Urban Money

Personal Loan

Dream vacation, emergency expenses or alternate loan repayments, Urban Money takes care of your financial health via instant personal loans. With a maximum limit of ₹50 lakhs, we ensure you get the lowest personal interest rate, starting at 8% p.a.

  • HDFC Bank
  • Personal Loan
Loan Amount:₹50K - ₹40L
Interest Rate:10.25% - 21%
Processing Fee: Up to 2.5%
Tenure:5 Years
Details
  • ICICI Bank
  • Personal Loan
Loan Amount:₹50K - ₹25L
Interest Rate:10.5% - 16.75%
Processing Fee: Up to 2.5%
Tenure:6 Years
Details
  • Axis Bank
  • Personal Loan
Loan Amount:₹50K - ₹15L
Interest Rate:10.25%
Processing Fee: Up to 2%
Tenure:5 Years
Details
  • IDFC FIRST Bank
  • Personal Loan
Loan Amount:₹50K - ₹40L
Interest Rate:10.49% - 23%
Processing Fee: Up to 3.5%
Tenure:5 Years
Details
  • YES Bank
  • Personal Loan
Loan Amount:₹1L - ₹40L
Interest Rate:Up to 10.75%
Processing Fee: 2% - 2.5%
Tenure:5 Years
Details
  • Fullerton India
  • Personal Loan
Loan Amount:₹50K - ₹25L
Interest Rate:11.99% - 23.99%
Processing Fee: 3% - 6%
Tenure:5 Years
Details
  • InCred Financial Services
  • Personal Loan
Loan Amount:₹75K - ₹15L
Interest Rate:11.49%
Processing Fee: Up to 2%
Tenure:5 Years
Details
  • Hero FinCorp
  • Personal Loan
Loan Amount:₹50K - ₹5L
Interest Rate:10.65% - 25%
Processing Fee: Up to 2%
Tenure:5 Years
Details
  • Standard Chartered Bank
  • Personal Loan
Loan Amount:₹1L - ₹6L
Interest Rate:11.49%
Processing Fee: Up to 2.25%
Tenure:5 Years
Details
  • Poonawalla Credit Pvt Ltd
  • Personal Loan
Loan Amount:₹3L - ₹10L
Interest Rate:Up to 9.99%
Processing Fee: 1% - 2%
Tenure:5 Years
Details
  • Kotak Bank
  • Personal Loan
Loan Amount:₹50K - ₹25L
Interest Rate:10.25%
Processing Fee: Up to 2.5%
Tenure:5 Years
Details
  • Bajaj Finserv
  • Personal Loan
Loan Amount:Up to ₹25L
Interest Rate:Up to 13%
Processing Fee: Up to 4%
Tenure:5 Years
Details
  • Tata Capital Financial Services LTD
  • Personal Loan
Loan Amount:₹75K - ₹25L
Interest Rate:10.99%
Processing Fee: Up to 2%
Tenure:6 Years
Details
  • Aditya Birla Finance Limited
  • Personal Loan
Loan Amount:Up to ₹50L
Interest Rate:13% - 28%
Processing Fee: Up to 2%
Tenure:7 Years
Details
  • CITI Bank
  • Personal Loan
Loan Amount:₹50K - ₹30L
Interest Rate:9.99% - 16%
Processing Fee: Up to 3%
Tenure:5 Years
Details
BanksInterest RateProcessing FeeLoan Amount/Tenure
Easy Apply
HDFC Bank

10.25% - 21%

Up to 2.5%

₹50K - ₹40L

Tenure(Up to 5 Years)

Details
Quick Approvals
ICICI Bank

10.5% - 16.75%

Up to 2.5%

₹50K - ₹25L

Tenure(1 - 6 Years)

Details
Quick Approvals
Axis Bank

10.25%

Up to 2%

₹50K - ₹15L

Tenure(1 - 5 Years)

Details
Easy Apply
IDFC FIRST Bank

10.49% - 23%

Up to 3.5%

₹50K - ₹40L

Tenure(1 - 5 Years)

Details
YES Bank

Up to 10.75%

2% - 2.5%

₹1L - ₹40L

Tenure(1 - 5 Years)

Details
Fullerton India

11.99% - 23.99%

3% - 6%

₹50K - ₹25L

Tenure(1 - 5 Years)

Details
InCred Financial Services

11.49%

Up to 2%

₹75K - ₹15L

Tenure(1 - 5 Years)

