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• Paperlessprocess15 minutedisbursalNo collateralrequired
• Rate Starting at 10.5%
• Minimum salary require - 20K PM
• Cibil score - 675
• Age 21-65
• All Major bank like - ICICI ,HDFC ,AXIS, YES ,Indusind, Utkarsh , Bandhan,IDFC
• All major NBFC- TATA, Bajaj , Incred ,paysense,

• call Us on 7982163196

Personal Loans in India: A Comprehensive Guide Personal loans have become a popular financial product in India due to their versatility, no-collateral requirement, and quick disbursement. Whether for emergencies, weddings, education, or travel, personal loans provide immediate financial assistance. Here’s a detailed overview of personal loans, including offerings from major banks and Non-Banking Financial Companies (NBFCs), along with eligibility criteria, required documents, and policies.

Major Banks and NBFCs Offering Personal Loans

 

1. HDFC Bank
   • Loan Amount: Up to ₹40 lakhs
   • Interest Rate: 10.50% to 21%
   • Tenure: 1 to 5 years
   • Processing Fee: Up to 2.5% of loan amount
2. ICICI Bank
   • Loan Amount: Up to ₹25 lakhs
   • Interest Rate: 10.75% to 19%
   • Tenure: 12 to 60 months
   • Processing Fee: 2.5% of loan amount
3. Axis Bank
   • Loan Amount: Up to ₹15 lakhs
   • Interest Rate: 10.49% to 19.49%
   • Tenure: 1 to 5 years
   • Processing Fee: 1.5% to 2% of loan amount
4. Bajaj Finserv (NBFC)
   • Loan Amount: Up to ₹25 lakhs
   • Interest Rate: 11% to 24%
   • Tenure: 12 to 60 months
   • Processing Fee: Up to 4% of loan amount
5. Tata Capital (NBFC)
   • Loan Amount: Up to ₹35 lakhs
   • Interest Rate: 10.99% to 19.50%
   • Tenure: 12 to 72 months
   • Processing Fee: Up to 2.75% of loan amount

Eligibility Criteria

Eligibility for personal loans can vary based on the lender, but generally, the following criteria apply:

1. Age: Applicants must typically be between 21 and 60 years.
2. Income: A minimum monthly income of ₹15,000 to ₹25,000 is required, depending on the bank or NBFC.
3. Employment: Both salaried and self-employed individuals are eligible. Salaried employees should have at least 2 years of work experience, with at least 1 year in the current job. Self-employed individuals should have a stable business with a minimum of 3 years of experience.
4. Credit Score: A credit score of 750 or above is usually preferred for approval and better interest rates.

Required Documents

The following documents are typically required when applying for a personal loan:

1. Identity Proof: Aadhaar Card, PAN Card, Passport, Voter ID, or Driving License
2. Address Proof: Utility bills, Aadhaar Card, Passport, or Rent Agreement
3. Income Proof: Salary slips for the last 3 months or Income Tax Returns (ITR) for self-employed individuals
4. Bank Statements: Bank statements for the last 3 to 6 months
5. Photographs: Passport-sized photographs

Key Policies

1. Prepayment and Foreclosure: Most banks and NBFCs allow prepayment and foreclosure after a certain period, usually 6 to 12 months. However, they may charge a fee ranging from 2% to 5% of the outstanding loan amount.
2. Processing Time: Banks usually take 3 to 7 working days for disbursal, while NBFCs often promise quicker disbursement, sometimes within 24 to 48 hours.
3. Flexible Repayment Options: Many lenders offer flexible repayment plans, allowing borrowers to choose EMIs that suit their financial situation.

Conclusion

Personal loans offer a convenient solution for immediate financial needs, with flexible terms and various options from leading banks and NBFCs. Before applying, ensure you meet the eligibility criteria and have all required documents ready to facilitate a smooth application process.  

Best Personal Loan Service Providers in Delhi NCR

When it comes to personal loans in Delhi NCR, the region offers a variety of options from both traditional banks and Non-Banking Financial Companies (NBFCs). Whether you're looking to finance a wedding, pay for medical expenses, or consolidate debt, choosing the right lender is crucial. Below is a detailed look at some of the top personal loan service providers in Delhi NCR.