Benefits and Feature of Personal Loan Personal loan offers comes with many attractive features and benefits to make it easier for a wide range of customers to borrow with ease. These are as follows: 1. Loan Amount The minimum and maximum loan amount offered by banks and NBFCs under personal loan schemes varies from Rs. 10, 000/- to Rs. 100 Lakh. The loan amount a lender sanctions to a borrower depends on repayment capability, repayment history on loans & credit cards and stability of income of the borrower. Your loan eligibility may vary with between different lenders based on risk-taking appetite of the lender. ✔ Tips for Higher Personal Loan Eligibility If you are looking for a higher loan eligibility you should go with higher tenure loan, Banks and NBFCs offer a tenure up to 5 years. You can also pay off your shorter-term loans and credit card outstanding’s before applying with a personal loan for a higher loan eligibility. 2. Personal Loan Interest Rate The minimum interest rate banks offer for a personal loan is 10. 25% percent and it goes up to as high as 32-36 percent. The rate of interest a Bank or NBFC offers to a particular borrower depends on overall profile of the borrower including - category of the company a borrower is employed with, net take home salary, repayment history on existing loans and CIBIL score (Credit bureau score). ✔ Tips to Get a Better Interest Rate To get a lower interest rate from a Bank for your personal loan, you should maintain a good repayment track on all your loans and credit cards. Compare interest rates of banks at iservefinancial.com, to get the best interest rate offer on your loan.

3. Loan Tenure Financers are offering flexible tenures for PL offers, depending upon a loan applicants age at the time of applying for the loan and income. Banks & NBFCs offer a tenure from 12 months to 60 months. ✔ Tips to get a Higher Tenure for your Personal Loan If you want to keep the EMI of your loan lower, than you should opt for a higher tenure loan and if you want to minimize the interest outflow on loan in that case take a smaller tenure loan. compare tenure of personal loan offer at iservefinancial.com. 4. Quick Processing and Turn Around time Turnaround time or processing period for a personal loan varies from 2 to 5 working days based on availability of your documents and your overall profile. ✔ Instant personal loan at quickest possible time you can get a quickest loan by applying online with iServefinancial.com and submitting all the required documents as soon as you apply for the loan, your loan can get approved the same day and the disbursal can come into your account in 1- 2 working days. 5. Personal Loan Processing Fees Processing fees ranges from 1% to 3% of the loan amount plus GST as applicable. The processing fees a lender offers you on your personal loan depends on the employer you work with, your income bracket and your overall credit profile. ✔ Tips to Get Lowest Processing for your personal loan Before Apply for a personal loan compare personal offers from all the top lenders with processing fess offers. Apply online at iServefinancial to get the lowest processing fees.

6. Foreclosure charges on Personal Loan Financial institutes charge an early closure fees/penalty in the rage of 2% to 4%, depending on the numbers of EMIs you have paid after taking disbursal of the loan and before you apply for the foreclosure of the loan. ✔ Tip To get Minimum or No Foreclosure Charges Before taking disbursal of your loan check with your lender if there are any foreclosure charges on loan or the same can be waived off. There are very few lenders like Axis Bank which does not charge any pre-payment penalty on your personal loan after you have paid a specific number of EMIs. 7. Flexibility to use the loan take as personal loan A financial institute gives you complete flexibility & freedom to use the funds raised by taking a personal loan. Funds can be used for multiple purposes. ✔ End use of Personal Loan Family wedding - Funds borrowed as personal loan can be used for wedding of a family member or friend or self.

Purchase of consumer goods - loans can be taken for the purchases of consumer durable goods like TV, fridge and other household gadgets etc.

Higher Education of a family member

Home renovation, construction of new house, plot purchase (where home loan may be not available)

Medical emergency in family

Family holiday in Europe or US or other exotic location.

Using personal loan to buy a car or an imported bike, either because of cheaper interest rate and flexible repayment period in personal loan than a car or bike loan.

Using personal loan to buy a car or an imported bike, either because of cheaper interest rate and flexible repayment period in personal loan than a car or bike loan.

Debt consolidation - closing your multiple loans and or credit card outstanding’s which may be running with higher interest rates than the personal loan rate of interest.

Paying off loans taken from taken from friends and family and others.

8. No Collateral Security Required A personal loan is unsecured in nature; it simply means a lender offers it to a borrower without keeping any fixed or movable asset as collateral/security. It is sanctioned only on the basis of financial statements and repayment capacity of the of a loan applicant along with repayment track on loans/cards. 9. Personal Loan Repayment Since a personal loan is offered for a fixed term (tenure) it’s also called as a term loan. Term of the loan is fixed at the time of sanction of the loan and it is in the range of 1 year to 5 years. The loan is repaid using EMIs (Equated monthly installments). An EMI consists of two components: one is principal amount and the other is interest charged on current outstanding amount. Initially, when you start repaying your loan, the interest component of the EMI is higher and principle component is lower. As the loan matures, the interest component keeps reducing and the principle component increases. 10. Personal Loan EMI Higher EMI : If tenure is short, the EMI amount is higher

If tenure is short, the EMI amount is higher Lower EMI : If tenure of loan is long then the EMI is lower

If tenure of loan is long then the EMI is lower Interest Rate: Lower the interest rate, lower will be the installment Check My Personal Loan Eligibility Now >>

Personal Loan Interest Rate Comparison Table Below is the comparison table of personal loan offers with interest rate, loan tenure, processing fees, part-payment, pre-closure charges and locking period: Bank Name Loan Amount Interest Rate Loan Tenure

(in months) Processing Fees Part Payment Pre-closure Charges Locking Period HDFC Bank Rs.0.5 Lakh - Rs.75 Lakhs 10.50 %-24.00% 12 - 60 months Minimum ₹ 1999 - Upto 2.50 % plus GST as applicable. Up to 25% of Principal Loan Outstanding allowed per year after 13 to 24 Months 4% of Principal Outstanding plus GST

3% of the outstanding loan amount after 25-36 plus GST

2% of Principal Outstanding after 36 months plus GST

No Pre-Closure charges after >48 months 12 months ICICI Bank Rs.0.5 Lakh - Rs.25 Lakhs 11.50 %-24.00% 12 - 60 months Minimum ₹ 999 - Upto 2.50 % plus GST as applicable. Not Allowed 5% per annum of principal outstanding plus GST 6 months IDFC First Rs.1 Lakh - Rs.20 Lakhs 11.69 %-15.00% 12 - 60 months Minimum 1.00 % - Upto 2.00 % plus GST as applicable. Up to 40% of loan amount every year 3% on your principal outstanding plus GST 3 months Yes Bank Rs.1 Lakh - Rs.25 Lakhs 10.75 %-22.00% 12 - 60 months Minimum ₹ 999 - Upto 2.50 % plus GST as applicable. 20% Principal Outstanding for 12 – 24 months.

20% Principle Outstanding for 25 – 36 Months.

25% Principal Outstanding for 37 – 48 Months.

25% Principal Outstanding for 49 – 60 Months 13 – 24 months - 4% of principal outstanding.

25 – 36 months - 3% of principal outstanding plus GST.

37 – 48 months - 2% of principal outstanding plus GST.

>48 Months - Nil 12 months Bajaj Finserv Rs.1 Lakh - Rs.20 Lakhs 12.00 %-24.00% 12 - 60 months Minimum 1.00 % - Upto 3.99 % plus GST as applicable. Should be more than 1 EMI 2% + applicable amount paid plus GST 4% plus applicable taxes on principal outstanding plus GST 1 month Kotak Mahindra Bank Rs.1 Lakh - Rs.30 Lakhs 11.00 %-24.00% 12 - 48 months Minimum ₹ 1499 - Upto 2.50 % plus GST as applicable. - 5% of the outstanding loan amount + GST 12 months TATA Capital Rs.0.75 Lakh - Rs.20 Lakhs 11.75 %-19.00% 12 - 72 months Minimum 1.00 % - Upto 2.00 % plus GST as applicable. Up to 25% of the principal outstanding loan amount 2% of the amount paid + GST.

