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You may face a financial crisis anytime. You can borrow from family and friends, but it is not wise to challenge the cordiality of relationships just for money. Why not borrow from banks instead?

What is a Personal Loan?

A Personal Loan is a loan sanctioned by a lender, without any security (collateral). So, it is an unsecured loan. Personal Loans are sanctioned by banks and Non-Banking Financial Companies (NBFCs). You don’t need to state any reasons, while availing personal loans.

Personal Loan is the best loan to fund financial emergencies. It is a great way to address a financial crisis, as it allows the borrower to avail a loan without any conditions. Personal loans are sanctioned rather quickly. They may be approved as quickly as 24 - 48 hours, after the borrower submits the loan application.

Personal Loans are availed on the basis of specific criteria, such as level of income, employment history, credit score, and scope for repayment.

Personal Loan Repayment Tenure

Personal Loans have flexible repayment tenure. You can choose repayment tenure which matches your repayment ability. Personal Loans have tenure of 1-5 years. The personal loan tenure determines how easily you can make the repayments.

To choose personal loan tenure decide on:

Loan Amount : This is the amount you wish to borrow. Decide personal loan tenure based on the size of the loan. Longer personal loan tenure means lesser monthly repayment amounts. You end up paying more interest over personal loan tenure. Shorter personal loan tenure means higher monthly repayment amounts. You end up paying less interest over the personal loan tenure.

Personal Loan Interest : Personal Loan interest rate depends on CIBIL score. If you have a good CIBIL score of 700-750 and above, you get personal loan at low interest rates. If you have a bad CIBIL score, bank charges high personal loan interest rate. A very poor CIBIL score means banks won’t sanction personal loan. If banks offer low personal loan interest rates, opt for shorter personal loan tenure. You can easily manage the personal loan EMIs and you save on interest in the long run. Banks charge personal loan interest at 10.5-24% a year.

Interest Rate 10.50% onwards
Processing Fee Upto 2% of loan amount
Loan Tenure Upto 5 years
Lowest EMI Per Lakh Rs.2,149 for 5 years
Prepayment Charges Nil to upto 5%

Monthly Budget : If monthly expenses are high and are over 50-60% of monthly income, you must opt for longer personal loan tenure to reduce personal loan EMIs. You will end up paying more interest across personal loan tenure. If your salary is hiked or you get a bonus, prepay personal loan to save on interest payments.

APR of Personal Loan

APR or Annual Percentage Rate is a reference for all loans including personal loans, credit cards and car loans. APR for personal loan ranges from 11% to 22% a year. The personal loan tenure ranges from 12 months to 60 months.
You are offered two kinds of personal loan interest rates. They are fixed rates and variable rates. Banks use risk-based pricing method to fix personal loan interest rates. This helps determine risk in lending based on credit score. If the risk is high, APR is high. If the risk is low, APR is low.
Banks check credit score before sanctioning personal loans. They also check income, employment status, loan amount and credit report before sanctioning personal loan.

Personal Loan Charges

Banks offer personal loans at competitive interest rates. Existing customers can enjoy additional discounts on personal loan interest. Opt for personal loan from your bank if possible.

Loan processing charges : Banks and NBFCs charge processing fees on personal loans. This is a non-refundable charge which you pay when applying for personal loans.
Most banks charge a processing fee of 1-2% on personal loan amount. Personal loans are short tenure loans, and processing fees are a sizeable amount. Compare processing charges on personal loans, before short listing the bank.

Documentation charges : These are charged for documentation charges on personal loan.

Part Prepayment charges : If you part pre-pay personal loans, there are part pre-payment charges. You would have to pay around 2% plus applicable taxes on part pre-payment amount. Some banks charge 1-5% on principal outstanding + GST.

Common charges on personal loan

  • Payment dishonor charges
  • Duplicate statement charges
  • Cheque swapping charges
  • Duplicate no dues certificate
  • Duplicate amortization schedule charges
  • Loan re-booking charges
  • Loan cancellation charges
  • Legal charges
  • Stamp Duty
  • CIBIL Report.
Amortization Schedule

Amortization means repaying debt through fixed payment over a specified tenure. An amortization schedule is a detailed table of recurring loan payments which show the principal component and interest component in the personal loan EMIs. Personal Loan EMIs are of the same amount. Earlier installments comprise of higher interest and lesser principal. As each installment passes, proportion of interest in the EMI reduces and the principal portion increases.

