Personal Loan

Personal loans are the funds that a lender, Bank /NBFC, provides to the borrower when he needs immediate money. Later, the borrower repays the amount in installments, monthly or annual, depending on the loan agreement.

Personal Loan Emi Calculator

With the help of a Personal loan EMI calculator , you can calculate your payable EMI to the bank/NBFC. It can be done by filling three gaps;Personal loan amount, Personal loan tenor, and Personal Loan interest rate. Thus, it will be easier to manage your monthly budget if you know your monthly liability.

Why choose loans4you for Personal Loan Application ?

The online platform like loans4you.in for availing of personal loans is spoiling your inner borrower. Below are the highlights that will tell you why an online marketplace is more effective than physically reaching out to the banks/NBFC.

Easy Access
The inconvenience of reaching out to the banks for queries is a significant setback. That's why we built a stage where you can ask anything anytime, and our seamless communication system is ready for that.

Online Personal Loan Application With Minimum Efforts
By applying online with loans4you.in, you're helping yourself as we believe in putting minimum efforts & gaining more profit. We encourage you to Apply online for a personal loan and get approval in a single try on our platform.

Options To Explore
Instead of blindly trusting a single bank, it is always better to explore other options and loans4you.in provides you with that platform. So, by visiting our website, you can effectively differentiate from the options and choose the suitable offer by comparing Personal Loan Interest Rates, Personal loan amount & Personal Loan tenor, Personal Loan prepayment facilities etc.

Custom and command while applying for a personal loan
Do's Dont's
1. Checking your eligibility 1. Put in loan application with multiple lenders
2. Research about the bank & ask for reviews; online & offline both 2.Unsound documents
3.Securing documents and planning the finances 3. Exceed your financial limits
4. Clear the paper work in one go 4. In addition in the existing liabilities
5. Providing correct details 5. Avail loan with non-trustworthy lenders

Why a personal loan, or in what situations you can take a personal loan?

Taking a personal loan is the fastest & safest method if you want immediate funds. But the beauty of a personal loan lies in its flexible use of money, meaning you can fund your holiday, education, home remodel or renovation and anything with the loan amount. So, why wouldn't anyone resist obtaining a personal loan?

However, there are three additional benefits of a personal loan, and that is:

Personal loan balance transfer
This facility allows you to transfer your entire or outstanding Personal loan to a new bank/NBFC offering Low Personal Loan Interest Rates . Also, it is common for borrowers to take advantage of the Personal loan balance transfer facility as the current interest rates are becoming overpriced.

Top-up loan
The top-up loan is an additional loan facility over a personal loan, where the borrower uses additional funding for immediate needs.

Balance transfer + top-up loan It is the amalgam of two plans, where you can transfer your Personal loan balance to a new bank/NBFC offering and approach the new lender for a top-up loan facility for urgent additional funds.

Compare personal loan transfer interest rates of all prominent banks

One of the critical deciding factors of any Personal loan is interest rates. There are plenty of options available in the market, so you must understand its benefits and flaws before deciding.

A lender charges an interest rate to a borrower for which the personal loan is given. It is expressed in percentage, and the number is directly proportional to the risks involved with the borrower. In addition, the Personal Loan rate of interest is annual but can be applied over different periods, such as monthly, quarterly, or semi-yearly.

So, we're providing you with a table for comparison among the best personal loan in India at the lowest Personal Loan interest rate featuring all renowned banks/NBFC of India, such as ICICI Bank Personal Loan, Axis Bank Personal Loan, TATA Capital Personal Loan, HDFC Bank Personal Loan, Yes Bank Personal Loan, MoneyView Personal Loan , IDFC Personal Loan , InCred Personal Loan and many more.

Bank Name Floating Interest Rates Per Lac Emi Get Into It
SBI 9.60% - 13.60% Rs. 2,105- Rs. 2,306 Apply Now
HDFC Bank 10.25% - 18% Rs. 2,162 - Rs. 2,722 Apply Now
Tata Capital 10.49% - 14.25% Rs. 2,174 - Rs. 2,539 Apply Now
IDFC Bank Ltd 10.49% - 30% Rs. 2,149 - Rs. 3,359 Apply Now
ICICI Bank 10.50% onwards Rs. 2,174 - Rs.2,566 Apply Now
Kotak Mahindra Bank 10.99% - 20.99% Rs. 2,174 - Rs. 2,705 Apply Now
Yes Bank 10.70% - 15.99% Rs.2,162 - Rs. 2,485 Apply Now
IndusInd Bank 10.49% - 31.50% Rs. 2,174 Onwards Apply Now
Axis Bank 10.25% - 24% Rs. 2,224 - Rs. 2,877 Apply Now
Fullerton India 14.00% - 24.00% Rs. 2,327 - Rs. 2,877 Apply Now
RBL Bank 17.50% - 26.00% Rs. 2,512 - Rs.2,994 Apply Now
Standard Chartered Bank 11.00% - 12.50% Rs. 2,327 - Rs. 2,705 Apply Now

Personal loan eligibility

More than you, the banks believe in your papers, and that's why the banks have pre-decided rules called Personal Loan eligibility criteria and upon which they will conclude whether you're eligible for a loan obtaining or not.

The Personal Loan eligibility criterion varies according to the bank/NBFC & a loan-seeking person, but the principal elements are constant.

Category Salaried Self-employed (professional + non-professional)
Age Min: 21 Max: 60 or 65 Min: 21 Max: 70
Work experience or business progression Minimum 3 years Minimum 3 years
Net income or salary Minimum Rs. 25,000 per month Minimum Rs. 25,000 per month
If you're an NRI or an individual be in a different category, the above figures can fluctuate.
Plus, to obtain the personal loan, you will need fundamental documents like identity & age proof, income proof, address proof, degree/ diploma certificates, caste certificate (if any), & more.

How much personal loan amount you can get based on your income?

Banks/ NBFCs calculate your maximum based on your monthly or yearly income, which sums up to 30 times your monthly payment. Also, to minimize the risks, the banks bid 45 % to 60 % of monthly income in EMIs. The most significant factor affecting loan eligibility is your present-day obligations. If you have an ongoing responsibility, it will be deducted from your monthly income, and the remaining payment will be your maximum personal loan amount eligibility.

Thus, obtaining Personal loan eligibility also depends on an individual's income, meaning a higher loan amount if the monthly payment is high, age, credit history & much more.

The banks calculate Fixed Obligations to Income Ratio (FOIR) based on your monthly income & existing EMIs, and the FOIR percentage must be 45-70% and less.

For example, if your in-hand salary per month is Rs 1,00,000, you are currently paying a home loan EMI of INR 6000 and an auto loan EMI of INR 10,000. So, your FOIR would be:
Your disposable income for a new personal loan is (Considering FOIR-50%): Rs. 50,000 - Rs. 6,000 - Rs. 10,000 = Rs. 34,000
FOIR = Sum of existing obligations/Net take home salary*100
FOIR = ((Rs. 6000 + Rs. 10,000)/ Rs. 100000) * 100
FOIR = (Rs. 16,000/ Rs. 100000)*100
FOIR = 16%

So, the banks will approve the loan having a maximum EMI of Rs- 34,000 or less even for the longest tenure.