Personal Loans- Handpicked Offers And Highest Disbursal Rate
So why wait ? Make your move and take that first step towards your aspirations.
Features and Benefits of Personal Loans:
Personal loans come with no restrictions on how the funds are used.
The loan amount can go up to Rs. 40 lakh, or even higher based on the discretion of the lenders.
Repayment tenure ranges from a minimum of 3 months to a maximum of 5 years, banks/NBFCs offering longer durations.
Minimal documentation is required to apply for a personal loan.
Quick disbursals ensure fast access to the funds.
Individuals with excellent credit profiles may qualify for pre-approved or pre-qualified personal loans, which come with instant disbursal.
Eligibility Criteria for Personal Loans:
Age: 18 - 60 years
Income: Minimum Rs 15,000/month for salaried applicants
Credit Score: Preferably 750 and above as having higher credit scores increase the chances of your loan approval at lower interest rates
Credmudra isn't a lender itself but connects borrowers with different lending partners. These partners offer personal loans with varying APRs, typically ranging from 11.29% to 35%. The actual rates may depend on the borrower's financial situation and loan requirements.
Loan terms usually range from a few weeks to a maximum of 60 months (5 years), but they can vary between lenders. It's important for borrowers to carefully review the loan agreement provided by the lender before accepting any offers. This agreement includes the final APR, fees, and specific terms and conditions, ensuring borrowers understand their financial obligations.
Assume you have availed a personal loan of ₹5,00,000 lakhs @ 11.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, i.e. ₹7,500. Therefore, the APR for your personal loan will be 12.16%. The EMI will be ₹10,996.
Principal Amount: ₹5,00,000
Interest Charges (@11.5%): ₹1,59,778
Loan Processing Fees (@1.5%): ₹7,500
EMI per month: ₹ 10,996
Total Amount paid after 5 Years: ₹ 6,67,278
*Interest rate and processing fees varies as per your product depending on the lender's policy.
Get A Personal Loan Starting From As Low As Rs.1,000 To A Maximum Of Rs.5 Lakh Through Credmudra!
Experience seamless borrowing with Credmudra! Instantly meet your credit needs with easy online applications, attractive interest rates, and minimum touchpoints. Sign up, get matched with a lender, and complete quick formalities for hassle-free disbursal.
Attractive Personal Loan Interest Rates
Check out the applicable interest rate on personal loan across several lenders:
| Lender | APPLICABLE INTEREST RATE |
|---|---|
| mPokket | 0% to 48.0% per annum |
| CASHe | 2.50% per month |
| MoneyTap | 1.08% per month onward |
| Fibe | 24.0% to 30.0% per annum |
| ICICI Bank | 10.75% to 19.0% per annum |
| Bajaj Finance | 11.0% to 39.0% per annum |
| HDFC Bank | 10.50% to 24.0% per annum |
| Axis Bank | 10.49% to 22.0% per annum |
| Kotak Mahindra Bank | 10.99% per annum onward |
| IDFC FIRST Bank | 10.49% to 36.0% per annum |
Why Choose Personal Loan @ Credmudra?
Quick Loan Disbursement:
Experience the convenience of getting an instant personal loan through our easy application process. We prioritize quick verification, allowing us to fulfill our promise of 'same day disbursal'. With a remarkable disbursal rate of 98%, our lending process is designed to be effortless, seamless, and customer-friendly. Say goodbye to lengthy waiting periods and embrace the speed and efficiency of Credmudra.
Affordable Interest Rate:
You can get the market-best interest rate on personal loans from us. The attractive interest on the credit will make it much easier for you to repay. It will keep the total outflowing interest low and the instalment amount within your budget.
Purpose-Based Loan:
For the immediate requirement of small-ticket finance, you can go with short-term personal loan. If you need a significant amount of money, you can apply for a regular personal loan. Our existing customers can also take a pre-approved personal loan that comes with the facility of instant approval.
Easy Online Application:
Visiting the offline branches of lending institutions is hectic. Plus, you will have to book a schedule during office hours only. Eliminate all these inconveniences by applying for a personal loan with us online. So, take the first step and click on the “Apply Now” button.