Preparing Amortization Schedule

Prepare amortization schedule using basic loan information like loan tenure, personal loan interest, total number of periodic payments and personal loan monthly installments.

Let us consider a personal loan amount of Rs 6 Lakhs, rate of interest of 12% and tenure of 5 years. The Personal Loan EMIs work out to be Rs 13,347.

We now calculate the interest portion in first month’s EMI. You must multiply the loan amount with interest rate. You have to divide the interest rate by 12 to calculate the monthly interest.

This works out to be:
6,00,000 * 0.12 / 12 = Rs 6,000.

The principal component can be calculated by deducting the interest component from the monthly installment.
This is Rs 13,347 - Rs 6,000 = Rs 7,347. You then deduct principal amount you have paid in the first installment from the loan amount to get the fresh loan balance. You then repeat the calculations after considering the fresh loan amount. You then reiterate the steps till amortization schedule has been created.

Installment Number Installment Amount (Rs) Principal (Rs) Interest (Rs) Balance Principal
1 13,347 7,347 6,000 5,92,653
2 13,347 7,420 5,927 5,85,233
3 13,347 7,495 5,852 5,77,738
4 13,347 7,570 5,777 5,70,168

Personal Loan Example

You have availed a personal loan of Rs 5 Lakhs with interest rate of 15% and repayment tenure of 4 years. The personal loan EMIs work out to be Rs 13,915.

The total payable amount at the end of 4 years would be Rs 6,67,938. You must then pay loan processing charges, documentation charges and amortization schedule charges. Therefore, you are paying total interest amount of Rs 1,67,938. Use IndianMoney.com personal loan calculator to calculate personal loan EMIs.

Loan processing charges @2% = Rs 10,000.
Documentation charges = Rs 500.
Amortization Schedule charges = Rs 200.

Do remember that in case of payment mode or swapping of post dated cheques, additional charges apply. Prepayment options vary depending on the bank and applicable charges are levied.

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Why avail Personal Loans?

No Reason Loan:

Personal Loans can be used for anything you wish.


 

Emergency Loan:

Personal Loan is a loan for an emergency.It can be used for a medical emergency or to fund the marriage of your child.

 

No Collateral:

Banks do not ask for any collateral while sanctioning the loan. There is no need for a Guarantor.

 

Quick Sanctioning:

Personal Loan is sanctioned really fast. It may be as less as 24 hours. Minimal documentation means less processing time.

Key factors to consider for Personal Loan

Features and Benefits of Personal Loans:

  • Flexibility to Use Funds:
    Unlike other loans, personal Loans can be used just as you wish. There are no restrictions and conditions. You can avail Personal Loans for marriage, medical expenses, house renovation, and so on.

  • Quantum of Loans:
    Personal Loans can range from Rs 10,000 to Rs 20 Lakhs. The loan amount depends on the borrower’s financial and credit history.
  • Flexible Tenure:
    Personal Loans are available for a tenure ranging from 12 to 60 months.
  • No Security:
    Personal loans are approved based on the borrower’s income and credit history. As there’s no collateral, many people prefer to use Personal Loans for a financial emergency.
  • Quick sanctioning:
    Personal Loans are sanctioned really fast. It hardly takes 24 to 48 hours for approval. This is because it has minimal documentation.

Documents Required To Availing a Personal Loan

1. For Salaried:

  • Passport
  • Driving License
  • Voters ID
  • PAN Card
  • Passport or utility bills
  • Last 3 months Bank Statement

2. For Self-Employed:

  • Passport
  • Driving License
  • Voters ID
  • PAN Card
  • Passport or utility bills
  • Last 2 years audited financial statements
  • Last 6 months Bank statement
  • Office address proof

Eligibility criteria to avail a Personal Loan

  • A minimum salary of Rs 15,000 to Rs 25,000 a month.
  • You must be between 22-59 years.
  • The borrower must have a bank account.
  • A Minimum CIBIL score of 700 is a must.
  • The borrower must be residing at his/her current residence for at least a year or two.