Details
Hero FinCorp

10.65% - 25%

Up to 2%

₹50K - ₹5L

Tenure(1 - 5 Years)

Details
Standard Chartered Bank

11.49%

Up to 2.25%

₹1L - ₹6L

Tenure(1 - 5 Years)

Details
Poonawalla Credit Pvt Ltd

Up to 9.99%

1% - 2%

₹3L - ₹10L

Tenure(1 - 5 Years)

Details
Easy Apply
Kotak Bank

10.25%

Up to 2.5%

₹50K - ₹25L

Tenure(1 - 5 Years)

Details
Bajaj Finserv

Up to 13%

Up to 4%

Up to ₹25L

Tenure(1 - 5 Years)

Details
Tata Capital Financial Services LTD

10.99%

Up to 2%

₹75K - ₹25L

Tenure(1 - 6 Years)

Details
Aditya Birla Finance Limited

13% - 28%

Up to 2%

Up to ₹50L

Tenure(1 - 7 Years)

Details
CITI Bank

9.99% - 16%

Up to 3%

₹50K - ₹30L

Tenure(1 - 5 Years)

Details

Compare Personal Loan

If your plans have been on hold, it’s time you enjoy them with Urban Money’s instant personal loan services. We help you avail fast-approved loans from top-notch banking and non-banking institutions in India with instant access to funds at the lowest personal loan interest rate (starting from 8% per annum). Savour the benefits of pocket-friendly EMIs with flexible repayment tenures ranging from 12-60 months. Compare and choose the best personal loan offers via our inbuilt personal loan EMI calculator.

Features and Benefits of Personal Loans

Given below are some of the features and benefits of personal loans:

  • No Security Required: Individuals do not have to provide any security or collateral for availing of a personal loan. This loan is usually approved on the basis of the applicant's creditworthiness. This depends on the credit score, employer reputation, credit history, and repayment capacity.
  • End-Use Flexibility: One of the most impressive features of a personal loan product is the flexibility in end-use. These loans can be availed to meet several expenses, such as home renovation, medical expenses, travel, etc. 
  • Flexible Tenures: Usually, lenders offer loan products with flexible repayment tenures ranging from 12 months to 60 months.
  • Hassle-Free Documentation: Individuals can make personal loan applications online as well as offline. The documentation process is comparatively quick and hassle-free. Some of the key documents that you must submit for a successful application are identity, income and address proof documents.
  • Quick Loan Disbursal: The personal loan amount can be deposited in the applicant's bank account within just a few hours of application processing. In the case of pre-approved loan offers, the turnaround time can be even lower.
  • Flexible Approved Amount: The personal loan amount approved for the applicant depends on their repayment history, age, profession, income, employer's reputation, and other such factors. Usually, lenders offer personal loans ranging from Rs. 10,000 to Rs. 40 lakhs.

In today's ever-changing financial environment, it is not uncommon for people to avail of a personal loan to meet their financial needs. One of the major reasons that people prefer a personal loan is that it is an unsecured line of credit for which the individual does not have to provide collateral. Anyone can obtain a personal loan from any bank or NBFC of their choice by just submitting the application and supporting documents.

Once the application is approved, the loan amount is disbursed in the applicant's bank account in less than 48 hours. Lenders usually sanction the loan application on several criteria, like repayment capacity, employment history, credit history, income and profession. These loans are also referred to as multi-purpose loans, as they can be availed to meet any of the immediate requirements.

Personal Loan Eligibility Criteria

The table given below details some of the basic eligibility requirements for obtaining a personal loan in India: 

Age 21 years to 68 years
Employment Type
  • Salaried
  • Business Owners
  • Student
  • Retired
  • Home-maker
  • Self-employed professionals
Employment Status Should be employed or in business for minimum 2-5 years
Minimum Monthly Income Over Rs. 5,000
Work Experience 1 to 3 years and above
Credit Score 750 or more
Maximum Existing EMI Less than 65% of monthly income

Factors Affecting Personal Loan Interest Rates

When you make repayments for a personal loan, you are required to pay a certain amount of interest as a part of your EMI payments. This amount depends on the interest rate you are charged for the loan. Given below are some of the factors that affect your personal loan interest rates:

Income

Your income is the basic component of what determines your personal loan interest rate. It is viewed as the universal truth that financially sound people with higher disposable income have a better repayment potential than people with lower income. Usually, people with higher and more stable incomes receive the lowest interest rates on their personal loans. On the other hand, people with bad financial histories are more likely to get higher interest rates.

