Personal Loan

An unsecured loan option which doesn’t require any kind of collateral as well, where personal the loan can be applied easily with simple documentation and fast loan disbursal directly into applicant’s bank account with least processing fee and minimum to no forecloser charges and the Best Rate of Interest in the market and zero ReferLoan charges with full transparency and sales after service.

Get Personal Loans for Personal USE

A Personal Loan is the easiest loan option to apply and where you can apply for a personal loan for your personal needs. There are people who made a plan for travel or wedding or home renovation or starting their own business – you can also apply for your medical expenses or for buying any brand-new gadgets. Easy to apply with a Low Rate of Interest where the starting interest rate is 10.25% with a token of processing fee. Apply for a personal loan and get your loan approval within 2-3 Days with easy documentation, good loan tenure and no collateral or guarantor required.

Key Benefit of Personal Loan

• The starting rate of interest in a personal loan is @10.25% per annum.
• Choose the best personal loan option from among 175+ financial institutions and get one for you at ReferLoan
• Minimum fee and charges to be paid by the bank.
• Flexible EMI to pay your loan amount from a long duration loan tenure starting from 3 Years to 7 Years.
• Go to ReferLoan submit your form and get the approval within 24hrs only.
• Instantly get a personal loan and can be used for any personal purpose like – marriage, home renovation, medical expenses, buying any gadget, etc., or for some business-related expenses like a new business startup, growing your business, and many more.
• No need to provide any of your assets to get the loan amount.
• Get loan amount from the leading fintech company with zero fee and easy loan disbursal.

Types of Personal Loan

There are different kinds of Personal Loan which is currently available in India for your personal purpose and they are as follows:

•  Personal Loan for Gadgets: As upgrading in technology, everyone wants to upgrade their stuff, someone wants a clear quality camera for next photoshoot or a laptop or a brand-new phone then you can also apply for a Personal Loan for gadgets and get your stuff right in your hand within few days with easy EMI options.
• Vacation Loan: the one who can apply for a personal loan who always loves to go on vacations to a hill station or a beach which is said as a Vacation Loan comes under a personal loan with long tenure to repay the loan with affordable EMIs. When you’re applying for a vacation loan make sure to get the bonus travel insurance also.
• Home Renovation Loan: Ooh! Festival is nearby or a marriage ceremony or just got a new home – renovation is required to convert a house into a home, apply for a home renovation loan and make your home nice and clean and use your saving for a different purpose, apply and get amazing benefit with easy repay options.
• Personal Loan for Wedding: the best ceremony is the wedding, and we enjoy and lot but the long list of expenses really required a fast financial need where a personal loan for a wedding is introduced to take care of your finances where you can enjoy and take care of your guests. Get the loan amount easily in just a few clicks with ReferLoan and use them in the expenses from starting of the wedding till the end without worrying.
• Loan for festivals: a long list of festivals in India comes up with a long list of expenses, which leads to compromise with day-to-day lifestyle but not anymore, get a loan for the festival with a personal loan in each festival. Decorate your house and start parting and applying for loans no matter how low is your expenses are.
• Loan for education: it may be a small tuition fee or fee to huge institutions with an easy loan for education that can help your child’s future to glow bright and yours as well with customized loan tenure and easy to apply.

 Features of Personal Loans and benefits

• No security required: as a Personal Loans is considered an unsecured loan, for this purpose no security is required or no collateral is required while applying for a personal loan.
• Low rate of Interest: as the personal loan provides different benefits with a low rate of Interest starting @10.25% which basically varies according to your eligibility criteria like age, CIBIL score, income and many more will we will discuss in eligibility criteria.
• Best loan amount: personal is suitable for each and every individual and it doesn’t matter how must money a person required because it provides the best loan amount starting from Rs.5,000 and goes up to Rs.50 Lakhs which again depends upon your eligibility criteria only.
• Flexible Repayment: A personal loan provides the best and very flexible repayment options where the shortest period to repay the loan amount is 12 Months and the maximum goes up to 84 months and this tenure is decided by the Bank or NBFCs according to the loan amount taken.
• Turn Around time: once a person provides all the documents and those documents get logged in into a particular bank portal then the customer gets to know about the approval within 48 hours only in the online portal.
• Processing fee: all financial institutions have different policies regarding the processing fee which to be given at the time of processing of loan amount and this processing fee ranges between 0.50% to 5 pending on different bank and NBFCs policy.
• Foreclosure: Many banks don’t change for foreclosure of the loan amount before loan tenure but different banks and NBFCs have different policies where in some banks the loan amount can be closed after 6 months with some applicable charges decided by Banks.

