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Personal Loan – Low interest rate personal loans from a wide range of lenders

Personal loans are an unsecured form of credit that is popular to meet immediate requirements. It is multi - purpose in nature and therefore can be used for various purposes including wedding, home renovation, travel purposes, other personal emergency and more.

In fact, servicing a personal loan on timely basis can help you build your credit history faster ascompared to other forms of credit. This is because of the higher risk it carries due to being unsecured.

Benefits and Features of Personal Loan

No collateral required

One of the benefits associated with an online personal loan is that it is unsecured in nature. This means you don’t need to pledge any collateral for your loan. Although this can be a reason for a slightly higher interest rate, you can get a low-interest personal loan easily if you meet the income eligibility requirements.

Minimal Documentation

In this age of digitisation, the process of verification and documentation has now become short.

This is applicable for an instant personal loan as they are processed faster and require minimum documents for approval.

Personal Loan Eligibility

Personal loans are provided by most of the banks/NBFCs but with different eligibility requirements. However, there are certain criteria that are common for all financial institutions. The eligibility criteria to get an online personal loan approval for salaried and self-employed individuals are:

Easy Approval

You can get personal loans that are quick and easy., which is why it is the best bet in times of financial emergency. Moreover, the process has become digital; thereby reducing time in the verification process.

Multipurpose in nature

A personal loan can be used for anything except for investment and illegal activities. Apart from that, it is multipurpose in nature and can be used for anything. Other forms of credit when taken are for a specific purpose and can be used only for the same. For example, a home loan is used only for purchasing a house whereas a car loan iscan betaken to only buy a car. However, a personal loan can be taken to offset any immediate requirements.

  • Age
    18/21 years - 60/65 years
  • Employment Type
    1. Salaried
    2. Self-Employed professionals
  • Credit score
    750 or above with a good credit history
  • Minimum Net Income (Monthly)
    ₹15,000 (non-metro cities)
    ₹20,000 ( metro cities)
  • Loan Amount
    Up to ₹50 lacs depending on the credit profile and income levels
  • Work Experience
    Salaried Employed at current company for at least 6/12 months
    Self-Employed Business tenure of at least 3 years (continuous) ITR of last 3 years

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Documents Required for Personal Loan

The common documents required for an online personal loan approval are given below:

For Self-Employed Individuals

  • Identity & Age Proof
  • Completely filled personal loan application with photograph
  • PAN Card
  • Residence proof - Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
  • Bank statements for the last 3 months (preferably your salary account)
  • Salary Slips of last 3 months
  • Last 3 years Income Tax Returns with computation of Income
  • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

For Salaried Individuals

  • Identity & Age Proof
  • Completely filled personal loan application with photograph
  • PAN Card
  • Residence proof - Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
  • Bank statements for the last 3 months (preferably your salary account)
  • Salary Slips of last 3 months
  • Form 16 or Income Tax Returns of last 3 years

Personal Loan Comparison Table

Here is a comparison table of the popular personal loans online along with their processing fees, preclosure charges and interest rate:

BANK Interest Rate(pa) Loan Amount Processing Fees Part Payment Pre-closure Charges Locking Period Tenure
ICICI Bank 11.50% - 16.75% 50k to 25 Lakhs Up to 2.25% per annum of loan amount plus GST Not available 5% per annum of principal outstanding plus GST 6 months 12 to 60 Months
Kotak Bank 11.00% - 24.00% 1Lakh to 30Lakhs Up to 2.5% of the loan amount + GST and other applicable statutory levies - 5% of the outstanding amount + GST on principal outstanding 12 months 12 to 48 Months
RBL Bank 14.00% - 20.00% 1Lakh to 20Lakhs 1.5% of the loan amount (Non Refundable fee of Rs 7500 Upfront, Rest at the time of disbursal) NIL NIL 12 months 12 to 60 Months
Yes Bank 10.75% - 16.99% 1Lakh to 25Lakhs Up to 2.50% of the loan amount subject to a minimum of ₹999/- plus taxes
  • 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
  • 1% plus applicable taxes on part payment amount paid
  • 13 – 24 months - 4% of principal outstanding
  • 25 – 36 months - 3% of principal outstanding
  • 37 – 48 months - 2% of principal outstanding
  • 48 Months - Nil
  • 12 months 12 to 60 Month

