Unlock Your Financial Potential with IDCS Personal Loans!
Experience quick approval, 100% paperless processing, and competitive interest rates with IDCS. Whether it’s funding a dream vacation, covering emergency expenses, or consolidating debt, IDCS offers instant personal loans up to ₹50 lakhs with rates starting at just 8% p.a.
IDCS personal loans are unsecured and available to both salaried and self-employed individuals. With minimal documentation and no restrictions on usage, you can address any personal or business financial needs quickly and easily. Enjoy fast processing and hassle-free disbursal to achieve your financial goals today!
| Personal Loan Details | |
|---|---|
| Interest Rates | From 10.49% per annum; certain public sector banks may provide lower rates |
| Loan Amount | Maximum of ₹40 lakh; a few lenders might extend higher loan limits |
| Tenure | Repayment period of up to 5 years (some lenders may extend it to 8 years) |
| Processing Fee | Between 0.5% and 4% of the loan amount (varies by lender) |
Best Personal Loan Offers
Max. Loan Amt.
Up to ₹40L
Rate of Interest
10.75% - 24%
Tenure up to
Upto 6 Years
Processing Fee
₹6,500
10 Second Disbursal*
100% Digital Process*
Quick Disbursal
Max. Loan Amt.
Up to ₹40L
Rate of Interest
10.75% - 24%
Tenure up to
Upto 6 Years
Processing Fee
₹6,500
10 Second Disbursal*
100% Digital Process*
Quick Disbursal
Max. Loan Amt.
Up to ₹40L
Rate of Interest
10.75% - 24%
Tenure up to
Upto 6 Years
Processing Fee
₹6,500
10 Second Disbursal*
100% Digital Process*
Quick Disbursal
Max. Loan Amt.
Up to ₹40L
Rate of Interest
10.75% - 24%
Tenure up to
Upto 6 Years
Processing Fee
₹6,500
10 Second Disbursal*
100% Digital Process*
Quick Disbursal
What is a Personal Loan?
A personal loan is a short to medium-term unsecured loan that individuals can use for personal or business purposes, excluding speculative activities. No collateral or security is required to obtain it, offering flexible financial support for a variety of needs.
Personal Loan Interest Rate
The interest rate offered for personal loans depends on the applicant’s credit profile and the lender’s pricing model, which takes into account credit risk, funding costs, and other factors. Since the interest rate significantly impacts the overall borrowing cost, it’s crucial to seek the best possible rate based on your creditworthiness.
Start by checking offers from lenders with whom you already have an existing relationship, such as deposits, credit cards, or loan accounts. Afterward, use online financial platforms to compare rates offered by other banks and NBFCs.
Factors Affecting Personal Loan EMI
The Equated Monthly Installment (EMI) is the fixed amount you repay monthly towards both the principal and interest on your loan. Three main elements influence the EMI:
- Principal Amount: A higher principal leads to a higher EMI, assuming the interest rate and loan tenure stay the same.
- Interest Rate: An increase in the interest rate will result in a higher EMI.
- Tenure: Opting for a longer loan tenure reduces your monthly EMI, but it increases the overall interest paid over the loan period.
How to Calculate EMI for a Personal Loan?
You can compute your EMI using this formula:
Where:
- P is the loan principal
- R is the rate of interest
- N is the loan tenure
Given that manual calculations can be complicated and time-consuming, using an online EMI calculator is preferable. Simply input the loan amount, interest rate, and tenure, and the calculator will provide the EMI, total interest amount, and amortization schedule instantly.
Personal Loan Schemes Offered by Top Banks
HDFC Bank Personal Loan
HDFC offers personal loans starting from 10.75% p.a. with a tenure of up to 6 years and a loan amount that can go as high as ₹40 lakh. Pre-approved loans with 10-second disbursal are available to select customers based on their credit profile.
- Interest Rate: From 10.75% p.a.
