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Personal Loan
- Check Loan Amount Eligibility
- Know your Approval Chances
Personal Loans are the lenders of the last resort when you fall into any type of financial emergency whether you are going for a house renovation or dealing with some medical issues. Ultimately, all matters are the funds you have to deal with the financial issues. A personal loan at a low interest rate can be the cherry on the cake to deal with such problems. Therefore, MyZeon offers personal loans at a starting interest rate of 10.25% per annum and for a tenure of up to 7 years. It is better to compare all the details of a loan in one place rather than wandering around from bank to bank. Here you can have a look at the personal loan details offered by different banks and NBFCs.
| Name of the Bank/NBFC | Interest Rate | Loan Amount | Tenure | Processing Fee |
| ICICI Bank Personal Loan | 10.75% p.a. onwards | Up to INR 50 Lakhs | Min:- 1 Year Max:- 6 Years | Up to 2.5% of the Loan Amount |
| Kotak Mahindra Bank Personal Loan | 10.99% p.a. onwards | Up to INR 25 Lakhs | Min:- 1 Year Max:- 5 Years | Up to 3% of the Loan Amount |
| Axis Bank Personal Loan | 10.25% p.a. onwards | Up to INR 40 Lakhs | Min:- 1 Year Max:- 5 Years | Up to 2% of the Loan Amount |
| IDFC First Bank Personal Loan | 10.49% p.a. onwards | Up to INR 1 Crore | Up to 5 Years | Up to 3.5% of the Loan Amount |
| HDFC Bank Personal Loan | 11% p.a. onwards | Up to INR 40 Lakhs | Up to 6 Years | Up to INR 4999 |
| Yes Bank Personal Loan | 10.99% p.a. onwards | Up to INR 40 Lakhs | Min:- 1 Year Max:- 5 Years | As per the Bank’s Norms |
| Bajaj Finserv Personal Loan | 13% p.a. Onwards (Salaried) 17% p.a. Onwards (Non-Salaried) | Up to INR 25 Lakhs (Salaried) Up to INR 45 Lakhs (Non-Salaried) | Up to 5 Years (Salaried) Up to 7 Years (Non-Salaried) | Up to 4% of the Loan Amount |
| Tata Capital Personal Loan | 10.99% p.a. onwards | Up to INR 35 Lakhs | Up to 6 Years | Up to 2.75% of the Loan Amount |
| Aditya Birla Finance Personal Loan | 13% p.a. onwards | Up to INR 50 Lakhs | Up to 7 Years | Up to 3% of the Loan Amount |
| Incred Personal Loan | 11.49% p.a. onwards | Up to INR 15 Lakhs | Up to 7 Years | As per the Bank’s Norms |
| Paysense Personal Loan | 2.3% onwards per month | Up to INR 4 Lakhs | Up to 540 Days | Up to 3% of the Loan Amount |
| Finnable Personal Loan | 16% p.a. onwards | Up to INR 10 Lakhs | Min:- 6 Months Max:- 5 Years | Up to 4% of the Loan Amount |
| Upward Personal Loan | 18% p.a. onwards | Up to INR 7 Lakhs | Up to 5 Years | As per the Company’s Norms |
| Finzy Personal Loan | 18% p.a. onwards | Up to INR 5 Lakhs | Up to 3 Years | Up to 5% of the Loan Amount |
| Ashv Finance Personal Loan | 18% p.a. onwards | Up to INR 7 Lakhs | Min:- 2 Year Max:- 5 Years | As per the Company’s Norms |
| AU Small Finance Bank Personal Loan | Up to 30% per annum | Up to INR 7.5 Lakhs | Min:- 1 Year Max:- 5 Years | Up to 5% of the Loan Amount |
| IndusInd Bank Personal Loan | 10.49% p.a. onwards | Up to INR 25 Lakhs | Min:- 1 Year Max:- 5 Years | Up to 3% of the Loan Amount |
| Fullerton Personal Loan | 11.99% p.a. onwards | Up to INR 30 Lakhs | Up to 5 Years | Up to 6% of the Loan Amount |
| RBL Bank Personal Loan | 17.50% p.a. onwards | Up to INR 20 Lakhs | Min:- 1 Year Max:- 5 Years | Up to 2% of the Loan Amount |
| Home Credit Personal Loan | 2% onwards per month | Up to INR 5 Lakhs | Min:- 6 Months Max:- 4 Years | Up to 5% of the Loan Amount |
| Citibank Personal Loan | 10.75% p.a. onwards | Up to INR 30 Lakhs | Min:- 1 Year Max:- 5 Years | Up to 2% of the Loan Amount |
| Ujjivan Small Finance Bank Personal Loan | 11.49% p.a. onwards | Up to INR 10 Lakhs | Up to 5 Years | Up to 2% of the Loan Amount |
| Standard Chartered Bank Personal Loan | 11.49% p.a. onwards | Up to INR 50 Lakhs | Up to 5 Years | Up to 2.25% of the Loan Amount |
| Punjab National Bank Personal Loan | Up to 15.85% per annum | Up to INR 20 Lakhs | Up to 5 Years | Up to 1% of the Loan Amount |
| SBI Personal Loan | 10.30% p.a. onwards | Up to INR 20 Lakhs | Up to 6 Years | Up to 1.5% of the Loan Amount |
| Bank of Baroda Personal Loan | Up to 17.05% per annum | Up to INR 20 Lakhs | Up to 6 Years | Up to 2% of the Loan Amount |
| Bank of India Personal Loan | 12.75% p.a. onwards | Up to INR 20 Lakhs | Up to 3 Years | Up to 2% of the Loan Amount |
