Urban Money

Edelweiss Financial Services Personal Loan

Edelweiss Financial Services
4.5

Edelweiss is an investment and housing finance major, offering myriad services and solutions to customers. Edelweiss offers various investment advisory and other options for customers in multiple categories.

OTP Send

Enter 6 Digit OTP

We have just sent a verificaton code to
Mobile XXXXX

Check Edelweiss Financial Services Personal Loan Eligibility

+91
Company Name
bt svg
Urban Money

Personal Loan Banks

Interest Rate

Processing Fee

Loan Amount/Tenure

Edelweiss Financial Services Personal Loan Interest Rate

17% - 26%

Up to 2%

₹2L - ₹20L

Tenure(0 - 4 Years)

Details

Features of Edelweiss Personal Loan

Headquartered in Mumbai, Edelweiss, also known as Edelweiss Broking Limited, is a reputed financial service company. Being a renowned NBFC, it not only offers a wide array of products to support seasoned and budding businesses but also unsecured personal loans catering to salaried professionals. With swift processing, minimal documentation and flexible tenure, Edelweiss Personal Loans are one of the best loan products to avail whenever in need.

  • Low-Interest Rates: Edelweiss has low-interest rates compared to other NBFCs and ranges from 15% to 31.50% per annum.  
  • Easy Application Process: The 'Apply Online' option on Edelweiss' official website helps you apply for a loan in just a few simple steps. It also does not require much paperwork or documentation.
  • Quick Loan Approval: If all of your documentation is correct, Edelweiss will authorise your loan in less than a day.
  • Affordable Processing Fees: The processing fees are very affordable while availing of ECL Personal Loan. When other NBFCs charge somewhere between 3% to 5% for processing fees, Edelweiss Personal Loan only charges 2% for processing fees.
  • Loan Period: Tenure of your loan matters the most while availing of a personal loan, especially while determining the rate of interest for your loan amount. The rate of interest is directly proportional to the tenure of the loan. If you take a loan for a small period of time, your rate of interest will be lower than if you take one for a longer period of time.
  • Pre-Closure Charges: ECL Personal Loan has a 4% foreclosure or pre-closure charge. If you repay your personal loan before the end of the term, you will be charged an additional 4% of the outstanding principal.
  • No Guarantor: Many loan providers require a guarantor before approving a loan. However, ECL Personal Loan does not require a guarantor to approve your loan.
  • Check Loan Eligibility Online: You can verify your Edelweiss personal loan eligibility online via their official website.

Benefits of Edelweiss Personal Loan

  • Edelweiss Personal Loan has a maximum loan limit of Rs 20 lakh for their customers who wish to avail of their personal loan.       
  • An applicant can also use their Aadhaar to get an E-Kyc and eSign for loan processing which is comparatively a faster process for loan approval.
  • The ECL Personal Loan offers appealing features and is disbursed within 24 hours.  
  • You can repay your ECL Personal Loan online with the use of an online facility.
  • There are no additional hidden charges; therefore, you only pay the interest rate that you see.
  • There is no minimum lock-in period.
  • Customers can also avail of the benefit of free balance transfer; therefore, they can consolidate their existing loans with high interest at no additional charge.
  • Customers can check their Edelweiss Personal Loan eligibility online in just 90 seconds.
  • Throughout the documentation and application submission process, a dedicated relationship manager will assist you.

Eligibility Criteria of Edelweiss Personal Loan

Individuals interested in applying for an Edelweiss Personal Loan must meet the following eligibility criteria:

  • You should work as a salaried employee full-time, part-time or on a contract basis (subject to certain terms and conditions).
  • The borrower must be at least 21 years of age.
  • You should be able to make at least Rs.18,000 every month.
  • Applicants should have a minimum of six months of work experience in their present organisation and a total of two years of work experience in total.
  • This loan is available to residents of the following cities: Mumbai, Nagpur, Pune, Ahmedabad, Indore, Vadodara, Delhi NCR, Udaipur, Chandigarh, Kolkata, Lucknow, Bengaluru, Jaipur, Hyderabad and Chennai.
  • Applicants should have a CIBIL score of 650 or higher.

Edelweiss Personal Loan Fees and Charges

Particulars Charges or Fees (taxes separately applicable)
Processing Fees Up to 2% of the loan amount
Charge for Late payment 24% per annum
Cheque Swap Charge Up to Rs 500/- Per Swap
Document Retrieval Charge Up to Rs 500 plus applicable taxes
Stamp Duty & other statutory Charges As per state laws
Cheque Bounce Charge Rs 500 per bounce 
Conversion Fee Up to 1.5% of the outstanding loan amount
Foreclosure Charge/Part-Prepayment Charges 4% of the outstanding principal amount
Duplicate Statement Issuance Charge Rs. 500 per document
Cheque Pick up Charge Rs. 150 per pickup 

Edelweiss Personal Loan Interest Rates

The rate of interest offered on the Edelweiss Personal Loan ranges from 15% to 31.50% p.a. It has a fixed rate of interest, which means that your interest rate will be the same for the entire repayment tenure.