Credit History

Credit scores play a crucial role in your personal loan approval. In the case of personal loans, it not only determines your eligibility but also affects the loan interest rate. Usually, credit scores are a reflection of the financial history of the individual in terms of existing debt, income, repayment history, and borrowing pattern. A higher credit score increases the lender's trust in the borrower's financial behaviour, even granting them loans at lower interest rates.

Employer's Status

Since personal loans are generally unsecured lines of credit, lenders verify a number of factors that establish the borrower's creditworthiness. Your employer or the company you are employed in plays a key role in it. This is because applicants being employed by a reputed organization are viewed as being more financially stable and capable of making timely payments. Such applicants may also get better lending terms and conditions. 

Debt-to-Income Ratio

Let's assume that the applicant is employed in a renowned organization and earns a high salary, but the majority of the applicant's income is diverted towards debt repayment. In such cases, the volume of the existing debt is sure to have an adverse effect on the personal loan interest rates.

A debt-to-income ratio can basically be defined as the ratio of all existing debts divided by the total income. Having a high debt-to-income ratio generally means that the applicant is already under high repayment debt, and the lender may charge a higher interest rate.

Rapport With the Lender

If the applicant has been a trusted and loyal customer of the lender, they might get a preferential interest rate. This is because a long and constant relationship might inculcate a sense of inter-dependability. This trust is simply not built overnight, it requires a long period of trustworthy and responsible behaviour on the part of the customer. The better the relationship, the more the chances of getting a loan on favourable terms. 

Default History

Similar to how a credit score works, if a lender finds a history of default in the applicant's credit report, it might lead to higher interest rates or even application rejection. Usually, lenders sanction loans to the applicant's with no defaults over the last 12 month period.

Documents Required for a Personal Loan Application

We at Urban Money are dedicated to making your loan disbursal process as easy and smooth as possible. You will need to submit a few documents to complete your loan application process. The process is not very paperwork intensive, however, the documents differ for salaried and self-employed individuals. Let's take a look at the documents required for both these cases:

Common Documents

Given below are some of the common documents required for completing a personal loan application:

  • Identity Proofs: Voter ID, Passport, Aadhaar Card, Driving License.
  • PAN Card.
  • Signature Proofs: PAN Card, Passport, etc.
  • Address Proofs: Ration Card, Rent Agreement, Passport Copy, Aadhaar Card, Utility Bill, Voter ID Card.
  • Bank account statement from last six months.

Salaried Individuals

Given below are the documents required for salaried people to complete their personal loan application:

  • Salary slips from the last 3 months.
  • Form 16 or ITR returns.

Self-Employed Individuals

Given below are the documents required for self-employed people to complete their personal loan application:

  • P&L account and balance sheet from the previous 2 years.
  • ITR from the last 2 years.
  • Business Proofs, like GST Number, Registration Certificate, License.
  • TDS Certificate, Income Tax Challans or Form 26 AS for declared income in ITR.

FAQs

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

How does a personal loan work?

A personal loan can be availed when you need an unsecured line of credit. Once you complete and submit your personal loan application, it is approved and verified by the lender. After the verification process, the loan amount will be disbursed to the applicant’s bank account. At the beginning of the tenure, you will be required to repay the loan in pre-decided EMI payments.

What is the maximum amount of loan I can get?

The maximum loan amount that can be sanctioned for you depends on the monthly income and various other factors. However, there are numerous lenders in the country that offer as much as Rs. 40 lakhs.

What is the minimum salary needed to apply for a personal loan?

The minimum salary requirement for a personal loan application varies from lender to lender. However, most lenders prefer that the applicant should be drawing an income of at least Rs. 15,000. If you are living in a metropolitan area, the minimum salary requirement is between Rs. 20,000 to Rs. 25,000.

Do personal loans offer tax exemptions?

Yes, personal loans offer tax exemptions if the amount is being used for home renovation, business expansion or education purposes.

What should I do if my personal loan application is rejected?

If your personal loan application has been rejected, it is either because of a low credit score or because you do not meet the basic eligibility requirements. Taking steps to improve your credit score can go a long way in future application approvals.

Get your latest Credit Score, FREE

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