Compare Personal Loan Interest Rates from Top Banks in India
Minimum paper work
Repayment tenure up to 4 years
Part prepayment facility
Quick processing and speedy disbursal
Minimum paper work
Apply for Personal Loan Online with Rubique – How It Works?
We have partnered with leading banks and NBFC's to provide you a comprehensive range of personal loan options. Our unique matchmaking algorithm ensures that we match your requirements with available options and provide you the best results.
Offers are displayed sequentially to help you compare key features like interest rates, processing fees, tenure and features. So, you can make an informed decision.
Once you have compared and found the loan that is best suited to your requirements, you need to fill a detailed online application form. This is required to check your eligibility and process your application.
We also help you with end to end fulfilment, including documentation pick up and submission to the respective financial institutions. You can track the entire journey of your application by logging in to \"My Accounts\" section.
FAQ on Personal Loan in India
How can I apply for personal loan?
You can do it online or by contacting our call centre.
If you apply online by filling in a brief form, you will get an in-principle approval on your query because we have partnered with several banks. This ensures faster turnaround time for your requirement.
Our unique matchmaking algorithm ensures we match your requirement with the available options and share the result.
One of our experts will contact you to provide information about available options and process your application. We will also arrange to get your documents and other paperwork picked up from you.
If speaking to someone makes it’s easier for you, you can contact us at 1800-266-0299. One of our experts will contact you to provide information about available options and process your application.
You can choose to send us your query by filling in a basic form with your requirement. One of our experts will contact you to provide information about available options and process your application.
How do I know if I am eligible for personal loan?
The eligibility criteria varies across banks and NBFCs. Generally, individuals need to fulfil these basic criteria:
If you are salaried:
You must be between 21 and 58 years old You must have worked a minimum of 12 months with your current employer
If you are self-employed:
You must be between 21 and 65 years old You must have worked a minimum of 3 years in your current business or profession
The ability to repay the loan is one of the main factors that determine your eligibility for a loan. Other criteria include tenure of loan, company you work with, your credit history and sometimes your place of residence.
How do I know my personal loan eligibility amount?
Ideally, you should borrow only as much as you can pay back in a comfortable manner. The EMI of your loan should preferably not exceed your disposable income, which is your monthly take-home after deducting household expenses and existing EMIs for other loans.
What is the difference between fixed and floating interest rates?
When you avail for loan at a fixed interest rate, it will remain the same throughout the tenure, irrespective of market performance. With a floating interest rate, market fluctuations will determine increase or decrease of interest rates. In most cases, personal loan will be offered at a fixed interest rate.
What is the standard interest rate on personal loans?
It ranges from 14% to 28%, depending on an individual’s profile, and the bank or institute’s offering.
What are the minimum and maximum amounts that can be issued as a personal loan?
Personal loans are available in the range of Rs 15,000 to Rs 10 lakhs.
What is the maximum tenure of a personal loan?
Most banks and NBFC’s provide a personal loan for 12 months to 5 years (60 months).
Can a personal loan be applied for with a co-applicant?
Yes. All you have to do is specify so in the application form. Having a co-applicant increases the chance of getting a higher loan, depending on their profile, income and obligations.
How long does processing of loan takes?
A loan approval process can take anywhere between 48 hours to one week, depending on the documentation. The disbursement of the loan is done on completion of all paperwork including submission of ECS (Electronic Clearing System) and / or PDC (Post-Dated Cheques). Rubique additionally provides ‘In-principle Approval’, which speeds up the processing time.
How can I compare loans from different providers?
All you have to do is complete the eligibility form on Rubique and gain access to customized quotes from a number of loan providers. You can browse, compare interest rates, EMIs, repayment charges and processing fee and make an informed decision.
What if my loan application is rejected due to some reason?
Before submitting your application, we scrutinize your documentation and mitigate any probability of a rejection. However, in case your application is rejected, our loan experts ensure your application is processed through another bank/ NBFC.
How do I pay my monthly EMI?
For monthly payments, banks may request for an Electronic Clearing System (ECS) form to be signed by you linking your salary or operational account. Besides ECS, at the time of applying for the loan, banks may ask you to submit post-dated cheques. Do clarify your ECS debit date with the bank so you can ensure sufficient balance for payment clearance.
What pre or post-payment charges I should consider while taking a loan?
The tenure to repay the loan ranges from 1 to 5 years. In case of early payment of loan, pre-payment charges may apply. This could go up to, as high as 5% of the principle outstanding (balance loan amount), and it may vary depending on the borrower’s credit profile as well as the bank’s policies.
How will I receive the money after disbursement?
The amount will be credited to your bank account.
Is a guarantor necessary?
Typically not but some lenders may demand one. For more details, you can visit our product browser section.
What happens if I default on an ECS payment?
Firstly, you will be levied a fee for late payment.
Secondly, all your loan transactions and credit card payments / defaults are collected by Credit Information Bureau of India Ltd (CIBIL). Defaulting on a loan or credit card will show up poorly on your credit history. This could pose a problem when applying for a loan in the future.
What is Credit history?
It basically records your repayment of past loans and credit card bills. The Credit Bureau of India Limited (CIBIL) maintains credit history and it is important that you have a good credit score with CIBIL if you wish to avail a loan in a hassle-free manner.
Will I be charged by Rubique for services offered?
No. The services offered by Rubique are completely free of charge.