Flexible Repayment Period:
Choose a period of repayment according to your preference from the available range of up to 5 years. The extensive tenure will help you ensure that the instalment amount is within your repayment capacity. You can use a personal loan EMI calculator to find the right tenure.
Lenient Eligibility Criteria:
At Credmudra, we believe in making personal loan eligibility hassle-free for you. Our easy eligibility criteria ensure a seamless qualification process. All you need to do is fill up and submit our online application form. We'll take care of the rest, matching you with the lender that best suits your profile and requirements. Say goodbye to complicated eligibility processes and get closer to your personal loan today.
Why Is Personal Loan A Better Choice?
Why should you opt for a personal loan over other credit facilities? Here are the reasons you should know:
No Need for Collateral:
Personal loan is a type of unsecured credit facility. This means you do not need to keep your dear properties as collateral. It is due to this nature of the personal loan that you do not need to put your property at risk. It also minimises the time it would take to verify your property-related documents, thereby expediting the loan approval.
Minimal Documentation:
Since no property is involved, you will not have to provide documents regarding the collateral. To apply for a personal loan, you will have to provide only your basic documents which remain easily available at your house. These include only your KYC papers, identity proof and records of income.
Immediate Credit Assistance:
With a personal loan, you can meet your financial requirement at a much lower turnaround time. Lenders approve personal loan applications faster as the verification process is less time-consuming. To get the loan without any inconvenience, ensure that you meet the eligibility criteria properly.
Simple Criteria To Secure Your Personal Loan
You can get the personal loan easily by meeting the simple eligibility criteria as mentioned below:
Nationality: Indian
Employment: Both salaried and self-employed individuals
CIBIL Score: Minimum 685
Monthly Income: More than Rs.25,000 per month
Note: These eligibility parameters are indicative and subject to change
Documents You Need To Prepare For Personal Loan
Here are the documents you will need to submit during the personal loan application process:
Identity Proof: Voter ID Card, Passport, Driving License, Aadhaar Card, PAN Card, etc.
Residential Proof:Voter ID Card, Utility Bills (Electricity and Water Bill), etc.
Income Proof:Salary Slip (for salaried individuals), Audited financial record (for self-employed individuals), bank account statement.
Following are the different charges applicable on a personal loan:
Processing fee
Verification charge
Goods and Service Tax
Penal interest
Part-prepayment and foreclosure charge
Documentation charge
Stamp duty
Credit administration fee
Note: The charges of personal loan may vary across our lenders.
Before accepting the personal loan offer, you should ideally carefully check these fees.
Personal Loan Fees And Charges
Step-By-Step Process To Apply For Personal Loan
Here is the stepwise process you need to follow to apply for a personal loan online through Credmudra:
When Should You Avoid Taking A Personal Loan?
To safeguard your financial stability, it is advisable that you avoid taking a personal loan if you are facing situations as mentioned here:
Unstable Job:If your employment and income are not stable, it is better if you stop taking the personal loan. It may become challenging for you to repay and get out of your debt obligations in case of a sudden stop or decrease in the flow of your income.
Outstanding Debts:If you are already repaying your credit card bills and instalments of other loans, you should avoid engaging in a new financial obligation. You should keep an eye on your debt-to-income ratio. An ideal debt-to-income ratio is 36% or below that.
Poor Credit Score:When your credit score is below the minimum eligibility parameter, it is better if you work on improving that before taking a personal loan. If you still apply, the chances are that the lender will reject your loan application, leaving a negative impact on your credit report.
Risky Investments:The purpose of taking a personal loan should never be to make an investment in the stock market, other risky instruments or gambling. This is so because you can book loss instead of gaining profit. Under such a circumstance, it will become difficult for you to repay.
Medical Emergency: Medical emergency is uncertain in nature and you may require a small to large credit within a short span. Taking a personal loan from Credmudra will help you face the challenge boldly. With us, you can get a loan credited to your account quickly. It can even be on the same day.
