BankInterested RateLowest EMI (1 lakh for 5 years Tenure)Prepayment ChargesProcessing Fees
HDFC Bank 11.49% - 20.00% Rs. 2,199/- Nil (For Loan Amount > 10 lakhs with >Salary 75k) else 4% Rs.999 - 1.75% (For Special Companies) else 2% -2.5%
Axis Bank 15.50% - 24.00% Rs. 2,405/- Nil 2%
Bajaj Finserv 14.25% - 16.75% Rs. 2,340/- Nil Upto 2%
Citibank 12.75% - 15.75% Rs. 2,263/- Upto 3% Upto 2.5%
Fullerton 17.25% - 35.00% Rs. 2,499/- Zero after 3yrs (Otherwise 4%) 2%
ICICI Bank 11.49% - 22.00% Rs. 2,199/- Nil (For Loan amount >10 lacs & 12 EMI paid), else 5% 0.50% for special companies else 1.50% - 2.25%
IndusInd Bank 11.49% - 22.00% Rs. 2,199/- Nil for Loan Amount above 10 Lakhs else 4% (Salary >75k) 1% - 2%
Kotak Bank 13.00% - 18.00% Rs. 2,275/- 3% - 5% Rs.500-2%
Tata Capital 13.50% - 17.50% Rs. 2,301/- Part Prepayment with ZERO Charges Starting Rs.1500/-

What is Personal Loan?

A personal loan is usually of a smaller amount than a mortgage and used for personal purposes, instead of commercial/business needs. It includes loans for reasons like going on vacation, wedding, buying of new furniture and various other needs that arise for an individual.

Characteristic of Personal Loan
  • Personal loans are usually Unsecured Loans, which means they are offered without any collateral in return. Such loans are mainly based on the credit history of the customer who has not defaulted on his/her credit card payments.
  • The interest rates of Personal Loan are allotted based on the salary of the customer, amount being borrowed and credit history, amongst others
  • A short-tenure loan, the repayment period are usually of the time period of 1-5 years
  • Requires the least bit of paper-work and is usually approved within 48 hours of application submission
  • Additional to the processing fee, charges for late payment penalty, pre-payment fee, administration charges and cheque bounce charges are also included in the personal loan.
  • How we can help?

    As one of the leading loan & finance based comparison portals in the country, Growide provides you with an unbiased platform to analyze and decide upon the available deals in the market. How do we help you borrow right?
  • We offer a customized loan consulting experience to each customer
  • Our experienced loan consultants help you to understand which is the right loan for you
  • We make sure that your documents are in order
  • We make the process smooth, efficient and easy
  • We take care of any issues on the way
  • Why Growide?

  • Apply online and get best offers & deals on from our partners banks & NBFCs.
  • Compare personal loan offers and services.
  • Apply with the best bank or NBFC.
  • Lowest Rate of Interest in offering.
  • Hassle free process and easy documentation.
  • Free Document Pickup by Team.
  • Free expert guidance & advice from our dedicated team of experts.
  • We are not an agent of any bank and you can apply with the bank of your choice.
  • No Fees for services provided.
  • We are here to help assit you .We understand that it is an important decision for you as you are in immediate need of money; and trust us we will ensure quick processing and disbursal of loan.
  • Point To Be Considered Before Taking A Personal Loan
  • 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

    What is Balance Transfer Loan


    A balance transfer happens when you move a loan balance from one lender to another. To make that happen, you need to get an ew loan that will pay off an existing loan. After the transfer is completed, you don't owe any more or less than you did before you just owe somebody else.

    Balance Transfer concept came up with credit cards first ie transfer of your outstanding balance from one credit card provider to another. The main reason behind this was to transfer your debt from the credit card with a higher interest rate to a credit card with a lower rate of interest. It was also used smartly by a few who transferred money from one credit card to another by rotation to avoid late fees. This transfer was available at low or no cost by banks as in most cases the customer would pay the minimum balance due and pay an interest on the balance outstanding.

    This facility has now been extended to other debt instruments such as personal loans, home loans and so on. The idea of a Balance Transfer for a personal loan is to shift your outstanding loan amount from one bank to another. There are many reasons to do a Balance Transfer including

    Better Interest Rates

    You have taken a loan from Bank A while working in a mid size company. You have now moved to a Category A (large and established) organization to which banks offer a better interest rate. If the probability of the current lender reducing the interest rate is low, you can move your outstanding loan amount to Bank B with an minimal charge and would end up paying lower EMIs.

