Get @ Personal Loan
Loan Bazaar is a fast growing finance company based in Pune. Ever since our establishment, we have acquired a good reputation for offering loans to businesses and individuals across different domains. Backed by a team of dedicated professionals, we offer active assistance to individuals looking for Personal Loans in India to overcome financial hardships.
The loan amount available and the interest rate offered are dependent on a number of factors such as credit history and monthly income. Our executives guide applicants through all details of the loan application process so as to ensure that errors do not crop up in the paper work. Our personal loan EMI calculator offers a clear perception about the amount which a candidate may have to reimburse on a periodic basis to repay his personal loan.
- Strategic personal loans to resolve financial problems or calamities.
- A calculator to assist candidates to get a clear idea of their loan requirements and eligibility criteria to apply for the amount they require.
- The applicant can apply for the moneylender of his choice within one day of comparing the available options.
- Details on the application status via e-mail and SMS.
- Availability of loan amount within one week of submission of documents required to apply.
- Indiscreet personal loans.
- Borrowers with the leverage not to offer anything in security with the lender bank.
- Loans up to Rs 15 lakh are available for a maximum period of 5 years.
Personal Loan does not require any collateral or security and can be obtained with minimal documentation. Just like most loans, however, it must be repaid in monthly instalments.
You can use it to fund any expense including education, a wedding, a trip, home renovation, medical expenses, and even to buy a gadget. You can even use the money to help out with the day-to-day expenses in case of a cash flow crunch.
Loan Bazaar offers a Personal Loan to pre-approved customers in just 10 seconds. For others, it usually takes about 4 hours. As an already existing customer, you can apply now .Otherwise, you can call to get the process started.
You can get a re-payment tenure that suits your needs. And then you have to make the payments in equated monthly instalments or EMI. This instalment amount is calculated using the loan amount, the payment tenure, and the interest rate.
The benefits of a Personal Loan:
The process is hassle-free. You can apply for a Loan Bazaar Personal Loan online. This process requires minimum documentation.
Existing Loan Bazaar customers can get a pre-approved loan in just 10 seconds or 4 hours at the most, for non Loan Bazaar customers.
Personal Loan can be used for any purpose. For example, with EMI as low as Rs. 2149 / lac. A Car Loan or a Home Loan must be used for that specific purpose but the Personal Loan can be used for any purpose like vocational courses, home renovation, medical emergency, or to travel , just about anything. The choice is up to you.
No security or collateral is required for a Personal Loan. You don’t need to mortgage your house, just so you can take that much-needed vacation trip!
There is minimum documentation required in order to obtain a Personal Loan. This also cuts down on the processing time for such a loan. All you need to secure a Personal Loan is: ID proof, address proof and income proof.
The payment terms are flexible, and you can choose your tenure as per your suitability. Loan Bazaar offers tenure ranging from 12 to 60 months, with EMI as low as Rs. 2149 / lac.
You can also claim tax benefits on the interest payments if you use the loan amount for buying, constructing or renovating a home, or for higher education purposes.
What are the uses of a Personal Loan?
There are several ways in which a Personal Loan can be used:
You can use it to finance higher studies. And claim tax benefits on the interest payments.
Weddings are always expensive affairs. You can pay for it with a Personal Loan.
You can use it to buy that new laptop or phone with the state-of-the-art technology.
Considering buying a home? Or planning to renovate your current dwelling? You can make it happen with a Personal Loan, with tax benefits to boot.
You don’t need to blow all your savings on your dream vacation trip. You can finance your travels with a Personal Loan for travel.
Cash flow issues can also be dealt with through a small Personal Loan, so you don’t have to sacrifice on day-to-day requirements during a cash crunch.
Whatever you can think of. Seriously.
How do you choose a perfect Personal Loan?
There are several factors that go into choosing which Personal Loan works for you. Time, urgency and capacity to repay are important factors you need to consider.
Time of disbursement is the time in which the loan is approved. A Personal Loan can be very useful in raising funds quickly, especially in case of a medical emergency. Loan Bazaar provides a Personal Loan within 10 seconds to pre-approved customers. For non Loan Bazaar customers, it may take 4 hours at best.
Amount of loan, the tenure, and payment are also important as they help determine your EMI. Obtaining the right amount, easy EMIs, and flexibility in tenure help decide what loan works for a person. Loan Bazaar offers you a Personal Loan that can amount up to Rs. 40 lac, for a tenure ranging from 12-60 months with easy EMI repayments starting from Rs. 2149 per lac.
An efficient loan process makes everything easier when looking for a Personal Loan. Loan Bazaar grants a Personal Loan within 10 seconds and with minimum documentation whatsoever, if you are a pre-approved customer. If not, you can get a loan in 4 hours at the most, with minimal documentation: ID proof, address proof and income proof.
The interest rate and the processing fee determine the total cost of the loan. Do pay attention to these factors before you pick a loan. Loan Bazaar provides highly competitive interest rates and low processing fees with easy-to-pay EMIs.
