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Personal Loan
A personal loan is an unsecured credit loan that does not require any collateral or security. This type of loan gives you the opportunity to borrow money without putting any of your assets at risk. The amount borrowed on personal loans can be used for a variety of purposes like consolidating debts, clearing unforeseen expenses, organizing a marriage, paying for a vacation, settling medical emergencies, etc.
Personal loans typically have lower bank loan interest rates than credit cards, making them an attractive option for those who are looking to save money on interest payments. The sum acquired is repaid over time with interest and is sanctioned based on the repayment capabilities and creditworthiness of the applicant. It is a relatively quick and high funding process if met with the necessary prerequisites of the lender.
Unique Points & Features
Unsecured loan – No collateral or security
On unsecured loans, the applicant need not have to mortgage an asset to procure the loan.
Quick funding
Find several options for an instant loan without documents at Loanz360. We will assure a rapid disbursal of the loans within a day of approval to make it an ideal choice for emergency applicants.
Minimal and easy documentationÂ
The easy documentation process will ensure the applicants will go through a minimal submission with the help of our agent guiding you through every step of the application procedure.
Bank loan interest rates as low as 10.75% p.a (When applied through Loanz360)
You can now aim to make your EMIs attractive and affordable with our partners at Loanz360 who have a wide range of financial services offered at competitive rates.
No end-use restrictions on the loan sanctioned
The loan sanctioned can be utilized with no restrictions or objections on the purpose or objective of the loan acquired.
Flexible funding and repayment tenors depend on the lender’s volition
The flexible funding options allow the customers to choose a loan sum of up to 100 lakhs or more varying from lender to lender with a repayment period spanning over the flexible tenors extending up to 72 months.
Types
Instant Loan:Â Instant personal loans have a very minimal and easy documentation process where the applicant can be sanctioned a loan within a few minutes to none.
Balance Transfer:Â The personal loan acquired from a lender can be transferred to a different lender if the user chooses to get a better deal or lower bank loan interest rates elsewhere.
Top-up Loan:Â The top-up is obtained on the existing loan if the consumer may require an additional amount to meet their financial requirements. Top-up loans are flexible and attractive when the customer has a clean record of his repayment history and has a satisfactory completion of specified EMIs with the lender.
Consumer Durable:Â Durable items such as furniture, capital equipment, tools, appliances, smartphones, tableware, etc can be obtained with a durable consumer loan over a specified period with or without down payments.
Short-Term:Â Short-term loans are loans extending over a maximum period of 12 months or less.
Eligibility Criteria
Age: 18 – 60 years
Type of Employment: Salaried (PSU, Govt, Large Enterprises, Etc.)
Nationality:Â Resident Of India/NRI (Conditions Apply)
Income: Minimum ~ Rs. 15000/- and above (Depending on the type of personal loan)
Maximum EMI: Up to 65 – 70% of net income
Credit/CIBIL Score: Any profile (Credit score ~ 700 or above has a higher chance of getting a quick and instant loan without documents and with high funding at lower bank loan interest rates)
Employment Stability: 1 – 3 years and above (With a stable income and continual flow of money)
Note: The eligibility criteria mentioned above are generic and may vary from lender to lender. Please reach out to us at Loanz360 for a personalized eligibility chart.
Can Be Availed For
Wedding Loan: Wedding or marriage loans can help you manage all financial expenses related to the event such as catering, decor, venue, jewelry, honeymoon, etc. You can use this loan with ease for your dream wedding without denting your savings.
Debt Loan: Debt loans are used to repay any kind of expected or unexpected expenses that may be a burden in the long term. You can consolidate all your expenses into a single loan and repay the loan monthly in installments.
Education Loan: Whether you are planning to go abroad or pay tuition fees, an education loan is ideal to help you manage your finances without the need of looking around for additional funds.
Medical Loan: Several kinds of medical expenses and emergencies need to be resolved as soon as possible for the patient to recover safely and healthily. A medical loan can come in handy with instant approvals to tend to or cater to the needs of the patient without shouldering the burden of inadequate or no insurance coverage.