Maximum of 50% of the principal outstanding permissible >6 months - 4% of principal outstanding.

>12 months - NIL 6 Months IndusInd Bank Rs.1 Lakh - Rs.20 Lakhs 11.49 %-20.00% 12 - 60 months Minimum ₹ 999 - Upto 2.50 % plus GST as applicable. - Salaried: 4% of the principal outstanding after repayment of 12 EMIs.

For Self- Employed borrowers: 4% of the principal outstanding after repayment of 6 EMIs plus GST 1 Year Fullerton India Rs.0.65 Lakh - Rs.20 Lakhs 14.00 %-25.00% 12 - 60 months Minimum 3.00 % - Upto 6.00 % plus GST as applicable. - < 7 months to 17 months - 7% plus GST.

18 months to 23 months - 5% plus GST.

24 months to 35 months - 3% plus GST

After 36 months - NIL 6 Months RBL Bank Rs.1 Lakh - Rs.20 Lakhs 14.00 %-24.00% 12 - 60 months Minimum 1.50 % - Upto 2.00 % plus GST as applicable. NIL 1% plus applicable taxes on part payment amount paid NIL 12 months LoanTap Rs.1 Lakh - Rs.15 Lakhs 14.00 %-18.00% 12 - 60 months Minimum 2.00 % - Upto 2.00 % plus GST as applicable. 2-3% plus GST Nil after 12 months 12 months Standard Chartered Bank Rs.1 Lakh - Rs.50 Lakhs 12.50 %-16.00% 12 - 60 months Minimum ₹ 999 - Upto 1.00 % plus GST as applicable. Within 12 month 4%

13 to 36 3%

after 36 months 2% of the outstanding loan amount plus GST Within 12 month 4%

13 to 36 3%

after 36 months 2% of the outstanding loan amount plus GST 12 Months IIFL Rs.1 Lakh - Rs.20 Lakhs 14.00 %-20.00% 12 - 60 months Minimum ₹ 1000 - Upto 2.00 % plus GST as applicable. - -Up to 4% of the Principal Outstanding plus GST 6 Months

Documents Required for Personal Loan Document Salaried Individuals Self-Employed Individuals/Professionals Identity Proof PAN Card/ Valid Passport/ Driving License. PAN Card/ Valid Passport/ Driving License. Residence Proof Valid Passport Copy/ Electricity Bill/ Rental Agreement Valid Passport Copy/ Electricity Bill/ Rental Agreement Income Statements 3 month’s salary slips, Form, Income Tax Return Income Tax returns, computation of income, balance sheet with Profit & loss account and all the schedules of the balance sheet. Audited Report if applicable. Bank Statements 6 months Bank statements of salary account 12 months’ bank statements of current account/Business profile.

Top Personal Loan Providers in India with Their Best Offers Personal Loan Provider What Makes It Best Personal Loan SBI Personal Loan Best for Borrowers working with Public Sector undertakings HDFC Bank Personal Loan Higher loan amount and Lowest Interest Rate Standard Chartered Bank Personal Loan EMI refund or cash back option Axis Bank Personal Loan Zero/No part-payment and or Foreclosure charges ICICI Bank Personal Loan Easy and fast personal loan Bajaj Finserv Personal Loan Best for Flexi Personal Loan Kotak Mahindra Bank Personal Loan Best option for consolidation of other loans & Cards Yes Bank Personal Loan Low interest rate TATA Capital Personal Loan Personal loan overdraft Facility Loans IDFC First Personal Loan Best for low interest rate SBI Personal Loan : Best for Borrowers working with Public Sector undertakings Key Features Loan amount up to Rs. 20Lakhs for salaried individual

Loan to defence personals and government employees

Personal loan on pension income

Flexible repayment options Interest Rate Tenure EMI Interest Payable in 5 years 12.5% 5 years ₹ 2250 ₹ 34988 Check My Eligibility Now HDFC Bank Personal Loan : Higher loan amount and Lowest Interest Rate Key Features Lowest interest rates to salaried individuals and self-employed professionals.

Loan amount up to Rs. 75.00Lakhs

Offers personal loan to salaried NRI customers

Loan amount up to Rs. 75.00Lakhs

Personal loan tenure from 1 to 5 years

Personal loan can be disbursed in 24-48 hours’ time. Interest Rate Tenure EMI Interest Payable in 5 years 10.5% 5 years ₹ 2149 ₹ 28963 Check My Eligibility Now Standard Chartered Bank Personal Loan : EMI refund or cash back option Key Features Based on repayment track of the loan SCB offers you EMI refund option on loan

Low interest rate

Loan amount up to Rs. 40.00Lakhs

Low processing fees

Quick approval Interest Rate Tenure EMI Interest Payable in 5 years 12.5% 5 years ₹ 2250 ₹ 34988 Check My Eligibility Now Axis Bank Personal Loan : Zero/No part-payment and or Foreclosure charges Key Features Personal loan with zero-part payment and foreclosure charges

Hassel free personal loan

Tenure up to 5 years to salaried borrowers

Option to make part payment on loan

Personal loan for various types of uses

Low processing fees Interest Rate Tenure EMI Interest Payable in 5 years 11.25% 5 years ₹ 2187 ₹ 31204 Check My Eligibility Now ICICI Bank Personal Loan : Easy and fast personal loan Key Features Quick process, loan can be disbursed in 72 hours’ time

Option for digital process of loan

Great customer service

NRI loans up to 3 years’ term Interest Rate Tenure EMI Interest Payable in 5 years 11.5% 5 years ₹ 2199 ₹ 31956 Check My Eligibility Now Bajaj Finserv Personal Loan : Best for Flexi Personal Loan Key Features Option for EMI and overdraft loan under flexi- personal loan offer

Loan amount up to Rs. 30.00 Lakhs

Online application process for faster approval

Flexibility for use of funds taken as personal loan Interest Rate Tenure EMI Interest Payable in 5 years 12% 5 years ₹ 2224 ₹ 33467 Check My Eligibility Now Kotak Mahindra Bank Personal Loan : Best option for consolidation of other loans & Cards Key Features Loan amount up to Rs. 25Lakhs to salaried individual

Flexibility for debt consolidation for cards and other obligations

Affordable interest rate

1 to 5 years’ tenure of loan. Interest Rate Tenure EMI Interest Payable in 5 years 11% 4 years ₹ 2585 ₹ 24059 Check My Eligibility Now Yes Bank Personal Loan : Low interest rate Key Features One of the lowest interest rate

Loan amount up to Rs. 40.00 Lakhs

Repayment tenure of up to 5 years

Loan to salaried and self-employed borrowers

Personal loan for various types of uses

Low processing fees Interest Rate Tenure EMI Interest Payable in 5 years 10.75% 5 years ₹ 2162 ₹ 29708 Check My Eligibility Now TATA Capital Personal Loan : Personal loan overdraft Facility Loans Key Features Offers an overdraft facility under personal loan

Interest saving personal loan

Loan amount up to Rs. 25.00Lakhs

Digital process

Quick approval Interest Rate Tenure EMI Interest Payable in 5 years 11.75% 6 years ₹ 1942 ₹ 39827 Check My Eligibility Now IDFC First Personal Loan : Best for low interest rate Key Features Offers one of the lowest interest rate

Faster turnaround time for approval

Lowest processing fees Interest Rate Tenure EMI Interest Payable in 5 years 11.69% 5 years ₹ 2209 ₹ 32529 Check My Eligibility Now

