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40 Lac

Maximum Loan Amount

5 Years

Max Loan Tenure

0 - 0.25%

Processing Fees

About Personal Loan

Personal loans are the preferred financing option whether it’s for wedding expenses, unexpected medical costs, holiday travel, home renovation, or child’s education.

We at RedyMoney provide you quick access to capital in need of emergencies. With minimal documentation and speedy processing, we enable you to avail funds for managing personal expenses.

Compare Personal Loan Offers

Lender Estimated APR Min. Credit Score Available Terms Monthly Payment

5.90%-15.24%

Estimated APR

660

Min. Credit Score

3 to 7 Years

Available Terms

$300

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5.99%-18.99%

Estimated APR

640

Min. Credit Score

3 to 6 Years

Available Terms

$334

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6.99%-24.99%

Estimated APR

620

Min. Credit Score

3 to 5 Years

Available Terms

$358

Apply now

5.96%-35.97%

Estimated APR

610

Min. Credit Score

3 to 4 Years

Available Terms

$300

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5.36%-32.97%

Estimated APR

630

Min. Credit Score

3 to 5 Years

Available Terms

$300

Apply now

6.99%-24.99%

Estimated APR

620

Min. Credit Score

3 to 5 Years

Available Terms

$358

Apply now

Personal Loan Features and Benefits

All loans are not created equal, personal loan has become a great option for people to use.

Easy Application and Documentation

Personal loans allow you to avail funds by applying online in a few simple steps with minimal paperwork and documentation for approval.

Quick Processing and Flexible Tenor

Get your personal loan sanctioned within 24 hours with quick processing and instant disbursal. Enjoy flexibility to choose repayment tenor ranging from 1 to 5 years.

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Collateral Free and High Disbursal Amount

You do not need to pledge any asset or collateral to avail personal loans. They come with large lending capacity, Avail loan amount up to 40Lac without any security.

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Freedom of end use

Personal loans provide you flexibility to spend funds as per your diverse needs. You can manage your debts efficiently by consolidating your all existing debts with a low interest personal loan.

Personal Loan Eligibility Criteria

Personal loans allow you to finance your needs without having to wait for long. However, to secure funds you need to fulfill eligibility criteria based on a few simple parameters. Bank assesses your profile and repayment capacity on the following factors.

Resident Type

Resident Indian/NonResident India (NRI)/Person of Indian Origin (PIO)

Employment Type

Applicant should be salaried employee

Work Experience

Employed at current company for at least one year

Age

Age of applicant during application and at loan maturity must be in between 21-65 years

Income

Minimum Monthly Net Income Rs. 20000

Credit Score

650 or above with a good credit history

Documents Required for Personal Loan

Disbursal of personal loans for the salaried applicants based on the assessment of the following documents.

For Salaried Individuals

  • PAN Card
  • Passport
  • Voter Identity
  • Driving License
  • Aadhaar Card
  • Voter Identity
  • Driving License
  • Aadhaar Card
  • Electricity Bill
  • Letter from Employer reflecting your Current Address
  • Last 3 months’ Salary Slips
  • Last 6 months’ Bank Statement, reflecting salary credits
  • Latest Form-16
  • Appointment letter
  • Employee ID card

For Salaried NRIs

For NRI applicants having an indian resident co-applicant is mandatory. And Documents should be translated into english in case of written in other languages.

  • Passport
  • Visa
  • PAN Card/Voter Identity/Driving License/Aadhaar Card
  • For Home Country
  • For Overseas
  • Salary Slips or Salary Certificate
  • Overseas Bank Statement, reflecting salary credits
  • NRE/NRO Bank Statement
  • Appointment letter or Contract letter
  • HR email-ID or own (employer given) e-mail ID
  • Identity Proof
  • Address Proof
  • Income Proof

Note: Above listed documents may differ based on country or between lenders.

Personal Loan Interest Rate and Charges

Knowing about the fees and charges applicable on your personal loan will provide you a clear insight on loan. Moreover, it will assist you to plan your finances a better way. Here is the list of related charges implied on your personal loan.

