Personal Loan EMI Calculator
Personal Loan Eligibility
- To be at least 21-years old
- A healthy credit history
- A salaried or self-employed individual
- Net monthly (take-home) income >= 10,000 in your bank account
- Loans processed ₹20,391 Cr
- Satisfied customers 3,72,953
- Citywide Presence 1536
Types of Personal Loan
Instant Personal Loansare usually pre-approved loans with instant disbursals. These loans are usually offered by banks and NBFCs to their select customers on the basis of their credit
Short-term Personal Loanshave short repayment periods ranging from a few days to 12 months.
Pre-approved Personal Loansare usually offered by banks and NBFCs to their existing customers on the basis of their credit history, income, employer’s profile, etc.
Personal Loan for Educationis for individuals requiring funds for pursuing higher education in India and abroad, vocational courses, etc., and are unable to get a conventional education loan.
Personal Loan Balance Transferfacility allows borrowers to transfer their outstanding personal loan to a new lender for lower interest rates or better loan terms. However, opt for this facility only when the savings made through the transfer outweighs the cost of the loan transfer.
Personal Loan Top Upis offered to existing personal loan borrowers who need additional funds to meet their financial requirements. This loan facility is usually offered to select borrowers having satisfactory loan repayment history and/or have completed a specified number of EMIs.
Consumer Durable Loanscan be used to purchase any consumer durable items like smartphones, furniture, microwave, etc. The purchase amount gets divided into EMIs and can be repaid within the tenure decided. Some products may require a down payment or a processing fee while others may not.
Frequently Asked Questions
What are the documents required for a Personal loan?
Depending on your credit profile, you may be required to provide KYC documents, such as proof of identity and current address, if deemed necessary. Additionally, you will need to input your banking information. It is advisable to have the necessary documents and proofs readily available when making your application.
What happens if I can't repay my personal loan?
The outcome may vary depending on the specific lender you have chosen. In general, if you miss 2-3 EMIs (Equated Monthly Installments), it could result in a default being recorded in your credit history. This could potentially pose challenges in obtaining loans in the future.
Can I repay my personal loan early?
Absolutely! It is indeed possible to prepay your personal loan. Typically, lenders do impose a nominal foreclosure fee, but they generally allow borrowers to make early repayments and settle the loan ahead of schedule.
How long does it take to get a personal loan approved with Rupyy?
With Rupyy, you can experience the convenience of having your personal loan swiftly approved and disbursed right after completing the hassle-free instant VKYC process.
What is the maximum amount I can borrow with a personal loan?
With Rupyy, you have the opportunity to secure a loan amount of up to 5 lakhs. By simply applying for a loan, you can promptly and effortlessly check your precise loan offer, ensuring you have access to the information you need without delay.
What is the eligibility criteria for a personal loan?
The eligibility criteria for a personal loan typically includes factors such as age, income, employment status and more. You can click here for more information on our specific eligibility requirements.
Disclaimer: Rupyy is an online loan aggregator and is authorized to provide services on behalf of its lending partners. The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing. This includes the rate of interest as well as the processing fees, documentation fees and other fees charged during the loan process. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges. The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.