Factors Affecting Edelweiss Personal Loan Interest Rates

The multiple factors that affect the interest rates of Edelweiss Personal Loan are:

  • Credit Score: Lenders always prioritise the credit score when looking into the borrower's profile. A credit score above 650 can fetch you an Edelweiss Personal Loan at low-interest rates.
  • Loan Tenure: The interest rate also depends on how long a tenure you choose to repay your Edelweiss Personal Loan. The longer the tenure, the more the interest rate and vice versa.
  • Income of the Borrower: One of the factors that ensure lenders that you are a trustworthy borrower is your repayment capacity, which is directly tied to your earnings. So, the more your income, the greater the chance of you getting a personal loan from Edelweiss at lower interest rates.
  • Employer's Status: Banks and NBFCs also consider the company/firm you are employed in when scrutinising your profile. If you are employed in a reputed organisation, the chances of getting lower interest rates for your loan amount heightens.
  • Relationship with the Lender: A healthy relationship with the lender always helps augment the chances of you getting your desired loan amount at lower interest rates. 
  • History of Defaults: If you have not paid your credit card bills or delayed in paying your previous loan EMIs then you would become a defaulter. Banks and NBFCs, in such cases, either reject loan applications or furnish high-interest rates. So, while applying for a loan, it is always advised that you not be a defaulter and maintain a healthy credit history.

Documents Required for Edelweiss Personal Loan

Check out the documents required for an Edelweiss Personal Loan below. 

  • Identity and address proofs like:
    • Copy of passport
    • Voter ID card
    • Driving licence
    • Aadhaar
  • Bank statement of the latest 6 months
  • Salary slips of the latest 3 months
  • Passport size photograph

How to Calculate the EMI for Edelweiss Personal Loans?

You can use the Urban Money Personal EMI Calculator online to calculate your equated monthly instalments for Edelweiss Personal Loan. All you need to do is enter your loan amount, interest rate and tenure, and the result will be displayed on your screen.

For a manual calculation of your personal loan EMIs you can use the following formula.

EMI = [P x R x (1+R)^N]/[(1+R)^N-1] 

Here,

  • EMI is Equated Monthly Instalments
  • R is Rate of Interest
  • N is Number of monthly instalments
  • P is Principal Loan Amount

How Does Edelweiss Compare with Other Lenders?

Banks and NBFCs Interest Rates per annum
Edelweiss 15%
L&T Finance 24%
SBI 9.60%
HDFC Bank 10.25%
ICICI Bank 10.25%
Kotak Mahindra Bank 10.25%
Bajaj Finserv 13.00%
Tata Capital 10.99%
Deutsche Bank 24.00%
IDFC First Bank 10.49%
Clix Capital 14.99%
Axis Bank 10.25%
PNB 7.90%
IndusInd Bank 10.49%

Edelweiss Personal Loan Customer Care Number

For any query or information regarding Edelweiss Personal Loan, you can contact their customer care executives by the following methods.

  • Call on: 1-800-1026371 (Monday – Friday 10 a.m. to 5 p.m.)
  • Mail on: homeservice@edelweissfin.com 

FAQs

From refinancing to reducing your interest, we have the answers right here.

What is the minimum salary for a personal loan?

The minimum monthly salary required to apply for an Edelweiss Personal Loan is Rs. 18,000 per month.

What is the interest rate of a personal loan is Edelweiss?

The interest rate for an Edelweiss personal loan ranges from 15% to 31.5%. You will be informed about the exact rate of interest once you select the loan amount and the tenure of repayment.

What are the benefits Edelweiss provides on their personal loan?

Edelweiss offers multiple benefits to their personal loan customers, including balance transfer, low-interest rate, transparent and fast procedure, no hidden charges, etc.

Does Edelweiss have a fixed rate of interest on a Personal loan?

Yes, Edelweiss has a fixed rate of interest on a personal loan for salaried individuals. They cannot opt for floating rates of interest on their borrowed loan.

Does Edelweiss check for CIBIL Score for a personal loan?

Yes, Edelweiss checks your CIBIL Score for a personal loan application approval. You must have a CIBIL score of 650 – 850 to get your loan sanctioned.

Get your latest Credit Score, FREE

Related Articles

Get in-depth knowledge about all things related to loans and your finances

RBI Repo Rate 2022 Hike For the Fourth Consecutive Time
Shiv Kumar GuptaOct 01, 2022

RBI Repo Rate 2022 Hike For the Fourth Consecutive Time

The Reserve Bank of India (RBI) increased the Repo Rate by 50 basis points, making it clock at 5.90%. In the previous five months, interest rates rose by 190 basis points, making this the fourth consecutive increase i

Read More
Buying a Property: Get Familiar with Circle Rate and Market Rate
Satish PrajapatiSep 30, 2022

Buying a Property: Get Familiar with Circle Rate and Market Rate

Are you planning to purchase a property or invest in one? Well, that can be a tricky task, but you can choose to make an informed real estate investment decision. To make an informed decision, you must get acquainted wit
Read More
Home Loan Insurance
Satish PrajapatiSep 26, 2022

Home Loan Insurance

Picture your child running to you with a landscape drawing of your home amidst the mountains where the sun shines high and bright. You smile as a home loan allows the dream of owning a house to come true, and the home

Read More