Found 7 Personal Loans for you

Showing lowest EMIs for you

Bajaj Finserv

Loan Upto

₹ 25,00,000

interest

INTEREST RATE

14.75
fees

PROCESSING FEES

2.5%
tenure

AVAILABLE TENURE

2 - 5 years
Tata Capital Financial Services

Loan Upto

₹ 9,00,000

interest

INTEREST RATE

16
fees

PROCESSING FEES

2.5%
tenure

AVAILABLE TENURE

1 - 5 years
Capital First

Loan Upto

₹ 15,00,000

interest

INTEREST RATE

11.99
fees

PROCESSING FEES

1%
tenure

AVAILABLE TENURE

1 - 5 years
Standard Chartered Bank

Loan Upto

₹ 30,00,000

interest

INTEREST RATE

12
fees

PROCESSING FEES

2%
tenure

AVAILABLE TENURE

1 - 5 years
Moneytap

Loan Upto

₹ 40,00,000

interest

INTEREST RATE

11.49
fees

PROCESSING FEES

NA
tenure

AVAILABLE TENURE

1 - 5 years
IndusInd

Loan Upto

₹ 15,00,000

interest

INTEREST RATE

14
fees

PROCESSING FEES

2.5%
tenure

AVAILABLE TENURE

1 - 5 years
QBERA

Loan Upto

₹ 10,00,000

interest

INTEREST RATE

0
fees

PROCESSING FEES

2.5%
tenure

AVAILABLE TENURE

1 - 5 years

Frequently Asked Questions

What is Personal Loan?

A loan sanctioned by any bank or NBFCs (Non-Banking Financial Company) to a person without the requirement of any material collateral or guarantor is usually called a Personal Loan. These loans are called unsecured loans as they do not need any collateral, in most cases. These loans are sanctioned from the person's credit history, repayment capacity, income level, employment status and other relevant factors.

Why opt for a Personal Loan?

The attractiveness of a personal loan lies in the fact that they are unsecured. This means that when you are in a particular crunch for funds, you can readily avail a loan and need not worry about the various intricate bank procedures. Even though there is no collateral, this is no reason to default on payment as this affects your credit score, hindering your future loan and credit card applications.

Provide a comparison of Personal Loans by different banks.

Most major banks provide personal loans under different schemes and interest rates. SBI provides up to 10 Lakhs at an interest of 12.50% average while HDFC and ICICI provide up to 25 Lakhs at interest rates varying from 11 to 20%. Axis Bank and Kotak Mahindra Bank provide loans of up to 15 L at interest rates reaching up to 24% per annum. Citibank has one of the highest provisions in the lot with a leeway of up to 30 Lakhs at interest rates varying from 11 to 18% per annum. Most banks have a processing fee of about 1 to 4% with preclosure rates of up to 5% in certain institutions. For a detailed inquiry, contact with the concerned bank.

What are the features and benefits of Personal Loans?

At 1 to 4% processing fees, these loans are processed much faster than other loan provisions due to the unsecured nature and limited amount of paperwork required. Personal loans can also be used to consolidate all your other loans under one loan and save on interest. They are given out at lower interest rates than credit cards, and the end use of the money is up to the user.

Who is eligible for a Personal Loan?

Any person with a regular income with a good credit score is eligible for a personal loan. Different documents are required for salaried individuals, self- employed business persons or professionals based on the bank's requirements. Though primarily sanctioned from credit score (or CIBIL score), people with no credit history are also considered based on their income history.

Provide more details on Personal Loan eligibility.

Ideally, banks consider anyone with a credit score of at least 750 is maintaining a good debt-income ratio a credible applicant for personal loans. A person in the age group 21 to 65 with an income of Rs.10000 to Rs. 20000 (depending on the region) with a good should be able to get personal loans at reasonable rates. Being a salaried employee or self-employed person with a min. of two years at the current workplace would increase the chances.

Why apply for a personal loan on Rubique?