Debt Consolidations: If you have multiple loans, you need to remember the scheduled date of all your loan instalments and pay them separately. Now, if you go for debt consolidation, all your existing obligations will be merged into one. So, you can repay your outstanding debts by paying one instalment.
Educational Expenses: You can take a personal loan to get immediate credit and pay for the tuition fees of your child. This way, you will not have to wait longer to arrange the necessary fund. You can easily repay the credit with small instalments starting from the next month.
Family Festivals: To plan family occasions or events like weddings, you may need to have a lump sum credit at your disposal. You can take a personal loan if you do not have the required amount during such events. As a result, you will not have to compromise with your budget.
Big Purchases: There are some big and luxurious expenses, like the purchase of a cosy flat or vehicle, which you have wanted to realise for so long. You can take a personal loan to meet those life goals easily. You will get a lump sum end-usage-free credit to bear any expenses you want.
When Should You Take A Personal Loan?
Here are some circumstances under which you can consider taking a personal loan:
Tips To Avoid Personal Loan Request Rejection
There are a few aspects you need to stay mindful of to ensure that the lender does not reject your request for credit:
Meet the Eligibility Criteria
Lenders ensure that you meet all parameters of the eligibility criteria before approving the personal loan. These parameters include the minimum income, age limit, credit score, citizenship, etc. When you meet these standards, lenders get assurance that you can repay positively.
Correctly Fill in the Form
You should not make any incorrect entries on your loan application form. The information mentioned in the form and the information stated in your documents must match. In case they do not, the lender may ask you to repeat the loan application process.
Keep a Low Debt-to-Income Ratio
A high debt-to-income ratio can lead to the rejection of your credit request as it suggests that most of your income goes to paying EMIs and it will be difficult for you to repay a new loan. So, you need to repay your existing loans first to earn the confidence of your lender about your repayment potential.
Get a Co-Borrower
In case you do not meet one or more of the eligibility parameters, what you can do to avoid rejection on your personal loan application is apply with a co-borrower. However, you need to ensure that the co-borrower meets the eligibility standards.
How Will Lenders Disburse The Personal Loan Amount?
Lenders send the personal loan amount directly to the account of their borrowers who can use the amount as they wish. The turn-around time for the disbursal is significantly less. You can get the amount in your account within a few seconds or minutes of the document verification and approval of your loan application.
Tips To Grab The Best Deal On Personal Loan
You can follow the tips mentioned below to grab the best deal on personal loan and make repayment less troublesome:
Check Your Credit Report:
Since a personal loan is an unsecured credit facility, lenders put more focus on the creditworthiness of their borrowers. Credit scores and reports contain all the necessary information regarding your credibility as a borrower. By checking the credit score and report, you can ensure that all the information mentioned there is correct. In case it is not, you can raise a complaint.
Compare Loan Offers:
At Credmudra, there are more than 30 lenders from which you can borrow. You can see that their loan offers are not the same. The interest, charges and other terms can vary. This is why, you should ideally check all the personal loan details properly and choose one that charges comparatively lower. This will help you keep your cost of borrowing as low as possible.
Choose a Suitable Tenure:
Choosing a suitable tenure is essential for smooth repayment. When the tenure is longer, you will have to be ready to pay more interest on your loan. When you go with a shorter tenure, your interest outgo stays low but the instalment becomes high. Therefore, the tenure should be optimum so that the instalment amount stays within your capacity.
FAQs on Personal Loan
What should I do if some lender rejects my request for a personal loan?
If any lending institution rejects your loan application, you need to first make a query about the reason. Sometimes, they can reject the request for credit due to missing certain documents or filling in the application form incorrectly. In such a scenario, you can reapply. However, if a poor credit score is a reason for rejection, you should consider taking measures to improve this score.
Can I get tax benefits on a personal loan?
No, a personal loan does not come with the benefit of a tax deduction.
Do we have the option to foreclose my personal loan after 2-3 months of repayment?
Provisions for foreclosing a loan are different across lenders. Generally, lenders let you foreclose a personal loan after 6-12 months. Go through the terms and conditions of your chosen lender to know about this provision.
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