Rate of interest on Personal loans:

The rate of interest on Personal Loans depends on three major factors:

  • Borrower's income and his ability to service the loan.
  • The Company/Employer for whom the borrower works.
  • The credit history of the borrower.

Rate of Interest on Personal Loans usually ranges from 14% to 17% a year.

What happens when a Personal Loan is not repaid?

If a borrower defaults, CIBIL score is affected. This will reflect badly in his credit information report. The borrower will face issues and difficulties when availing any other loan.

Things to keep in mind while availing a Personal Loan:

  • Rate of Interest:
    Rate of interest charged on Personal loans is quite high as these are unsecured loans. The rate of interest on Personal Loans ranges from 14-17% a year. Interest rate on Personal Loan depends upon the borrower’s income, creditworthiness, age, employer/company, and so on. Before deciding on a particular lender, compare the interest rate charged by different lenders. Then select a Personal Loan with lower interest rates.
  • Charges on a Personal Loan:
    Charges levied on personal loans vary from lender to lender. These charges include documentation charges, collection charges, repayment mode swap charges and cancellation charges. Banks also levy heavy penalties in case of late EMI’s. Be aware of all such charges that bankers may charge.
  • Tenure of Personal Loan:
    Personal loan repayment tenure offered by the lenders varies from 1 to 5 years. Some lenders even offer a longer tenure of 7 years. If you are looking for lower EMIs, then you opt for a higher tenure. If you want to pay off your loan quickly, then you should opt for a shorter tenure. If you choose a longer tenure, then you will end up paying more interest on the loan.
  • Prepayment charges on Personal Loans:
    Borrowers should be careful with prepayment charges. Opt for the lender who does not levy prepayment charges or a lender who charges a lower pre-payment charge.
  • Processing fees on Personal Loans:
    Processing fees on Personal Loans include various expenses incurred by the bank while approving the loan. The processing fee ranges from 1% to 2%. Processing fee is non refundable.

Personal Loan mistakes to avoid:

  • Do not avail too many personal loans:
    Do not avail personal loans for flimsy reasons. You might struggle with the repayments. You could fall behind in payments and your credit score is affected.
  • Borrow as per repaying ability:
    Availing a Personal Loan is easy but repaying is difficult. Debts are fun when acquiring them, but not when repaying them. Personal Loans should be availed only if a borrower is confident about making the repayments in time. Personal loans charge interest as high as 14% to 17% a year. The EMI on your personal loan should not be more than 35- 40% of your salary, after accounting for all other expenses.
  • Do not neglect the fine print:
    Never sign on the dotted line without reading the terms and conditions of the personal loan. Read the fine print before signing up for a Personal Loan with the bank. If there is a fight, dispute or a misunderstanding between the borrower and the bank, the fine print stands against the borrower. Signing the dotted lines means agreeing to the terms and conditions of the loan. Study the terms and conditions of the loan like fees, interest rates, pre-payment charges and pre-closure charges.
  • Do not avail Personal Loans with a long tenure:
    Personal loans have tenure of 1-7 years. Opting for a Personal Loan with tenure of 7 years to have extra time to repay the loan, is not a good idea. Long tenure means borrowers will have to pay more interest.
  • Look out for alternatives:
    Personal loans charge the borrower a very high rate of interest. Borrowers should look for other alternatives like Loan against property, Loan against fixed deposits and Gold loan. These loans can be availed at a much lower interest rate than a Personal Loan.
 

Concepts & FAQ's Personal Loan

What is Personal Loan?

These loans are used by the people for meeting the needs of the family members and also for their own needs. Loans are available from Rs. 20000 to Rs. 20 Lakhs for any purpose depending on your requirement. Repayment can be done in EMI's ranging from 12 to 60 months. The procedure is simple with minimal documentation & quick approval.

Documentation required for Personal Loans: Documents required would be proof of identity, residence, income proof / Income Tax Returns of last 2 years. After verification of the documents the borrower's credit score is checked with Credit Information Bureau (India) limited commonly known as CIBIL. The bank may decide to approve or reject the personal loan based on the CIBIL score and validity of the documents.
Rate of interest on Personal loans: The rate of interest on the personal loan depends on three major factors.

