Nowadays, there are a lot of reasons to apply for loans online. You have to buy the necessary items in the family or pay monthly bills but you will not have the money until your next paycheck. How to get an online loan in India, however, please have a look at this article below in order to find the answer.

Online loan in India
People can get an online loan in India by one click

In the previous post, Info Credit Free introduces people to some of the necessary information that is useful for getting the personal loans in India, to get more information people can read the article There are a lot of types of personal loans in India to choose.  Now, let find knowledge about online loans in the post today.

ONLINE LOAN IN INDIA

Just like a lot of article posts such as unsecured personal loans bad credit, small loans online, unsecured loans for people with bad credit, loans for bad credit history… this post about an India instant loan also includes some main parts. They are:

1Some requirements to get an India online loan

Some personal documents required when customers apply for an online personal loan:

1.1. For Self-Employed Individuals

  • The identity & Age Proof
  • The PAN Card
  • Residence proof: Voter ID, postpaid/landline bill, Passport driving license, utility bills 
  • Customers need to completely fill personal loan application with photograph
  • The last 3 years income tax returns with computation of Income
  • The last 3 years CA Certified and Profit & Loss Account
  • The bank statements for the last 3 months
  • The salary slips of last 3 months

1.2. For Salaried Individuals

  • The identity & Age Proof
  • Customers need to completely fill personal loan application with photograph
  • The PAN Card
  • The residence proof: Voter ID, postpaid/landline bill, Passport driving license, utility bills.
  • The bank statements for the last 3 months
  • The salary slips of last 3 months
  • Form 16 of the last 3 years

2. Some benefits and drawbacks of India online loan

2.1. The benefits of India online loan

  • Quick processing
  • Greater flexibility
  • Easy Accessibility
  • Simple forms
  • Better rates
  • Likely Approval
  • Help the credit score

2.2. The drawbacks of India online loan

  • Can pay higher fees and interest
  • Can get stuck in a cycle of debt
Online loan in India
People can get an online loan in India by one click

3. The interest rate and fees of India online loan from some lenders

Bank Interest rate Loan amount Processing fees Part payment Pre-closure Charges Locking Period Tenure
IDFC First Bank 11.69% – 15.00% 1Lakh to 20Lakhs Up to 2.0% of the loan amount Up to 40% of the loan amount 3% on the principal outstanding + GST 3 months 12 to 60 months
HDFC Bank 10.99% – 20.00% 50k to 40Lakhs Up to 2.50% of the loan amount Up to 25% of Principal Outstanding allowed 13-24 Months – 4% of Principal Outstanding

25-36 Months – 3% of Principal Outstanding

>36 Months – 2% of Principal Outstanding

>48 months – 0%

12 Months 12 to 60 months
ICICI Bank 11.50% – 16.75% 50k to 25 Lakhs Up to 2.25%/annum of loan amount plus GST Not available 5%/annum of principal outstanding plus GST 6 months 12 to 60 Months
Bajaj Fiserv 12.00% – 16.00% 1 Lakh to 20 Lakhs Up to 3.99% of the loan amount Should be more than 1 EMI (2% + applicable taxes on part-payment amount paid) 4% plus applicable taxes on principal outstanding 1 month 12 to 60 Months
Kotak Bank 11.00% – 24.00% 1Lakh to 30Lakhs Up to 2.5% of the loan amount + GST 5% of the outstanding amount + GST 12 months 12 to 48 Months
TATA Capital 11.75%-19.00% 75k to 20Lakhs From ₹999/- Up to 2.0% of the loan amount and applicable Service Tax Up to 25% of the principal outstanding >6 months – 4%
>12 months – NIL
6 Months 12 to 72 Months
IndusInd Bank 11.49% – 20.00% 1Lakh to 20Lakhs Up to 2.50% Salaried: 4% after repayment of 12 EMIs. 1 Year 12 to 60 Months
Fullerton 12% – 25% 65k to 20Lakhs 3% – 6% From 7 months to 17 months – 7%
From 18 months to 23 months – 5%
From 24 months to 35 months – 3%
After 36 months – NIL
6 Months 12 to 60 Months

This post is about an India online loan. We provide this information to offer you some of the necessary information that is useful for getting an online loan. Also if you are looking for information about SBI personal loans, please refer to the Max SBI personal loans amount Rs 14 lakh for applicants below 72 years link we just provided in the previous article. 

Hillary (Team Content) – Info Credit Free