Personal Loan

Lowest Rate of Interest @6.5% p.a.

Know About Personal Loan ?

Loan is a fast-growing Indian financial institution. We’ve created a great reputation for offering loans to growing enterprises and individuals in a range of states and regions since our inception. We provide active assistance to anyone in need of Personal Finances in India, backed by a team of dedicated professionals. Loan is a fast-growing Indian financial institution. We’ve created a great reputation for offering loans to growing enterprises and individuals in a range of states and regions since our inception. We provide active assistance to anyone in need of Personal Finances in India, backed by a team of dedicated professionals.

Personal Loans are flexible, requiring minimal documentation, and are available to anyone with a secure/regular income, a credit history, and a CIBIL score, regardless of the reason of the application. Unsecured personal loans can be used for a range of things, including children’s education, medical emergencies, wedding costs, home renovations, starting a business, and other financial obligations.

Instant Personal Loans in Your City are available here.

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Loan Personal

Who is eligible for an instant personal loan from us?

  • Salaried individuals
  • Self Employed
  • Retired Individuals

Job stability, age, work experience, salary, and CIBIL score all affect the availability of personal loans for salaried employees.

→Now Get Personal Loan With Aadhar card and PAN Card Only without Any Employment or Business ←

  • Eligibility For Personal Loan

Personal loan eligibility is determined by the applicant’s fixed monthly income, age, type of employment, CIBIL score, professional experience, and other variables. You must match the basic eligibility conditions for a quick personal loan from Rudra Cash Solution. Personal information can be found in PAN numbers, CIBIL scores, and KYC paperwork.

Personal loan eligibility for Salaried Person:

  • Age should be between 18 to 50 years
  • Minimum monthly income must be ₹ 13,500
  • Minimum of Two Year of work experience

Personal loan eligibility for Self-Employed Person:

  • Monthly income of at least ₹ 15,000
  • Age must be between 21 to 55 years

  • Work experience of at least six months

* For example, if you borrow Rs. 1 lakh at a rate of 6.9% for a three-year repayment period, your EMI will be Rs. 3,083.18. The entire payment due after three years would be Rs. 1,10,993. In addition, you are paying a total interest amount of Rs 10,993 Other appropriate charges, on the other hand, can be quantified as follows:

Loan Processing Charges = Rs.2,150
Documentation charges = Rs. 500 Amortization
Schedule charges = Rs. 220

Personal Loan Required Documents :-

  • Photo Identity Proof:- A copy of your Aadhaar Card/ Voter ID / Passport / Driving License
  • Income Proof:- 1. A copy of your Bank statements for the last three – Six months
  • Income Tax Returns
  • Salary Slip:- Copy of Salary Slips Minimum 3 months
  • Address Proof documents:- Ration Card / Electricity Bill / Passport
  • Employment ID (if Available)*

Generally, the minimum CIBIL score required for availing a personal loan is 550.

 

Calculate Your EMI Here

EMI Calculator
Loan Amount
Repayment in months
Interest Rate
EMI
Interest payable
Total payable

Key Features :-

Starting From 5% p.a. – 20%p.a.

₹50,000 – ₹45,00,000

Approx. 11.9% for a year

Policy gives repayment period of 60 Days 

  • Now Up To 5 Years

How to Apply for a Personal Loan?

Rates & Charges

Aside from the interest rate on a personal loan, there are a few other costs to consider, which are separated into three categories:- General fees, Miscellaneous fees, and Foreclosure fees.

Processing Fee – Up to 1.7% of the loan amount + GST

A processing fee is a one-time cost paid by lenders when a personal loan application is processed. Even if the loan is not approved, it is non-refundable.

Penal Interest/Additional Interest – 2% on Overdue amount per month + GST

Penal interest is the rate of interest that will be charged on late monthly instalments. The borrower will now be obliged to pay the additional interest as well as the delayed instalment.

Bounce Charges – Rs. 450 for every cheque/Payment Instrument Dishonour + GST

Mandate Rejection Service Charge – ₹ 400 + GST

Instrument Swap Charges – Rs. 450 + GST

CCOD Annual Maintenance Charges – 0.30% on Dropline Amount + GST or ₹ 750, whichever is higher per year will be deducted from the limit and shall be payable at the end of the 15th month.

Loan Cancellation Charges – 1.75% of loan amount or Rs. 5,350, whichever is higher + GST

Outstation Collection Charges – Rs. 150 + GST per repayment tenure 

Statement of Accounts – Soft Copy – Nil.

