Edelweiss Financial Services Personal Loan
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.
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Check Edelweiss Financial Services Personal Loan Eligibility
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
- 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]
- 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|
|Kotak Mahindra Bank||10.25%|
|IDFC First 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: firstname.lastname@example.org
Need Loan Assistance?
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Edelweiss Financial Services's Other Products
Personal Loan By Other Banks
- Axis Bank Personal Loan
- Bank of Baroda Personal Loan
- HDFC Bank Personal Loan
- ICICI Bank Personal Loan
- Bajaj Finserv Personal Loan
- IndiaBulls Personal Loan
- Canara Bank Personal Loan
- CITI Bank Personal Loan
- DHFL Personal Loan
- YES Bank Personal Loan
- Union Bank of India Personal Loan
- Federal Bank Personal Loan
- IndusInd Bank Personal Loan
- State Bank of India Personal Loan
- IDFC FIRST Bank Personal Loan
- Punjab National Bank Personal Loan
- Hero FinCorp Personal Loan
- IDBI Bank Personal Loan
- Kotak Bank Personal Loan
- Deutsche Bank Personal Loan
- Shriram Urban Co Operative Bank Limited Personal Loan
- Tata Capital Housing Finance Limited Personal Loan
- InCred Financial Services Personal Loan
- Standard Chartered Bank Personal Loan
- Punjab & Sind Bank Personal Loan
- Reliance Capital Personal Loan
- Ujjivan Small Finance Bank Personal Loan
- Indian bank Personal Loan
- Capital First Ltd. Personal Loan
- Muthoot Finance Ltd Personal Loan
- RBL Bank Personal Loan
- Clix Capital Personal Loan
- Aditya Birla Finance Limited Personal Loan
- L&T Finance Personal Loan
- Loantap Credit Products Private Limited Personal Loan
- Paysence Service Pvt Ltd Personal Loan
- Poonawalla Fincorp Limited Personal Loan
- Fullerton India Personal Loan
- Tata Capital Financial Services LTD Personal Loan
- IIFL Finance Personal Loan
- Bank of India Personal Loan
- DCB Bank Personal Loan
- Bank of Maharashtra Personal Loan
- karnataka bank Personal Loan
- AU Small Finance Bank Personal Loan
- karur Vysya Bank Personal Loan
- HDFC Sales Personal Loan
- FT Cash Personal Loan
- HSBC Personal Loan
- MoneyWide Personal Loan
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.
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