Fulfil your wishes
with Personal Loans

Get the best deals on personal loans with attractive rates. Compare personal loans from different lenders on Fincover and apply now!

Call now

Get Instant

Approval

Direct Cash

Transfer

Lowest

Interest Rates

Minimal

Documentation

What is Personal Loan?

A Personal Loan is an unsecured loan that may be short term or long term, given by a bank or non-banking finance company (NBFC) to meet their customers’ personal expenses. An individual can obtain a personal loan based on his income, credit score, repaying capacity, etc.

Usually, personal loans are disbursed within a few days once the individual applies after going through some background verification processes. One of the most striking features of personal loans is their flexibility. From emergency medical situations to planned events like wedding expenses or home repairs there are many personal loan options available.

Personal loans can also be useful when you want to invest in a business venture or make a down payment for an asset you want to buy. You can make use of our Loan calculator to derive an exact figure for which you will repay. Using a Loan calculator will help you draft better financial plans. Unlike a home loan or gold loan, you need not offer any assets as collateral for a personal loan. Since there is no security obtained from the customer end, the interest rates for personal loans are normally high.

Why Apply Personal Loan at Fincover?

Features of Personal Loan

Personal Loans are unsecured loans with a tenure of 12 to 60 Months. For shorter tenures, the EMIs are higher, while for a longer tenure, the EMIs are lower.

No Security Required

An individual applying for a personal loan need not provide any collateral. The loan is provided based on your earnings and repaying capacity.

Flexibility in End Use

You can use the money you borrow for various purposes like medical expenses, travel, home renovation and wedding expenses.

Minimal Documentation

You can apply for a personal loan with minimal documentation. All it requires is an ID Proof, Proof of Income (Payslip) and Address Proof.

Quick Disbursal

Unlike other loans that involve lengthy background processes, you can expect loan disbursal within a day or two after you apply.

Tenure

Personal loans are available with tenures ranging from 12 to 60 months.

Top Up

You have the option to borrow more money by using the top-up facility.

Personal Loan Eligibility

Personal loans are provided mainly to individuals and not to business entities. It can be taken by both salaried and non-salaried individuals. However, the eligibility differs in each case.

Criteria	Salaried	Self Employed
Age	21-60	22-55
Monthly Income	15000 (net salary)	Rs. 25000
CIBIL Score	Above 750	Above 750
Employment Stability	Min 1 Year in current company	Min 2 years in current business
Minimum Loan Amount	Rs. 50000	Rs. 50000
Maximum Loan Amount	Rs. 25 Lakhs	Rs. 30 Lakhs

Interest Rates

Personal Loans are non-secured loan which is provided with a tenure of 12 months to 60 months. For shorter tenure, the EMIs are higher, while for a longer tenure, the EMIs are lower.

Bank	Requirement
SBI	9.60% onwards
HDFC	10.75% onwards
ICICI	10.99% onwards
Citibank	9.99% onwards
Standard Chartered	11.49% onwards
Punjab National Bank	8.80% onwards
IDBI	11.55%

How to calculate a personal loan EMI?

Personal loan EMI calculator

Use Fincover personal loan EMI calculator to calculate your EMI and manage your finances better. With the help of this tool, you can compare interest rates across multiple banks.

Enter the loan details
The amount you need
Interest rate
Tenure and processing fee
Click on “Calculate” to get your EMI
You will receive a detailed break-up of your repayment

Calculators

Calculation of Total Cumulative Interest?

The formula for calculating the annual interest rate on a personal loan is:

I = P * (R/100)
I – > Interest Payable
P – > Principal or Outstanding
R – > Interest Rate

While this is the general formula for a loan with a one-year tenure, the principal amount may vary with the amount paid for multi-year loans. To eliminate the hassles of manual calculation, you can use our personal loan EMI calculator, which shows you the total interest rate with just a few clicks.

Factors Influencing Personal Loan

Several factors could influence your loan disbursal limit, and the disbursed amount is determined by the loan provider. Some of the common factors that could have an impact on the loan disbursal limit are:

There may be several other factors which play a role in personal loan disbursal, it is up to the lenders to fix their criteria for personal loans.

Documents required for Personal Loan

Photo ID proof (PAN Card, Aadhaar Card)
Address Proof (Ration Card, Voter ID/ Driving License)
Salary Certificate for working professionals and bank statement
Two-year bank statements for non-salaried professionals
GST Registration and Filing Documents for self-employed professionals

How is Personal Loan Disbursed?