Charges Minimum Maximum
Interest Rate 10.5% 36%
Loan Processing Charges 0.50% 6%
Pre-payment in Part or Full charges 0.00% 5%

*NOTE: The levy and rate of fees and charges applicable on your loan is subjected to differ from lender to lender.

6 Smart Steps to apply for a personal loan

Step 1

Find out the loan amount required to cover your needs and also fits into your budget. To determine how much you can afford to repay monthly use an EMI calculator.

Step 2

Fill an online application form and furnish your all employment, personal, and financial details.

Step 3

Based on the information provided by you in the application form you will be provided multiple offers from various lenders. To choose the best suitable one RedyMoney professionals will assist you.

Step 4

Once you finalize the lender, you’ll need to submit the required documents along with the application form.

Step 5

Post document submission, you’ll get a confirmation either for file approval or rejection. If rejected, the respective bank will be unable to process your application further.

Step 6

If file approved, funds will be disbursed to your account within 8 working hours.

Important Pointers to Consider While Applying for Personal Loans

  • Analyze your needs wisely and ask for the loan amount you actually need. Borrowing more than needed will only increase your debts.
  • Conduct proper research to avail the best rate. Compare bank loan offers and their other associated charges.
  • Choose the bank where you can get favorable opportunities that suit your funding needs. Moreover, the lender you pick should have the eligibility criteria that fit aptly to your profile.
  • Read clauses in your loan documents carefully to avoid unpleasant surprises later on. Do your research and then accordingly make a smart choice.
  • Take a closer look at your finances and based on your repayment ability choose loan tenure. For this EMI calculator comes in handy- it will help you choose affordable EMI and tenure.
  • Do an assessment of your EMI and verify it against the offered loan documents.
  • People with a good credit score are likely to get loans easily at low-interest rates. Ensure your credit profile is good enough.
  • Go through loan documents carefully to determine the interest rate option, it can be either flat or reducing.
  • Make sure to maintain sufficient balance in your account for the auto-deduction of EMI on the repayment date. This will help you avoid penalties and will build a solid credit score.
  • Lastly, do not attempt taking decisions in a hurry. Seek RedyMoney’s expert assistance to finalize the suitable loan product for your needs.
Speak to an Expert

Frequently Asked Questions (FAQs)

About Personal Loan

A personal loan is an unsecured loan provided by banks and non-banking financial institutes. These loans do not require the borrower to pledge any collateral or security and provide them the flexibility to spend funds as per their specific needs.

A pre-approved loan is one in which the borrower is offered a loan on the basis of his/her existing relationship with the lender. If a person has a clean track record of repaying dues then the lenders are likely to pre-approve his/her loan without any stringent verification process.

Personal loan provides you flexibility to use funds anyway you want. You can use it for diverse financial needs like – to fund a holiday, finance children’s education, buy a gadget, spend on wedding, pay for medical treatment etc.

You can apply online for a personal loan to fund any of the legitimate financial need. A personal loan works pretty much like other loans. To avail it, you need to submit an application along with other required documents. The bank verifies your details and creditworthiness. If you fulfill bank’s criteria, then your application is approved and loan amount is credited directly to your bank account. Once issued, you are required to repay the loan amount in equated monthly installments over the specified period of time.

No, a personal loan does not require you to pledge any collateral or security such as gold, property, or shares.

Flexi loan: Flexi loans provide you the flexibility to withdraw loan amount in parts or all at once as per your needs. The interest paid is based on the amount you withdraw rather than the amount you are approved for.

Term loan: In term loans, a lump-sum amount is issued by the lender for a certain period of time. The interest applicable to such loans is fixed based on your borrowed amount.

The minimum and maximum loan amount bank and NBFC offers Rs1 lac and Rs 30 lac respectively. However, the maximum loan limit is likely to differ depending upon your lender and specific eligibility.

Basically, the loan tenure ranges between 1 to 5 years. All banks offer applicants the flexibility to choose loan repayment tenure as per their convenience.

Balance Transfer and Top-up

Personal loan balance transfers also known as personal loan refinance is a process wherein a borrower is allowed to transfer the outstanding principal amount from one bank to another.

