How to Apply Online for an Instant Personal Loan?

How to Apply Online for an Instant Personal Loan?

 

A Personal Loan is the easiest to obtain compared to all the other loans. The eligibility criteria is straight forward. There is not much documentation to obtain. Many banks disburse the loans on the same day of completion of all documentation formalities. The regular turnaround time for a Personal Loan is not more than 72 hours in almost all the banks. Hence, you have people resorting to Personal Loans in an emergency.

Banks Interest rate (%) Processing fee
Allahabad Bank 8.55% – 13.05% 1.06% of loan amount (Minimum Rs. 1068)
Andhra Bank Clean Loans: 11.70% – 13.20% Not available
Bank of Baroda 11.55% – 16.55% 2% of Loan amount (Minimum: Rs.1000 to Maximum Rs.10,000)
Bank of India 12.10% – 14.10% up to 2% of loan amount (Minimum Rs.1000 to Maximum
Rs.10,000)
Bank of Maharashtra 11.50% – 12.50% 1% of the Loan Amount (Min.:Rs.1000)
Canara Bank 11% – 14% 0.5% of the loan amount (Minimum Rs.1000 and Maximum Rs. 5000)
Central Bank of India 11.60% Rs. 500 + S.T
Corporation Bank 12.85% – 13.85% 1.50% (Min. of Rs. 500)
Dena Bank 13% – 14% 1% of loan amount
IDBI Bank Limited 10% – 12.75% up to 1% of the loan amount + applicable taxes
Indian Bank 10.65% – 11.25% 0.51% on loan amount with a max. of Rs. 510
Indian Overseas Bank 11.95% – 13.70% 0.50% (Upto Rs. 5,00,000)
0.75% (Above Rs. 5.00.000)
Oriental Bank of Commerce 10.25% – 12.25% 0.50% of the loan amount with a minimum of Rs. 500 + Service tax, if any
Punjab & Sind Bank 12.80% – 14.05% 1% of the loan amount
Punjab National Bank 12.05% – 15.05% 1.80% of loan amount (Rs. 270 – Rs. 450)
State Bank of India 11% – 17.05% up to 1% of the Loan amount
Syndicate Bank 12.65% – 13.65% 0.50% of the Loan amount with minimum of ` 500
UCO Bank 11.40% – 11.65% 1% of loan amount (minimum Rs.750)
Union Bank of India 13.65% 0.50% of the loan amount, subject to minimum of Rs. 500, plus applicable GST.
United Bank of India 13.95% – 14.20% 1% of the loan amount sanctioned
Vijaya Bank 12.55% – 13.55% Processing charges: up to 0.75% of loan amount + GST.
Axis Bank Ltd. 15.75% to 24% 1.50%-2.00%+GST
Bandhan Bank Ltd. 15%-18.55% 1%+GST
Catholic Syrian Bank Ltd. 12%-19% 1% of loan amount subject to minimum of Rs.250
City Union Bank Ltd. No Information available on website No Information available on website
DCB Bank Ltd. They do not provide PL They do not provide PL
Dhanlaxmi Bank Ltd. 10.40%-10.90% Upto 2.5% of loan amount subject to minimum of Rs.1250
Federal Bank Ltd. 11.49%-14.49% 0.50% of loan amount subject to minimum of Rs.500
HDFC Bank Ltd 11.25%-20% Upto 2.5% of loan amount subject to minimum of Rs.1999
ICICI Bank Ltd. 10.99%-22% Upto 2.25% of loan amount+GST
IndusInd Bank Ltd 10.50%-30.50% Upto 2.5% of loan amount subject to minimum of Rs.1000 plus taxes
IDFC Bank Ltd. Rates not available on website (As per our info- 10.99%-15%) Upto 2% of loan amount
Jammu & Kashmir Bank Ltd. They provide Consumer Loans They provide Consumer Loans
Karnataka Bank Ltd. 12.70% 0.50% of loan amount subject to minimum of Rs.250
Karur Vysya Bank Ltd. 15.90% 0.40% of loan amount
Kotak Mahindra Bank Ltd 10.99%-24% Upto 2.5% of loan amount+GST
Lakshmi Vilas Bank Ltd. Do not provide Personal Loan  
Nainital bank Ltd. Website not updated  
RBL Bank Ltd. 11%-26.25% Upto 2.5% of loan amount
South Indian Bank Ltd. 11.55%-14.45% 2% of loan amount
Tamilnad Mercantile Bank Ltd. 14.80% 1% of loan amount
YES Bank Ltd. 11.25%-17.5% Upto 2.5% of loan amount subject to minimum of Rs.999

