Choosing a personal loan can be a difficult task. There are many different lenders to choose from and each one offers different terms. It is important to compare rates and terms before selecting a loan. Therefore, MyLoanCare, the most popular personal loan distributor in India, is here to help you take this important financial decision. The information that MyLoanCare provides will ensure that you get the best deal possible by comparing all the personal loans available to you.
Comparison of personal loans
The most suitable component to compare any type of loan from different vendors is its rate of interest. Therefore, we have created a table here that will help you to compare personal loans based on the rate of interest offered by different vendors. Processing fees of respective loans are also given so that you can find out how much loan amount you are going to get. Also, note that these are the lowest values of rate of interest. Banks consider many factors in deciding the interest rate for each customer.
| Bank Name | Interest Rate (%) | Processing Fee |
| SBI | 10.30% | Nil |
| HDFC | 11.00% | Min ₹ 999, Up to 2.50% |
| ICICI | 10.50% | Up to 2.25% of the entire loan amount |
| Bajaj Finserv | 12.99% | 1.50% to 3% |
| IDFC | 10.49% | Up to 2.00% |
| Axis Bank | 10.75% | Rs. 4,999 |
| Tata Capital | 10.49% | Up to 2.50% of the entire loan amount |
| Fullerton India | 11.99% | 2% |
| IndusInd Bank | 10.49% | 0.75% to 1.75% |
| Kotak Mahindra | 10.99% | Start from Rs. 999 |
How to compare personal loans
When it comes to personal loans, it’s important to compare your options in order to find the best fit. There are a few key factors to consider when doing so: interest rates, repayment terms, and fees.
Interest rates
This will have the biggest impact on your monthly payments and the total amount of interest you pay over the life of the loan, so be sure to compare apples to apples here. Repayment terms can also vary quite a bit, so if you need some flexibility, make sure to find a loan that offers it.
Repayment terms
If you’re thinking of taking out a loan, it’s important to understand the repayment terms. How much will you need to pay back each month? When is the loan due? What happens if you can’t make a payment?
Before you sign on the dotted line, make sure you understand the repayment terms of your loan.
Fees
It is important to be aware of the fees associated with taking out a personal loan. The fees can vary depending on the lender and the amount of money you borrow. The processing fee is the most common fee associated with personal loans. This is a fee charged by the lender for processing your loan application. It is typically a percentage of the total loan amount and can range from 0% to 3%. In some cases, it can go even above 3%.
Personal loan EMI calculator
If you are looking for a personal loan, you may be wondering how much your monthly payments will be. Luckily, there is a personal loan EMI calculator that can help you estimate your monthly payments. A personal loan EMI calculator is a tool that helps calculate the monthly installment that one has to pay towards the personal loan.
This calculator takes into account the interest rate, tenure and principal amount as inputs and provides the monthly installment as output. In this way, this calculator can also help you to compare the EMI you will be paying if you take a loan from so and so bank. Keep in mind that this is just an estimate and your actual monthly payments may be different.
How to apply for personal loans online
When it comes to personal loans, there are a few options to choose from. You can either apply for a loan through a bank or credit union or you can apply for a loan online. Applying for a loan online is a quick and easy process, and it’s also convenient because you can do it from the comfort of your own home. Here’s how to apply for personal loans online:
- Visit the official website of MyLoanCare.
- At this website, go to the personal loan section. On this page, you’ll see an online form.
- Fill in the required details in their respective fields. The information this online form asks for includes your occupation, nature of the loan, full name, mobile number, loan amount needed, place of current residence or your Pincode, net monthly income and your employer type.
- After filling in all the details, click on the ‘Get Quote’ button.
- Now the company will review your application and then tell you how much amount as a loan you can get along with other details.
- If you accept the offer, you have to submit some documents to complete the process.
- The verification of these documents will be done and then the loan amount will be disbursed to you.
Documents required for a personal loan
When you apply for a personal loan, lenders will require that you submit a number of documents to verify your identity, income, employment status, and creditworthiness. While the specific documents required may vary from lender to lender, there are some common documents that you can expect to need when applying for a personal loan.
These include: a government-issued photo ID like a driver’s license or passport, income proof like tax returns or pay stubs and proof of employment (such as an offer letter or pay stubs), and bank statements.
Things to know before applying for a personal loan
- There are a few things to keep in mind before applying for a personal loan.
- First, check your credit score and make sure it is in good standing.
- Next, research different lenders and compare interest rates and terms.
- Once you have found a lender you are comfortable with, be sure to read the fine print and understand all the terms and conditions of the loan.
- Lastly, make sure you can afford the monthly payments and that you will be able to repay the loan in a timely manner.
Personal loan eligibility criteria
A personal loan is a great way to get the money you need for a large purchase or financial goal. But not everyone qualifies for a personal loan. Here are the personal loan eligibility criteria that lenders typically use:
- The borrower should be of Indian nationality.
- Her age should lie between 21 and 67 years.
- She must have a regular source of income. She should have a salary of at least 22,000.
- She should have a CIBIL score of 750 or higher.
- You should have the required documents demanded by the lender.
It is important to compare personal loans in order to find the best option as per your needs. There are a few things to consider when comparing personal loans, such as the interest rate, repayment terms, and fees. By taking the time to compare personal loans, you can save money and make sure you are getting the best deal possible.
Sakshi is a Financial Advisor who helps people with investments and help them to get more out of their investment.