Duplicate NOC – Rs. 500 + GST

Duplicate Repayment Schedule – Soft Copy–Nil

                                  Branch Walk-In – Rs. 400 + GST

Post-Dated Cheque Charges – Rs. 650 + GST

Foreclosure Charges

Part Payment Charges

During the first six months, no partial payments are permitted (Lock-in period).

Part prepayment is permitted once per year, with a six-month break between two part prepayments.

Part prepayment is limited to a maximum of 55% of the main amount every year.

On amounts greater than 35% of the outstanding principal, a 2% part prepayment fee plus applicable taxes will be applied.

Foreclosure Charges

4% of the outstanding principal at the time of foreclosure + GST

Foreclosure fees will be 6% + GST if the loan is closed within 9 months.

If you’re foreclosed within 9 months of making a partial pre-payment, you’ll have to pay a penalty.

Foreclosure adjustments will be 2.5% of the principal owed at the time of foreclosure + GST + a portion of the pre-payment amount.

Foreclosure Charges for Top-Up

2.2% on the unpaid principal at the time of foreclosure + GST

Only if the new rate is lower than the existing rate will foreclosure charges be imposed.

Prepayment/foreclosure charges of 3.5% + applicable taxes on the balance outstanding will apply to any prepayment/foreclosure made during the Lock-in Period.

Foreclosure Charges in CCOD Cases

40% on the Dropped down limit amount + GST 

Any prepayment /foreclosure made during the Lock-in Period will attract additional 3% over and above the prepayment/foreclosure charges mentioned above + applicable taxes on the Dropped down limit

Foreclosure Charges on Term Loan Facility

4.3% on the principal outstanding at the time of foreclosure  + GST 

If the Borrower forecloses the Facility within 6 months of making a part prepayment, foreclosure charges of 5.5% + applicable taxes will be applied to the outstanding principal plus the part prepayment amount.

Any prepayment/foreclosure made during the Lock-in period will result in an extra 2% charge on top of the prepayment/foreclosure charges listed above, plus any applicable taxes on the principal owed at the time of foreclosure.

Foreclosure Letter Charges

Soft Copy – Nil

Branch Walk-In – Rs. 350 + GST

Personal Loan FAQs

Personal loans can be an ideal solution during financial crisis. Be it wedding expenses, home renovation or medical emergency, a personal loan can be your solution to meet the immediate financial requirements as they are easy-to-get, fast in disbursal and require no collateral.

The ideal personal loan depends on the credit profile of the customer. The credit score, monthly income, employer, employment type, and other factors are all included in a credit profile. To find the finest personal loan, all of the following aspects are taken into account.

To get a personal loan, you need to meet the following eligibility requirements:

  • Between the age of 18/21 years – 50/55 years
  • Must be salaried or self-employed
  • Credit score of 600+ with a good credit history
  • Minimum monthly income of ₹14500 for non-metro cities and ₹18,000 for metro cities
  • Should be employed at the current organization for at least 6/12 months or business tenure of at least 1 years (continuous)

Personal loans have a significant impact on your credit score. Missing an EMI on a personal loan might have a negative impact on your credit score. The fact that personal loans are unsecured is one of the reasons for this.

Personal loan approval has become instantaneous as a result of digitization. However, due to the documentation process, the disbursement could take up to 2-3 days.

No such thing as the finest personal loan exists. Every borrower must seek out the lender who best meets his or her requirements. To do so, you can either evaluate different lenders offline or apply to services like IndiaLends, which can help you choose the right lender for your needs.

A personal loan can, of course, be paid off early. This is referred to as personal loan prepayment. However, this could result in a specific penalty sum that varies from lender to lender.

The interest rate on a personal loan ranges from 6.5% – 24% which differs from lender to lender.

The banks consider the following factors when looking at a personal loan application:
1. Age
2. Monthly Income
3. Credit Score
4. Credit History
5. Documents

The best personal loan interest rates are determined by a customer’s credit profile. A consumer must have a solid credit score, a continuous source of income, and be salaried/self-employed in order to get the best rates.

HDFC Bank currently offers personal loans with rates starting at 11.75 percent. Customers’ interest rates, however, may vary depending on their credit profile.

You can apply for a personal loan from Bajaj Finance on their own website or through IndiaLends for quick approval and disbursement.

The minimum salary to get a personal loan is ₹14,500 for non-metro cities and ₹18,000 for metro cities.

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