Personal Loan Eligibility Criteria Before applying for a personal loan, you need to make sure that you're eligible for it. Different financial institute follow different eligibility criteria. The criteria common for most banks includes: Criteria Description Salaried Individuals Self- Employed Professionals Minimum Age 21 years 23 years 23 years Maximum Age 60 years 65 years 65 years Net Income per Month Rs. 17, 500 Rs. 25,000 Rs. 25,000 Working Experience 1 year 2 years 2 years CIBIL Score 650 700 700 Min Loan Eligibility Rs. 50,000/- Rs. 50,000/- Rs. 50,000/- Max Loan Amount 75 lakhs 35 lakhs 75 lakhs Check My Personal Loan Eligibility Now >>

Personal Loan Eligibility Calculator Personal loan eligibility calculator helps you to determine your personal loan eligibility with different banks and NBFCs. Personal loan calculator is easy and simple to use, all you have to do is provide your basic personal and income details such as your date of birth, your current city of residence, your employer name, monthly salary, details regarding any other ongoing EMI (if any) that you are paying back. The calculator will use the information and tell you about the loan amount you are eligible for along with tenure of the loan, rate of interest etc. with different banks and NBFCs. Click on the ‘Check your eligibility’ button below to know your personal loan eligibility with different lenders. Personal Loan Application: Check 10 points before applying for a loan The number of personal loan borrowers is increasing day by day in India, the primary reasons for increasing number of borrowers for personal loan is it can be availed very quickly and for all your emergency needs including Personal Loan for Medical Emergency

Personal Loan for Higher Education

Personal Loan for a holiday

Personal Loan for wedding A lot of families are taking personal loan from bank or NBFCs for their big-ticket purchase like shopping for wedding, white goods, interiors decoration of house etc. They are also converting their purchases into EMIs. Personal loan from banks helps families meet any short fall in financing while buying a car, house, higher education for family members or during the time of medical emergencies. A personal loan can be taken almost for all any reason and emergency need of funds in a household. Check My Personal Loan Eligibility Now >>

Personal Loan EMI Calculator When you are considering taking a personal loan for wedding of a family member or a family vacation or for higher education of a family member, you would like to plan and budget the monthly instalment that can be easily repaid by you during the tenure of the personal loan. This will depend greatly on your existing monthly income and other monetary commitments you might have including daily sustenance, other loan payments, money spent on education, medical requirements, etc. An EMI calculator is a basic tool that can be used to figure out the instalment amount that you would be required to pay per month for the required personal loan amount. How to Use a Personal Loan EMI Calculator? To know your instalment, you will have to input the amount you want to borrow, rate of interest applicable and tenure available from the bank. How to Calculate Personal Loan EMI? The calculation of Equated monthly instalment is based on following factors: Personal Loan Interest Rate - the interest rate bank will charge on the loan

Loan Amount–the loan amount taken in INR

Personal Loan Tenure - the period for which you take the finance A personal loan is always sanctioned with fixed rate of interest, it is given for a fixed tenure and repayment is made within a fixed tenure as decided during the sanctioning process. Minimum tenure is 1 years and maximum is 5 years.

Why Prefer Personal Loans ? Salaried Individuals and self-employed business owners prefer to take a personal loan to fund their short-term emergency requirements of funds as these loans are the fastest way of raising funds with minimum documentations and without offering any asset as security. In India at present there are more than 50 lenders offering these loans with very attractive interest rates and flexible repayment options. Below are the top reasons to choose a personal loan: No Security Required: A personal loan from a bank or NBFC does not require any collateral security and is given to an individual only on the basis of his/her net monthly income backed by borrower signing a loan agreement which includes all the terms and conditions of the loan and a promissory note to repay the loan as per the repayment schedule.

A personal loan from a bank or NBFC does not require any collateral security and is given to an individual only on the basis of his/her net monthly income backed by borrower signing a loan agreement which includes all the terms and conditions of the loan and a promissory note to repay the loan as per the repayment schedule. No end use binding & flexibility: A personal loan can be taken for various purposes including taking care of wedding expanses of a family member or friend, renovation of house or a family vacation. A financer never puts any end use binding on the loan and offers a borrower flexibility to use the funds as required.

A personal loan can be taken for various purposes including taking care of wedding expanses of a family member or friend, renovation of house or a family vacation. A financer never puts any end use binding on the loan and offers a borrower flexibility to use the funds as required. Easy Application process: One important reason for borrowers to take a personal loan is the easy and simplified application process. You can apply for a personal loan by filling up a simple application form and submitting the same with the required documents to the lender. These days many banks and NBFCs have simplified the application process by developing platforms that enable you to submit it online.

One important reason for borrowers to take a personal loan is the easy and simplified application process. You can apply for a personal loan by filling up a simple application form and submitting the same with the required documents to the lender. These days many banks and NBFCs have simplified the application process by developing platforms that enable you to submit it online. Quick Approval: A personal loan can be approved within 24 hours to 48 hours’ time frame post submitting the loan application. Currently in India many banks are offering instant online approvals on loans.

A personal loan can be approved within 24 hours to 48 hours’ time frame post submitting the loan application. Currently in India many banks are offering instant online approvals on loans. Simple Documentation: A personal loan requires very few documents for processing and sanction of the loan. Check My Personal Loan Eligibility Now >>

Uses of Personal Loan A personal loan can be availed from banks/NBFCs for one or more of the below mentioned purposes.

Wedding in Family : One can borrow a personal loan for wedding of a family member, friend or self for a period of 5 years and loan amount up to Rs. 40.00Lakhs

One can borrow a personal loan for wedding of a family member, friend or self for a period of 5 years and loan amount up to Rs. 40.00Lakhs Purchase of consumer goods: loans can be taken for the purchases of consumer durable goods like TV, fridge and other household gadgets.

Higher education

Renovation of house

Interior of house

Medical emergency

Holiday or a foreign vacation

Buying a property where home loan is not possible

Buying a car where car loan is not possible

Buying a foreign bike where two wheeler loan is not possible

Debt consolidation

Closing loans taken from friends and family

Personal Loan Repayment Since it is offered for a fixed term it’s also called as a term loan. Term of the loan is fixed at the time of sanction of the loan and it is in the range of 1 year to 5 years. The loan is repaid using EMIs (Equated monthly installments). An EMI consists of two components: one is principal amount and the other is interest charged on current outstanding amount. Initially, when you start repaying your loan, the interest component in the EMI is higher and principle component is lower. As the loan matures, the interest component keeps reducing and the principle component increases. Basic Facts about a personal loan EMI Higher EMI: If tenure is short, the EMI amount is higher

If tenure is short, the EMI amount is higher Lower EMI: If term is long then the EMI is lower

If term is long then the EMI is lower Interest Rate:Lower the interest rate, lower will be the installment Check My Personal Loan Eligibility Now >>

Let’s understand Personal Loan Eligibility Criteria for Salaried and Self-Employed Individuals Your personal loan eligibility depends on multiple factors like your age, Income, Residence type, total years of experience at the time of applying for the loan. If you are not meeting all the criteria, then it is up to the bank’s discretion depending on their policy and based on your overall profile they may or may not approve your loan. One or more banks will fund you based on you meeting the below-mentioned criteria. Age Requirement for Personal Loan Application : Minimum age required for taking a personal loan is 23 years at the time of application of the loan. Maximum age of applicant should not exceed 65 years at the time of maturity of loan or the retirement age. Minimum and maximum age of a borrower may vary from financer to financer.

: Minimum age required for taking a personal loan is 23 years at the time of application of the loan. Maximum age of applicant should not exceed 65 years at the time of maturity of loan or the retirement age. Minimum and maximum age of a borrower may vary from financer to financer. Net Monthly income required to take a personal loan: Minimum net monthly income required is Rs. 15,000/- however, It may vary with different lenders.

