Personal Loan

Key Highlights of Personal Loan

• The current lowest personal loan interest rates start from 10.50% p.a.
• Compare 100+ personal loan banks at ShahCommnications and choose the best one.
• Check fees & charges of all top banks offering personal loans in India.
• Get a flexible tenure of 36 to 84 months to repay the loan.
• Submit an online loan application and get instant loan approval.
• Personal Loan amount can be used for any personal purpose, including marriage, education, medical emergency, shopping, travel, etc.
• No collateral or security is required as personal loans are unsecured loans.
• You can get a personal loan through the best instant loan app in India or online lending marketplaces.

Best Banks & NBFCs Offering Personal Loan

Features & Benefits of Personal Loan

• The rate of Interest: The rate of interest on personal loans starts at 10.50% depending on your credit score, income, and other factors.
• Loan amount: You can get a loan for as low as ₹20,000 and as high as ₹1 Cr depending on eligibility.
• Loan tenure: Personal loans are available for 12 to 60 months on average.
• Security: No collateral required as personal loans are unsecured.
• Loan turnaround time: Quick approvals — some within 48 hours of application.
• Processing fees: Usually around 3.5% of the loan amount (varies by bank).
• Prepayment penalty: Charged if repaid early, typically 1–2% of the outstanding amount.

Types of Personal Loan

Here are the different types of personal loans available in India:

• Travel Loan: Designed for travel lovers — also called vacation or holiday loans. Covers travel expenses, often with travel insurance.
• Wedding Loan: Helps cover wedding expenses like venue, catering, or honeymoon. Avail for yourself or family members.
• Festival Loan: Short-term loans for festival celebrations, parties, or related expenses.
• Consumer Durable Loan: For buying electronics and home appliances such as TVs, refrigerators, or washing machines.
• Pension Loan: Offered to retirees to cover medical or daily expenses. Usually a few times the applicant’s monthly pension.
• Home Renovation Loan: Used for home improvement, repairs, or purchasing renovation materials.
• Education Loan: Covers tuition fees or academic expenses, including studying abroad.
• Computers and Mobile Phones Loan: For purchasing gadgets like laptops, computers, and smartphones — some lenders include insurance.

Eligibility Required for Personal Loan

*Personal loan eligibility criteria may differ from bank to bank.

Documents Required for Personal Loan

Factors Affecting Personal Loan Eligibility

• Income: Higher income increases your eligibility for a larger loan amount.
• Employment Type: Salaried individuals in reputed companies are preferred by lenders over self-employed applicants.
• Credit Score: A score of 700 or above increases approval chances and offers better interest rates.
• Work Experience: Longer job or business stability builds confidence in repayment capability.
• Debt-to-Income Ratio: Too many existing loans reduce your repayment capacity.
• Age: Applicants between 21 and 60 are generally eligible. Younger applicants have a longer repayment period.
• Employment Stability: Frequent job changes can negatively affect eligibility.

How to Apply for a Personal Loan

Applying for a personal loan through ShahCommnications is quick and hassle-free. Follow these steps:

1. Visit the official website and click on the Personal Loan section.
2. Fill out the online form with basic details such as name, mobile number, city, income, and loan amount.
3. Compare offers from multiple banks and NBFCs instantly.
4. Choose your preferred lender based on interest rate and eligibility.
5. Submit required documents online for verification.
6. Once approved, the loan amount is credited directly to your bank account.

Important Points to Keep in Mind

• Check your credit score before applying to improve approval chances.
• Compare interest rates and processing fees from different lenders.
• Ensure your loan tenure is suitable for your repayment capacity.
• Avoid submitting multiple applications at the same time, as it may reduce your CIBIL score.
• Keep all necessary KYC and income documents ready to speed up processing.