Home Loan in Chennai, Interest Rate @ 8.35%

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A personal loan is offers by banks for salaried employees who is working in an organizations. The Personal loan is a Unsecured loans because of no need to provide property, gold, etc with pledge with Banks or Financial Institutions. A borrower can use the personal for Marriage, Medical, Property purchase, etc. The rate of interest of the Personal loan is applicable based on the salary drawn from the Company. Rate of interest is low when getting salary more, interest will be high in case of getting salary low. Many of the Banks will not offers Personal for employees working the Proprietors, Partnership Concern. The bank will consider the salary, Cibil Score for sanction the Personal loan. Any default in previous loan, cant be eligible to apply Personal loan. A borrower should repay the loan monthly upto the loan tenure completed. Non payment of Personal loan or late payment of loan, or payment with check bounce will make credit default that you cannot apply any loan in future. HDFC bank is a leading Bank to provide Personal loan to salary employees in India. HDFC bank offers Personal loan @ 11.50%* per annum.

Compare Rate of Interest & Processing with Banks

Bank/NBFC Rate of Interest Loan Processing Charges Prepayment/ Forclosure Charges Cheque Bounce Charges
Axis Bank 15.50% to 24% 1.50% to 2.00% + GST as applicable Nil Rs. 500 per cheque bounce + GST as applicable
SBI Personal Loans Scheme (SBI Saral): 8. 50% above Base Rate floating 2.02%-3.03% of the loan amount. Nil NA
HDFC Bank 15.75% to 20% Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 25000/- for Salaried Customers. Salaried - 13-24 Months - 4% of Principal Outstanding, 25-36 Months - 2% of Principal Outstanding >36 Months - NIL NA
Bajaj Finserv 16% 2% - 3% of the loan amount Nil Rs. 1,000 for every bounce
ICICI Bank 13.99% to 18.00% Up to 2.25% of loan amount plus GST The lower of the two amounts given below: 1) 5% of principal outstanding or 2) Interest outstanding for the unexpired period of the loan. NA

Frequently Asked Questions

What is a Personal loan?
Personal loan is a 1-5 year unsecured loan given by banks, NBFC’s (Non Banking Finance Companies) or P2P lending platforms without asking for any collateral, guarantor or hypothecation of any assets. The ultimate usage of a personal loan is left to the discretion of the borrower. In our experience, the borrowers generally use a personal loan for debt consolidation, repaying high cost debt, meeting any family or medical emergency, wedding, vacations, home renovation, rental deposits, business needs for an SME, buying certain assets etc.
How is my loan eligibility calculated?
Loan eligibility is dependent on primarily the following factors: The company where you work. Every bank has a list of companies running into thousands which they have categorised into segments like A, B, C etc depending on the credentials and financials of your employer. The higher the category the higher is the loan eligibility chances. Quantum of loans and credit card outstanding that you already have. Typically a bank will not give a loan if the total EMI obligation (including the current personal loan that your are trying to apply for) exceeds 50-75% of your total net take home salary. Your gross/net salary Your credit score as reflected in your CIBIL or Equifax report. Having a good credit score is a necessary but not a sufficient criteria.
Is pre closure allowed in personal loans?
Some banks have a lock-in of 6 months to a year while some banks allow you to pre close even after the 1st EMI has been debited from your bank. There may also be restrictions that you can only use your own funds (and not the balance transfer cheque of another bank) to pre close a loan. In addition, banks may allow pre closure at no cost or may levy a pre closure fee (2-5% of the amount being pre-closed). Please ask for clarifications to our or the banks’ loan advisor on all these factors before signing the loan document.
What is the minimum and maximum loan limit offered for personal loan?
Generally, the minimum amount loan amount is Rs 50,000 and maximum amount is Rs 30,00,000. Higher loan amounts are dependent on a personal discussion that a bank may want to have with the borrower and then take a call on the loan amount.
Documents required while applying for a personal loan?
One need to provide an identity proof, residence proof, last 3 months salary slip, last 6 months bank statement and a passport sized photograph. Banks may also ask for additional documents later like Form 16, appointment letter, company ID card, previous company relieving letter
How long does it take to disburse the personal loan?
ClearFilings will work with the banks to try and get you the loan within 2-5 working days of submitting completed documents.
How does personal loan repayment happen?
All personal loans repayment happen in the form of an EMI (Equated Monthly Installment) through the customers bank account. The customer needs to give few PDC’s (Post dated cheques) and sign an ECS mandate in favour of the bank disbursing the loan.
What happens if I miss an EMI payment or there is an ECS bounce?
The bank will levy certain ECS bounce charges/penalties. In addition it will get reported in your credit report. Depending on the severity of the default it can have serious impact on your future credit possibilities like a home loan, car loan etc. In addition, the banks can also take legal action against the borrower.

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