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Personal loan is a unsecured loan which can be availed by a salaried person on the basis of good income (25 k + salary), Employment history, credit score(700+ is good ) and clean repayment of previous unsecured loan (personal loan, business loan credit card) and secured loan (home loan, auto loan, morgage loan). it usually has a shorter repayment tenure 1-5 years. Depending upon the applicant's profile the Rate of interest (Annual Percentage Rate) of a personal loan can vary from 10.75% to 16%.The payment of decided EMI is done through auto debit or ECS facility.

Personal Loan can be avail for any Immediate Financial Needs like Home Renovation, Children's Education, Medical Emergencies, Wedding Expenses, vocation Expenses, Starting a Business or even for closing any other Financial Liabilities.

-Proof of identify (PAN card /Voters ID card/ Passport/Aadhar)
-Address Proof of current residence (Aadhar/voter id/passport/Electricity Bill/water Bill)
-Aadhar card
-If Rented Accommodation current residence proof (Rent agreement With Electricity bill of land lord/credit card statement/Bank statement/land line bill/Latest gas receipt/Latest Postpaid Bill) Passport size photographs.
Latest six months Bank Statement
Form 16/IT returns for the last two financial years for salaried employees
Just take one step to apply a personal loan on Mudrabazaar and fulfill your fund requirement

Top Banks Providing Personal Loan in India

Want to know the personal loan interest rates of top banks in India? If yes, all you need to do is just glance at the table below to know every detail.

LendersInterest Rate (p.a)Loan Amount (in ₹)EMI per lakh(in ₹) Processing FeesPrepayment Charges
HDFC Bank 10.99%-20.99%For Salaried-Up to ₹ 25 lakhs. For Self-employed- Up to ₹ 15 lakhs 2,174-2,7051.50%-2.50% of the loan amount (minimum ₹1,999) Nil-Up to 4% of the principal outstanding + GST
Standard Chartered Bank11.49%-14.49%Up to ₹ 30 Lakhs2,199-2,3531% of the loan amount 2% of the principal outstanding + GST
ICICI Bank10.99%-18.49%Up to ₹ 40 lakhs2,174-2,566Upto 2.25% of loan amount + GST5% of principal outstanding + GST
Bajaj Finserv10.99%-16%Upto 25 lakhs (only for salaried)2,174-2,432 Up to 2% of the loan amount 4% on principal outstanding + GST
SBI 11.35%-15.10%Up to ₹ 15 lakhs 2,192-2,374Nil-0.5% of the loan amount + GST Nil-3% of the principal outstanding + GST
Kotak Mahindra Bank10.99%-17.99%Up to ₹ 15 lakhs2,174-2,5390.99% to 2% of the loan amount+ GST5% of principal outstanding + GST
Axis Bank15.50%-24.00%Up to ₹ 50 lakhs2,405-2,8771.50% to 2.00% + GSTNIL

**The above EMI calculations are based on a tenure of 5 Years.**

Personal Loan EMI Calculator

If you do not have an idea of an EMI you are going to pay, you could well be left rattled! You would ask why? Scroll below to know the same.

Aman and Harshit were two best friends and both of them had applied for a personal loan to fulfill their varied needs. Though Aman knew about an EMI Calculator, thus he used the same before availing the loan. While on the other hand, Harshit didn't research much and had availed the loan without calculating his EMIs. As a result, Harshit had defaulted on his loan as his monthly installments were not pocket-friendly while for Aman it was a smooth sail. Now you must have got an idea of the role an EMI Calculator can play to smoothen your repayment journey. 

A Personal Loan EMI Calculator is one such magical tool that lets you know the exact calculations of your loan EMIs, Interest Outgo and Total Amount Payable in just few seconds. This smart device after taking into account -Loan Amount, Tenure and Interest Rate, fetches the accurate values in the simplest manner. Well, to make you understand better, below is a table showing the calculations on a loan amount of ₹2,00,000, taken for a tenure of 5 years at an interest rate of 10.99% per annum. However, in general, the rate of interest offered on this unsecured loan ranges from 10.99% to 24% per annum.

Table for EMI per month, Total Interest Outgo and Total Amount

Amount (in ₹)Interest Rate (p.a)Loan Tenure (in Years)EMI (in ₹)Total Interest Outgo (in ₹)Total Amount (Principal + Interest) (in ₹)
2,00,00010.99%36,547 35,6852,35,685

Amortization Table

YearPrincipal (in ₹)Interest (in ₹)Balance Amount (in ₹)
235,42916,740 1,32,812
3 39,52512,64593,287
444,0948,075 49,192
549,231 2,9770