Minimum net monthly income required is Rs. 15,000/- however, It may vary with different lenders. Residence Type: Since personal loan is an unsecured loan, lenders closely monitor the type of residence a loan applicant reside currently- Self-Owned Residence: It is easy to take a personal loan if your residence type is self-owned that is owned by you and/ or your spouse.

Parental-It is also acceptable if its owned by your parent/s.

Rented Residence- In case your current residence is rented, banks or NBFCs may ask you to prove that you own a property in the country which might be in another city. This is required to verify your residence stability.

In any scenario, banks can take a deviation/call on your residence type based on your overall profile and their risk taking appetite. Work Experience: For Salaried individuals, a bank or NBFC requires you to have minimum 2 years of working experience post completing your formal education and for Self Employed, banks and NBFCs may require you to have a minimum of 2 years of business experience.

For Salaried individuals, a bank or NBFC requires you to have minimum 2 years of working experience post completing your formal education and for Self Employed, banks and NBFCs may require you to have a minimum of 2 years of business experience. Credit Information Score Required (CIBIL Report): Credit information score or CIBIL plays a vital role in the bank’s decision making process on your personal loan application. A high score can certainly help you in getting quick sanction and the lowest possible rate of interest on your loan. On the other hand, a low or poor CIBIL score will be a reason for rejection of your loan application. Alternatively, a low CIBIL score may get you a personal loan at a higher interest rate.Generally, 700 or higher CIBIL score is considered a good and clean score and clears your loan eligibility criteria.You must remember that every time you apply for a loan, your credit information score gets reduced by very few point. Consider applying for a loan only if your CIBIL score is higher than 650 points.Many banks/NBFCs may sanction a loan to you without considering a CIBIL score also based on their policy and on your overall profile.

Personal Loan Balance Takeover ( Transfer Plus Top-Up) A borrower of a personal loan has the option of transferring his/her personal loan from existing financer to another financer. Generally a borrower thinks of transferring his/her personal loan to another bank in a situation wherein, his existing bank/NBFC is charging him/her a higher interest rate on the loan as compared to the current market rates or the borrower needs additional loan amount and the existing financer is unable to offer the same because of it’s internal credit policies. A borrower can transfer the loan to another financer simply by availing a new loan from the financer and by using a portion of this new personal loan to prepay or foreclose the old loan. The additional loan amount the new lender offers is called as Top-up loan. Personal Loan Balance Transfer interest rates Different banks and NBFCs offer various rates for balance transfer of your personal loan based on your overall profile, monthly salary and most important your repayment history with the existing lender. You may get a better rate of interest from the new lender if you have a clean repayment track with zero delayed repayment with the current financer. Bank Name Interest Rate Range Processing Fees Validity date Loan Amount (In Lakhs) Tenure (Months) HDFC Bank 10.5 %-24% ₹ 1999 - Upto 2.5 % - Rs.75 Lakhs 60 Axis Bank 11.25 %-24% ₹ 999 - Upto 2.25 % - Rs.15 Lakhs 60 ICICI Bank 11.5 %-24% ₹ 999 - Upto 2.5 % - Rs.25 Lakhs 60 Yes Bank 10.75 %-22% ₹ 999 - Upto 2.5 % - Rs.25 Lakhs 60 IDFC First 11.69 %-15% 1 % - Upto 2 % - Rs.20 Lakhs 60 Check My Personal Loan Eligibility Now >>

Personal Loan Takeover or Balance Transfer Process Complete the loan application process with the new financer

Post sanction of your loan from the new financer, sign the loan agreement with the new financer and complete all the loan disbursement formalities

Collect the foreclosure/Pre-closure letter from your current financer and submit the same to your new financer

The new financer will disburse the loan and will pay the outstanding loan amount to your existing financer

The top up loan amount will then be disbursed to you. When should you think about transferring your personal loan to another bank/NBFC? If the new lender is offering you a rate of interest, which is at least 2% lower than your current interest rate.

If processing fees plus other one-time transaction fees you are paying is less than the amount you will be saving because of rate of interest difference.

When you want to avail a top-up loan and your bank is unable to offer you the same.

When you want to reduce your EMI by increasing the tenure of the loan.

Best Personal Loan Offers To ensure that you get the best deal for your personal loan in India, you must compare all the available personal loan offers online in the marketplace keeping in mind the rate of interest a lender is offering

processing fees on loan,

loan amount eligibility,

tenure of the loan and

pre-payment charges in case if you want to close the loan before its maturity

Along with the right combination of all the above mentioned points, you must look for the right customer service and offline services required at the time of documentation & disbursement of the loan. How a Personal Loan Lender Decides Interest Rate for your Loan? The rate of interest a bank will offer you depends on your overall profile which may include the following: The company you work for

Your net salary per month

Loan amount you are eligible to take

Your CIBIL/credit score and repayment history Based on the above captioned points, several banks/ NBFCs may offer you different rates of interest on your personal loan. The lowest interest rate in personal loan in India is 7.67 % and rate of interest range is from 7.67 % to 15.95 % at present.Considering the above mentioned facts if you want to get the lowest rate personal loan you must compare and apply online for a personal loan at a loan market place like iservefinancial.com Personal loans are unsecured loans. Being an unsecured loan, the lender is taking a big risk in lending the money to the borrower. To cover that risk the lender charges a high rate of interest than any other secured loans. The interest rate for personal loan starts from 10.99 percent onwards. The interest rates differ from bank to bank and depend upon the eligibility criteria, loan amount, and the tenure of the personal loan. Check My Personal Loan Eligibility Now >>

How Much Processing Fees a Lender Charges Considering your overall profile and the company you work for different banks may offer you different processing fees on your personal loan. Processing fees on personal loan may vary from 1% to 5% of the loan amount sanctioned. If you want a personal loan with the lowest processing fees, it’s always advisable to compare a personal loan offer online and apply online at iservefinancial.com. Highest Loan Eligibility in Personal Loans Based on your overall profile, credit score and other obligations, banks including ICICI Bank, Axis Bank, HDFC Bank, Yes Bank, SBI and others will offer you specific loan amount eligibility according to their specifications. The highest loan amount offered by a bank in India is 75 Lakh. Highest Term for Personal Loan The tenure of a personal loan that a bank/NBFC will offer you is based on your profile and age at the time of application of the loan. The tenure available for personal loan is minimum 1 year and maximum 5 years. However, different banks will have different policies on deciding on the tenure of the loan. Pre-Payment/ Foreclosures Charges for Personal Loan Pre-Payment or foreclosure charges for a personal loan may vary from 0% to 5% based on policies of banks and on the basis of the tenure of loan you have served/ EMI you have paid. To ensure that you get the best deal for personal loans in India, it’s advisable to compare personal loan online at iservefinancial.com and apply online for a quick sanction of personal loan. In an online application of your loan we enable you to compare loans from more than 20 lendres of the industry. Types of Personal Loan Personal loan can be either secured or unsecured. The most common types of personal loan available in India: Festive loans: Leading banks provide loans at discounted rates during the festive season to drive up the amount of loans availed. These are short-term loans and best for the individuals who want to borrow a small amount of money.

Leading banks provide loans at discounted rates during the festive season to drive up the amount of loans availed. These are short-term loans and best for the individuals who want to borrow a small amount of money. Consumer durable Loans: These loans are being availed to purchase consumer durable products like television, computers, washing machine and so on. These loans can be availed for a loan amount of 10k to 1 lakh.

