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WHAT IS PERSONAL LOAN?
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.
WHY SHOULD YOU GO FOR A PERSONAL LOAN
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.
WHAT DOCUMENT YOU HAVE TO SUBMIT FOR A PERSONAL LOAN
-Proof of identify (PAN card /Voters ID card/ Passport/Aadhar)
-Address Proof of current residence (Aadhar/voter id/passport/Electricity Bill/water Bill)
-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
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.
|Lenders||Interest Rate (p.a)||Loan Amount (in ₹)||EMI per lakh(in ₹)||Processing Fees||Prepayment Charges|
|HDFC Bank||10.99%-20.99%||For Salaried-Up to ₹ 25 lakhs. For Self-employed- Up to ₹ 15 lakhs||2,174-2,705||1.50%-2.50% of the loan amount (minimum ₹1,999)||Nil-Up to 4% of the principal outstanding + GST|
|Standard Chartered Bank||11.49%-14.49%||Up to ₹ 30 Lakhs||2,199-2,353||1% of the loan amount||2% of the principal outstanding + GST|
|ICICI Bank||10.99%-18.49%||Up to ₹ 40 lakhs||2,174-2,566||Upto 2.25% of loan amount + GST||5% of principal outstanding + GST|
|Bajaj Finserv||10.99%-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||2,192-2,374||Nil-0.5% of the loan amount + GST||Nil-3% of the principal outstanding + GST|
|Kotak Mahindra Bank||10.99%-17.99%||Up to ₹ 15 lakhs||2,174-2,539||0.99% to 2% of the loan amount+ GST||5% of principal outstanding + GST|
|Axis Bank||15.50%-24.00%||Up to ₹ 50 lakhs||2,405-2,877||1.50% to 2.00% + GST||NIL|
**The above EMI calculations are based on a tenure of 5 Years.**
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 ₹)|
|Year||Principal (in ₹)||Interest (in ₹)||Balance Amount (in ₹)|