What is Personal Loan ?
By virtue of being an unsecured form of credit, you can avail a Personal Loan without pledging any collateral with minimal documentation, and easy eligibility criteria. This kind of instant loan does not have any end-usage restrictions, which means you could finance a royal wedding, a trip to your dream destination, renovate your home, deal with a medical emergency, or finance the expansion of your business.
Loan Regular will connect you to a lending partner of your choice, and our team will take you through the process quickly with ease. Choose from our catalog of Personal Loan Partners of Banks and NBFCs according to your needs and convenience for rapid approval and swift disbursal of your personal loan.
Types of Personal Loan
- Marriage Loan
Have you placed your wedding in the shopping cart with exquisite location and dreamy décor? If yes then you need not worry about ready funds to drive your wedding. Loan Regulars Personal Loan is tailor-made to host all your financial needs. A picture-perfect wedding demands expenses of various kinds including- caterer, venue, décor and more. To fund all your wedding needs, Loan Regular assists you in meeting the right lender and borrow right!
- Medical Emergency Loan
A medical emergency can knock on your door when you least expect it. Unfortunately, most of us aren’t prepared enough and face the turmoil it brings along. No warning situation can land you in trouble as these unforeseen expenses are unthought and unplanned. Loan Regular stands tall with you in need of an hour. With multiple Personal loan options and quick disbursals, you can claim a hassle-free loan to attend your contingency.
Deal with your medical expenses without having to pledge any asset or investment as collateral. Experts at Loan Regular provide you with the right guidance ensuring that you receive the personal loan amount for your emergency at the most competitive rate.
- Education Loan
Getting a degree or honing your skills demand a considerable amount of money especially when you aim for overseas. While the cost of education continues to soar, it is imperative to plan your finances ahead of admission. Education is a tool to change the world and money must not be an obstacle to knowledge. With Loan Regular, fulfil your dream of studying in a world-class university in India or overseas. Once your application in the college or university you envisioned gets accepted, Loan Regular assists you in acquiring the right Personal Loan at the best available rate to fund your dream.
- Debt Consolidation Loan
Consolidate all your debts in one place and ease your loan repayment with our Debt Consolidation Loan Product. Debt Consolidation Loan helps you combine all your outstanding loans and pay just one for your ease and convenience. Moreover, when you pay off all your outstanding loans, you can avail better interest rates and enjoy affordable EMIs with us.
- Home Renovation Loan
Feel like sprucing up your nest? Look around, maybe that age-old furniture, bathroom fittings or electricals around need some do-up. Home Renovation can cost you arm and a leg especially when changes are substantial. Take a Personal loan for a much-needed makeover to glam up your nest and hike up its worth.
- Festival Loan
Bring the lights and grand celebrations & festivities in your home without worrying about your finances. Festival Loan product helps you celebrate your God, Hope & faith in a fulfilling way. Are you in a festive mood? Bring home joy and happiness with our Loan and make your festival bigger & brighter.
- Loan for Government Employee
Loan Regular bring in a special Loan Product for government employees, namely, a Loan for Government employees. Every government employee gets a collateral-free Personal Loan against his salary on better terms & conditions. So, there’s more you get by being a government employee than just perks, because we value your contribution!
Personal Loan Eligibility Criteria
- Age
Your age becomes an important criterion as a measure of your ability to repay a Personal Loan. As a rule, you will not be denied a loan if you are a salaried person aged between 21 to 58 years. On the other hand, if you are a self-employed professional, your age must be between 25 to 65 years.
- Income
The minimum salary required for a personal loan as an income criterion for eligibility differs from lender to lender. Your personal loan minimum salary starts from Rs. 20,000 per month.
- Employment
Your term or period of employment becomes a measure of your reliability to repay a loan in time. Personal loans for salaried employees’ criterion dictates that you must be working for an MNC or a Private or Public Limited Company with a minimum work experience of 2 to 3 years. Likewise, self-employed professionals must have a minimum of 3 years of experience for personal loan eligibility.
