Personal Loan

What is a personal loan?

A personal loan is a loan from a person to fund any personal expenses such as wedding, renovation of the home or even a vacation. In contrast to many other kinds of loans, the use of the borrowed amount is not restricted-the borrower is fully entitled to make use of the money for any purpose he wants. Personal Loans are the loans that are offered to eligible people who have reasonable pay from the listed companies. Personal loans are usually provided by Banks and NBFC’s (Non-Banking Financial Company). Specifically loans are distributed without any collateral security; simply there is no risk on your own property.

Personal Loan & Interest Rate Ranges

Interest Rate 11.75% - 24.00%

Offer Features

Processing Fee Range :Up to 2%

Loan Amount : 30L Max

Tenure Range : 1-5 Years

Interest Rate 11.75% - 16.99%

Offer Features

Processing Fee Range :Up to 2%

Loan Amount : 30L Max

Tenure Range : 1-5 Years

Interest Rate 11.25% - 16.99%

Offer Features

Processing Fee Range :Up to 2%

Loan Amount : 30L Max

Tenure Range : 1-5 Years

Interest Rate 11.25% - 16.99%

Offer Features

Processing Fee Range :Up to 2%

Loan Amount : 30L Max

Tenure Range : 1-5 Years

Interest Rate 12.99% - 19.00%

Offer Features

Processing Fee Range :Up to 2%

Loan Amount : 30L Max

Tenure Range : 1-5 Years

Interest Rate 12.99% - 20.00%

Offer Features

Processing Fee Range :Up to 2%

Loan Amount : 30L Max

Tenure Range : 1-5 Years

Interest Rate 11.25% - 18.00%

Offer Features

Processing Fee Range :Up to 2%

Loan Amount : 30L Max

Tenure Range : 1-5 Years

Interest Rate 11.49% - 16.99%

Offer Features

Processing Fee Range :Up to 2%

Loan Amount : 30L Max

Tenure Range : 1-5 Years

Apply online for personal loans at the very
lowest interest rate in Chennai

Instant Approval

Even after going through all the hectic processes to apply loan, it is hard to convince the bank manager to get an approval for the sanction of loan. This is different here, we assist you from the scratch to get approval.

Immediate Bank Transfer

Customers can get the personal loan done with simple steps. We strive to transfer your personal loan amount to your account instantly within a minute. Our staffs are ready to get you back anytime.

No Hidden Costs

Unlike other places we have no hidden charging of costs for any of your transactions and other activities. Customers can enjoy free services and facilities for all the processes to they wish to make for loan approval.

Simple Documentation

The documentation process are really simple that wouldn’t require any complicated procedures, customers are required to have minimum documents in order to get the approval of the loan.

Flexible Loan Facilities

Loan facilities are designed in a way that is very flexible for the customers. Many of the schemes and facilities are introduced by keeping the beneficiaries in mind. These facilities are indeed a boon for the customers.

Loans up to 60 lakhs

Customers can apply for loans upto 60 Lakhs, all you need to do is to leave us a message or do visit us. We are here to assist you in all aspects, so that you may have a successful life by endeavoring your dreams.

The purpose of personal loan

Personal Loan is commonly referred to as any purpose loan that may be used to fulfill various legitimate personal needs, including:-

    1. Self-higher education, children, etc.
    2. Family marriage
    3. Festival expenses
    4. Vacation trips
    5. Medical emergencies
    6. Furnishing or house renovation
    7. Buying high-end consumer goods
    8. Buying high-end lifestyle products.

Personal Loan Interest Rates and Loan Amount:

The interest rate depends primarily on:-

Company where the prospective borrower is working on the borrower’s credit history. The bank may reject the personal loan if any credit card or loan has been defaulted on the borrower’s past dues.

The maximum amount of the loan depends on the income of the prospective borrower and his ability to serve the loan and can go up to Rs. 60 lakhs. The final amount of the loan depends on host of other factors such as regular fixed expenses, existing repayment of loans, etc.

Types of Personal Loans

Personal Loan Types

There are two attractive characteristics of a personal loan:

Full end-use flexibility

No restrictions exist as to how you should spend the loan. This in contrast to a house loan or a car loan where the loan sum can be used only to purchase a property or a vehicle. You can use the money in any way you like.

Failure to provide collateral

A personal loan is an unsecured loan, which means you are not required to provide the lender with any security in the form of cash, shares or other assets. This could make it more attractive for some clients, who might not be able to collect the cash needed as collateral.

