Fulfil your wishes
with Personal Loans
Looking for the best deals on personal loans? Explore a wide range of options from leading lenders that offer interest rates, flexible repayment terms, & quick approvals.
Get Instant
Direct Cash
Lowest
Minimal
Interest Rate
10.35 % - 12.50%
Loan Amount
upto Rs.40L
Interest Rate
10.50% - 16%
Loan Amount
upto Rs.40L
Interest Rate
10.35 % - 12.50%
Loan Amount
upto Rs.40L
Interest Rate
10.49% - 19%
Loan Amount
upto Rs.50L
Interest Rate
10.49 % - 14.50%
Loan Amount
upto Rs.40L
Interest Rate
10.35% - 12.99%
Loan Amount
upto Rs.50L
Interest Rate
10.75% - 16.50%
Loan Amount
upto Rs.40L
Interest Rate
10.5% - 13.50%
Loan Amount
upto Rs.50L
Interest Rate
10.99% - 28%
Loan Amount
upto Rs.35L
Interest Rate
18% - 33%
Loan Amount
upto Rs.3L
Interest Rate
14 % - 29%
Loan Amount
upto Rs.10L
Interest Rate
16.8% - 33%
Loan Amount
upto Rs.5L
Interest Rate
11.49% - 19%
Loan Amount
upto Rs.30L
Interest Rate
13% - 28%
Loan Amount
upto Rs.25L
Interest Rate
12% - 28%
Loan Amount
upto Rs.3L
Interest Rate
13% onwards
Loan Amount
upto Rs.25L
Interest Rate
12% - 29%
Loan Amount
upto Rs.7L
- Personal loan for salaried
- Personal loan for self-employed
- Personal Loan For Marriage
- Personal Loan For Women
- Personal Loan for Pensioners
- PL for Defence Personnel
- Personal Loan for Low Salary
- PL for Home Renovation
- PL for Medical Emergency
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 you need Personal Loan?
A Personal Loan can be essential when facing unexpected expenses, consolidating debts, or funding significant purchases. It provides quick access to funds without the need for collateral. Individuals may opt for a Personal Loan to cover medical emergencies, home repairs, or educational expenses. Moreover, it can help during temporary financial setbacks or when one’s savings are insufficient. The flexibility of Personal Loans allows borrowers to use the funds for various personal needs, enhancing financial stability and bridging the gap between income and expenses. However, it is crucial to manage the loan responsibly to avoid excessive debt and maintain a healthy financial outlook.
Calculate a personal loan EMI?
With the help of this tool, you can Calculate EMI, and compare interest rates across multiple banks.
- Enter the loan Requirement details
- “Loan Amount” you need
- Loan Rate (%)
- Loan Tenure (Y/M)
- “Calculate” to get your EMI
- You will receive a detailed break-up of your repayment
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
Flexibility in End Use
Minimal Documentation
Quick Disbursal
Tenure
Top Up
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.
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:
- 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
Factors Influencing Personal Loan
Income of the Applicant
The higher the income level of the application, the better the chances of a larger loan.
Number of Dependents
The number of dependents in the applicant’s family has an influence on the loan amount sanctioned. A high number of dependents usually results in a decrease in the loan amount.
Current EMIs
If the applicant has already taken a loan and is paying EMIs for it, there are chances for a reduced loan amount.
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.
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.
Personal Loan Repayment
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
Autopay Feature
You can use the autopay feature to pay the EMI amount.
Online Transfer
Make use of the NEFT/ RTGS facilities in your Internet banking to transfer the funds.
Cheque or Draft
You can issue post-dated cheques to pay your EMI or issue drafts.
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.
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.
Chances of Approval
Know your chances of approval with our smart algorithm which will display the potential lenders.
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.
How to Apply for Personal Loan?
To apply for a personal loan online at Fincover, follow these steps,
- Login to Fincover.com
- Hover on “Loans” and 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
Salaried
Photo proof (Passport, PAN Card, Aadhar Card, Driver's license)
Address Proof
Salary slip (last 3 months slip)
Bank statements from 3-6 months
IT Returns
Form 16
Current employment certificate
Self-employed
Photo proof (Passport, PAN Card, Aadhar Card, Driver's license)
Address Proof
Salary slip (last 3 months slip)
Proof of office ownership (Maintanene bill, ownership bill, Property documents)
GST Certification
Company registration license
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