- Credit Score
Lenders assess your creditworthiness or ability to repay a personal loan by accessing your credit score, which derives from your credit history in your credit report. Your credit score affects the loan amount, period of credit, interest rate, and terms that you are offered. – CIBIL (For score check here)
Calculator
Presonal Loan Interest Rate
| Bank Name | Interest Rate | Processing Fees |
|---|---|---|
| HDFC Bank Ltd | 10.25% | Upto 2.50% Min Rs. 999 |
| Shinhan Bank | 10.4% | 0.01 |
| IDFC FIRST Bank Ltd | 10.49% | Upto 2.00% |
| ICICI Bank | 10.5% | "Upto 2.25% of Loan Amount |
| Axis Bank Ltd | 10.5% | Rs.4999 |
| IndusInd Bank | 10.5% | Min 0.75% to Max 1.75% |
| Tata Capital | 10.99% | Upto 2.50% of Loan Amount |
| IndusInd Bank | 10.99% | Min 0.75% to Max 1.75% |
| Yes Bank | 10.99% | 0.01 |
| Standard Chartered Bank | 11% | 0.01 |
| Kotak Mahindra Bank Ltd | 11.15% | Starting from Rs.3999 |
| Axis Finance Ltd | 11.5% | 0.02 |
| RFSPL | 12.75% | 0.02 |
| Bajaj Finance Ltd | 12.99% | Starting from 1.50% - Up to 3% |
| Upwards | 13% | 0.02 |
| Aditya Birla Finance Limited | 13% | 0.01 |
| Fullerton | 13.99% | 0.02 |
| HDB | 14% | Upto 3.5% |
| Hero | 14% | 0.025 |
| Loantap | 15% | 0.015 |
| Muthoot | 15% | 0.035 |
| Incred Finance | 16% | 0.03 |
| Finnable | 18% | Upto 3% of Loan Amount |
| Paysense | 18% | Upto 3% of Loan Amount |
Documents Required for Personal Loan
- Photo Identity Proof
- Aadhaar Card
- PAN
- Voter ID
- Passport
- Driving License
- Residence or Address Proof
- Aadhaar Card
- Voter ID
- Passport
- Driving License
- Electricity Bill
- Telephone Bill
- Ration Card
- Income Proof
- 6 months Bank statement
- 3 months Salary Slips
- Age Proof
- Aadhaar Card
- PAN
- Voter ID
- Passport
- Driving License
- Office Address Proof
- Electricity Bill
- Telephone Landline Bill
- GST or VAT Registration for Self-employed
- Tax
- Form 16
- Latest Income Tax Returns
- Employment Proof
- Employment Certificate
- Photograph
- Passport-Size Photographs
Loan Regular offers you various options to choose from, for a Personal Loan Balance Transfer, which allows you to take advantage of better and lower interest rates, and better loan periods of tenures. A personal loan balance transfer offers you the opportunity to transfer the total outstanding amount of your personal loan from your present lender, to a new lender of your choice who offers you better terms and conditions, and facilities to profit from such a process.
A Personal Loan Balance transfer does not require any security or collateral when you transfer personal loan from one bank to another. Your current lender will charge you a foreclosure or prepayment charge stipulated in your loan agreement. In the course of transfer, your new lender may charge processing fees and stamp duty on your loan agreement, if applicable.
If you are dissatisfied with your current lender, and your relationship does not seem right, you can choose for a host of options offered by Loan Regular. However, before choosing the right alternative, evaluate the offerings based on not only interest rates, and loan tenures, but also look for hidden costs such as processing fees, and other charges that increase the cost of your personal loan. Before taking a balance transfer decision, also consider the lender’s reputation and compatibility with your service expectations.
Your current lender will charge you a foreclosure or prepayment charge predetermined in your Home Loan agreement. In the course of the transfer, your new lender may charge processing fees and stamp duty on your loan agreement, if applicable.