  • Borrower's income and his ability to service the loan
  • The company/employer for which the borrower is working
  • The credit history of the borrower

One also needs to take into consideration the processing fees and prepayment charges while finalizing the loan. Personal loan should be taken only when absolutely necessary. These loans are usually more expensive in terms of interest rate when compared to other loans taken against collateral security like gold jewelry etc.

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    Hello friend! I am your personal financial advisor. By the end of this interactive session, I will help you to plan yours and your family's finances to ensure a better future.

  • Ask IndianMoney.com Money Doctor
Thinking of buying a Personal Loan?

To be absolutely sure of WHAT TO LOOK OUT, talk to IndianMoney.com on the phone for FREE financial consultation.

Expert Financial Advisors from IndianMoney.com would provide you unbiased, correct and up to date information so that you can make an informed financial decision.

Frequently Asked Questions

How is my loan eligibility determined?

Loan eligibility depends upon various factors which differ from banks to banks. The main factor of course, is your ability to repay the loan. Also your profile, in terms of residence and the place you work in also matters. Do make sure to check all such other eligibilities before applying. To understand more about eligibility criteria on your personal loan, call us on 080 67974000

Will I need to provide any collateral for my loan?

Personal loans are especially designed for people who don't want to go through the hassles of providing security or hypothecation. This is a total unsecured loan where no form of collateral or guarantee is required.

What are the fees and charges payable and when are they payable?

Apart from the rate of interest bank also do charge some fees which are of usually two types. Once when you are applying for the loan and once when you are pre-closing the loan. The fees when charged at the time of processing called as Processing Fees vary from 2-3% of the loan amount. The second charge is the prepayment penalty paid at the time of pre-closure. This too varies from 2 - 3 %.

How soon can I get my loan money?

Usually banks disburse your loan within seven working days. However, it is recommended that you keep all your documents ready and in order to avoid any delays. The loan is disbursed only after the completion of submitting of all required documents.

What is the maximum tenure of a personal loan?

Personal loan is a short tenure loan. Most of the banks provide you loan for maximum 3 years (36 months) to max 5 years (60 months).

Can I apply for loan, jointly with my spouse?

Yes. Personal Loans can be applied jointly with a co-applicant (either be your spouse or your parents). This helps you to increase your income eligibility and you can also avail for a larger amount of loan, if you want to, as your co-applicants income also gets added to your income and that total is taken into consideration for calculating the loan amount you will be eligible for.

How do I repay the loan?

You can repay the loan in Equated Monthly Installments (EMI's) through post-dated cheques/ECS favoring the respective bank/FIs.

What documents do I need to get a personal loan?

You need to provide proofs of your age, identity, residence address and income. The details of documents that can be used as proof can be found in the personal loan buying guide.

Is the repayment track record of my previous loans considered in calculating my eligibility for a new loan?

It definitely has its benefits! A good repayment track record could fetch you a higher loan amount at a lower interest rate as it is standing proof for your money management capabilities. In case of a bad repayment record you will be charged high interest rates and you will find it difficult to obtain a loan.

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4. Prepayment charges on personal loans

Saturday, January 13, 2018, 3:56 PM

You can reduce the loan burden by prepaying your personal loan. But, some lenders charge prepayment charges if you prepay your loan. So, borrowers should be very careful about prepayment charges. One should always opt for the lender who does not levy prepayment charges. You should never pay anything extra while foreclosing your loan.
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3. Check the tenure of the personal loan

Saturday, January 13, 2018, 3:54 PM

Personal loan repayment tenure offered by the lenders varies from 1 year to 5 years. Some lenders even offer a longer tenure of 7 years. If you are looking for lower EMIs, then you should go for a higher tenure. If you want to pay off your loan quickly, then you should opt for a shorter tenure.
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2. Charges on personal loan

Saturday, January 13, 2018, 3:52 PM

Charges levied on personal loan vary from lender to lender. These charges include documentation charges, collection charges, repayment mode swap charges and cancellation charges.Banks also levy heavy penalties in case you fail to pay your dues on time. Before availing a loan you should be aware of all the charges levied by the bank.
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