Rubique offers customised instant quotations for loans across various banks and services. They provide end-to-end support with bank reviews and paperwork assistance. With a neutral approach to banking assistance, they make getting loans and credit cards easy through transparent procedures all at no costs.

How to apply for a personal loan on Rubique?

Getting a loan on Rubique is an easy task. Just go to the Personal Loans page available under the Loans drop-down menu at the top of the page. Compare and select from the various options listed on the page and click on the Get-a-quote button. Follow the procedures, supply the necessary documents and you’re set to go.

Which are the top banks providing Personal Loans in India?

All major banks, including HDFC, CitiBank, SBI, IndusInd, Standard Chartered Bank, any many others including NBFCs offer loans for personal reasons. Every bank follows different procedures and requires different documentation depending on their policy. Rubique provides detailed comparisons of the various loan schemes offered by different banks for you to choose from.

How do you choose the right Personal Loan?

Choosing the right personal loan is mainly dependent on the amount needed, interest charged and tenure. Usually, a longer period of the loan is not advisable to reduce the amount of interest paid. Other factors such as low foreclosure charges, loan default charges, minimum loan amount and other parameters should be considered before choosing the right loan. Rubique is a great site to compare the various options.

What is the documentation needed to apply for a personal loan?

Most banks require similar documents for availing a personal loan. These include a photo ID card, signed the application form, address proof and a bank statement for the previous six months from the date of your application. Different documents are required for salaried individuals and self-employed individuals to show their income and employment statuses.

What extra documents are required for Salaried Individuals?

Salaried applicants might have to furnish the latest three salary slips and Form 16/Income Tax Returns apart from the various ID and address proofs.

What extra documents are required for Self-Employed?

Self-employed applicants have to put up their income computation, verified balance sheets for the previous three years and income tax filings. This must include CA verified profit and loss computation along with the balance sheet. Office address and ownership documents should also be filed along with the application to get a loan.

What are the various Personal Loan interest rates?

Various banks levy different interest rates depending upon their schemes, the amount borrowed and the purpose of borrowing. With usual interest rates varying from 11% to 25%, most banks offer loans in the 11% to 18% bracket for personal loan applicants. In addition to this, banks charge one-time payments for processing (1-3%) and foreclosure charges (2-5%) in case of loans being paid before EMI duration.

Provide a Personal Loan application document checklist.

The following documents are required for all applicants when applying for a personal loan.

    a. Photo ID proof - Passport, pan card, voter’s ID card or driving license.
    b. Residential address proof - Passport, ration card or utility bills.
    c. Property ownership proof - Property documents, maintenance bills or utility bills.
    d. Documents for any existing loans including sanction letter and payment track record.
    e. Degree certificates (if any)
    f. Passport size photo - 1 colour photo
For a salaried applicant, the following documents are required.
    1. Income proof - Salary slips from the last three months and Form - 16.
    2. Job continuity proof - Current employment certificate, current job appointment letter or experience certificate (showing previous job certificates and relieving letters as well).
    3. Bank statement - For your salary account with last six months transaction history.
    4. Investment proof (if any) - Fixed assets, fixed deposits, securities or shares, etc.
For a self-employed applicant, the following documents are required.
    1. Office address proof - Property documents, maintenance bills or utility bills.
    2. Office ownership proof - Property documents, maintenance bills or utility bills.
    3. Business existence proof - Shop establishment act documents, tax registration copy, company registration documents or a three-year-old Saral copy.
    4. Income proof - Income tax returns for the latest two years including income computation, profit and loss account, balance sheet, audit report, etc. (include all possible documents)
    5. Bank statement - For both current and savings accounts including latest one year's transaction history
    6. Investment proof (if any) - Fixed assets, fixed deposits, securities or shares, etc.

What is a Personal Loan EMI calculator table?

EMI calculator table is a monthly instalment calculator tool. Available online on sites like Rubique, this tool helps in calculating the equated monthly instalment to be paid to the bank every month. This helps us in deciding whether loan terms are feasible to our income status. It uses a simple formula involving the principal amount, interest rate and tenure of the loan.

Please some simple tips to apply for a Personal Loan.