Once your application details are verified, the loan is sanctioned by the bank or NBFC in two days. Normally the loan disbursal occurs in one of the two following ways:

Way 1 Way 2

The loan amount is transferred directly to the applicant’s bank account specified

The applicant receives an account payee cheque or a draft from the bank

Repaying your Personal Loan

You have to be regular in repaying your Personal Loan EMIs in order to maintain a clean credit history. You can pay your EMIs through the following means

Charges and Fees related to Personal Loans

Processing Fee

Every loan provider charges a processing fee for administration expenses and the amount differs with each bank. Usually, the processing fee is between one and three per cent of the loan amount.

Late Payment Charges

If you fail to make your EMI payment on a scheduled date, the bank may levy a late payment charge along with the next EMI.

Foreclosure charges

If you wish to close the loan before the actual tenure by paying off the outstanding as a lump sum you can do so, but the bank will levy a foreclosure charge on you. This could vary from 0 to 5 percent of the principal amount in addition to taxes.

Chances of Approval

Know your chances of approval with our smart algorithm which will display the potential lenders.

Why Should you apply PL at Fincover?

Multiple Options offered on a single platform

Fincover saves you the hassle of visiting each bank’s site to apply for a personal loan. We have a platform that aggregates the best of personal loans and you can compare quotes from each bank and pick the best one.

Eligible Loan Amount

You can easily check your maximum eligible loan amount on our platform.

EMI Calculator

Using our Personal EMI calculator will help you predict your repayment obligation in terms of amount and time to manage your finances better.

Transparency

The entire process of applying for a personal loan is made completely transparent with no hidden catch. Customers can also rest assured about their privacy. We at Fincover will not share your personal details anywhere without your consent.

@fincover

How to Apply for Personal Loan?

To apply for a personal loan online at Fincover, follow these steps,

Login to Fincover.com
Click on “Banking Products” and hover on “Loans”
Click on “Personal Loans”
Enter your personal details such as mobile number, annual income, employed or self-employed, current city and also the required loan amount
Click on “Proceed” and you will see a list of personal loan offers from various banks and NBFCs. Select the one that suits your needs and fill out additional details as required.
Get an approval from the lender. It is a conditional approval which means the loan approval is subject to verification. A representative from the lending institution will contact you for further processing.

FAQ

You can learn more from our asked questions

Which bank is best for personal loan?

Though several banks and NBFCs are offering personal loans at attractive interest rates, based on all aspects of personal loan from applying to disbursing, HDFC bank ranks as Number 1 among the banks offering personal loans.

Which bank gives personal loan fast?

Looking for instant funds? Head over to Fincover to discover a variety of loan quotes from multiple banks. Compare loan quotes from multiple banks and apply. Get approved instantly and get the funds credited to your account in less than 24 hours.

How can I get a loan for 1 hour?

Banks, NBFCs, and many other financial institutions offer instant personal loans in a matter of few minutes. You can get approval for these loans within 1 minute. Discover a wide range of loan options at Fincover. Apply now for personal loan to get instant approval.

How much personal loan can I get?

Most banks and NBFCs offering personal loan have capped the maximum amount at 25 Lakhs. Lenders usually evaluate your monthly income and growth potential before approving a personal loan.

Who is eligible for personal loan?

Personal loans are provided mainly to individuals and not to business entities. It can be taken by both salaried and non-salaried individual. The individual must be in the age group 21-60 with a net salary of atleast 15000 per month and CIBIL score of above 750.

Is personal loan good or bad?

For fulfilling your personal commitments, personal loan is one of the best options available. Availing a personal loan is a good idea if you have a stable income and a good credit score, as you have the chance to get the loan at a low interest rate. On the other hand, if you are in a unstable employment, the interest rates for the personal loan would be higher.

Which type of loan is best?

Loans can be utilised for various requirements in today’s world. There are different types of loans offered to individuals and business entities in India by several banks and NBFCs. Due to heavy competition, most banks are offering loans at very attractive interest rates and flexible EMIs. Get the the type of loan (Personal/Home/Business/Vehicle) suited to your requirements.

Which bank personal loan interest is less?

Personal Loan Rate starts at 10.25% and goes upto 36.5%. HDFC and ICICI banks offer personal loans starting from 10.25%.

How do I choose a loan?

You can utilize a platform like Fincover which lets you take a well-informed decision on personal loans. At Fincover, you can
1. Compare Interest rates from multiple banks
2. Compare Fees and Charges
3. Look for repayment flexibility
4. Examine other sources for securing a loan

Which type of loan has the highest interest rate?

Personal loans and credit cards usually come with high interest rates as they do not require any form of collateral.