Personal Loan is financial assistance provided by the banks to meet various requirements. Money that is borrowed from any financial institution for personal use is known as Personal Loan. Life is full of excitements and adventures. One may need finance at any point in time. Personal Loans can be provided for requirements like a medical emergency, marriage, vacation trip, etc. You may knock at the door of any bank or any NBFC as per your eligibility.
Personal Loan is unsecured finance that means it does not require any collateral. You do not need to deposit any mortgage or security. You can get a Personal Loan on the basis of your eligibility like monthly income, banking history, CIBIL score, employment profile, etc.
The interest rates for a personal loan vary according to the banks. Banks check your profile and credibility to ensure your repayment capacity. Check personal loan interest rates offered across the leading banks in India.
Eligibility Criteria for Personal Loan Salaried
Not everyone can get a personal loan. There are some criteria on the basis of them the bank provide a personal loan to the applicants. Let us discuss them.
There are two categories of applicants.
Salaried & Self-employed
There are different criteria for both categories. Let us see both of them one by one.
- First of all the age of the applicant should be more than 21 years.
- After that he/she should be earning Rs. 18000 per month at least.
- After that, the applicant should have the work experience of 3 years at least.
- After that he/she should be getting the salary in his/her bank account.
- The credit history of the applicant should be good.
- If the applicant is self-employed than his/her age should be 25 years at least.
- He/she should be filing ITR for last three years at least.
- His/her CIBIL score should be good.
- The ITR should be of Rs. 2.5 Lakhs per annum at least.
- One Identity proof is required. (Passport/Id card/voter card/driving license) It can be any one of them. Everyone has these documents, so there is no problem with the submission.
- 2 passport size colored photos. (Applicant should not be wearing glasses)
- A passport can also be considered as your identity proof because a passport has a name, age, address and photograph of the customer. If you have a passport, then there is no need to bring your address proof separately. But the passport should not be expired.
- Bank statement of last 6 months and salary slip of last three months needed.
- Residence proof can be the Aadhar card, voter card, and passport (Passport/Id card/voter card/driving license). Electricity and water bill for the last three months because these are the proofs that you are residing in that particular place.
- Driving license is also regarded as a proof of identity and residence proof because it contains the name, date of birth and a photograph of the customer. But the condition is that it should not be expired.
- Aadhar card provided by UIDAI that contains biometric details of the customers like age, date of birth and photograph of the individual. It can be considered as proof of your date of birth.
- PAN card is the permanent account number that is provided to the customers, and it prevents the financial frauds. So it is also considered as an identity/residence proof. Pan card is essential to document under KYC (Know Your Customer) formality.
- Ration card is also considered as a residence proof because it provides enough information about the applicant.
Tenure is the time for which you have gotten the loan. It can be 1 year to 5 years.
Bank applies some charges on the pre-closure of the personal loan. it is 4% of the outstanding balance.
What is Pre-closure?
Every bank provides you a personal loan for a given period of time at some interest rate. But sometimes if you want to close your loan before the tenure of the loan to get rid of the interest rates than you can do so. This facility of closing your personal loan before the tenure of the loan is called pre-closure.
How to apply for Personal Loan?
You can easily apply for a personal loan if you are eligible. You can apply for the personal loan on the site of Dialabank. You just have to fulfill the online application form, and you will get a callback. You can apply there for a personal loan more easily and hassle-free. Furthermore, you can call on 60011600 for more information.
Steps to Apply:
- First of all visit www.dialabank.com on Google.
- After that, fill the application form for the personal loan.
- You will get a call back within 5 minutes, with proper guidance.
- If you are eligible, then your loan will get approved within 10 minutes.
- Dialabank responds to the customer’s queries very quickly.
- Since the Dialabank is the first financial helpline, so there are no safety issues.
- Besides that, the interest rates that we offer are very low.
- Furthermore, here you can compare the rates of interest with other banks too.
- You will get proper guidance for the personal loan here.
- If you apply on the dialabank.com, you will get a document pickup facility from your doorstep.
Who can’t apply?
- An applicant whose age is less than 21 years can’t apply for a personal loan.
- An unemployed person can’t apply for a personal loan.
- A person is earning less than Rs. 15000 can’t apply for a personal loan.
- In metro cities, the salary of the applicant should be Rs. 18000 at least.
- A person with a bad CIBIL score cannot apply.
Personal Loan Interest Rates: Updated
|Bank||Interest Rates||Processing Fees|
|HDFC Bank||10.99% to 18%||2% to 2.5%|
|ICICI Bank||13.99% to 18%||2%|
|Fullerton India||17.25% to 32%||2% to 3%|
|Bajaj Finserv||13.99% to 16.75%||2% to 3%|
|Axis Bank||15.50% to 24%||1.5% to 2%|
|Standard Chartered Bank||15.75% to 22%||2% to 3%|
|Kotak Mahindra Bank||13.75% to 19%||2%|
|Andhra Bank||13.50% to 22%||0.5% to 1.5%|
|Bank of Baroda||13.50% to 19%||2%|
|Vijaya Bank||13.75% to 22%||1.5% to 2%|
|Corporation Bank||14.50% to 20%||1.5% to 3%|
|Allahabad Bank||13.70% to 20%||1.5% to 2%|
Check more details about personal loans:
Features and Benefits:
- Get finance up to 30 lacs
- Easy Documents
- Expert’s Assistance
- Doorstep Document Pickup Services
- Fastest Approval
Get the Best Personal Loans from Dialabank. Apply Online to get instant approval. Avail Free of Cost Services and get Expert Assistance for your loan.