Explore Personal Loan Online Options & Apply Now

Personal Loans are generally unsecured and come with no predetermined conditions regarding the usage of money. A person can take a personal loan online as well as but there are definitely some benefits when it comes the online application. Here are some of the benefits of applying for a personal loan online:

Benefits of online loans-

Flexible options– When you are on the internet, you are free to look at all the options that are available in the market, unlike the offline procedure where the lender starts troubling from the moment he has got the idea that you need money! By flexible options, what I mean is that suppose you have got one loan offer but your heart is not allowing you to take a step forward. In such situations, do not hurry and take a look at other options that are easily available online.

Easy comparisons– The internet is full of loan options and hence multiple options to compare. Now, you must have heard about the loan EMI calculator that is used to calculate the monthly installments of the loan. This tool takes into account the basic details like the loan amount, interest rate, and tenure. So, till you find the offer that is in your budget. You can keep comparing the options for free!

Time-saving– The online process is time-saving, unlike the offline one where you have to go to the bank to clear every confusion. Now that everything is digitizing, the one who does not use the online medium is surely missing the fun. So, you can apply whenever you have time.

Now that you have known the benefits of online application, you must also be aware of the factors that there are factors depending on which personal loans are offered by the banks or NBFCs. These factors include the age of the applicant, monthly income, monthly expenses, the category of the employer, any other loan, credit history, job stability and the relationship with the lender. So, the more suitable your profile is, the better offer you will get.

Have a look at the top banks providing personal loans in India and their eligibility criteria and apply for the one as per your suitability.

Axis Bank Personal Loan

  • Interest rate starts from 15.50% p.a.
  • Tenure ranges from 12 months to 60 months
  • No foreclosure charges
  • Processing fees up to 2% of the loan amount + service tax  

Eligibility criteria:

For Salaried:

  • The applicant’s age must be less than 58 years
  • Minimum net monthly income of the applicant should be at least ₹15,000
  • Minimum work experience of 1 year is required
  • Good CIBIL score is required
  • The maximum loan amount limit is ₹15 lakhs

For self-employed:

  • The applicant’s age must be between 24-65 years
  • Minimum net annual income should be ₹2 lakhs
  • The maximum loan amount limit is ₹15 lakhs
  • Work experience of at least 3 years is required

ICICI Bank Personal Loan

  • Interest rate starting from 11.59% p.a.
  • Tenure up to 5 years
  • Maximum loan amount up to ₹20 lakhs for salaried, ₹30 lakhs for self-employed and ₹40 lakhs for doctors
  • Processing fees

Eligibility criteria:

For salaried:

  • The age of the applicant should be between 23-58 years
  • Net monthly income of the applicant should be more than ₹17,500/-
  • Minimum work experience should be more than 2 years with 1 year with the current employer

For self-employed:

  • The applicant’s age must be between 28-65 years
  • The minimum turnover of the business should be more than ₹15 lakhs
  • Minimum experience in the profession should be 5 years

State Bank of India Personal Loan

  • Interest rate starting from 11.90% p.a.
  • Tenure up to 5 years

Eligibility criteria:

  • Maximum age of the applicant should be 76 years
  • Minimum net monthly income should be ₹7,500/-

Kotak Mahindra Bank Personal Loan

  • Interest rate starting from 11.29% p.a.
  • Tenure up to 5 years
  • Maximum loan amount ₹15 lakhs

Eligibility criteria:

  • The age of the applicant must be between 21-58 years
  • Minimum stay in the current residence should be at least 1 year
  • Work experience of minimum 2 years is required
  • The minimum monthly income of the applicant should be more than ₹25,000/-

Bajaj Finserv Personal Loan

  •  Interest rate from 12.99% p.a. onwards
  • Tenure up to 5 years
  • Maximum loan amount up to ₹25 lakhs

Eligibility criteria:

  • The applicant must be a salaried person
  • Minimum age of the applicant should be 25 years
  • Maximum age of the applicant must be 53 years
  • Minimum Net Monthly Income of the applicant should be between ₹25,000 to ₹40,000 (salary requirement are different from city to city)

Thus, it is quite clear how many options you get when you follow the online path to get a personal loan. So, what are you waiting for? Go and apply for it now!