While applying for a personal loan, first and foremost, do a comprehensive loan search and comparison of schemes provided by the different lenders in the market. Read the loan documents clearly and thoroughly. Do not send multiple loan applications for a single loan, and this can affect your credit score. Apply for a loan only if there is a productive use of the money.

What are some points to consider before applying for Personal Loans?

Various points are to be considered before availing personal loans. Assess your income to debt ratio, the effect on your credit score, all the other costs apart from interest, end use of the money and talk to friends and family before applying for a loan. If possible, avoid taking a personal loan if there are other options.

What are the different types of Personal Loans?

Primarily, there are two types of loans - Unsecured loans and Secured loans. Unsecured loans are those that do not require any collateral while secured loans require them. While unsecured loans do not need any collateral, they have higher interest rates due to the same. Other loans include fixed rate loans, variable rate loans, instalment loans and credit cards.

Please provide a checklist of documents to submit with the Personal Loan application.

The following documents are required for all applicants when applying for a personal loan.

    a. Photo ID proof - Passport, pan card, voter’s ID card or driving license.
    b. Residential address proof - Passport, ration card or utility bills.
    c. Property ownership proof - Property documents, maintenance bills or utility bills.
    d. Documents for any existing loans including sanction letter and payment track record.
    e. Degree certificates (if any) f. Passport size photo - 1 colour photo
For a salaried applicant, the following documents are required.
    5. Income proof - Salary slips from the last three months and Form - 16.
    6. Job continuity proof - Current employment certificate, current job appointment letter or experience certificate (showing previous job certificates and relieving letters as well).
    7. Bank statement - For your salary account with last six months transaction history.
    8. Investment proof (if any) - Fixed assets, fixed deposits, securities or shares, etc.
For a self-employed applicant, the following documents are required.
    7. Office address proof - Property documents, maintenance bills or utility bills.
    8. Office ownership proof - Property documents, maintenance bills or utility bills.
    9. Business existence proof - Shop establishment act documents, tax registration copy, company registration documents or a three-year-old Saral copy.
    10. Income proof - Income tax returns for the latest two years including income computation, profit and loss account, balance sheet, audit report, etc. (include all possible documents)
    11. Bank statement - For both current and savings accounts including latest one year's transaction history
    12. Investment proof (if any) - Fixed assets, fixed deposits, securities or shares, etc.

How can you improve your chances of getting a Personal Loan?

Maintaining a good credit score, transaction history and continuous income in itself should improve your chances of getting a personal loan. Apart from this, a reasonable debt to income ratio, i.e., the amount of debt you pay each month to the monthly income, should be less than 40% to improve your chances.

What are some do’s and don’ts while taking a Personal Loan?

Do explore all your options. Make sure you are choosing the best option available Don’t apply to multiple lenders. This reflects on your CIBIL score. Do pick the lender with care. Make sure they have a great history with loans. Don’t ignore the terms and conditions. Go through them before signing on the dotted line. Do calculate the total interest. Make sure you are aware what you are paying the bank. Don’t opt for no interest or advance EMI loans. These loans cost the same through other charges. Do borrow only what you want. Make sure you can repay the loan on time.

When Should I Choose a Personal Loan?

A personal loan should be an option only when you are sure you have the means to repay the loan on time, and there is no other way to find money other than the loan. In case of medical or accidental emergencies, personal loans are great options to meet the immediate expenses.

What is the Typical Amount and Period of a Personal Loan?

There is no typical amount for personal loans. Depending on the bank, personal loans can be as small as Rs.15000 and as high as Rs.30 Lakhs. Typically, small loans are usually taken for 18 to 24 months while larger loans can be availed for longer periods of time. This depends on the capability and credit score of the borrower.

What is the Significance of a Credit Report in Personal Loan approval?

A credit report is a comprehensive report of the applicant’s history with credit. It gives a detailed insight into the applicant's debt repayment tendencies, loan amounts, foreclosures, bankruptcies, lawsuits and delinquent accounts. The credit report is as important in personal loan allocation as is the applicant’s credit score and debt-to-income ratio.