Unsecured and secured Loan Explained:

Both loans have different EMIs that can be calculated using an EMI calculator for the personal loan. The borrower’s assets such as a house, plot of land or LIC policy support a secured loan and the lender has the right to seize the loan if it isn’t fully or promptly repaid. However, an unsecured loan does not require securities or support and is granted on the basis of the borrower’s creditworthiness. Personal loans are generally of the unsecured type.

Unsecured Personal Loan: an unsecured personal loan is more attractive than a secured loan, since you don’t have to worry about the confiscation of your property if you fail to repay your loan. The main drawback with an unsecured loan is, however, that you are likely to pay interest higher than a secured loan would pay.

Secured Personal Loan: A secured personal loan is often used to purchase a vehicle and requires a loan security asset. The benefit of a loan secured is that, generally speaking, the interest rate on the loan is lower than an unsecured loan as the banks perceive it to be less risky. With a low interest rate, you would get lower EMIs which you can calculate using an EMI calculator for personal loans and, if you had problems with your past financial record, it is generally easier to secure a loan.

Why should Press4loans apply for a personal loan?

For all your financial needs, Press4loans is a one-stop solution. We’re trying to provide you with the best services in nature that are trouble-free and fast.

We provide a comparative analysis of what various banks offer for your personal loans and assist you with your final decision.

Here are a few reasons for you at Press4loans to apply for a personal loan:

Press4loans offers 24* 7 services to all its customers. At any time of day you can contact us and we will do our best to get back to you as quickly as possible.

In addition, the process of approving personal loans is rapid and rapid in nature. For any grievances, complaints or feedback, you can simply write to us at support@Press4loans.com.

Customer needs in the foreground our priority is your needs. We promise to provide you with best-in-class services. We try to give you the most personalized experience in the handpicking of personal loans based on customer profile. The services are free of charge for all our customers.

Compare Online Offers

You can compare financial institutions’ different offers to make the right call. In fact, as per your eligibility requirements, we help you find the best lender. For each customer who helps him / her select the bank of his / her choice, there is a personalized relationship lender.

Our customer support team is efficient and rapid to clear your doubts concerning eligibility for personal loans, procedures, offers, documents and reimbursement options. On behalf of you, we even contact the respective lender.

Check your Personal Loan Eligibility

Most banks / NBFCs provide personal loans but have different eligibility requirements. There are, however, some criteria common to all financial institutions.

The eligibility criteria for the online approval of personal loans to employees and self – employed persons are:

Age: 18/21 years – 60/65 years

  1. Employment Type:
    Salaried
  2. Self-Employed professionals

Credit score: 750 or above with a good credit history

Minimum Net Income (Monthly):

  1. ₹15,000(non-metro cities)
  2. ₹20,000( metro cities)

Loan Amount: Up to ₹50 lakhs depending on the credit profile

Work Experience:

  • Salaried
    • Employed at current company for at least 6/12 months
  • Self-Employed
    • Business tenure of at least 3 years (continuous)
    • ITR of last 3 years

The common documents required for personal loans are given below:

For employees

  1. Proof of identity & age
  2. PAN Card
  3. Proof of residence-Passport driving license, Voter ID, postpaid bill payment / landline bills (electricity / water / gas)
  4. Last 3 months (preferably your salary account) bank accounts
  5. Salary Last 3 months slips
  6. Form 16 or Income Tax Returns of last 3 years

For self-employed persons:

  1. Identity and age proof
  2. Fully filled in photograph
  3. Personal loan applications.
  4. PAN Card
  5. Residence proof-driving license for passports, Voter IDs, post-payment / landline bills, utility bills (electricity / water / gas)
  6. The last 3 months of the bank statements (preferably your wage account)
  7. Over the last three years, income tax returns with income calculation.
  8. CA Certified / Audited Balance and Profit & Loss Account Last 3 years.

Personal loans are generally of two types,

  1. Secured Personal Loan
  2. Unsecured Personal Loan

Secured Personal Loan

Secured personal loans that are secured against securities mortgage, high surrender value insurance policies, gold, etc., and another is unsecured personal loans that do not require you to mortgage anything.

Unsecured Personal Loan

You do not need unsecured personal loans to provide collateral security, although some PSU banks may insist on a third party guarantee. Any short-term requirement such as overseas trips, marriage, medical emergencies, etc. can be financed with unsecured personal loan. The only condition is not to use the personal loan for speculative purposes.

Personal loan is a simple trouble-free process of financing your personal needs with minimal documentation and quick time. In India, banks finance personal loans as well as Non-Banking Financial Corporation (NBFC).

