Personal loan is the obvious choice if you need a finance for Personal finance, Medical emergency, Wedding purposes, Abroad travel, Holidays, Child education and for buying consumer durable things. Means if you have a requirement of money so personal loan is the best choice.

Personal loan Eligibility

1. Minimum per month Income of Rs.18500 in Metro cities required.
2. Minimum per Month Income of 12500 required in other cities like Tier 1, 2 & 3. Age Must be above 21 Years.
3. Regular Source of Income with Valid proof of income like - Pay Cheque, Account Transfer. Cash salary is not considered by any bank.
4. Minimum 6 Month stability in current company for Salaried, 2 Years ITR for self-employed / Professionals.
5. CIBIL SCORE must be above 750 points.

Personal loan Interest Rates 2019

Interest rates on any loan plays an important part so always choose the lowest one is beneficial. Personal loan interest rates for most of the banks starts from 11.59% to 22.00%. Some banks offer special interest rates to its customer on the basis of Company, Profile, Residential status, Income per month. Banks offer lowest rates to only CAT A based company employees.

Personal Loan for Self Employed

Almost all banks offers personal loan to self-employed persons on the basis of business stability & last 2 or 3 years Income tax returns. Interest rates are also on the higher side for the comparison to salaried people.

• Maximum loan amount avail upto 15 lakhs.
• Maximum tenure period is 5 Years.
• Mandatory bank account, Part payment option is not available for self employed borrowers.