My Credit Score is Below 750. Will I Get a Personal Loan?

Usually, most banks consider a credit score of more than 650 a good score. A score below 750 would mean more scrutiny goes into your credit report, debt-to- income ratio and transaction history before getting a loan. Sometimes banks also consider this a reason to increase the interest rate or other charges they consider fit to levy upon your loan.

What are some Other Factors That Influence Approval for a Personal Loan, Apart from Credit History?

Apart from the credit history, employment status and history, other outstanding loans, debt-to-income ratio, and payment history play an important role in getting you a loan. Maintaining a good debt-to-income ratio is as essential as a credit score for your loan application scrutiny. Similarly, non-consistent payment history is equally damaging.

What Factors Affect the Interest Rate on Personal Loans?

Income and credit history are the major influencers when it comes to the interest rates of personal loans. Playing an equal role is your employment status, company and industry, payment history and relationship with the bank or NBFC. Apart from this all, individual negotiation skills play a huge part in getting lower interest rates.

What are the Advantages and Disadvantages of Personal Loans?

Advantages of personal loans:

    a. Unsecured These loans require no collateral or guarantees to get the loan, maintain good credit and income history and you are on your way to some money.
    b. Easily processed Personal loans are processed much faster and easier compared to other loans. Paperwork is limited, and verification is quick due to unsecured nature.
    c. Free use There is no limitation on the use of the loan, and the credit can be used for any purpose deemed productive by the borrower.
    Disadvantages of personal loans:
    d. Credit history Uses credit history to decide on loan application and loan terms.
    e. High interest Due to unsecured nature, higher interest rates are charged on loans.
    f. Foreclosure charges Banks charge foreclosure charges to discourage the early payment of loans.

How do I Choose the Best Personal Loan Offer?

Check the interest rate, foreclosure charges, processing fee and other terms of the loans. Calculate the EMI and total interest being paid on loan. For a great deal, both would be affordable and apt. Make sure there are no hidden charges and vet the bank the bank before choosing the best personal loan offer.

What is a Personal Loan Balance Transfer?

When a bank allows you to transfer the outstanding loan to another bank, your new lender pays the previous lender the outstanding amount. Then you owe the new bank the outstanding amount, including that transferred from the previous bank, and the interest on it. This is called balance transfer and is usually done to get the benefit of lower interest rates. These are available only with select banks in certain situations.

How to Get a Personal Loan in spite of low CIBIL score?

To minimise the effect of a low CIBIL score on your loan application, one important method is to keep your current salary high and have a good employment condition. Banks might forgive the credit score in such cases. Other methods include using your partner's credit scores or availing secured personal loans.

How do I Choose Personal Loan Tenure Wisely?

By calculating your monthly EMI and comparing it with your monthly income is a good way to choose personal loan tenure. Longer tenure means you'll end up paying much more as interest and shorter tenure mean higher EMIs. Calculating the monthly debt-to-income ratio gives a clear picture of how much is affordable in the long run.

How to Deal with Credit Card Debt Using Personal Loans?

Using a personal loan, credit card debts or any other debts could be consolidated under one loan. This might in turn help to simplify payment and reduce the total interest paid on the multiple loans. Personal loans can also help to pay off credit card debts before it becomes an unmanageable liability.

Mention the Top 10 Microfinance Institutions in India.

These are the top microfinance institutions in India.

    a. State Bank of India
    b. Ujjivan Financial Services
    c. Equitas Small Finance Bank Ltd
    d. M&M Financial Services
    e. Sundaram Finance Ltd
    f. Bandhan Financial Services
    g. Bharat Financial Inclusion Ltd
    h. Muthoot Microfin Ltd
    i. Madura Microfinance Ltd
    j. Janalakshmi Financial Services

Personal Loan against Mutual Funds

Personal loans can be availed against mutual fund units from banks and NBFCs. To avail such a loan, pledge your mutual fund units to get a maximum loan amount that is usually 90% of the surrender value of the mutual fund policy. Since this is a secured loan, interest rates would be lower, and these are better options than liquidating mutual funds in times of emergencies.

