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.
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:
1. Some requirements to get personal loans in India
|Age||Minimum 21 years|
|Maximum 65 years|
|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
- Location: The 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 situation: Staying 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.
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