These loans are being availed to purchase consumer durable products like television, computers, washing machine and so on. These loans can be availed for a loan amount of 10k to 1 lakh. Gold loans: Gold loans are the easiest to get. The market of gold loans largely depends upon the gold rates.

Gold loans are the easiest to get. The market of gold loans largely depends upon the gold rates. Marriage loans: Marriage loans are gaining popularity recently. The amount borrowed for a marriage loan is dependent on a person’s financial background. The interest rates are generally governed by the prevailing market rate and are usually higher during peak wedding season.

Marriage loans are gaining popularity recently. The amount borrowed for a marriage loan is dependent on a person’s financial background. The interest rates are generally governed by the prevailing market rate and are usually higher during peak wedding season. Vacations loans:People often avail personal loan for vacations inside or outside the country. The loan amount for vacations loan depends upon the financial worthiness of an individual and also upon the travel destinations

Things to Know Before Applying for a Personal Loan Personal loan has now become everybody’s need to fulfil his/her financial requirements, but before availing a personal loan there are certain things you need to check so that your personal loan won’t haunt you: These loans are unsecured and hence come with higher interest rates. Borrower can either go for fixed rate or a variable rate for their personal loans.

Before applying for a personal loan, look for the interest rate which suits your needs and repayment capacity. Use comparison tool to make sure you are picking a lender who is offering good terms

Inquire about the amount of loan you would be eligible for. If you are afraid that you will not get a loan for low CIBIL score, then you are advised to work upon it to improve your eligibility.

Every lender has a distinct internal credit policy based on which they assess every applicant individually; pick one based on your comfort. You must understand all the terms before applying for a personal loan.

Most of the banks charge a processing fee to disburse your personal loan. Compare the fees of different banks to get an idea of the expenditure you are going to bear. There is no need to pay fees to any individual when you take out a personal loan. Lowest EMI on Your Personal Loan Personal loans come with higher interest rates and thus a borrower has to bear a higher EMI. One can calculate the lowest EMI he can pay on the loan amount he is borrowing. Lowest EMI vary from bank to bank. Three main factors on which the lowest EMI depends are the loan amount, interest rates and loan tenure. Lowest EMI can be calculated using the loan amount and loan tenure. Different bank offer different EMIs per lakh. It starts from Rs.2174 onwards for 60 months for interest rates ranging from 10.50 percent to 20 percent. Check My Personal Loan Eligibility Now >>

Charges, Fees, Additional Charges may Applicable for Personal Loans There are some charges along with interest rates that a borrower has in order to apply for a personal loan: Loan processing charges : A borrower has to pay some processing fee to apply for a personal loan. This fee is non-refundable. This fee depends upon the particulars of your loan.

A borrower has to pay some processing fee to apply for a personal loan. This fee is non-refundable. This fee depends upon the particulars of your loan. Part-prepayment charges : Bank also levy part-prepayment charges for the borrowers who wish to repay the loan early.

Bank also levy part-prepayment charges for the borrowers who wish to repay the loan early. Late payment fees: Banks levy a penalty on late repayment of the EMIs.

Banks levy a penalty on late repayment of the EMIs. Foreclosure charges : Foreclosure charges are the charges a borrowers pay if he/she wants to pay the entire loan even before their loan tenure.

Foreclosure charges are the charges a borrowers pay if he/she wants to pay the entire loan even before their loan tenure. Cancellation charges : These charges are generally 1-2 percent of the loan amount depending upon the lender

These charges are generally 1-2 percent of the loan amount depending upon the lender Additional charges : There are certain charges such as no dues certificate, stamp duty and other charges, cheque swapping charges and so on which are to be paid by the borrower along with all the above charges. Do’s and Don’ts While Taking a Personal Loan A personal loan can either be a survivor or a liability depending on how you do it. There are certain points that you need to do and not to do to make your personal loan an asset for you. The Do's Keep track of the change in rules laid down by RBI.

Compare interest rates, charges, loan amount offered by different banks. Choose the one that best suits all your needs.

Read the terms and conditions carefully and look for hidden charges if any.

Compare the EMIs and choose the best method to calculate interest rates.

Access your credit information report and find out your credit score. Your credit score should be close to 900.

Negotiate with your bank or NBFC on everything from processing fee to interest rates to get a better deal. The Dont's Choose the loan repayment option you are comfortable with and do not default on your EMI payments.

Some people opt to increase their loan amount in order to avail lesser interest rates. The interest rates might get lower but the monthly repayment is still going to be higher.

Do not sign any document without verifying it. Be careful and do not fall into the lucrative offers of the sales agents.

Excessive credit inquiries reflect badly in your credit history. Shortlist the bank or NBFCs after doing the required research and then approach them.

Checklist for Personal Loan The checklist required for a personal loan constitutes the following: Two passport colour photograph.

Photo Identity Proof

Address proof of residence

Ownership proof of residence

For Self-employed individuals, income proof is must

Salaried employees need to submit their job continuity proof

Bank statement of latest six months Factors affecting your Personal Loan Eligibility Your personal loan eligibility in Yes Bank, HDFC Bank, ICICI Bank, Axis Bank, SBI, Bajaj Finserv, Kotak Mahindra Bank, IndusInd Bank and others is based on the below mentioned factors: Type of employment : Your loan eligibility depends and is decided on the basis of your type of employment- Salaried (Service) or self-employed (business). If you are salaried, then your loan eligibility is based on your monthly net salary. If you are self-employed, then it’s based on your net annual cash flow.

Your loan eligibility depends and is decided on the basis of your type of employment- Salaried (Service) or self-employed (business). If you are salaried, then your loan eligibility is based on your monthly net salary. If you are self-employed, then it’s based on your net annual cash flow. Your monthly Income : It is the most important factor taken into consideration by any Bank or NBFC when deciding your loan eligibility. Higher your income, higher will be your loan eligibility. Most of the banks and NBFCs will provide you a loan wherein your Personal Loan EMI (Equated Monthly Installment) will be restricted to 60-70% of your net monthly income. Some of the banks and NBFCs will calculate your loan eligibility and provide a loan in multiples of your net monthly salary, which is up to 22 times of it.

It is the most important factor taken into consideration by any Bank or NBFC when deciding your loan eligibility. Higher your income, higher will be your loan eligibility. Most of the banks and NBFCs will provide you a loan wherein your Personal Loan EMI (Equated Monthly Installment) will be restricted to 60-70% of your net monthly income. Some of the banks and NBFCs will calculate your loan eligibility and provide a loan in multiples of your net monthly salary, which is up to 22 times of it. The organization you work for :The company you work plays an important role in determining the loan amount for which you will be eligible. Banks and NBFCs will provide you different loan amount eligibility depending on whether you are employed in the government sector, working for a listed or private company. Check My Personal Loan Eligibility Now >>

Important Tips for Personal Loan Application Get the Best Personal Loan Offer in India : You should conduct a market survey to help you take the best interest rate, tenure, processing fee, etc. Fortunately, iServe provides a ready space that lets you compare personal loan offers from top banks. Other Charges : Other than the EMI, you should also take into consideration the processing fee and foreclosure charges. All these charges will add up when taking or closing the loan. Hence, factoring this in your calculations will allow you to be prepared to make the payments. Importance of Tenure of Personal Loan: Assuming that the interest rate is the same, the longer the tenure, lower will be your EMI. However, you will also end up paying a little more of interest to the bank. Depending on your current financial needs, you can choose the option that makes it extremely easy for you to pay off your personal loan. Personal Loan TAT : iServe provides personal loan in-principle approval TAT (Turn Around Time) of 20 - 30 minutes. TAT is the time taken to get approval and sanction of your loan. Best Offers on Personal Loans: At any time, there will be some offers running with Banks, NBFCs, or online service providers. Make sure, you check on the most lucrative personal loan offers available in the market. Factor personal loan cashback offers and free gift vouchers into your overall calculation. As discussed, in Point 2 about processing fee, you may be able to avail some offers like zero processing fee for personal loans. This will help in reducing your overall cost. Personal Information :Make sure that all the information you provide is completely authentic. Submission of incorrect information is considered fraudulent and could lead to several legal complications. Choosing the Right Bank : Several banks provide personal loans at interest rates starting from 11.49%, However, it might not be the best option for you. Choosing the finance option depends on your profile, the tenure offered by the bank, processing fee, foreclosure charges, personal loan TAT, etc. No matter where you are in the decision-making process, a complete understanding of the loan, bank or NBFC requirements, etc. is vital. This will allow you to plan your finances and time commitment accordingly. In this manner, you can take care of all your obligations when opting for a personal loan. Proper planning ensures that there is zero strain on you financially and emotionally. We help you get there. Not only do we provide assistance and support throughout the loan application process, but also provide free doorstep service. How Partnering with iServefinancial helps you ?