How to calculate EMI for Personal Loans?

EMI is the monthly instalment you pay against your loan to close the loan. EMI depends upon the tenure of loan, amount borrowed and interest rate. The usual formula for calculating EMI is EMI = [p*r*(1-r)^n]/[(1+r)^n-1], where p is the principal amount, n is the tenure and r is the interest rate. Several online EMI calculators do the calculation for free including the one on Rubique.

What can I use the Personal loan for?

Usually, the end use of the personal loan is not controlled by the lender. Free use of the borrowed money is one of the most attractive features of a personal loan. Consolidating loans, clear credit card debts, meet wedding expenses, buy cars or bikes, use as an emergency fund, pay medical dues are among other productive uses of availing a personal loan.

Who can apply for a personal loan?

Any person with a regular income with a good credit score is eligible for a personal loan. Different documents are required for salaried individuals, self- employed business persons or professionals based on the bank's requirements. Though primarily sanctioned from credit score (or CIBIL score), people with no credit history are also considered based on their income history.

What is the minimum tenure of a personal loan?

Usually, banks offer personal loan tenures ranging from 1-5 years depending on the amount borrowed or interest rate offered. Depending on the personal needs and requirements, banks offer flexible loan tenures to suit the borrower. The income and debt-to-income are deciding factors in fixing the loan tenure of applicants.

What is the maximum tenure of a personal loan?

The maximum loan tenure for personal loans is capped at five years. For unsecured loans, tenures more than five years are not allowed. Depending on the personal needs and requirements, banks offer flexible loan tenures to suit the borrower below five years. The income and debt-to-income are deciding factors in fixing the loan tenure of applicants.

What is the eligibility criteria to avail personal loan?

Any person with a regular income with a good credit score is eligible for a personal loan. Different documents are required for salaried individuals, self- employed business persons or professionals based on the bank's requirements. Though primarily sanctioned from credit score (or CIBIL score), people with no credit history are also considered based on their income history.

Will the banks charge me a processing fee?

Yes, banks usually charge a processing fee on loan applications. The fee is calculated from the cost of paperwork and transportation. Usually, banks charge a rate of 1 to 3% on the principal amount as processing fee though in some cases, this can go up or down. No interest schemes usually have higher processing fees compared to other loans.

How can I repay my loan?

The usual route for repayment of personal loans is through monthly instalments or EMIs. These can be paid through net banking, in-person at bank branches, through digital transactions or cheques. Pre-payment of loans are possible, but banks usually charge a fee on pre-payment. Making a payment every two weeks is another way to spread out your expenses.

What is an EMI?

Equated Monthly Instalments, or EMIs, are the go-to method of loan payment in most cases. They are fixed amounts of instalments spread out in a monthly basis in such a way that the principal amount and the interest is paid off by the time the loan tenure is up. It is calculated using a simple formula involving the principal amount, interest and tenure, with numerous EMI calculators online doing the same.

Is part- prepayment allowed on my loan?

Yes, part-payment on personal loans is allowed by most banks. If a considerable amount is lying idle in your hands but is lesser than the complete outstanding amount, part payment is a good option to lessen the burden. Before part-payment check with your bank for any pre- payment charges on loan.

Will I need a guarantor to take a personal loan?

Usually, banks don’t insist on having a guarantor to avail personal loans. But in certain cases, especially when there are issues with your credit history or income statuses, banks might insist on having a guarantor on personal loans. In such cases, keep in mind that the guarantor is responsible for the loan in case of defaults.

Can I club my income with my spouse to take a personal loan?

Yes, it is possible to club the income of spouses to increase the chances of getting personal loans. This would also help to increase the maximum loan amount offered to the applicant. For this, the spouse has to join the application as a co-applicant. Bear in mind that if the credit score of either partner falls below, the loan application could be in jeopardy.

How much personal loan can I take?