Calculate your EMI / Month or year

EMI plays the most important factor when you are planning to apply for a personal loan. Whether the EMI fits into your monthly budget or not can help you decide on your personal loan. This is where an EMI calculator for personal loan can help you.

A loan calculator will help you to achieve the following results:

Monthly Payment – EMI you pay on monthly basis
Total interest payable – Total loan interest
Total amount to be paid – The total amount of the principal and interest

Interest rates for personal loans

Interest Rates Rage: 10.75% – 35%

Processing Fee: Differs from bank to bank

Loan Tenure: 12 months to 60 months

Loan Amount: ₹100000 – ₹50 lakhs

Pre-closure Charges: Differs from bank to bank

how can we help you?

Chat with our Personal Loan agents or submit a Loan inquiry online for Immediate support.

Press4loans really helped me getting my personal loan quickly. Their timely document collections & their fantastic transparency in loan processing helped us tracking their work progress easily.

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Divya S
Sales & Marketing, TixeGeek
Apply your Personal Loan needs Online
Getting personal Loan from any bank is quite easy!
Contact us for your personal loan needs

When should I select a personal loan?

If you need money quickly and relatively short-term, a personal loan is a good alternative. The disbursement of the loan may be relatively faster than for most other Loans, since documentation is not required for the purpose of the loan. For example, for a home loan you must obtain the legal documents related to the title document of the property, all government approvals necessary and other supporting documentation.

Since you are free to use your personal loan for any purpose, no documentation is required for this purpose. If you have no assets to guarantee a loan as collateral, a personal loan may be a good option. To secure their cash, lenders will examine your credit and reimbursement history to determine whether you are a low-risk client and decide to accept your request.

What is the typical personal loan amount and loan period?

There is no common amount of loan and the loans can be between Rs.10,0 000 and Rs.60 lakhs. The amount that you apply for a personal loan must be in line with your ability to make repayments. The final amount of the loan approved, of course, depends on the loan criteria used by the bank / NBFC and how you evaluate your repayment ability.

Personal loans are relatively short-term loans for tenure, and the tenure can range from 1 to 5 years. This is in contrast to, for instance, home loans which can be reimbursed for decades.

What is the main factor in approving an application for a personal loan?

Your credit score and credit report are the most important factors to determine whether or not your personal loan is approved. What does that mean?

Three credit rating agencies or credit agencies are authorized by RBI to produce credit reports and credit results. They collect and maintain records of all credit activities with banks, credit card companies and other official lenders. These lenders report on all your credit transactions on a monthly basis. This includes details of your EMI and payments by credit card (including late or missed payments), balance, any changes to your total credit limit and all other details related to creating your credit profile.

A complex mathematical formulation is used to calculate your credit score on the basis of all these data. This score reflects your past and present lending behavior and provides potential lenders with a snapshot of their lending value. If you have a good record of completing all your payments, your score tends to be high. If you have a history of payments default or excessive credit, your credit score will have a negative impact.

How does a credit report play a role in sanctioning a personal loan?

Since you don’t guarantee a personal loan to the bank / NBFC, the lender risks losing money if your payment defaults. This is why lenders analyze your credit report (CIR) or credit report to assess your credit record and to track your repayment behavior over the years. This provides them with an idea of your credit discipline and enables them to assess whether you are a high-risk or low-risk client. An overall responsible loan conduct which shows a consistent record of repayments on time is a key factor for lenders to approve a personal loan application.

Minimum Credit Score

It is generally advisable to qualify for a personal loan with a credit score of 750 or higher. The higher your score, the more likely you are to be approved. As an initial step, lenders typically look for a minimum loan score of 750 before deciding whether to proceed with the application. Since personal loans are not guaranteed by a security deposit, lenders will examine your credit history to determine whether you can be trusted to meet your obligation.

A credit score of 750 indicates that over a significant period of time the customer has demonstrated consistent track records of timely repayments. Lenders are assured that such customers are not at high risk of payment default and are more prepared to accept the personal loan.

My credit score is less than 750. Am I eligible for personal loan?

There is no guarantee that you’re approved for a loan at any given point. Your chances to be approved however are much higher if you have an overall score of 750. At the same time, a score slightly lower than 750 doesn’t necessarily mean your application is refused.

Below are some likely results of your application for your personal loan:

Credit scores 300-599 – You are not entitled to a personal loan. A low score in this area is a warning to lenders that you do not have a good credit history. Most lenders will immediately reject your application. You have to take immediate steps to reconstruct your credit health and improve your score to the level where you are eligible for a loan.

