Apply for Personal Loans Online in India | L&T Finance (2024)

FAQs

Which site is best for personal loan in India? ›

Tip: A stable income, high credit score and low DTI ratio increase the odds you'll be approved for a personal loan. However, some personal loan lenders will consider other criteria, such as your educational background or employment history, when reviewing your application.

The most common reason a lender may reject your Personal Loan application is low income. If your income is less than the minimum income requirement set by the lender, the lender may reject your loan request. For instance, most lenders require that your net monthly income should exceed ₹25,000.

HDFC Bank offers pre-approved loans to customers in 10 seconds flat*. Non – HDFC Bank customers can get loans in 4 hours. If you've wondered how to get an instant loan, wonder no more.

Axis Bank 24x7 Loans offer you an end-to-end digital, instant and simple process to avail funds depending upon your need.

What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.

Existing loans. If your business has already taken up loans, especially unsecured loans, banks and finance companies are likely to declare you ineligible for a new loan due to your existing repayment obligations.

What credit score is needed for a personal loan? ›

Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan.

If you need the money now, there might be other ways to borrow, such as credit unions, employer salary advance schemes or Community Development Finance Institutions. But it's important to avoid being tempted to take out high-cost credit that you might be able to get but would struggle to afford, such as payday loans.

You won't have to face any hassle in getting a personal loan of ₹10,000 with KreditBee. The entire process, from loan approval to verification, is simple and does not take longer than 10 minutes. When your loan is approved, the funds will be immediately deposited directly into your bank account.

For Rs 5 lakh personal loan, the EMI for 1-year loan tenure at an 11.99% rate of interest per annum is ₹ 44,442, 2-year tenure is ₹ 23,534, 3-year tenure is ₹ 16,605, 4-year tenure is ₹ 13,164 and 5-year tenure is ₹11,120. Disclaimer: These are approximate EMI calculations, actual numbers may vary.

The minimum CIBIL score for a personal loan is between 720 and 750. Having this score means you are creditworthy, and lenders will approve your personal loan application quickly. They may also offer you your chosen loan amount at a nominal interest.

Dhani Loans is a digital lending platform that offers personal loans ranging from ₹5,000 to ₹15 lakh with an interest rate of 13.99% to 34.99%. It is known for its wide range of loan options, competitive interest rates, and quick approval process. Key Features: Wide range of loan options.

Starting at 9.47 percent, Bandhan Bank offers the cheapest interest rate on personal loans of Rs 1 lakh that come with a repayment tenure of four years. The equated monthly installment (EMI) will be Rs 2,592. Private sector lender IndusInd Bank offers an interest rate starting from 10.49 percent on personal loans.