Personal loans are usually bracketed between Rs.30,000 and Rs.30 Lakhs. The maximum amount is determined by the bank after a scrutiny of the credit score, debt-to-income ratio, income and employment status of the applicant. It is in the discretion of borrowers to decide the amount to be taken within the limit set by the provider.

What is the minimum loan limit offered for a personal loan?

The minimum loan amount is decided by the lender but is usually bottomed at a minimum of Rs.30,000. The minimum amount is decided by the bank using the credit history, debt-to-income ratio, income and employment status of the applicant. Some banks insist on a minimum loan amount while some banks provide loans as low as Rs.15,000.

What is the maximum loan limit offered for a personal loan?

The maximum loan amount is decided by the lender but is usually capped at a maximum of Rs.30 Lakhs. The maximum amount is decided by the bank using the credit history, debt-to-income ratio, income and employment status of the applicant. Most banks provide loans of up to Rs.15 Lakhs for incomes ranging from Rs.15,000 to Rs.25,000 per month.

Do I need to submit any security or collateral to take a personal loan?

No, most personal loans are provided with no requirement for security, collateral or guarantors. Loans of this nature are called unsecured loans. They are provided for personal uses based on credit history and debt-to-income ratio among other parameters. Loans requiring security or collateral are called secured loans.

Do I get to choose between a fixed and a floating rate of interest for the personal loan?

Banks might let borrowers take credit by a floating rate in place of fixed loans. This might be subject to your income history and employment status as floating rates are dependent on the current market fluctuations and the EMI might increase significantly. A floating rate is offered only if the applicant is found to be capable of paying higher EMIs.

What is the rate of interest that will be charged on my loan?

Banks usually keeps the interest rates between 11-24%. The usual rate offered fluctuates between 11% and 16% depending on the schemes and credit scores. Banks use credit scores and debt-to-income ratios to determine the interest rates offered to the applicant. A low credit score means the interest rate offered rises, in most cases.

How many days does it take for the bank to disburse the personal loan amount?

Banks might take as low as two days to as high as two weeks to process a loan application. This depends on various factors including the various documents to be verified, clarity on credit history and income history. Make sure to have all the documents ready as per the checklist and verify them before submission. Having a good relationship with the bank can also reduce the processing time.

Will the banks check my CIBIL score while reviewing my application?

Yes, banks scrutinise the CIBIL score while reviewing loan applications. Creditworthiness and the likelihood of repayment are determined using CIBIL scores. CIBIL scores give a number format to the applicant's credit history. CIBIL scores are also determined to determine the interest rate offered to applicants.

Will the CIBIL score affect my loan interest rate?

Yes,CIBIL scores affect the interest rate offered on personal loan. CIBIL scores vary from 300 to 900, with 300 being the lowest score. Banks usually consider 750 the apt threshold to determine creditworthiness. In the case of lower CIBIL scores, interest rates might increase. To improve your CIBIL scores, make sure to comply with loan and credit card terms.

How will I be eligible for a relationship discount?

A relationship discount is a term given to the discount offered by banks to applicants having a good history with the bank. To be eligible for a relationship discount, the applicant must have had previous dealings with the bank in the lines of having a savings account, loan, credit cards, etc. Banks might recognise this when assessing creditworthiness and might give you a discount on interest.

What are the documents required to seek a personal loan application approval?

Most banks require similar documents for availing a personal loan. These include a photo ID card, signed application forms, address proof and a bank statement for the previous six months from the date of your application. Different documents are required for salaried individuals and self-employed individuals to show their income and employment statuses.

Do I need to open a bank account to service my loan?

Yes, an individual trying to avail personal loan should have a bank account to process the application. A required document to be submitted along with the loan application is the bank statement having a period of at least one year from the date of application. This allows the bank to assess transaction history and thus creditworthiness.

How do I stop executives from calling me to let me know about other loans?

Do Not Call Registry, a registry of numbers to avoid calling to advertise schemes is kept and maintained by most banks. To stop loan salespeople from calling, register your numbers on the registry using a call or SMS (START DND) to 1909. In case the calls do not stop, register a complaint to the Federal Trade Commision at complaints.donotcall.gov or 18883821222.