Credit scores 600-749 -Although it’s not a high score, some lenders could agree to it. You might be prepared to examine other factors, such as the stability of your job, your annual salary and the extent of your other liabilities. If they think that despite your score, they are able to meet your reimbursement burden; your application will be approved. However, it is advisable to increase your score to 750 if you plan to apply for a personal loan. In addition, before you apply for the loan, you should raise your score so that you can benefit from attractive terms and conditions for customers with good credit score.

Credit scores 750 and above –You are very likely to get a loan with such a score. A high score has several other benefits: the acceptance process will be much faster; the loan amount could be larger; and you could negotiate a lower rate of interest. The whole process of loan approval is much easier if you have a high credit rating.

What other factors, apart from credit history, influence the approval of a personal loan?

    1. Your work is also an important factor in the process of loan approval. As personal lending customers do not offer collateral, lenders have to ensure that they have a consistent monthly income throughout the lending period that enables you to make regular repayments. That is why you pay special attention to your employment status. You’ll see if you have a stable job and have been in the same job for some time. If you have a long history of often changing jobs, you may not easily be approved for a personal loan because it means that you might not have a stable and predictable salary over the loan period and you may not be able to pay regularly. It may be a good idea to work at least one year in advance of applying for a personal loan.
    2. Another important factor is your annual income. Again, the banks want to make sure that they have enough revenue (salary and other sources) that they can make your monthly repayments, as there are no collateral. The higher your income, the higher your chances of a personal loan will be.
    3. Your EMI record of payment is also important. Lenders will check your credit report if you have shown consistently financial discipline and a timely pattern of EMI payments. If you see your payments on a regular basis and fulfill your debt obligations, you will be inclined to see your application for your loan more favorably.

Which factors affect the personal loans interest rate?

It is important to note that personal credit is the most costly credit in the formal system of consumer banking. Since they are’ unsecured’ they incur the highest interest rates, and the bank / NBFC has no default safeguard. There are a few factors influencing the interest rate on a personal loan

Amount of a loan compared to your annual income: If the loan is a small proportion of your annual income, your rate will tend to be lower. Instead, if your loan amount is a high proportion of your annual income, lenders may not be confident that you are able to pay back, and may insist that the loan rate is higher.

Credit report and credit score: Because this is an unsecured loan, lenders are especially aware of your past credit behavior to assess your ability and willingness to pay. Generally speaking, the higher your credit score, the better you get the interest rate. The lenders are confident that you have a good record of meeting your debt obligations and can negotiate a lower interest rate with them.

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The best personal loan varies from borrower to borrower. A credit profile contains credit, monthly income, employer, type of job and so on. All the factors mentioned above are considered to be the best personal loan.

Personal Loan FAQs:

Whether it’s wedding charges, home renovation or a health emergency, a personal loan may be your answer to the immediate financial needs since it’s easy to get, quick in payments and doesn’t require collateral.

You must fulfill the following eligibility requirements to receive a personal loan:

Age: 18/21 years – 60/65 years

Employment Type:

  1. Salaried
  2. Self-Employed professionals

Credit score:  750 or above with a good credit history

Minimum Net Income (Monthly):

  • ₹15,000(non-metro cities)
  • ₹20,000( metro cities)

Loan Amount: Up to ₹50 lakhs depending on the credit profile

Work Experience:

  • Salaried
    • Employed at current company for at least 6/12 months
  • Self-Employed
    • Business tenure of at least 3 years (continuous)
    • ITR of last 3 years

When deciding on your credit score, personal loans play an important role. The effect of missing an EMI personal loan on your credit score may be adverse. One of the reasons for the same is that personal loans in nature are unsecured.

Personal loan approval has become instantaneous due to digitization. However, due to the documentation process, the disbursement could take 5 – 7 days.

There are no things like best personal loan. Each borrower must find the lender best suited to his / her needs. To do this, you can either offline compare the different lenders or apply to platforms like Press4loans that help you select the lender according to your needs.

Naturally, you can early pay off a personal loan. This is known as a personal loan prepayment.

The rate of interest on a personal loan ranges from 10.75% to 35%, which varies from lender to lender.

When examining a personal loan application, banks consider the following factors:

  1. Age
  2. Income on a monthly basis.
  3. Score of credit
  4. History of credit
  5. Documents

The best interest rates for personal loans depend on a customer’s credit profile. A client must have a good credit score, a consistent source of income, should be paid / self – employed in order to get the best rates.

The minimum wage for obtaining a personal loan is about ₹15,000 non – metro towns and about ₹20,000 for metro towns.

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