    With a representative 10.75% APR based on borrowing ₹ 10 lacs repayable over 60 monthly repayments, the . monthly instalment works to ₹ 21,618.

    Types of Personal Loan:

    Here are the different types of online personal loan:

    Personal Loan for Home Improvement

    There’s something that can be always done to your home and this is where an instant personal loan can help you fulfill them. From remodelling your kitchen to making your house a perfect mix of comfort and durability, a personal loan for home renovation can be the solution.

    Personal Loan for wedding

    In India, a normal wedding cost ₹25 lakhs on an average! Exhausting all your savings for all the wedding expenses is not an ideal option. This is where you apply online personal loan and cover the expenses. Now, planning a wedding is now easy.

    Personal Loan for Travel

    Apart from home renovation or wedding, you can get personal loan to cover your travel expenses. Since it is convenient and an economic option, it can be an open option. Moreover, of utilising the limit on your credit card, taking a personal loan can also help you save on interest costs.

    Fresh Funding

    Meeting working capital requirements can be a daunting process and without raising fresh funds, the everyday operations can get affected. A personal loan can be the best alternative option to meet your short-term working capital requirements to cover operating expenses such as accounts payable, etc

    Top Up Personal

    Top up personal loan is a facility provided by financial institutions to customers that allows you to borrow a certain amount of money over your personal loan.

    The interest rate for a top up loan is slightly higher than the regular personal loan.

    Personal Loan Balance Transfer

    Did you know you can save thousands on your interest costs on a personal loan? Well, that is what a balance transfer can help you with. You can pay off your existing loan with a new loan at a lower-interest rate. Please note there is a charge associated with a personal loan balance transfer.

    Personal Loan EMI Calculator

      When you plan to apply for a personal loan, EMI plays the most important factor. Whether or not the EMI will fit in your monthly budget can help in deciding your personal loan. This is where a personal loan EMI calculator can help you. A loan calculator helps you get the following results:
    • Monthly Repayments - EMI you will be paying every month
    • Total interest payable - Total interest payable over the tenure of your loan
    • Total amount to pay - The total amount which is a sum of principal and interest payable over the tenure of the loan

    Why should you apply for a personal loan at DreamOne?

    DreamOne is a one - stop solution for all your financial needs. In here, we try to provide you with the best services that are hassle-free and quick in nature. For personal loans, we provide you with a comparative analysis of what different banks are offering and assist you in your final decision. Here are a few reasons for you to apply for a personal loan at DreamOne:

    Fast assistance

    DreamOne offers 24*x7 services for all its customers. You can contact us at anytime of the day and we will try our best to get back to you as soon as possible. Moreover, the process for personal loan approval is fast and quick in nature. You can simply write to us at support@Dreamoneloans.com for any grievances, complaints or feedbacks.

    Customer needs in forefront

    Your needs are our priority. We promise to deliver you with services that are to the best on ofour capabilities. By handpicking the personal loan offers based on customer profile, we try to give you the most personalised experience. The services for all our customers are free of cost.

    Compare Offers Online

    With more than 40 lenders as partners, you can compare the different offers of financial institutions to make the right call. In fact, we help you find the best lender as per your eligibility requirements. There is a personalised relationship lender for every customer who helps him/her select the bank of his/her choice.

    Real-time customer support

    Our customer support team is fast and efficient to clear all your doubts regarding personal loan eligibility, procedures, offers, documentation and repayment options. We even contact the respective lender on behalf of you.