What is the best way to apply for a personal Loan?

The best way to apply loans is through services like Rubique where a complete comprehensive comparison of loan offers is available. With a few clicks, one can get a personalised quote from multiple banks, calculate EMI, know CIBIL scores and get assistance for all paperwork. Rubique offers all this and more completely free of cost.

What are the minimum and maximum amount of Personal Loan that I can get?

The minimum loan amount is Rs.15000, and the maximum loan amount is Rs.30 Lakhs in most banks and NBFCs. The maximum amount is decided by the bank using the credit history, debt-to-income ratio, income and employment status of the applicant. Most banks provide loans of up to Rs.15 Lakhs for incomes ranging from Rs.15,000 to Rs.25,000 per month.

What is the tenure for which I can avail a Personal Loan?

Usually, banks offer personal loan tenures ranging from 1-5 years depending on the amount borrowed or interest rate offered. Depending on the personal needs and requirements, banks offer flexible loan tenures to suit the borrower. The income and debt-to-income are deciding factors in fixing the loan tenure of applicants.

Can I Track my Loan Application?

Yes, banks and NBFCs allow loan application is tracking through online and offline channels. To check offline, visit the bank and fill in the necessary forms to make an inquiry. Tracking can also be done through phone via the customer care number of the bank. Online loan portals on the bank websites also allow loan application status inquiries.

Is my Data Safe with Rubique?

Absolutely! Rubique never reveals or uses your details for any improper uses. All data is used for loan application services or other banking services only. Data is secured using the best in class security systems in our secure storage. Rubique is strongly committed to protecting the privacy of its users.

Is Rubique Personal Loan Tool Free?

Yes, the Bankbaazar loan tool is completely free for use. Users can get personalised loan quotes, compare loan offers, get CIBIL scores, calculate EMI and get assistance in all your paperwork. Rubique also provides detailed blog posts and videos to assist you through the process and provide you with the right information.

Personal Loan Tips for you

Before applying for a personal loan, make sure you are aware of all the options in the market. Choose the loan scheme with the best EMI that is both reasonable concerning interest and affordable to your income. Avoid making payment defaults as this affects your credit scores and incurs huge fines.

How to avoid a Personal Loan rejection

To avoid personal loan rejection, maintain a good credit score greater than 750, preferably close to 900. Maintain proper documents and make sure they are in proper order before applying for personal loan. A good debt-to-income ratio, preferably less than 30%, should be maintained to improve your chances. Other details including income, transaction history, tax returns, etc. should be properly filed and documented.

Personal Loan Checklist

The following documents are required for all applicants when applying for a personal loan.

    a. Photo ID proof - Passport, pan card, voter’s ID card or driving license.
    b. Residential address proof - Passport, ration card or utility bills.
    c. Property ownership proof - Property documents, maintenance bills or utility bills.
    d. Documents for any existing loans including sanction letter and payment track record.
    e. Degree certificates (if any)
    f. Passport size photo - 1 colour photo
For a salaried applicant, the following documents are required.
    9. Income proof - Salary slips from the last three months and Form - 16.
    10. Job continuity proof - Current employment certificate, current job appointment letter or experience certificate (showing previous job certificates and relieving letters as well).
    11. Bank statement - For your salary account with last six months transaction history.
    12. Investment proof (if any) - Fixed assets, fixed deposits, securities or shares, etc.
For a self-employed applicant, the following documents are required-
    13. Office address proof - Property documents, maintenance bills or utility bills.
    14. Office ownership proof - Property documents, maintenance bills or utility bills.
    15. Business existence proof - Shop establishment act documents, tax registration copy, company registration documents or a three-year-old Saral copy.
    16. Income proof - Income tax returns for the latest two years including income computation, profit and loss account, balance sheet, audit report, etc. (include all possible documents)
    17. Bank statement - For both current and savings accounts including latest one year's transaction history
    18. Investment proof (if any) - Fixed assets, fixed deposits, securities or shares, etc.