A personal loan can help in improving the quality of life. What makes iServe different is that we offer our clients valuable advice. We provide regular training to our relationship managers, who themselves are extremely seasoned in this business. Having in-depth knowledge of how the loan process and industry works, allows them to provide you with valuable advice backed by practical experience. This, in turn, puts you at the vantage point, where you can take an informed decision to take a personal loan at the lowest possible interest rate and repay it with ease. We are dedicated to building long relationships with our customers. Hence, we keep the customer’s best interest in mind before applying for a loan.

Factors Affecting your Personal Loan Application There are many factors that affect a personal loan. The factors mainly affect the interest rate, eligibility, loan application etc. CIBIL score is one of the most important factors affecting a loan application. If the borrower has a good credit score, the lender may provide the applicant with lower interest rates.

A lender with a stable income is preferred by the lender in disbursing a personal loan since individuals with higher income have a higher likelihood of repaying the loan.

Customers having good relations with the banker enjoy better deals than others.

A reputed workplace also contributes in obtaining lower interest rates.

The amount and the purpose of the loan also affect personal loan in many ways.

The lenders also look to your payment history, you’re other loans if any and the frequency in which you paid them. Documents Required for Personal Loans – In Details Before applying for a personal loan a borrower needs to submit some documents. Few common documents are as follows: Complete loan application with two passport size photographs.

Identity proof such as Voter ID, passport, driving license.

Proof of residence like ration card, passport and utility bill.

Proof of age: Voter ID, passport, pan card, driving license. For salaried individuals: Latest 3 months salary slips and Form 16 as income proof

Current Employment Certificate or Current Job Appointment letter and Experience Certificate needs to be submitted as a job continuity proof.

Last 6 months statement from bank.

Investment proof if any such as Shares, Fixed Deposit, Fixed Assets, etc.,

Submit Payment Track Record and sanction letter of existing loans if any. For Self-employed professionals: Property document, maintenance bills, utility bills for office address.

Property documents, maintenance Bill, electricity bill needs to be submitted as office ownership proof.

Business existence proof such as 3 years old Saral Copy, Shop Establishment Act etc.

Latest 2 years Income Tax Returns including computation of income, P&L account, and balance sheet should be submitted by the borrower as their income proof. Check My Personal Loan Eligibility Now >>

How to Apply for a Personal Loan Online Gone are the days where one has to visit the bank in order to avail the loan. Earlier every borrower has to visit the financier personally in order to find out about the offers available, has to calculate the EMI according to the loan amount he need, submitting the required documents and following up on applications. The best way is to apply for a personal loan online, compare various personal loan offers and make a list of your chosen lenders. Online application is the most convenient and time saving way to apply for a loan. Many borrowers now prefer online process to apply for a personal loan. Iserve Financial is one such platform where a borrower gets complete knowledge about all the banks and best suited loan options for your all financial needs. All you need to do is to go through our website, obtain the information, talk to our executives and choose the best deal. Top 10 Providers for Personal Loans in India Here are the top 10 lenders of personal loans in India: HDFC bank :: HDFC bank offers the best personal loan services in the country. Being a market leader, HDFC offers triple advantage to all its loan applicants. With exciting offers and competitive interest rates HDFC personal loan is enjoying a huge customer base. State bank of India :State bank of India offers some of the most exciting personal loans schemes and is the favourite loan lender of the country. Xpress Credit Personal Loan, SBI Saral Loan, SBI Personal Loans , Festival Loans to pensioners is some of the products SBI offers. Tata Capital :It is the bank which originated and serviced personal loan. Tata Capital offer personal loan such as child's education loan, a loan for buy home, a loan for a marriage in the family, repayment of an existing loan. Axis bank : The third largest private sector bank offers some lucrative personal loan offers. The Axis bank personal loan for a wide range of purposes such as a dream vacation, child's education, home renovation and wedding in your family. ICICI bank :The second largest bank in India in terms of assets and market capitalization, ICICI provides easy and fast personal loans. The ICICI personal loan is disbursed within 72 hours of the document submission. Bajaj Finserv : Bajaj Finserv bank offers personal loan up to Rs. 25 lakhs for salaried individuals and is among the largest consumer durables financier in India. It offers wide range of Bajaj Finserv personal loans to fulfil financial needs of unexpected expenses. Citibank :A private sector bank offering highest numbers of personal loans. With simple documentation and easy processing, Citibank personal loan is attracting lot of customers. Kotak Mahindra bank : Kotak Mahindra bank is one of the major private sector banks in India. The Kotak Mahindra personal loans for various purposes such as wedding expenditure, school or college fees, dream vacations, home renovation projects or even for the purchase of consumer durables. IDBI bank :IDBI is among the fastest growing public banks in India. IDBI offers variety of loans with easy documentation. Yes bank :YES bank for a long overdue vacation, makeover of a house or even for paying for a wedding or for higher educations.

Personal Loan Eligibility Calculator & Criteria –Comparison of Top Lenders Lender Name Min. Age Max. Age Net Monthly Income (Thousands) Working Experience Job Stability with current company in Months Residence Stability in Months Minimum Credit Score Min Eligible Loan Amount (Lakhs) Max Loan Amount (Lakhs) Maximum Tenure (Years) HDFC Bank 21 60 15.00 - 17.00 2- 3 years 1 6 700 5.00 50.00 5 ICICI Bank 23 58 17.5- 25.00 2- 3 Years 1 12 700 0.50 40.00 5 Yes Bank 23 58 25.00 2 Years 1 – 2 12 700 2.00 25.00 5 Axis Bank 21 58 15.00 1 Years 2 6 690 0.50 15.00 5 Kotak Mahindra Bank 21 58 20.00 3 Years 1-2 12 700 0.50 15.00 5 Bajaj Finserv 23 55 35.00 1 Years 1 12 700 1.00 25.00 5 Fullerton 21 58 12.50 1 year 3 12 700 0.50 15.00 5 Tata Capital 23 58 20.00 2 years 2 12 700 0.75 15.00 5 Capital First 23 58 20.00 2 Years 1 12 700 0.50 10 .00 5 HBD 23 60 15.00 - 20.00 1 Year 1 12 700 0.50 20.00 5 SBI Bank 23 58 07.50 2 Years 1 12 700 0.25 15.00 5 RBL Bank 23 60 25.00 3 years 1 12 700 0.50 20.00 5 IndusInd Bank 23 60 25.00 2 years 1 12 700 0.50 15.00 5 Citibank 23 58 75.00 2 years 2 12 700 2.00 30.00 5 IDBI Bank 22 65 20.00 1 Years 1 12 700 0.50 10.00 5 Salaried Personal Loan: most of the lenders including Banks and NBFCs are lending personal loans to salaried individuals, some of the lenders may not be lending to self-employed business owners. Salaried individuals are most preferred type of borrowers by all the personal loan lenders.Larger the size of the corporate a loan applicant is working with, better would be the interest rate a lender will offer him/her.

most of the lenders including Banks and NBFCs are lending personal loans to salaried individuals, some of the lenders may not be lending to self-employed business owners. Salaried individuals are most preferred type of borrowers by all the personal loan lenders.Larger the size of the corporate a loan applicant is working with, better would be the interest rate a lender will offer him/her. Minimum age for personal loan from bank: Minimum age required by any lender to lend a personal loan varies from 21 years to 23 years, this is considering the maturity and responsibility an individual would take to repay the loan responsibly. At the same time by this age most of the salaried individuals start earning regularly and banks expect a borrower to have a regular source of income.

