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Personal Loan
Dream vacation, emergency expenses or alternate loan repayments, Easycredfin takes care of your financial health via instant personal loans.
A personal loan is money taken from a bank for a personal
loan, Personal loans are issued as a lump sum which is
deposited into your bank account. In most case you are
required to pay back the loan over a fixed period at a
fixed interest rate. the payback period can be as short
as a year to if ten year and will vary from one lender
to the next.
which is available in something like
this: –
- Approach the bank
- Determine your requirement. Figure out why you need personal loan and how much you need
- Check loan eligibility
- Calculate monthly instalments
- Submit documents.
- Verification took place
- Approval comes
- Dispatch
- Some characteristics of personal loan: –
- Interest starts from day 1.
- Fix EMI on every month on fix date.
- Limited part payment you can only do 30 – 40 percent part payment of your whole loan amount.
- Part payment rate is 2 – 5 percent
- Locking period (6 month / 1 year) depend on bank policy.
- After locking period, you can close a personal loan by doing a foreclosing.
- Foreclosing rate is 3-6 percent.
- Every month must pay EMI.
- Cannot take a Personal Loan for short time (minimum 2 year).
- For every new loan again provide new documents.
- Again, every process will go.
- PL application took time period of 7-15 working days. After providing all documents.
Best Personal Loan Interest Rates Available from India’s Top Banks
Highlights of Personal Loans
Personal loans come with the following features and benefits that make one opt for the same. Let’s take a look at them.
Instant Loan Approval & Disbursal – The loan can be approved instantly provided you have the required income, desired credit score and repayment capacity as sought by lenders. Once the instant personal loan approval happens, the next course of action is sanction. The lender, after assessing your income and credit profile, sanctions a loan amount and communicates the same via an email or SMS. After sanction, the process of disbursal begins and you get the loan amount credited to your account within a few hours from the sanction.
Flexible Repayment Tenures – The best part about a personal loan is that you are given time to repay the dues. You will get a loan tenure ranging from 1 to 5 years.
Attractive Interest Rates – Personal loans are available at attractive interest rates starting from 9.85% per annum. As the cost of funds for banks has come down rapidly, the rate of personal loan interest rates has also come down like secured loans.
No Collateral/Security Required – You won’t need to submit any collateral or security to get a personal loan, which is unsecured in nature. As a result, the loan sanction and disbursal depend firmly on your income and credit score.
Use the Personal Loan the Way You Want – The loan amount disbursed can be used by the borrower in the way he/she wants. You can get the loan for numerous purposes such as marriage, travel, home renovation, etc.
Prepayment Allowed in a Loan – You can prepay the loan anytime after the successful payment of the first 12 EMIs. The prepayment means the payment of the outstanding loan balance before the completion of the original loan tenure. Now it depends on the lender whether it allows you to prepay in full or parts.
Fees & Charges
A personal loan comes with a list of charges that you can see below.
Interest Rate – The first charge that most of us contemplate is the interest rate at which the loan will be available. The effect of the interest rate will be seen in the monthly installment as well as the overall interest outgo.
Processing Fee – It’s a one-time fee that banks and other financial institutions levy to process the loan amount. The fee can either be a flat amount or account for a certain percentage of the loan amount. The personal loan disbursal amount is different from the applied amount because the processing fee payable is deducted from the latter. But the interest rate will be charged on the applied amount.
Late Payment Charges – If you pay the EMI after the due date, the lender will deduct late payment charges at around 2% of the amount due.
Foreclosure Charges – If you close the loan before the original tenure, it will be called foreclosure and charges will apply on the same.
Personal Loan Eligibility Criteria
As the loan comes to you without collateral, lenders like to be absolutely convinced of your ability to pay off the EMI. So, the lender can place conditions regarding age, earning amount, the period of employment, residence stability, credit score, the type of organization, etc. Instant personal loans can be granted if you tick all the boxes. Let’s check out each of these aspects below.
Age – The age of the applicant is an important criterion for personal loan approval. There’s a difference when you apply for a personal loan in your 30s compared to the time when you go past 50. The difference is the job prospects are greater when you are younger. The greater job prospects make lenders more confident of your repayment capacity. Lenders can allow you to apply for a personal loan when you attain a minimum age of 21 years (salaried) and 24 years (self-employed). However, the maximum age of the applicant must not be more than 58 years if you are salaried and 65 years if you are self-employed.
Earning Amount – Different lenders can have different minimum income requirements for borrowers to meet. Not only the amount varies, but also the definition of income. Yes, there are some banks assessing eligibility based on the gross monthly income of an individual. Whereas, some banks assess eligibility based on the net monthly income. Salaried can get their personal loan sanctioned on earning a minimum net monthly income of INR 15,000-20,000. One more thing, lenders don’t consider your variable income such as incentives while assessing personal loan eligibility. In the case of self-employed, loan eligibility is based on the profit that comes after the incidence of tax.
Check Your Existing Loan Obligations – The lender assesses the personal loan eligibility of candidates based on their existing loan obligations too. In case you have a running loan, the lender will check the EMI amount and add it to the EMI of a personal loan you want. If the combined value comes within 50% of your net monthly income, the lender would approve the loan easily. In case it is beyond, your personal loan eligibility will be lower.
Period of Employment – Personal loans are offered to borrowers having worked in the organization for at least 1 year. Apart from that, lenders would also want your overall work experience to be of around 2-3 years so that the loan can be sanctioned.
Residence Stability – You must have stayed in your current residence for at least 1-2 years.