Apply for a Personal Loan in India Eligibility & Criteria

The eligibility criteria always differ from financial institutions and here are the eligibility criteria to apply for a personal loan and they are:

• Age of applicant - The age of the applicant always plays an applicant plays an important role with the rate of interest as well as the tenure of Personal Loan in India loan and the minimum age should be 21 Years and the maximum age decided is 60 Years.
• Income of applicant: the loan amount is decided by the income of the applicant and the income should not be less than Rs.15,000/- per month some banks do consider an in-hand salary of Rs.13,000/- per month as well.
• CIBIL score: it was always recommended to have a CIBIL score of 700 and if your CIBIL score is no less than 650 then you’re also eligible for the loan amount.
• Continuity of Job: this differs from different bank policies and required a minimum 3-month job or more.
• Occupation: the eligibility is different, but the applicant who is salaried employees, self–employed professionals, self–employed nonprofessionals, private limited companies are applicable.

Factors that affect the eligibility criteria for a personal loan

There are several factors that affect eligibility criteria and they are as follows:

• CIBIL of applicant: this is the most important need while applying for a loan because CIBIL score determines the discipline of an applicant regarding the finances. The better the CIBIL score the better loan amount will be provided to an applicant with the least Rate of Interest.
• Applicant Income: the more the in-hand salary of an applicant the more applicable the applicant becomes while applying for a loan. Applicant income also increases the loan tenure with a low rate of interest.
• Job Profile: if the applicant's job profile is better and works in a reputed company like – CAT. A or Central of State Government companies or public sector companies then it creates a higher chance to get the huge loan amount.
• Age of applicant: as minimum age decided is 21, if the applicant applies age at the minimum age, then they get good loan tenure and visa versa if the applicant is applying for a loan at the age of 59 years, then they will get a high Rate of Interest with less loan tenure with higher EMIs

Personal Loan documentations

The documentation varies from different bank policies.

• KYC or know your customer Documents
  • PAN Card of applicant
  • Aadhaar Card of the applicant
  • Driving License of applicant
  • Voter ID of the applicant
  • Passport of applicant
  • Registered rent agreement of the applicant
  • Current passport size photograph
• Salaried income documents
  • Last 3 months' salary slip
  • Form 16 of last 2 years
  • Income Tax Return if any of last 2 Years
  • Last 3 months' bank statement if the salary directly credited in the bank account
  • Certificate of employment from current employer
• Self Employed person documents
  • Income tax returns of previous 2 years
  • Statement of finances with a proper balance sheet with profit and loss in that sheet
  • Bank statement with continuity of business
  • GST registration evidence of business
• Other documentations
  • Cancel cheque or bank passbook front page copy
  • Any recent loan with a proper repayment sheet

The best advice before getting a Personal Loan Online from Bank

• Create a Healthy CIBIL score: as CIBIL score decides everything about the eligibility criteria for a Personal Loan Online and the bank always provides the loan amount easily to those who have good eligibility criteria as well. if you have any kind of credit card or ongoing loan pay their EMIs on time which will automatically create a healthy CIBIL score.
• Compare loan offers from different financial institutions: as ReferLoan has more than 175+ financial Institutions, be sure to talk with our personal expert about the best value before applying for a personal loan and get the best deal out from your eligibility criteria.
• Check your needs: how much loan amount you required for how much time, be sure about your needs before applying for a personal loan
• Check your repaying capacity: applying and getting a loan is easy but make sure to check your EMI slab so that you can able to pay your EMIs on time without any other financial problems.
• Offers not always glow much: as ReferLoan is a trusted place to get the loan amount, don’t go to any fake place for applying for a loan just because of more offers because every shining thing can’t be a diamond.