How to Check Eligibility for Personal Loan
You need to be sure that you are eligible for a Personal Loan, before you consider applying for one. The eligibility criteria dictate that you can apply for a Personal Loan if:
You are a salaried doctor, or a CA, or an employee of any private limited company or a Public-Sector undertaking (including Central, State and Local bodies).
You are within the age range of 21 to 60 years.
You have held a job for at least 2 years, with a minimum of 1 year with the current employer.
Those who earn a minimum of 25,000 net income per month.
What is EMI? And how do I lower it?
EMI or equated monthly instalments are an important part of a loan. It is the intervallic instalment amount that you pay to clear your loan.
It is important to calculate your EMI and find a way to keep it as low as possible. There are three factors that determine your EMI:
The loan amount
The interest rate
The easiest way to calculate EMI is to use online calculators like the Loan Bazaar Personal Loan EMI calculator. You can change the loan amount and tenure as you please until you finally find the right EMI. If you have a fixed loan amount in mind, then adjust the tenure until you find the right EMI. Once you find what you’re looking for, click on ‘apply now’. In the early period of the loan tenure, the EMI will have a higher interest component and lower principal amount, but this will reverse as you near the end stages.
Loan Bazaar offers loan amounts upto Rs. 40 lac, for a tenure ranging between 12 and 60 months, with EMI as low as Rs. 2149 per lac.
How do I apply for a Personal Loan?
Applying for a Personal Loan is quick and easy. And it takes just 5 steps:
Figure out why you need the loan, and how much amount. You can get a Personal Loan for wedding or a vacation trip. You could take Rs. 1 lac or Rs. 10 lacs.
Calculate whether you’re eligible for a Personal Loan or not. You can use Loan Bazaar Personal Loan eligibility calculator to determine how much you can borrow. Loan Bazaar allows you to borrow upto Rs. 40 lacs.
Calculate your EMI using the Loan Bazaar Personal Loan EMI calculator. It is simple to operate. Loan Bazaar offers EMI on Personal Loan for as low as Rs. 2149 per lac.
Approach the bank and apply for the loan by NetBanking, via the bank’s website, or through an ATM. You can also visit the nearest branch to apply in person.
Simply provide the bank with your documents. These are minimal. All you really need are: ID proof, address proof and income proof (IT returns, salary slips etc or bank statements)
After all this, you just have to wait for the loan funds to be remitted to your account. Loan Bazaar usually disburses loan within 10 seconds if you are a pre-approved customer, while non-Loan Bazaar customers can get the loan in 4 hours.
So what are you waiting for? Apply for a Personal Loan now!
*Terms and conditions apply. Loans at the sole discretion of Loan Bazaar Ventures Private Limited. Loan disbursal is subject to documentation and verification as per Banks requirement.
Frequently Asked Questions
- Personal loans are generally “Unbound Loans”, which implies they are offered with no insurance consequently. Such advances are predominantly founded on the record as a consumer of the client who hasn’t defaulted on his/her Visa installments. The financing costs of Personal Loan are designated dependent on the pay of the client, sum being acquired and record as a consumer, among others
- A short-residency loan, the reimbursement time frame are for the most part of the timeframe of 1-5 years
- Requires even a tiny bit of administrative work and is normally affirmed inside 48 hours of utilization accommodation. Extra to the handling expense, charges for late installment punishment, pre-installment charge, organization charges and check ricochet charges are likewise remembered for the individual advance.
- Any Indian citizen in good standing who is salaried, self-employed or business person with regular source of income can apply for a personal loan.
- The applicant should be above the age of 24 years
- Should be currently employed with existing organization or been involved in your business for a specific number of years.
- Professional stability and savings history play a major role in approval of the loan, especially minimum required monthly salary and repaying capacity
- Bad credit history would prove to be a put-off, especially anytime within 3 months prior to applying for personal loan.
- Salary slips of the last 3 months
- Last 3 months bank statement till date (reflecting salary credits)
- Identity proof and PAN card (mandatory)
- Residence Proof (Passport, Utility bills, Bank Statements, Postpaid bill, DL, Aadhar Card, Company letterhead stating the address)
- Permanent address proof – (Passport, Utility bills, Bank Statements, Aadhar Card, Company letterhead stating the address)
- Form 16 or Income Tax Returns of last 2 years (not mandatory)
- Completely filled personal loan application with photograph
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
- Share all the accurate information at time of filling up of application form. Bank will process your loan based the information you provide.
- Processing fees are deducted from Loan amount and thus do not pay any fees in cash/cheque to anyone to process your loan sanctioning.
- Compare Loan offers & deals but handover document to any one of the bank of your choice.
Every Bank or NBFC checks your credit score. It shows your ability to pay back the outstanding loan. The higher the credit scores, greater the chances to get a loan easily. It depends on your past credit history, default rates, income source, expenditures etc. A person getting CIBIL score of more than 750 shows a good track record with loans and eligible for new loan approval.