 

How Do You Apply for a Personal Loan Online?

There are two ways of Applying for a Personal Loan Online – One way is to apply at the official website of the respective bank or NBFC (Non-Banking Financial Company). The other convenient way is online through MyMoneyMantra.

 

Best Personal Loan Offers Online

 

Applying Directly to Banks

Almost all the banks have facilities where you can apply online. You have to submit the details that the banks require. Usually, under such circumstances, you would be maintaining the savings account with the bank. Hence, there would not be any need for submitting the KYC documents.

You can enter the income details to check out your eligibility. Once you do that, you can proceed to apply for an instant Personal Loan online.Some of the private banks and the top PSU (Public Sector Undertaking) banks have facilities where they provide online in-principle sanctions. The banks then contact you to submit the copies of the income documents. The bank calls for the credit history while processing your documents. If you have a good credit score somewhere in the region of 700 and above, banks do not find any problem in approving Personal Loans to your maximum eligibility.

Banks provide the sanction letter listing out the terms and conditions of the sanction. You have to pay the processing fees, accept the terms of the sanction, and complete the documentation formalities. The banks disburse the Personal Loan amount directly into your savings account maintained with them. You can utilise the funds for your personal requirements. There is no need to disclose the end use of the funds. There is also no requirement of furnishing any collateral when you avail the unsecured Personal Loans. It is one of the fastest ways to obtain an instant Personal Loan in an emergency.

Online Loan Service Providers

You can also apply for your instant Personal Loans through the website of authorised loan service providers like MyMoneyMantra. There are specific advantages when you apply for loans through this channel. The benefits of doing so are:

  • You have a variety of choices before you. You can compare Personal Loan products of various banks and choose the one that suits you the best.
  • You can also go through the various promotional offers of the banks, especially during the festival seasons when the banks offer rebates in the rates of interest and waive processing fees.
  • Applying for your instant Personal Loans is an easy process at MyMoneyMantra.
  • You can check out the Loan EMI calculator to determine your future liability.
  • MyMoneyMantra has specialised personnel to help you in assessing your profile. They can guide you in approaching the right lender depending on your credit score. They can also help you with the documentation process.

The Process of Applying for a Personal Loan through MyMoneyMantra

Apply for your Instant Personal Loan on MyMoneyMantra by providing the following information:

  • Indicate the nature of your employment or profession or business
  • Enter your name and residential address
  • Choose your residential city from the list of options before you
  • The system will seek details about your current employer or business
  • Provide the necessary information about your income
  • Indicate the amount of loan you are looking for
  • Furnish your mobile number to enable MyMoneyMantra to contact you

 

On submitting the above information, MyMoneyMantra will help you to:

  • Choose the relevant instant Personal Loan product
  • Lodge your application with the respective bank

The bank will process your loan application and verify the information submitted by you. It can also ask for additional information. On approval of the loan, you will get the terms and conditions along with the provisional sanction letter. You have to read and accept the terms and conditions of the sanction before proceeding to complete the documentation process. You can thus see that applying for a Personal Loan is a simple process. It is one of the best ways to get instant finance, especially in an emergency.

 

Also Read: Can You Take Multiple Personal Loans at the same time?

 

To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.

Talk to our Loan Specialists toll-free at 18001034004 to know more about our products and offers.

 

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