- Loan Amount: Up to ₹40 lakh
- Tenure: Up to 6 years
- Minimum Salary: ₹25,000/month
- Age: 21-60 years
- Credit Score: Minimum 650
- Processing Fee: Up to ₹4,999
ICICI Bank Personal Loan
ICICI Bank offers personal loans with flexible schemes catering to various needs, including a Fresher Funding option for young salaried professionals. The bank also extends pre-approved loans with minimal paperwork and fast disbursal for its select customers.
- Interest Rate: From 10.85% p.a.
- Loan Amount: Up to ₹50 lakh
- Tenure: 1 to 6 years
- Minimum Salary: ₹30,000/month
- Age: 23-58 years for salaried, 25-65 years for self-employed
- Processing Fee: Up to 2.5% of the loan amount
Axis Bank Personal Loan
Axis Bank’s personal loan can be used for various needs, such as weddings, home improvement, travel, and medical emergencies. Pre-approved offers are available for existing customers, often processed digitally and with instant approvals.
- Interest Rate: From 11.25% p.a.
- Loan Amount: ₹50,000 to ₹40 lakh
- Tenure: 1 to 7 years
- Age: 21-60 years
- Minimum Monthly Salary: ₹15,000
- Processing Fee: Up to 2%
Kotak Mahindra Bank Personal Loan
Kotak Mahindra Bank offers personal loans exclusively to salaried individuals. The bank also provides a balance transfer option, allowing borrowers to transfer existing loans to Kotak at lower interest rates, along with a top-up loan facility.
- Interest Rate: From 10.99% p.a.
- Loan Amount: Up to ₹40 lakh
- Tenure: Up to 6 years
- Credit Score: Minimum 700
- Age: 21-60 years
- Minimum Monthly Salary: ₹25,000 for corporate borrowers, ₹30,000 for others
- Processing Fee: Up to 3% of the loan amount
IndusInd Bank Personal Loan
IndusInd Bank offers various personal loan options, including those for weddings, home renovations, education, and medical expenses. The bank also facilitates balance transfers for better loan terms.
- Interest Rate: From 10.49% p.a.
- Loan Amount: ₹30,000 to ₹50 lakh
- Tenure: 1 to 5 years
- Processing Fee: Up to 3.5%
- Minimum Salary: ₹25,000/month
Features and Benefits of Personal Loans
Personal loans are popular due to their easy accessibility and quick disbursal. Key features include:
- No collateral required
- No restrictions on how the loan is used
- Loan amounts up to ₹40 lakh, depending on the lender
- Repayment periods up to 60 months, extendable case by case
- Top-up loans available for extra funding needs
- Minimal documentation
- Fast disbursals
Types of Personal Loans
In addition to standard personal loans, lenders offer several variants designed to meet different financial needs. Common loan variants include:
- Instant Personal Loan: Pre-approved loans with quick disbursal.
- Short Term Loan: Loans with repayment periods of a few days to 12 months, ideal for smaller amounts.
- Pre-approved Personal Loan: Offered to select customers based on credit and income profiles.
- Balance Transfer: Transfer outstanding loans to a new lender for better terms.
- Top-Up Personal Loan: For existing borrowers who need additional funding.
- Personal Loan for Education: For higher education or vocational courses.
Loan Fees and Charges
Personal loans typically have various fees and charges. Here’s an idea of the common fees:
| Particulars | Charges |
|---|---|
| Loan Processing Fees | 0.5% to 4% of loan amount |
| Prepayment/Foreclosure | Floating Rate: Nil, Fixed Rate: 2%-5% of outstanding |
| Loan Cancellation | Around ₹3,000 |
| EMI/Cheque Bounce | Around ₹400 per bounce |
| Penal Charges | Around 2% per month |
Eligibility for Personal Loans
Eligibility for personal loans varies by lender. Here are the general criteria:
- Age: 18-60 years
- Minimum Salary: ₹15,000/month
- Credit Score: Preferably 750 and above
- Employment: 1 year of job stability or 3 years of business continuity
- Income: Minimum ₹5 lakh p.a. for self-employed
Required Documents
Lenders generally ask for the following documents:
- Identity Proof: Passport, Aadhaar, PAN, etc.
- Address Proof: Utility bills, passport, Aadhaar
- Income Proof: Salary slips, bank statements, ITR, etc.