EMI Calculator
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| Period | Payment | Interest | Balance |
|---|
Application fee
$500
Monthly fee
$10
Total regular fees
$1440
Total fees
$1940
Credit Score – A credit score represents the creditworthiness of borrowers. The high creditworthiness enhances the possibility of a timely repayment track. For instant personal loan approval, it is important the credit score must be 750 and above. However, if the score is between 700 and 750, the loan can still be approved albeit at a slightly higher rate of interest. So, if you are having a credit history of 1 year and above, you must have a credit score. Whatever debt obligations you might have, be it a credit card, home loan or even a personal loan, make sure to pay dues on time. This will help build a strong credit history and a good score.
Type of Organization – The personal loan approval is also contingent on the type of organization you are working with. You can get the approval quickly if you are working in a top organization compared to someone working with a very less known company.
Type of Business – Self-employed applicants will need to be in the business that runs across seasons. This will ensure a greater degree of confidence amongst lenders about your repayment capacity. Some businesses are seasonal and can thus impact repayment negatively. Lenders remain wary of disbursing loans to such applicants.
Documentation Process
Documentation is an important aspect of a personal loan as negligence on the same can lead to rejection of the loan application. So while applying for a personal loan, don’t forget to submit the documents required by the lender.
Documents for Salaried
- Identity Proof – PAN Card/Voter ID/Aadhaar Card/Passport/Driving License
- Residence Proof – Voter ID/Aadhaar Card/Passport/Driving License/Electricity Bill/Telephone Bill
- Income Proof – Salary slips for the last 3 months, bank statement for the last 3 months
- Recent passport size photographs
Documents for Self-employed
- Identity Proof – PAN Card/Voter ID/Aadhaar Card/Passport/Driving License
- Residence Proof – Voter ID/Aadhaar Card/Passport/Driving License/Electricity Bill/Telephone Bill
- Office Address Proof – Electricity Bill/Landline Bill/GST or VAT Registration
- Income Proof – Salary slips for the last 3 months, bank statement for the last 3 months
- Recent passport size photographs
How to Calculate the Personal Loan EMI?
It’s important to know the Equated Monthly Installment (EMI) in advance so that you can adjust your budget accordingly and arrange the required amount for timely payment. You can calculate the EMI using the Personal Loan EMI Calculator. All you need to do is enter the loan amount, rate of interest and tenure in the calculator. The EMI is a portion of both principal and interest payable towards a loan every month.
For example, you get a 5-year personal loan of INR 7 lakh at an interest rate of 12% per annum. As per these details, you will most likely pay an EMI of INR 15,571. Over 5 years, the interest obligations will amount to INR 2,34,267. The total amount payable will be INR 9,34,267.
Types of Personal Loans
Personal loans are often branded as the following loans.
Wedding Loan – You can get this loan to meet all your wedding expenses, which can be anything from guest accommodation to buying jewellery for the grand event. You can find special offers from lenders on this loan type.
Travel Loan – Travelling remains on top of everyone’s mind. But we often find short of savings to ensure the same. This is where a travel loan can help you! It provides you with the required funds for meeting your expedition desires.
Consumer Durable Loan – It varies from other personal loan types. This loan is financed upto 80%-90% of the purchase price of the consumer durable. So, it’s not financed fully, unlike other loan types where a 100% finance is possible provided you have the required income, credit score and repayment potential.
Home Renovation/Improvement Loan – You can get this loan to renovate or extend your existing housing unit.
Medical Emergency Loan – Medical emergency can be very hard to deal with if you don’t have savings to spend on the same. To ensure you recover from this, banks and NBFCs offer you a medical emergency loan. If all goes well, the loan can be approved and disbursed faster than what may be the case with other personal loan types.
Festive Loan – Festivals are celebrated with elan in India. Keeping that in mind, lenders come with exciting festive loan offers for borrowers wanting cash to meet their festive needs.
How to Apply for a Personal Loan at Easycredfin?
Applying for a personal loan online has become easier at Easycredfin, a neutral financial marketplace that offers unbiased advice on loans and other financial products. And where most digital platforms have the conventional loan application, Easycredfin has WhatsApp mode of application besides the usual loan application. Let’s read about both these application modes.
Online Personal Loan Application Form
Check out the steps you need to follow while filling the online personal loan application form at Easycredfin.
- Visit the official website of Easycredfin
- Go to ‘Personal Loan’
- Fill the details against ‘Desired Loan Amount’, ‘Employment Status’, ‘Monthly Income’ and ‘City’
- Click on ‘Get Quotes’
- Based on your details, different loan quotes will appear on the screen
- Choose the one that you think is best for you
- Easycredfin representatives will contact you and take your personal loan application to the concerned lender
How to Apply via WhatsApp?
Easycredfin endeavours to give you a unique experience of an online personal loan application. In its endeavour, it has tapped into the potential of WhatsApp that we use to chat with friends and colleagues. With WhatsApp application, you can do away with a lengthy online application form. All you need is to give a missed call on 9717616161 and start applying personal loan via WhatsApp.
Why Should I Apply for a Personal Loan at Easycredfin?
The question is answered partly above. You can read further to know all such reasons that call for an online personal loan application at Easycredfin.
Trustworthy Platform – The growing number of satisfied wishers tells the success of Easycredfin. As of now, the count of total satisfied wishers is more than 3 crore. As much as $3 billion worth of loan is disbursed till now.
Tie-ups with Banks/Financial Institutions – In its journey so far, Easycredfin has made tie-ups with as much as 43 banks and financial institutions.
Easy Platform to do 3 Cs (Check, Compare and Choose) – When you get a platform that shows the loan details of different banks and financial institutions, it becomes easier to compare the offers and choose from the best personal loans online.
Unbiased Expert Advice – Easycredfin takes pride in offering unbiased advice to customers with regards to personal loans and other products. Our wish experts use their market knowledge to advise you which lender will be the best for your cause.
Multiple Application Process – As told above, there is more than one way by which you can apply for personal loans online at Easycredfin.