There are a lot of lenders in India such as banks, credit institutions… offered to people. To get any personal loans, customers need to meet some requirement such as the ages, the income… This post, we will give some information about the interest rate of personal loans in India of some lenders.

Personal loans in India
There are a lot of types of personal loans in India to choose

In the previous post, Info Credit Free introduces people to some of the necessary information that is useful for getting the best personal loans for bad credit, to get more information people can read the article Three choices for people who want to get the best personal loans for bad credit.  Now, let find knowledge about personal loan in India in the post today.

PERSONAL LOANS 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 personal loan in India also includes some main parts. They are:

1Some requirements to get personal loans in India

Age Minimum 21 years
Maximum 65 years
Nationality Indian
Employment Type Salaried or Self-employed
Employment status Employed/In-business for at least 2 yrs. and at least 1 yr. with current employer/business
Minimum Income Rs.4000 – Rs.20000 per month (Varies according to the area, which is higher in cities)
Maximum Loan Amount Rs.70 lakhs (Based on your repayment capability)
Tenure Minimum – 6 months
Maximum – 60 months

2. Some factors affect the amount of the loan

  • LocationThe place where customers stay determines the minimum salary amount for customers need to meet for a personal loan in SBI. In the cities, the minimum salary is higher like Mumbai.
  • Income: If customers have a higher income, you will get a better loan.
  • Housing situationStaying in customers’ own house or in rental property determines the loan amount. Staying in a rental apartment. house reduces customers’ disposable income, the repayable capacity is reduced.
  • Company of employment: Working for a reputable company for nearly a year may show that the lender customers are working with is stable, rated by the company as well as possible personal lending rates.
  • Existing credit: If customers already have a loan or other credit card debt that will play a major role in determining the loan and interest rates.
  • Credit history: The credit history is a major factor in which the amount of loans, interest, and terms depends on. If there is any difference in credit history, it is possible that the loan is completely rejected.
Personal loans in India
There are a lot of types of personal loans in India to choose

3. The interest rate and fees of personal loans of some lenders in India

Bank Eligible Loan Amount for Max Tenure Age of the borrower Minimum Work Experience
SBI Personal Loan Rs. 15 Lakh for 48 Months 21 to 58 Years 24 Months
HDFC Bank Personal Loan Rs. 50 Lakh for 60 Months 21 to 60 Years 24 Months
ICICI Bank Personal Loan Rs. 30 Lakh for 60 Months 23 to 58 Years 24 Months
Bajaj Finserv Rs. 25 Lakh for 60 Months 27 to 58 Years 36 Months
Citibank Rs. 30 Lakh for 60 Months 23 to 60 Years 36 Months
IDFC First Bank Rs. 25 Lakh for 60 Months 23 to 58 Years 12 Months
Axis Bank Rs. 15 Lakh for 60 Months 21 to 60 Years 12 Months
Tata Capital Rs. 20 Lakh for 60 Months 21 to 58 Years 24 Months
Fullerton India Rs. 20 Lakh for 48 Months 21 to 58 Years 36 Months
IndusInd Bank Rs. 25 Lakh for 60 Months 21 to 60 Years 24 Months
Kotak Bank Rs. 15 Lakh for 60 Months 21 to 55 Years 12 Months

This post is about loans in India. We provide this information to offer you some of the necessary information that is useful for getting a personal loan in India. Also if you are looking for information about low-interest personal loans, please refer to the Is it easy to get low-interest personal loans? Some best low-interest personal loans link we just provided in the previous article. 

Hillary (Team Content) – Info Credit Free