Personal Loan Usage Tips

Personal is the best thing unsecured loan you can apply for but few things can downgrade your CIBIL score so keep this point in mind before applying for a loan

• If you want to take a personal loan for business purposes then, go for a business loan instead of a personal loan.
• Keep checking your CIBIL score from time to time and repay the loan amount to avoid any issues with the CIBIL score.
• Apply for a personal loan if you think this is my real requirement which can’t be fulfilled by your own finances.

Frequently Asked questions for a personal loan

1. Do I need any kind of co-applicant before applying for a personal loan?

No, for applying for a personal loan – you don’t need any types of co-applicants just you need to satisfy the eligibility criteria asked by different banks or NBFCs and they are

• Age of applicant - The age of the applicant always plays an applicant plays an important role with the rate of interest as well as the tenure of the loan the minimum age should be 21 Years and the maximum age decided is 60 Years.
• Income of applicant: the loan amount is decided by the income of the applicant and the income should not be less than Rs.15,000/- per month some banks do consider an in-hand salary of Rs.13,000/- per month as well.
• CIBIL score: it was always recommended to have a CIBIL score of 700 and if your CIBIL score is no less than 650 then you’re also eligible for the loan amount.
• Continuity of Job: this differs from different bank policies and required a minimum of a 3-month job or more.
• Occupation: the eligibility is different, but the applicant who is salaried employees, self–employed professionals, self–employed nonprofessionals, private limited companies are applicable.

*All the criteria differ from bank to bank

2. Why take a personal loan?

If you’re in need of a marriage ceremony, required money for a vacation, need money to buy a phone or computer or for some medical health or for festival or home renovation or any other financial need then a personal loan is useful.

3. I have a good salary package, still bank reject my personal loan approval, what should I do now?

There are various reasons instead of salary for the eligibility for a personal loan and the reason may occur to be:

• You might have taken a loan and haven’t paid their EMIs on time.
• You might have a bad CIBIL score.
• You might have had more inquiries for loans in different banks within the past few months.

 4. What is the difference between foreclosure and partial payment?

Foreclosure means an applicant gets the loan amount and due to some situation, the applicant pays all the loan amount before the loan tenure, an applicant can do this but after 6 months with some applicable fee.

Partial payment is when the customer pays the portion of the loan amount and the rest with EMIs.

5. How much amount can get I after applying for a personal loan?

This is totally depending on your eligibility criteria and the minimum money offered by the financial institutions for personal loans is Rs.5,000 which goes up to Rs.50 Lakhs.

6. What is the CIBIL score in a personal loan?

A CIBIL score is determined between 300 – 900 and shows the discipline of the applicant with the finances to the bank. The more the CIBIL score the easy it becomes to apply for a loan and less the rate of Interest charged by banks. Basically, 700 is the minimum CIBIL required for a personal loan.

7. The bank which is best for a personal loan?

Every bank and NBFCs have different policies and different benefits, to get the best benefit out of the bank click for APPLY button on ReferLoan and talk with Refer Loan’s personal loan experts.

8. How to get an instant Personal loan?

If you think you’re eligible for applying for an instant personal loan then keep check of all the documentation and make sure your CIBIL score is more than 700. This will allow our ReferLoan expert to process your file for fast approval which allows you to get a personal loan instantly in your bank account within 48 hours only.

9. How to apply for a personal loan online?

To apply for a personal loan online then follow these steps

Step 1: Visit www.referloan.in

Step 2: go to personal loan and click apply

Step 3: fill out the form and submit the form

Our executive will call you with the same.

10. What are the minimum and maximum personal loan amounts I can get?

It totally depends upon your eligibility criteria where the minimum loan amount is Rs.5,000 and you can get up to Rs.50 Lakhs.