    Offer by banks on Balance Transfer

    Let us assume that you have taken a loan from a bank and have been paying the instalments on a regular basis. Your profile too matches the ideal or favourable criteria of any bank. In this case, other banks would want to acquire you as a customer as they would be sure of your intention and ability to repay based on past records. In such a case multiple banks will be willing to offer an interest rate lesser by a sizeable percentage of about 2% - 3% if you undertake a Balance Transfer.

    Service Challenge with a Bank

    There could be an instance where you are not happy with the service provided by a bank and would want to move out of an association with them. You can undertake a Balance Transfer to migrate to a bank that offers better service.

    Top-up Loan

    A final scenario when you would want to go for a Balance Transfer is when you need to borrow more money. If you already have a regularly-serviced loan with a certain bank and are in need an additional loan (called a top-up), a separate bank might be willing to offer it at a better rate if you agree to transfer the outstanding balance of your current loan to them.

    How we can help?

    As one of the leading loan & finance based comparison portals in the country, RuLoans provides you with an unbiased platform to analyze and decide upon the available deals in the market.

    How do we help you borrow right?
  • We offer a customized loan consulting experience to each customer
  • Our experienced loan consultants help you to understand which is the right loan for you
  • We make sure that your documents are in order
  • We make the process smooth, efficient and easy
  • We take care of any issues on the way
  • Why GPML

  • Apply online and get best offers & deals on from our partners banks & NBFCs.
  • Compare personal loan offers and services.
  • Apply with the best bank or NBFC.
  • Lowest Rate of Interest in offering.
  • Hassle free process and easy documentation.
  • Free Document Pickup by RuLoans Team.
  • Free expert guidance & advice from our dedicated team of experts.
  • We are not an agent of any bank and you can apply with the bank of your choice.
  • No Fees for services provided.
  • We are here to help & assit you .We understand that it’s an important decision for you as you are in immediate need of money; and trust us we will ensure quick processing and disbursal of loan.
  • Point To Be Considered Before Taking A Personal Loan:

  • 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
  • Point To Be Considered Before Taking A Personal Loan
  • 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
  • Eligibility Criteria of Personal Loan

  • 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.
  • How is the maximum EMI decided?

    For salaried individuals it does not exceed 30-40% of take home salary and for self employed individuals is based on the profit earned.

    What is the difference between reducing and flat interest rate?

    Reducing Balance Interest Rate needs the borrower to pay interest only on the remaining loan balance. Flat Interest Rate is where the borrower needs to pay interest on the entire loan balance throughout the loan term.

    How is my Personal Loan approved?

    Approval of loan is the sole discretion of the bank and takes any duration between 48 hrs to upto a week. It is always recommended to keep all documents ready while applying to avoid any unforeseen delays.

    How does my credit history matter?

    CIBIL (The Credit Bureau of India Limited) is the Credit Information Company. CIBIL collects and maintains records of an individual‘s payments pertaining to loans and credit cards. These records are submitted to CIBIL by banks and other lenders, on a monthly basis. This information is then used to create Credit Information Reports (CIR) and credit scores which are provided to lenders in order to help evaluate and approve loan applications. Before approving your loan, the lender cross checks your repayment track record. A good CIBIL score help you fetch higher loan amount at lower interest rate.

    Is there any extra charge payable when applying for personal loan?

    Processing fees and Prepayment fees are charged extra and amount to anywhere between 2-3% of the loan amount.

    Can I pay my Personal Loan along with my spouse?

    Yes, personal loan can be applied together with a co-applicant who can be either your spouse or your parents. This way you can show a higher income and avail for a larger amount as the total loan is calculated on the sum total of the two incomes.

    What is relationship discount?

    Relationship discount is an added benefit provided by the bank if you have been involved with them for quite some time and have availed other loans from them. It is solely upto the discretion of the bank.

    How to repay the Personal Loan?

    Personal Loans are repaid in the form of EMI (Equated Monthly Installments)

    How is loan against credit card different from personal loan?

    In case of loan against credit card the interest being charged is entirely dependent on the amount consumed using the card. Whereas, in a personal loan, the entire loan is drawn out as lump sum and repaid via fixed monthly installments to the lender.




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