The primary purpose of a loan balance transfer is to avail the benefits of lower interest rates which either leads to reduction of EMIs or loan tenure. A Balance transfer may also be considered to fulfill additional funds requirements referred to as loan top up.

Personal loans do not allow transfer to another individual in any case. However, the borrower has co-applicant then he/she is held equally responsible for the loan repayment and other loan terms.

A top-up loan is an additional loan that you can avail over your existing loan. This loan can either be used to meet the new requirement or to consolidate debt.

You can avail top-up on your existing personal loan only after the completion of certain period of time which can vary between 6-12 months depending on your lender.  For further information and assistance, you can also contact the customer care team of lending bank or RedyMoney.

Eligibility

A salaried individual between 21 to 60 years earning minimum monthly salary of Rs. 20,000 can apply for a personal loan.

For most of the lending institutions a minimum net monthly income of Rs. 20000 is required. And if you are from a metropolitan city then a minimum monthly salary between Rs. 20,000 and Rs. 25,000 is needed. However, this is likely to differ from lender to lender.

Yes, the minimum and maximum age limits to apply for a personal loan are 21 years (at the time of loan application) and 60 years (at loan maturity) respectively. This may, however, sometimes vary from lender to lender.

A personal loan eligibility calculator is an online financial tool that helps you assess your loan eligibility. It aids you determine the maximum amount you are eligible to borrow based on your monthly income and other financial liabilities.

Yes, in order to increase your eligibility for the loan you can club your income with that of your spouse or any other family member.

To know how much loan amount you are eligible for use a personal loan Eligibility calculator.

Interest Rate and other Charges

Interest rates on personal loans are likely to differ from bank to bank. The rates are influenced by certain application factors where your documented financial profile and credit score plays a major role.

Flat Interest rate: In flat interest, the borrower is required to pay interest on the entire loan amount throughout the loan term. The payable interest does not reduce with periodic payments.

Reducing interest rate: In reducing balance interest rate the borrower is required to pay interest only on the outstanding loan amount. In this method, on payment of every EMI, the outstanding loan balance gets reduced by the amount of principal repayment.

In practical terms, reducing interest rate is better than the flat interest rate. This is because although noticeably it has higher interest rate but due to its diminishing nature the overall amount paid towards interest is lesser than that paid in flat interest rate.

Prepayment charges are levied on the early closure of loans. If you decide to pay off your loan before its intended tenure then you are liable to pay some additional fee which is termed as part-payment, pre-payment or foreclosure charges. The prepayment charges are usually 0-5 percent of the outstanding principal amount and are likely to differ from lender to lender.

Part payment refers to partial repayment of loan amount before the loan tenure. It occurs when you have a large sum of money, but less than the entire principal outstanding loan amount. Part payment reduces your principal due amount and hence results in bringing down your EMIs and applicable interest. However, it is essential to consider that only repayment of significant lump sum amount as a part prepayment can prove effective.

Full-prepayment, pre-closure and foreclosure three of refer to the same thing. In pre-closure/foreclosure the borrower decides to pay off the complete outstanding loan amount in one shot before the loan tenure. In this situation, there are no further EMIs or any other concerns. However, to prepay full-loan amount banks generally have a lock in period of one year, only after which the entire outstanding amount can be paid.

Pre-closure of personal loans benefits you by influencing your credit score positively.

To learn about the prepayment procedures, contact your lender’s customer service team. Or you can log onto to your loan account portal as several banks offer facility of online loan prepayment.

There is no tax benefit in form of deduction or exemption on personal loan.

Credit Score

CIBIL (Credit Information Bureau India Limited) is a Credit Information Company. The company is responsible for maintaining credit-related information of an individual or a business establishment. CIBIL keeps a track of your credit card and loan details. Based on this information the company issues a Credit Information Report CIR and a CIBIL/credit score.

Credit score or CIBIL score is a three-digit numeric value ranging between 300 to 900. It helps lenders assess your creditworthiness i.e. your ability to repay the borrowed amount.

Generally, it is advisable to have a credit score at 650 or above.