It is always a good practice to plan your monthly expenditures in advance to avoid any financial hassle later. Quick Finance has designed a personal loan EMI calculator, where you just need to enter the loan amount, interest rate and tenure to calculate your EMI instantly. This can help you make an informed decision regarding the loan option that best suits your unique requirements.
To get an idea about how personal loan EMIs are computed, take a look at the table given below:
EMI 1 Year Loan Tenure (Rs.)
EMI for 2 Year Loan Tenure (Rs.)
EMI for 3 Year Loan Tenure (Rs.)
EMI for 4 Year Loan Tenure (Rs.)
EMI for 5 Year Loan Tenure (Rs.)
The main factors affecting the disbursal limits of personal loans include the following:
- Income of the applicant – higher income level tends to increase the disbursal amount
- Current EMI payable – higher EMI payouts typically decrease the disbursal amount
- Number of dependents – higher number of dependents usually decrease the disbursal amount
The list of factors impacting disbursal limits of personal loans mentioned above is not exhaustive and there may be others that impact the disbursal decision made by lenders.
The verification process for a personal loan involves the following key steps:
Step 1: Once you have submitted your online application on http://quickfinance.net.in, your chosen lender receives your online loan application.
Step 2: Subsequently, the lender’s representative will call you to verify application details and arrange for pickup of documents required for your loan application.
Step 3: Once the documents have been collected and successfully verified, the personal loan application is approved.
Step 5: Loan is disbursed once the applicant signs the loan agreement.
Once your personal loan application is approved and the loan has been sanctioned, disbursal occurs in one of 2 ways:
Option1. Direct transfer of funds to a savings/current bank account specified by the applicant
Option2. An account payee cheque/ draft sent to the applicant’s mailing address by post
Currently the 1st option is more commonly used as disbursal is quicker and there is no risk of a cheque/draft getting lost in transit by post.
Timely EMI payments of your personal loan are essential to ensure that you maintain a clean credit history and good credit score. There are multiple ways you can pay your loan EMI:
- Standing Instructions – You can use NACH mandate to set up standing instructions
- Autopay – You can use internet banking to set-up autopay for EMI payment
- Online Transfer – EMI payments can be made online using NEFT, RTGS, IMPS payments
- Cheque/Draft – Post-dated cheques (PDC) or drafts can also be used to pay your PL EMI
Do keep in mind that the different EMI payment options mentioned above may or may not be available in case of your lender.
The following are a few specific terms related to personal loans that you must know:
- Personal Loan for Women: It is a special category of personal loan offered to women by several banks and NBFCs. A preferential rate of interest is applicable in such cases to promote and support female entrepreneurs and working women.
- Personal Loan for Pensioners: It is offered to senior citizens so that they can meet their retirement needs, medical expenses, or plan a trip without any financial constraint.
- Pre-approved Personal Loan: This is a special category of personal loans, also known as instant personal loans. These are usually offered to existing customers (account holders/credit card holders) of the bank or NBFC. Instant personal loans are characterized by minimal to no documentation and quick disbursal of the loan amount (generally within a few hours). However, the loan amount sanctioned in such quick personal loan offers depend on the applicant’s profile and cannot be changed.
- Top-up Loan: This is a personal loan issued to a borrower who already has an unpaid personal loan from the current lender. Top-up personal loans are usually available to select PL customers of the NBFC and they often feature an interest rate similar to that of a standard personal loan.
- Balance Transfer – Balance transfer is the process by which the principal outstanding of an existing loan is transferred to a new lender offering a lower interest rate. This decreases the overall interest payout over the loan tenure.
- EMI – Equated monthly installments (EMI) are the scheduled monthly payments that a borrower needs to pay over the loan tenure to pay off the amount borrowed along with interest accrued.
- Partial-Prepayment – In case the borrower decided to repay a loan amount that is greater than the monthly EMI payout, the extra amount is considered to be a partial-prepayment. Such partial prepayment decreases the outstanding loan principal and in effect reduces the total interest outgo for the loan. In such cases, prepayment penalties and related taxes may be applicable.
Apart from interest charges, some additional charges may also be applicable to a personal loan. Some of the most common ones that should be kept in mind are as follows:
- Processing Fees – This is a fee to cover the administrative charges related to the disbursement of a personal loan. Processing fees are usually between 1% and 3% of the loan amount sanctioned.
- Prepayment/Foreclosure Charges – When an amount in excess of the standard EMI payment is made, it is counted as pre-payment of a loan. In case an outstanding loan is paid off before the end of its tenure, the process is termed as foreclosure or complete pre-payment. In most cases, lenders charge a fee known as foreclosure charge at the time of making this complete prepayment. Typically prepayment/foreclosure charges range from Nil to 5% of the principal amount prepaid plus applicable taxes on top of the loan principal outstanding.
- Late Payment Charges – These charges are levied when the borrower is late in making EMI payments. This is typically a fixed charge that borrower will need to pay along with the due amount.
- Cheque Bounce Charges – In case an EMI payment is missed as the account linked to the post-dated cheque is low on funds or the account has been closed, a cheque bounce charge will be applicable. This is typically applied as a fixed charge of around Rs. 500.