| IDBI Personal Loan | Up to 14% per annum | Up to INR 5 Lakhs | Min:- 1 Year Max:- 5 Years | Up to 1% of the Loan Amount |
| Union Bank of India Personal Loan | 10.30% p.a. onwards | Up to INR 15 Lakhs | Up to 5 Years | Up to 1% of the Loan Amount |
| IIFL Personal Loan | 14.25% p.a. onwards | Up to INR 5 Lakhs | Up to 3 Years | As per the Company’s Norms |
To determine your eligibility for a personal loan, consider these factors:
Credit Score: A higher credit score increases your chances of approval.
Income and Employment: Stable income and employment history are crucial.
Debt-to-Income Ratio: Lenders prefer a lower ratio for better eligibility.
Age and Citizenship: Typically, you must be a legal adult and a indian citizen.
Documentation: Ensure you have necessary documents like ID proof, income statements, etc.
Loan Amount: Verify if you meet the lender’s minimum and maximum loan amount criteria.
Collateral (if applicable): Some loans require assets as security.
Repayment Capacity: Assess if you can comfortably manage monthly payments.
Your ability to borrow money from a bank up to a certain amount will depend on a number of variables. If you make a salary, your EMI should ideally not be more than 30% of your monthly salary. The bank or NBFC will also consider whether you currently have any loans for which you are making EMI payments. Self-employed people will be given a loan amount based on the revenue generated by their firm. The other debts owed by the person in question will also be considered. The maximum loan amount made available will also be subject to the terms and circumstances set forth by the lender.
With MyZeon offerings, customers can select a loan term between 1 and 7 years based on their convenience.
While the specific documents needed differ from lender to lender, the following generic documents are often needed by most banks and financial institutions from applicants: Proof of identity Address proof Proof of income Proof of business (applicable only for self-employed individuals) Any other documents requested by the lender
When requesting a personal loan, you should keep the following in mind: Interest Rates: Depending on the terms and factors of the lender and your credit score, the interest rate paid for a personal loan may get at 10.25% p.a. The total cost of the loan is significantly affected by the interest rate. Flexibility in Repayment: Verify whether the lender permits partial or early repayments and whether there are any fees associated with doing so. Processing Fee: A hefty processing fee could increase the cost of your loan even if you are provided a low interest rate.
Maintaining or raising your credit score above 750 can allow you to lower the EMI for a personal loan. If you and the bank are friendly, you might be able to work out a better interest rate or a special discount.
Your chances to get a loan with a low interest rate are equally great if you have a strong credit score. Your credit score reveals your creditworthiness and capacity to make payments. It is advised to keep your credit score above 750 if you intend to apply for a personal loan. A personal loan may be provided to applicants with an average credit score, but at a high interest rate, while those with a very poor credit score may be completely turned down.
Using a Personal Loan Calculator to Determine EMI:
Open the Calculator: Go to a reputable financial website or use a mobile app that offers a Personal Loan EMI calculator.
Input Loan Amount: Enter the total amount of the loan you wish to borrow.
Set Interest Rate: Provide the annual interest rate offered by the lender for the personal loan.
Choose Loan Tenure: Select the duration (in months or years) for which you intend to repay the loan.
Click Calculate: Press the ‘Calculate’ button to compute your Equated Monthly Installment (EMI).
Maintain a Good Credit Score: A higher credit score increases your chances of qualifying for a low-interest rate.
Compare Lenders: Research and compare loan offers from various lenders to find the one offering the lowest interest rates.
Meet Eligibility Criteria: Ensure you meet the lender’s eligibility requirements, which may include factors like income, employment stability, and age.
Provide Accurate Information: Be truthful and provide accurate financial information when applying for the loan.
Opt for a Shorter Tenure: Choosing a shorter loan tenure often results in lower interest rates.
