any):
  • fixed assets, fixed deposit, shares, etc.

  • Existing loans: 
  • If there is an existing loan, need to submit sanction letter, payment track record

  • Professional Degree Certificate:
  • (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

Apply
Fill simple application form

Coordinate
We are coordinating with 30+ banks / NBFCs to get your application.

Rates
We get the best rates for you.

Approval
Loan is approved and amount credited.

Personal Loan Interest Rates

Bank NameInterest Rates
SBI12.5% to 16.5% p.a.
ICICI11.59% to 18.49% p.a.
Axis Bank15.50% to 24% p.a.
HDFC Bank15.75% to 20% p.a
Citibank14.25% to 19.99% p.a.
Standard Chartered11.99% to 17% p.a.
TATA Capital13.99% to 17.5% p.a.
Oriental Bank11.20% to 12.95% p.a.
Capital First13% to 18.45% p.a.
Indusind Bank11.25% to 26% p.a
Fullerton India21% to 40% p.a.
Kotak Mahindra11.5% to 24% p.a.
Aditya Birla14% to 16% p.a.

FREQUEntly Asked Questions

Get answers to all your questions

1. A personal loan can be used for?
A personal loan can be used to meet any personal financial requirement or to repay your credit card bill, to buy electronic items, to take a vacation or to even meet the expenses of a wedding or any other function.

2. What is the minimum tenure of a personal loan?
Most banks will provide personal loan for a minimum of 1 year.

3. How can I repay my personal loan?
Personal loan can be repaid in equal monthly instalments or EMI. You can provide a post-dated cheque or can give a standing order with your bank or through electronic transfer.

4. Is part- prepayment allowed on my personal loan?

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.

5. Can I club my income with my spouse to take a personal loan?

Yes, you can club the income of your spouse to boost your eligibility to avail a personal loan.

6. How much personal loan can I take?
The banks do not usually let you take a loan exceeding 30- 40 percent of your net salary.

7. What is the minimum loan limit offered for personal loan?
Generally, the minimum amount limit that one can take a personal loan is Rs.1,000.

8. What is the maximum loan limit offered for personal loan?
Generally, the maximum loan limit is Rs.15 lakhs.

9. Do I need to submit any security or collateral to take a personal loan?
No, you don’t have to provide any security or collateral to take a personal loan.

10. Do I get to choose between a fixed and a floating rate of interest for the personal loan?
Yes, you have the option to choose either the fixed or floating rate of interest.

11. What is the rate of interest that will be charged on my 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.

12. How many days does it take for the bank to disburse the personal loan amount?
Banks disburse the loan within 72 hours to 7 working days provided all the documents are in place.

13. Will the banks check my CIBIL score while reviewing my application?

Yes, your CIBIL score and credit report will be seen by banks and the minimum CIBIL score requirement is 750+.

14. Will the CIBIL score affect my personal loan interest rate?

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.

15. How will I be eligible for a relationship discount?
If you have been a customer for a particular bank for a while, then the bank might reduce the personal loan interest rate or other such charges. Some banks will also provide you additional services.

16. What are the documents required to seek a personal loan application approval?

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.

17. Do I need to open a bank account to service my personal loan?

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.

18. How do I stop executives from calling me to let me know about other loans?

Some banks let you register yourself for ‘Do Not Disturb’. The executives will not disturb you with cold sales calls.

19. What is the best way to apply for personal Loan?

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.

20. What is the minimum and maximum amount of Personal Loan that I can get?

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.”

Gaurav Saini
Software Engineer at Manhattan Associates