Minimum age required by any lender to lend a personal loan varies from 21 years to 23 years, this is considering the maturity and responsibility an individual would take to repay the loan responsibly. At the same time by this age most of the salaried individuals start earning regularly and banks expect a borrower to have a regular source of income. Maximum permissible age for bank personal loan: the maximum age to be eligible to apply for a salaried personal loan varies between 58 and 65 years. This age restriction is considering the retirement age of an average Salaried Individual. Generally, lenders extend a personal loan while an individual is employed and have regular sources of income to ensure timely repayment of the loan. Some of the public-sector lenders lends to retired individual as well on the basis of his/her monthly pension income.

the maximum age to be eligible to apply for a salaried personal loan varies between 58 and 65 years. This age restriction is considering the retirement age of an average Salaried Individual. Generally, lenders extend a personal loan while an individual is employed and have regular sources of income to ensure timely repayment of the loan. Some of the public-sector lenders lends to retired individual as well on the basis of his/her monthly pension income. Net Monthly Income: Lenders expect a personal loan applicant to have a fixed monthly income to ensure timely repayment of the loan. The minimum net monthly income required is in the range of Rs. 15, 000 to Rs. 25, 000 excluding SBI and few other PSU banks where the minimum income is as low as Rs. 7, 000/-

Lenders expect a personal loan applicant to have a fixed monthly income to ensure timely repayment of the loan. The minimum net monthly income required is in the range of Rs. 15, 000 to Rs. 25, 000 excluding SBI and few other PSU banks where the minimum income is as low as Rs. 7, 000/- Minimum working experience for personal loan: lenders prefer lending to loan to N applicants with certain working experience, this is to ensure income stability of the borrower.

lenders prefer lending to loan to N applicants with certain working experience, this is to ensure income stability of the borrower. Job Stability: most of the banks and NBFCs expect a loan applicant to have at least one salary credit in the current company he/she is employed with, this is needed to verify the employment, income banking etc.

most of the banks and NBFCs expect a loan applicant to have at least one salary credit in the current company he/she is employed with, this is needed to verify the employment, income banking etc. Residence Stability: If you are residing in a rented premise, most of the lenders expect you to be in the same address for at least last 1 years. If you are residing in a self-owned property or parental owned property than any no of months/years in the current residence is ok for approval of the loan. If it’s less than a year at current rented residence than sanction/rejection of the loan is subject to various internal approval and comfortability of bank with other parameters.

If you are residing in a rented premise, most of the lenders expect you to be in the same address for at least last 1 years. If you are residing in a self-owned property or parental owned property than any no of months/years in the current residence is ok for approval of the loan. If it’s less than a year at current rented residence than sanction/rejection of the loan is subject to various internal approval and comfortability of bank with other parameters. Minimum Credit Bureau/CIBIL Score required for Personal loan from Bank: most of the lenders expect minimum CIBIL or another Bureauscore of 700. If the score is less than 700, in that case a loan applicant can provide a proper justification for delay in payments of cards or loans to get a personal loan, this kind of decision is in the sole discretion of the bank/NBFC.

most of the lenders expect minimum CIBIL or another Bureauscore of 700. If the score is less than 700, in that case a loan applicant can provide a proper justification for delay in payments of cards or loans to get a personal loan, this kind of decision is in the sole discretion of the bank/NBFC. Minimum Eligible personal loan amount : minimum loan amount most of the lenders prefer offering to it’s customers is Rs. 50 thousand but there are several new age and old lenders offering a loan amount as low as Rs. Rs. 10 thousand.

minimum loan amount most of the lenders prefer offering to it’s customers is Rs. 50 thousand but there are several new age and old lenders offering a loan amount as low as Rs. Rs. 10 thousand. Maximum Eligible personal loan amount: The maximum personal loan amount goes up to Rs. 50.00 Lakhs.

The maximum personal loan amount goes up to Rs. 50.00 Lakhs. Maximum tenure for personal loan: i t’s up to 5 years (60 months). Its subject to the retirement age of the loan applicant not exceeding the term of the loan.

i t’s up to 5 years (60 months). Its subject to the retirement age of the loan applicant not exceeding the term of the loan. Top Personal Loan Lenders: Top personal loan lenders include- HDFC Bank, ICIC Bank, SBI, Axis Bank, Kotak Mahindra Bank, Bajaj Finserve, Fullerton, Tata Capital, RBL, IndusInd Bank, IDBI Bank and Citibank. These banks put together would be having a market share of over 90% of the personal loan business in the country. Check My Personal Loan Eligibility Now >>

Personal Loan Eligibility Calculator Table With the help of table below, you can check and get an idea how lenders calculate and arrive into your personal loan eligibility. The table shows with different Net salary how a personal loan eligibility gets computed for different tenure of personal loan. For illustration purpose, we have taken a range of Net Salary starting from Rs. 20, 000/ to Rs. 3, 00000/-and interest rate 11.5%,the table also illustrates on what basis your loan amount is decided and up to how much EMI a lender will offer you for personal loan Net Salary FOIR Personal Loan Tenure (Years) Permissible EMI Amount for Personal Loan (Rs.) Interest Rate Personal Loan Eligibility Amount (Rs.) 20000 50 % 5 10000 11.5 % 4.50 Lakhs 30000 50 % 5 15000 11.5 % 6.75 Lakhs 40000 50 % 5 20000 11.5 % 9.00 Lakhs 50000 50 % 5 25000 11.5 % 11.30 Lakhs 60000 60 % 5 36000 11.5 % 16.30 Lakhs 70000 60 % 5 42000 11.5 % 19.00 Lakhs 80000 60 % 5 48000 11.5 % 21.50 Lakhs 90000 60 % 5 54000 11.5 % 24.50 Lakhs 100000 65 % 5 65000 11.5 % 29.50 Lakhs 150000 65 % 5 97500 11.5 % 44.00 Lakhs 200000 65 % 5 130000 11.5 % 59.00 Lakhs 250000 65 % 5 162500 11.5 % 73.50 Lakhs 300000 65 % 5 195000 11.5 % 88.50 Lakhs FOIR: most of the lenders- Banks & NBFCs in India use Fixed Obligation to Income Ratio (FOIR) as a parameter to compute a personal loan eligibility. It’s basically a percentage of your net monthly income which a lender takes and restrict all your monthly obligations including all the current loan EMIs, Card payments plus EMI of the loan Bank is proposing to sanction. FOIR percentage varies from 40% to 70%, depending on your monthly net salary and other obligations, higher is your net salary higher would be the FOIR percentage. While computing your personal loan eligibility, Banks also look at your existing running loan schedules, if any of the loan is getting over in next 3-6 month, in that case Bank doesn’t consider it under obligation for calculating eligibility. FOIR changes if a borrower is having a home loan or any other income etc. Net Salary: It’s the amount which get credited into the bank account of a loan applicant. An employer arrives into Net salary amount of an employee after items like TDS, PF, PT, loan& advances (if any from employer) etc. A lender always compute loan eligibility of an applicant on the basis of Net Salary of the individual. Permissible EMI: From the net salary,a bank/NBFC takes out an amount based on FOIR, from that amount it deducts all the other obligations and then it gives you a loan restricting the EMI up to the reaming amount.