Yes, a personal loan can affect your credit score in both the positive and negative way. If your repayment history is good and you consistently repay debt on time then your credit score will improve and if in case you fail to make timely repayments or miss a monthly EMI, your credit score will get negatively affected.

General Questions

If you want to apply for self-employed professional or non-professional personal loan click here. To check your eligibility, click here.

Whenever bank logins your loan application a text message with a link is forwarded to the respective loan account holder. This link can be accessed to verify the loan status. Additionally, you can also approach the concerned bank manager or contact the customer care team of lending institute. If you have applied for loan through RedyMoney click here or contact us on 7719825151.

Specifically, there is no dedicated best bank for an individual; it always depends on your profile and individual requirements.

Yes, if you have multiple outstanding debts such as credit card or other loans at high interest then considering a debt consolidation with a personal loan is a smart decision. Opting for a personal loan at competitive interest and consolidating all debts into one loan will help you in lowering down the interest rate and thereby will make the loan repayment easier.

No, it is not mandatory. You should at least have one functional bank account in your name but not necessarily in the concerned lending bank where you apply for a loan.

EMI or Equated Monthly Installment is a fixed monthly amount that a borrower pays to the lender to clear off the outstanding loan amount within a stipulated time frame. Basically, the EMI is dependent on:

  • Principal amount
  • Rate of interest
  • Loan tenure

A personal loan EMI calculator is an online tool that helps you calculate your monthly EMI. The calculator helps you know the monthly outgo according to different loan amount and tenure.

Amortization is a technique that involves spreading out the loan uniformly into fixed payments over the loan tenure. In amortization schedule each payment to lender consists of a portion interest and a portion of principal. This principal and interest amount paid differs each month. As the tenure reduces interest portion of the loan reduces and principle repayment portion increases. However, the EMI amount for each period remains constant.

Financial obligations refer to a state wherein you are obligated to make regular payments (loan EMIs, credit card bills) towards your outstanding debts.  In simpler terms, if you owe money to someone then it is your financial obligation.

Depending upon the way how you manage your debt can influence your eligibility for a home loan. If you pay your dues on time then it will build your credit score and will subsequently make it easier for you to avail a home loan. Alternatively, if you miss repayments then it can impact your home loan application negatively.

Yes, to determine your loan eligibility banks use fixed obligation to income ratio (FOIR). It is a parameter that represents your debt-income-ratio. It takes into account your income and current loan installments of all loans and credit cards. So, if you have an active loan, your current disposable income eventually decreases and leads to reduction in your eligibility for another loan.

You can repay your loan using the following four payment methods:

  • Standing Instruction (SI)–If you have a savings, current, or salary account in the lending bank, your EMI will automatically get deducted at the end of the month.
  • Auto Debit via NACH and ECS– EMI gets auto debited from your bank account on due date.
  • Prepayment-Part – If you have lump sum amount and wish to repay in parts, you can choose this repayment method.
  • Prepayment-Full / Foreclosure – If you wish to repay outstanding principle amount in one shot then you can foreclose your loan at any time during the loan tenure.

ECS stands for Electronic Clearing Services. The service refers to the electronic transfer of funds from one bank account to another. It incorporates electronic credit/debit transaction from the customer’s account. ECS is generally performed for clearing transactions that occur repetitively.

NACH stands for the National Automated Clearing House. It is a centralized electronic payment system implemented by the National Payments Corporation of India (NPCI).  The NACH payment service facilitates banks, corporate, Government houses and other financial institutions to handle high volume bulk payments that are periodic in nature.

Post 30 days after loan issuance banks sent borrowers the loan account statement on their registered email address or postal address. If from the date of loan issuance, you haven’t prepaid any amount then using loan account statement you can check your outstanding principal. However, in case if you have made prepayment, you can request your respective bank to issue the one.

To access your loan account statement, either log onto concerned bank’s online portal or request a copy from its customer service department on your registered email address. Many banks also provide the facility of checking loan account statement through mobile apps.

Yes, RedyMoney services are absolutely free of cost.

For further queries, please click here or contact us by sending an email to support@redymoney.com. We will make sure to reply you as soon as possible.