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Personal Loan

Personal loan is an unsecured loan granted to salaried individuals, self employed professionals and senior citizens or pensioners. It can be used to meet Medical Expenses, Wedding expenses, abroad travel, home renovation.

Live your life to the fullest with Eprimeloans Personal Loan. Our personal loan comes with the unique array of features including competitive interest rates, flexible tenure, reasonable repayments and quick disbursal. Don’t let things to postpone on your bucket list. With minimal documentation and instant approval on personal loans, turn your dreams into reality. Our loan application process is seamless and asks for minimal documentation. After all, Our Personal Loan is designed to meet your diverse financial needs in convenient manner.

Crucial Factors Impacting your Personal Loan Eligibility

Ensure to pull your socks on underlined parameters for a swift loan experience.

Monthly Net Income

Your Monthly Net Income determines your loan eligibility and the interest rate.

Age

Borrowers between the age group of 21 to 58 years are likely to get loans easily.

Existing Loan

If you have any existing loans running, it’s better for you to pay off them first. Your chances brighten if you are loan free.

Credit History

The only way to impress lenders is to show them a good credit record. Undeniably, it helps!

Job stability

Your job stability affects your employer and lender alike. It strengthens your eligibility for availing loan.

Employer Category

Your loan eligibility gets strengthen with your company’s reputation. Being an employee of a corporate giants helps!

Types of Personal Loans

Let nothing hold you back and avail Eprimeloans Personal loan online to fulfil all goals and aspirations.

Medical Emergency Loan

Medical Emergency Loan

Eprimeloans Personal loan enables you to easily meet your unexpected medical emergency at any point in life. Allow us to give hassle free personal loans approved instantly.

Wedding Purpose Loan

Wedding Purpose Loan

Don’t let your dream wedding remain a dream. With our personal loan facility, fulfil the desire of celebrating wedding of your dreams. Apply for personal loan today!

Home Renovation Loan

Home Renovation Loan

Planning to renovate your home but worried about the expenses? Don’t worry Eprimeloans presents Personal Loan for Home Renovation to help you easily this costly endeavour.

Travel Abroad Loan

Travel Abroad Loan

Dreaming of travelling abroad for a long time? Don’t let the deficiency of funds hold you back. Opt for hassle-free Personal loan for travel and make every memory count.

Education Loan

Education Loan

There are a number of lenders who offer personal loans which can be used for educational purpose.

Consumer Durable

Consumer Durable

Get the consumer durable loan at absolutely nil 0% ROI that too on minimal documentation.

Why Availing Personal loan seems a fair deal?

Security/Collateral Free

Top advantage of availing Personal loan is that it can be availed without keeping any underlying security or collateral with the bank.

Attractive Interest Rates

The low, the merrier. Attractive interest rates help reduce your EMI burden and interest outflow.

Minimal Documentation

Personal loans offer simple and hassle free loan experience. Submitting minimal documents would fulfill the purpose.

Quick Approval

Owing to the easy and simple lending terms of personal loan, lenders give the approval instantly without further ado.

Multi-purpose Loan

Irrespective the kind of personal need you have, this unsecured loan instrument will meet your need.

Leading Banks offering Lowest Personal loan Interest Rates 2020

A quick glance at the below mentioned table will give every single detail relating to the personal loan interest rates from India’s leading banks.

Lenders Interest Rate (p.a) Loan Amount ( in ) EMI per lakh ( in )
YES Bank Starting at 10.99% Up to 20 lakhs 2,162
HDFC Bank 10.75% - 21.45% For Salaried - Up to 25 lakhs.
For Self-employed - Up to 15 lakhs
2,187 - 2,734
Standard Chartered Bank 11.5% - 18% Up to 30 Lakhs 2,199 - 2,539
ICICI Bank 10.99% - 18.49% Up to 40 lakhs 2,174 - 2,566
Bajaj Finserv 10.99% - 16.00% For Salaried - Up to 25 lakhs 2,174 - 2,432
SBI 10.90% - 15.30% Up to 15 lakhs 2,177 - 2,403
Kotak Mahindra Bank 10.99% - 20.99% Above 20 lakhs 2,174 - 2,705
Axis Bank 16% - 24.00% Up to 30 lakhs 2,419 - 2,877
Fullerton India 14.00% - 33.00% Up to 30 lakhs 2,733 - 3,777
RBL Bank 13.00% - 18.00% Up to 20 lakhs 2,275 - 2,539
Induslnd Bank 10.99% - 16.00% Up to 15 lakhs 2,174 - 2,432
Tata Capital 10.99% - 18.00% Up to 25 lakhs 1,903 - 2,281
DCB Bank 12.00% Up to 5 lakhs 2,633

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

Documents Required to Apply for a Personal loan

A personal loan asks for minimal documentation compared to other loan types. Since personal loans are unsecured in nature, that’s why the lender needs to be double sure about the facts furnished by you. The documents required by different lending institutions vary from lender to lender. However, there are certain standard set of documents that are required by all lending institutions. Let’s take a quick look at them.

Photo ID proof

Any of the photo identity proof from Passport, Driving License, Voter ID card, Adhaar or PAN card.

Proof of Residence

Registered Rent agreement, driving license, passport, aadhar card or voter ID card.

Bank Statement

Last 6 months or 1 Year’s bank statement showing salary paid by the employer.