Personal Loan EMI Calculator Table Below is an EMI table illustrating the EMI amount for a loan tenure of 1 to 5 years for a loan amount of Rs. 1.00, 3.00, 5.00, 10, 15, 20, 25 and 30 Lakhs with total cash outflow on the loan at the end of the tenure of the loan. You can alternatively use iServefinancial’s personal loan EMI calculator to know your personal loan EMI. Total Repayment (Interest +Principle): This is the amount a borrower will be repaying to the lender at the end of the term of the loan. This amount includes interest as well as principle over a period of 1 to 5 years based on the term of the personal loan taken. Higher is the tenure of the loan higher will be the interest amount a borrower will pay to the lender; this is simply because in this case a borrower is using the loan amount for longer period. Before taking the loan, a borrower must look at the total repayment he/she would be making to the lender and his/her capability to pay the monthly EMIs and only on the basis of it he/she should decided the tenure of the personal loan. One more important point to be noted here is, higher is the tenure of the loan, lower will be the EMI and vice versa. EMI Calculator Table1: with interest rate- 10.99% Loan Amount 1.00 3.00 5.00 10.00 15.00 20.00 25.00 30.00 EMI for 1 year 8837 26513 44188 88376 132565 176753 220942 265130 EMI for 2 years 4660 13980 23301 46603 69904 93206 116507 139809 EMI for 3 years 3273 9820 16366 32733 49100 65467 81834 98201 EMI for 4 years 2584 7752 12920 25840 38760 51681 64601 77521 EMI for 5 years 2173 6521 10868 21737 32606 43474 54343 65212 EMI Calculator Table2: with interest rate- 11.29% Loan Amount 1.00 3.00 5.00 10.00 15.00 20.00 25.00 30.00 EMI for 1 year 8851 26555 44258 88516 132775 177033 221292 265550 EMI for 2 years 4674 14022 23371 46742 70113 93485 116856 140227 EMI for 3 years 3287 9862 16434 32786 49314 65752 82190 98628 EMI for 4 years 2598 7795 12993 25986 38979 51973 64966 77959 EMI for 5 years 2188 6566 10943 21887 32830 43774 54718 65661 EMI Calculator Table2: with interest rate- 11.29% Loan Amount 1.00 3.00 5.00 10.00 15.00 20.00 25.00 30.00 EMI for 1 year 8861 26583 44305 88610 132915 177220 221525 265831 EMI for 2 years 4683 14050 23417 46835 70253 93671 117089 140506 EMI for 3 years 3297 9891 16485 32971 49456 65942 82428 98913 EMI for 4 years 2608 7825 13042 26084 39126 52168 65210 78252 EMI for 5 years 2198 6596 10993 21987 32981 43975 54968 65962

Personal Loan for Repayment of Credit Card Outstandings From flashing credit cards at shopping centres to travel expenses and emergency transactions, one doesn’t really keep a track of the total money spent unless the bank statement reminds us of our payments due. Few of the card holders have their repayments on track. However, some might overdo their usage not realising that their bank balance is also reducing. Later, they might feel stuck in the credit card debt repayment cycle. Credit card rates are high and paying even the minimum outstanding amount every month can take some time. Many continue to default further and this adversely affects their credit score. At iServe Financial, we have recognised your financial needs and therefore bring to you your own Personal loan for paying off single/multiple credit card balance. Yes, you got it right “Personal Loan for repayment of credit card outstanding balance” and that’s exactly why one should take advantage of the Personal loans that are easily available in the market from renowned banks like the SBI Personal loan, personal loan HDFC, personal loan Axis bank to name a few. A personal loan can help you take care of the outstanding credit card balance on either single or multiple cards.

Personal Loan for Clearing Credit Card Debts- Features The rate of interest is much lower as compared to that of a credit card rate. The main thing is that your budget on expense is streamlined as you carefully look for repayment options. If you have exceeded the credit card limit and are finding it difficult to pay back the dues because of the high interest rate levied by the credit card issuing bank, you can consider opting for a personal loan. Generally, personal loan rates are lower than credit card interest rates. Hence, taking a personal loan to pay off your credit card dues is a good idea. Apart from the lower rate of interest, a personal loan is flexible to use in most of the approved/ qualified financial needs. Many banks offer converting the outstanding amount to Easy Monthly Instalments (EMIs). This is however at the sole discretion of the bank. If this facility is not available with the bank, many people opt for a Personal loan to consolidate the credit card debt by settling a single or multiple credit card balance. The choice is definitely better since the rate of interest of a Personal Loan is comparatively lower than that of the Credit card repayment interest rate. Once you get a personal loan and you clear your debt/dues, then you just need to focus on one EMI instead of the one or many credit card payment due dates and amount.

Personal Loan for Family Holiday/ Vacations “Life is a trip, plan your next vacation!” (Mathew E. Fryer) Rejuvenate your body, mind and soul, take a break and go for your vacation! The holiday season arrives and everyone goes head over heels planning vacations with their family and friends. 20% to 30% off on your holiday package from holiday planners! And the travel and advertisement industry booms! Well, it all seems like fun when one has enough money in their pockets. Whenever we read or hear such lines or advertisements we often ponder “yeah right, holidays aren’t free, they involve spending money too, and where will I get that money from? Can someone give me a loan for Vacation”? Well, the good news for all of those who are still thinking: “How I wish I could go on a memorable vacation!” here’s a solution. At iServe Financial , we have recognized your concerns and therefore bring to you your own Personal loan for a Vacation! Yes, you got it right” Loan for Vacation” and that’s exactly why one should take advantage of the Personal loans that are easily available in the market from renowned banks like SBI, HDFC, Axis Bank to name a few. A personal loan can help you tick off your vacation goals. You have done enough hard work, now sit back, relax and plan your holiday. We at iServe Financial dedicatedly work online & offline to create & offer you the best of personal loans from all the leading banks at the best and lowest rate of interest.

Type of Interest Rate for Personal Loan Personal loans vary from bank to bank. The current rates range between 11.49% - 24% per year. This also depends upon the loan amount and an individual’s loan eligibility. Most of the banks offer two types of loans: Fixed interest rate : The rate of interest is fixed for the decided/approved loan duration (before the loan is approved).

The rate of interest is fixed for the decided/approved loan duration (before the loan is approved). Floating interest rate : The floating interest rate is a variable rate of interest that is linked to the prime lending of the bank. This prime lending rate is affected by the repo rate (the rate at which the banks borrow money from the central bank) and can fluctuate

Personal Loan for Emergency Requirements of Funds Personal loans are unsecured loans and have become popular as they can be used for almost all financial requirements. We have listed a few for better understanding: To pay off a single/ multiple credit cards balance

Money for your wedding or wedding in the family

Emergency cash crunch

Planning holidays/ Vacation

For house deposit/ down payments

To buy your favourite expensive gadget (Eg. Buy an iPhone, laptop, etc.), or any home appliance (eg. TV, fridge, washing machine etc.) The rate of interest is much lower as compared to that of a credit card rate. The main thing is that your budget on expense is streamlined as you carefully look for repayment options. If you have exceeded the credit card limit and are finding it difficult to pay back the dues because of the high interest rate levied by the credit card issuing bank, you can consider opting for a personal loan. Generally, personal loan rates are lower than credit card interest rates. Hence, taking a personal loan to pay off your credit card dues is a good idea. Apart from the lower rate of interest, a personal loan is flexible to use in most of the approved/ qualified financial needs.