Overview

Personal loans are loans provided without any security. Before you hurry to take this magical loan pause a bit. Personal loans are tricky they are far more expensive than a loan given against security. They also require that you have a good credit report and that you can prove that you have a regular income of at least Rs. 3 lakhs per annum. You may be eligible for a personal loan even below this income level but the interest rate is likely to be very high. These loans are likely to be more reasonably priced if you work for a top notch corporate and have large provable income in double digit lakhs per annum.

A better and more convenient option is to take a gold loan. You need to provide jewellery as security but the loan is significantly cheaper (and quick as well since it is available across the counter or in a matter of hours) and your age and repayment history will not matter.

If you have no jewellery you can look at getting a loan against your financial securities such as shares, bonds, life insurance policies with high surrender values, mutual fund units, etc.

But a personal loan is in any case better than borrowing on a credit card which is extremely expensive.

Compare personal loan offers from various lenders across the country right from  interest rates to aspects of loans such as repayment options, charges applicable, documentation required here on Apnapaisa.com.

Personal Loan EMI Calculator

Looking for personal loan to buy your favorite laptop or enchanting LCD TV or want to change the furnishings of your house? But do not know how it will impact your monthly budget? How much amount you will need to pay as EMI? An equated monthly installment (EMI) is what you pay every month towards repayment of your loan.
 
With the ApnaPaisa Personal Loan EMI Calculator, you can make a truly informed decision on how much that loan is going to cost you each month. Conversely, you can also determine what budget to set for your purchase. For example, if you are willing to pay an EMI of only Rs. 5,000 each month and say your bank quotes an interest rate of 14.5% for a 5 year unsecured Personal Loan. This calculator will tell you that you can easily borrow Rs. 2,10,000.

So what are you waiting for? Visit the EMI Calculator page on our site, key in the loan amount, the tenure and the interest rate - and find out just how much EMI you will have to pay.
Get Personal Loan Offers
A maximum of 5 providers will compete to give you the best rates (Feb 2012)
Personal Loans of over Rs. 585.96 crores applied for in 2012 (Last Updated on 23 Feb 2012 8:43 AM)
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Last Search Results for Personal Loan :

Rate Type : Both Loan Amount : 2500000
Occupation : Salaried Age : 27
Monthly Income : 42000 Tenure : 3
City : Mumbai
Bank/Product Name
Interest Rate (% p.a.)
EMI (Rs.)
Loan Eligibility (Rs. in Lacs)
Processing Fee
Kotak Bank
14.25-19.0
85,748-91,640
3.44 to 4.58
3% of Loan amount
Standard Chartered Bank
16.0-16.5
87,893-88,511
3.56 to 4.75
2% of the loan amount.

Personal Loan: Process

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Personal Loan : Calculators

Personal Loan EMI Calculator
You can use this calculator to find out the EMI for your SBI personal loan, HDFC personal loan or personal loan from any other provider.

Personal Loan Eligibility Calculator
You can use this calculator to find out your personal loan eligibility based upon various factors.

Personal Loan Eligibility Calculator for Self Employed
Calculate the amount of personal loan you are eligible for based on your earnings for self employed

Personal Loan : Eligibility

Personal loans are provided by various banks and non banking financial companies (NBFCs). There are various factors which effect the your personal loan eligibility. Below mentioned are some of the few factors which the bank or the NBFC will consider while they decide on your personal loan eligibility.

 

Financial Background This is the most important parameter that determines if you are eligible for a personal loan and also the quantum of personal loan you are eligible for. It will help the bank understand how well you can pay back your loan. Every bank will have a minimum level of income to be eligible for a personal loan.

 

Credit History This will help the bank ascertain your track record for payment of EMI of any loan or the payment of the credit card bills. In case you have paid all your previous EMIs and credit card bills on time, chances of your getting the loan is higher.

 

Company in which you are employed Personal loan eligibility may depend upon the company you are working for. In case your company is a public ltd or among the A class companies, which the banks call them as, the chances of you getting a loan becomes very easy. If you are working for a B class company, then getting a personal loan may be difficult for you or it maybe costlier also compared to a person who is working in an A class company. Which means that if you are working for a company which belongs to the A class according to the bank, then the personal loan rate would be comparatively lower to a person who belongs to a B class company.

 

Any other loans you may be holding In case you are having any other loan at the given point of time, then your eligibility for personal loan may go down as you are already paying towards EMI of the previous loan and the income in your hand would be lower compared to a case where you are not paying any EMI.