Instant Personal loan with interest rate starting from 10% p.a. in India. Some of the factors that affect the interest rates include your income, loan amount, employment status, credit score, repayment capacity, loan tenure and relationship with the lender.
The minimum age limit to apply for a loan should be 21 years. Maximum age can go up to 60 years and 65 years at the time of loan maturity.
|Age of the Applicant||18 to 70 years|
|Income||Rs. 25,000 per month and above|
|Work Experience for Salaried||3 years and above|
|Business Stability for Self Employed||5 years and above|
|Maximum Loan on Property Value||Up to 90%|
|Maximum EMI as percent of income||65%|
Know Instant Personal loan Interest Rates, foreclosure charges & prepayment charges applicable in India
The Equated Monthly Instalment (or EMI) consists of the principal portion of the loan amount and the interest.
You will need to submit the following documents to apply for a Instant Personal loan
|Identity Proof||Address Proof||Proof of income||Other documents||Property Documents|
|Voter Card||Voter Card||Last 2 months salary slip||Documents related to running loans along with 6 months repayment bank statements||Copy of complete chain documents of the property|
|Aadhar Card||Aadhar Card||Last 6 months bank statement of salaried account||--||Copy of Agreement to Sell|
|Valid Passport||Valid Passport||Latest Form 16 / ITR||--||Copy of the Allotment Letter / Buyer Agreement|
|Driving License||Letter from a recognized public authority or public servant verifying the identity and residence of the customer||--||--||Copy of Receipt/(s) of payment/(s) made to the developer|
|Photo Credit Card||Latest Utility bill||-||-||-|
|Photo Identity card issued by Govt. body||Rent agreement on stamp Paper||--||--||--||--||Bank Statements reflecting address of borrowers of any commercial nationalized bank||Business Profile and Previous 3 years Income Tax returns||--||--||--||Credit Card Statement not older than 3 months||Previous 3 years Profit/Loss and Balance Sheet||--||--|
|Axis Bank||Starts at 12%|
|Bank of Baroda||Starts at 11.40%|
|Kotak Mahindra Bank||Starts at 10.50%|
|Citibank||Starts at 10.50%|
|HDFC||Starts at 10.75%|
|ICICI||Starts at 10.99%|
|SBI||Starts at 10.50%|
|Tata Capital||Starts at 11.25%|
|Canara Bank||Starts at 13.55%|
Lenders also charge a processing fee ranging from Nil to 6.5% of the loan amount and the tenure from 1 to 5 years.
Instant Personal loans can be a viable option in a variety of circumstances. First, let’s define a Instant Personal loan. Some loans are earmarked for a specific purchase. You buy a home with a mortgage loan, you purchase a car with an auto loan, and you pay for college with a student loan.
Instant Personal loan can be used for just about anything. Some lenders want to know what you will do with the money they lend you, but as long as you’ve borrowed it for a responsible and legal reason, you can do what you want with it.
Generally, before sanctioning a Instant Personal loan the lender considers several factors such as the loan amount you have applied for, your repayment capacity and possibly the company you are working with. Here are six ways how you can get a Instant Personal loan at a lower interest rate.
Interest rates, expressed as Annual Percentage Rate , define the charges that are levied by a lender on availing a loan to the borrower. Interest rates are governed by the central bank based on the political and market situations in the country. Interest rates are different for different types of loans in India. The interest rates for personal and educational loans are higher as they are unsecured loans without any asset as collateral. Whereas the interest rates on car and home loans are lesser in comparison as they are secured investments for the bank with an asset security to fall back on.
We have associated with given bank list we also working other bank also