Cancelled Cheque

Cancelled cheque for bank account validation.

Income Proof

Your last 3 months salary slips, last 6 months bank statement, and last 2 years Form 16 will be treated as your valid income proofs.

Photo ID proof

Any of the photo identity proof from Passport, Driving License, Voter ID card, Adhaar or PAN card.

Proof of residence

Registered Rent agreement, driving license, passport, aadhar card or voter ID card.

Cancelled cheque

Cancelled cheque for bank account validation.

Business existence proof

Salary copy of last 3 years, document of registration under shop establishment act or company registration document.

Income Proof

Self employed professionals are usually required to furnish last 3 years IT returns including accounts related documents such as P&L statement, balance sheet etc. as income proof.

Bank statement

Last 1 year’s bank statement of both personal and business account reflecting the transactions recorded in your business accounts.

Photo ID proof

Any of the photo identity proof from Passport, Driving License, Voter ID card, Adhaar or PAN card.

Proof of residence

Registered Rent agreement, driving license, passport, aadhar card or voter ID card.

Bank statement/Income proof

Last 6 months or 1 Year’s bank statement showing regular inflow of income from pension.

Cancelled cheque

Cancelled cheque for bank account validation.

Proof of Age

Photo ID proof of your residence like passport, driving license, PAN card, or voter ID card can work as your age proof.

Why should you choose Eprimeloans as your platform for applying Personal Loan?

If you are someone looking for the mentor who can take you through the trouble free journey of catching the best loan deal, then you’re lucky to reach at Eprimeloans. Our adroit experts are there to help you find the promising deal online at Eprimeloans. It’s the online platform that enables you to compare, chose and then apply for loans in easiest possible way.

  • Unmatched Expertise
  • Our quick, fare and timely assistance has won trust of millions of people. Quick grip on banking industry and vast knowledge of our highly proficient experts has been a great help for our clients.

  • Quick Assistance
  • We are happy to help you anytime of the day and would be happier to get back to you at the earliest. We ensure you have fast and quick personal loan approval process. You can reach out to us at @eprimeloans.com for complaints or feedbacks.

  • Real time customer care
  • Our rock solid customer support team will help you with every minute detail that you might not know about personal loan. Like procedure for availing personal loan, your eligibility, Interest rates, exciting offers, documentation as well as repayment options. To help you clarify your doubt further, we can even establish contact with the respective Banker on your behalf.

Apply for a Personal Loan Online using 3 simple steps.

Just 3 simple steps and you are all set to avail personal loan !!

1. Check Eligibility

Firstly, you need to check your personal loan eligibility before applying for loan. You are required to meet Personal loan eligibility criteria fixed by the lender you wish to avail loan. Different banks have different eligibility norms.

2. Interest Rate Comparison

Second step requires you to compare the interest rates from different banks offering personal loans. This comparison will help you make rational decision of availing personal loan from a particular bank.

3. Apply Online

After finalizing the lender, you just need to apply for a personal loan online. Upon visiting the site, you need to follow a few easy steps and voila, you are done! Also, you can get instant approval for personal loan if the details provided by you are authentic.

What Leads to Rejection of your Personal Loan Application?

  • Default history in meeting previous loans
  • Poor Credit o CIBIL score
  • Signature Mismatch
  • Lacking Eligibility
  • Incorrect or lack of Information

Frequently Asked Questions (FAQs)

If you decide to repay the entire amount or a partially pay your personal loan before the completion of loan tenure, you will be liable to pay foreclosure charge between 1-2% of the outstanding principal amount.

Yes you can transfer the entire outstanding balance to a new lender at lower rate of interest to save yourself from paying higher rate of interest. You might end up paying foreclosure charges of your previous persona loan and also new lender may charge a nominal amount as a processing fee.

The personal loan interest rates may vary from 10-19 % depending on the loan amount, tenure, and your eligibility strength.

Your personal loan quantum depend upon your employment status, current income, loan tenure, credit score and various other factors. The thumb rule says that the personal loan EMI amount doesn’t exceed 40-50% of your monthly income.

The minimum borrowing amount may vary from one lender to another; some lenders set this minimum principal amount limit at INR 30,000 while others might even drop this limit to INR 10,000 or less.

A Personal loan in unsecured in nature, that’s why you don’t need any security or guarantor to avail this loan.

Personal loans don’t come under any tax benefits, but if you are availing a personal loan to make cash down payment for home or renovation, you might fall under tax deduction benefit under section 24 of Income Tax Act.
Note: you can only avail tax benefit on the interest component of the loan and not on the principal amount.

Once your personal loan application is approved by Eprimeloans, you will either receive an account payee cheque/draft of the same amount, or get an online electronic transfer of the applied loan amount into your savings account.

In the event if you won’t be able to make payment for your personal loan EMIs, our recovery agents will try to recover outstanding balance. In case such attempts fail then your personal loan account will be marked as default. This will reflect in your credit report and adversely affect your creditworthiness. Therefore, you won’t be able to get any loan in the future.

The typical tenure of a personal loan ranges from 12 months to 60 months.

You can repay your personal loan through EMIs. These EMIs can be paid through Electronic Clearing Services (ECS) system or via post dated cheques.

The minimum and maximum tenure offered to repay personal loan is 12 months to 60 months.

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