Home Renovation Loan: There are a lot of expenses that go into repairing a home. To keep the home healthy, one should spend an ample amount of money on maintaining their home in a healthier state of well-being. This type of loan is even more useful when the house owner is not able to avail a required amount of loan on his home for other expenses such as interior, renovation, or repair when buying or refurbishing a home.
Travel Loan: There are 2 types of travel loans that can be availed by an individual under any given circumstances.
- Moving Expenses: If the person applying for the loan is moving abroad or within the country and needs a loan amount to settle his travel expenses needed for the relocation, the lender may grant a loan for a specified period upon eligibility and creditworthiness of the applicant.
- Vacation Loan: Vacation or staycation loans can also be availed if the person has inadequate funds to pay for his expenses related to accommodations, tickets, or even shopping while traveling in and around the country.
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Shopping Loan: If you are an avid buyer or a simple shopper and you are lacking the capital to fund your expenditure then a shopping loan makes your dream purchases possible. The items purchased on the loan can be consumer durable to perishable, depending on the individual’s choice or interest.
Pension Loan: Pension loans can be obtained by retired personnel to subside any kind of expenditure like daily expenses or medical bills that may require an additional amount. The individual may submit his pension proof and other eligibility proofs that may be required contrary to the routine documents that may be applied for an average individual.
Documentation
Identity Proof: Voter’s ID/Passport/PAN Card or Form 60/Driving License/Aadhaar Card
Address proof: Electricity Bill/Aadhaar Card/Passport/Ration Card, Copy of Utility Bill (not more than 3 months old)/Insurance Bond/Lease/Bank Statements/Income Tax Assessment Order/Property Registration documents/Property Purchase Agreement/Pensioner Book/Property Tax Receipt/Employer Certificate/Driving License
Income Proof Documents – Copy of latest three months’ salary slips/bank statements, Form 16 for salaried individuals, Copy of Income Tax Returns (ITR)/C.A certified Balance Sheet, Profit, and Loss Statements, Business stability and ownership proof/MOA & AOA/Certificate of Practice/ Partnership Deed/ GST Registration and Filing Documents/ or Shop Act License for Business Owners.
Note: The list of documents mentioned above may be generic and vary from lender to lender. Please reach out to us at Loanz360 to obtain the list of definitive documents needed at the time of your loan application.
Charges & Interest Rate
CURRENT PERSONAL LOAN INTEREST RATES START @ 9.50% P.A ONWARDS. Compare bank loan interest rates and check more deals offered on personal loans by our financial partners at Loanz360 in 2023.
Bank Name | Interest Rate (P.A) |
HDFC | 10.50% onwards |
Bank Of Baroda | 10.90% |
Kotak Mahindra | 10.99% |
Corporation Bank | 10.75% |
Karur Vysya Bank | 10.50% |
Citi Bank | 10.50% |
IDFC First Bank | 10.49% |
SBI | 11.00% |
ICICI | 10.50% |
Axis Bank | 10.49% |
Shriram Finance | 12.00% |
RattanIndia | 13.50% |
HSBC | 9.75% |
IIFL Finance | 12.75% |
Tata Capital | 10.99% |
IndusInd Pvt Ltd | 11.00% |
Bajaj Finserv | 11.00% |
Fullerton India | 11.99% |
Federal Bank | 10.49% |
Bank Of Maharashtra | 10.00% |
Aditya Birla Capital | 14.00% |
HDBFS Personal Loan | 13.99% |
Yes Bank | 10.99% |
Standard Chartered Bank | 11.49% |
Ujjivan Small Finance | 16.50% |
Muthoot Finance | 14.00% |
Home Credit | 24.00% |
Union Bank Of India | 10.30% |
Bank Of India | 12.15% |
Indian Bank | 10.00% |
IDBI Bank | 9.50% |
Navi Finserv | 9.90% |
PNB | 10.40% |
Canara Bank | 13.00% |
UCO Bank | 12.45% |
Dhanlaxmi Bank | 11.90% |
Punjab and Sind Bank | 10.40% |
Note: Our financial partners are not limited to the above-mentioned banks. Contact Loanz360 to discuss options. The interest rates may vary subject to conditions.
