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All Personal Loan deals
| Bank | Loan Amount | Rate Of Interest | Processing Fees | Tenure | Action | |
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50000 - 1500000 | 11.25% | 2% | 1 - 5 Years | Apply | |
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50000 - 4000000 | 11.25% | 2% | 1 - 5 Years | Apply | |
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50000 - 1500000 | 11.99% | 2% | 1 - 5 Years | Apply | |
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100000 - 3000000 | 10.99% | 2% | 1 - 5 Years | Apply | |
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50000 - 4000000 | 15.50% | 2% | 1 - 5 Years | Apply | |
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100000 - 2000000 | 13.99% | 2% | 1 - 5 Years | Apply | |
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100000 - 2000000 | 14% | 2% | 1 - 5 Years | Apply | |
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What is personal loan?
Personal loans offered to people who are qualified to practice their trades as professionals are called Professional loans. The professionals include architects, engineers, journalists, dentist, accountants, management consultants, etc. Meant to help self employed professionals scale growth and heights, professional loans can be used for purposes such as a purchase of equipment, construction, working capital among others. Our associated banks provide the best offers and competitive interest rates to professionals.
How it works?
The Fund Mytra have partnered with respected banks and financial institutions to provide you a wide spectrum of personal loan options. We have been working with a matchmaking algorithm which will assist you in selecting the best options from the range of options available.
The offers are disclosed before to help you make a better decision by comparing the important features like processing fees, interest rates and tenure. Our experts will also help you in the further documentation process including the picking and submission of documents to the related financial institutions. You can also avail your complete loan journey by logging into the ‘My Accounts’ section.
Personal loan home page: Avail the customized deals and discounts tailored just for you!
Types of Personal Loans offered in India
Wedding Loan
Most people want their wedding day to be memorable and pull out all the stops to achieve their dream and that is where the wedding has become a costlier occasion in India.
Wedding loans are given out by banks to help you make your big day more special and memorable. The would-be bride, groom or any of the family members can avail the wedding loan.
Home Renovation Loan
As the name itself indicates, Home renovation loans helps you take care of your home repairing cost, on the other hand increasing the economic value of your house on the real estate market.
Festival Loan
India is a land of festivals with each region celebrating the list of festivals in their own style. But with festivals come expenditure, more the expenditure if you are planning to organize something big. Festival loans help you tide over these expenses. Usually, the limit for festival loans is Rs.50,000.
Consumer Durable Loan
Consumer durable loans are generally provided to buy consumer goods such as television, refrigerator, washing machine etc. Under this scheme, you can avail a loan of up to Rs.2 lakh from the respective banks.
Pension Loan
Alike name, Pension loans are exclusively for retired personals. With that note, the usual eligibility criteria don’t apply in this special scheme. According to this scheme, some banks provide 7 to 10 times the amount of pension the pensioner drew the month previous to submitting the loan application.
Personal Computer Loan
looking at how these days owning a computer has become a basic need, some banks have come up with a special scheme for loans to buy personal computers. The bank will provide you up to Rs.1 lakh to buy a computer in addition to it you can also opt for an additional loan of up to Rs.20,000 to buy software programs.
Holiday Loan
Designed especially for holiday travelers who are keen to travel and make the moments memorable, you can travel around the world and pay the bills later with holiday loans. Adding on holiday loans often come with the added benefit of travel insurance where you get protected on all fronts as well.
Personal loans
For Any personal needs. Choose a right one here
Apply for personal loan at Fund Mytra
If you think a bank is the right place to get a personal loan, you are partially wrong. Banks will have little or no incentive or offers to provide you as such of an online loan provider. Not only the loan through online, but you can also compare different bank terms, processing charges, interest rates, eligibility criteria, documentation process and other important details.
We at Fund Mytra, provide a personal loan at competitive interest rates selected from different banks and institutions. Fund Mytra act as a single window system wherein customers can research and compare the terms, interest rates and other required details of many banks and financial institutions.
FAQ's about Personal Loan
What is a Personal Loan?
A Personal Loan is an unsecured loan that is usually given by banks or a Non-Banking Financial Company (NBFC) to customers on the basis of a few things like income, age, credit history and employment history. This is an unsecured loan which means you don’t have to provide the lender with any collateral like property/gold to avail it. This type of loan is taken to fulfil your personal needs. In some cases, you might need to provide collateral.
Does a Personal Loan have a minimum amount to be borrowed?
Well, this totally depends on the bank. And the minimum amount that can be borrowed will also vary from bank to bank. However, you can avail a Personal Loan for a minimum amount of Rs. 15,000.
What is the maximum amount of Personal Loan I can get?
Again, this amount will vary from each lender. But most banks will provide you a loan for up to Rs. 25 lakhs. This will also depend upon the applicant based on their credit history, income and repayment capacity. There are banks that do provide Personal Loans for amounts up to Rs. 40 lakhs as well. But this purely depends on the bank and the customer’s eligibility.
What is the tenure for a Personal Loan?
The tenure for repayment is generally set from 1 -6 years.
What are the documents required for a Personal Loan?
- Photo ID and age proof
- Signed Application form with a photograph
- Residence proof
- Bank statement from the last six months
The above are the general documents. However, if you are salaried, then you need to provide these as well:
- Salary slips from the last three months
- Form 16 or your Income Tax returns
If you are self-employed then you need to provide the lender with these documents:
- Income Tax returns from the last three years with income computation
- Balance sheet and Profit and Loss account which is CA certified or audited from the last three years
What about interest rates?
Every loan comes with an interest that is payable to the lender. A certain percentage is set on the principal amount by banks or the NFBC. Usually, the percentage is anywhere from 10.85% to 37%.
Will my loan have a processing fee?
A processing fee is a charge that you will have to pay when your loan gets disbursed. Usually, it is a fixed sum or a small percentage of the entire loan amount. Most banks are transparent about these fees and you can find out about it by checking the loan details before applying for it.
How is the EMI calculated?
Your Personal Loan Equated Monthly Instalment (EMI) is calculated by taking into account these four things:
- Loan Amount
- Loan Tenure
- Interest Rate and Processing Fee
- Amortisation details
So, if you want to quickly check on how much EMI you would have to pay on your Personal Loan, then you can use this EMI Calculator to do the same. Click here.
Do Personal Loans need a Guarantor?
In most cases, a Personal Loan does not need a guarantor as it is an unsecured loan. That said, some banks may insist on having a guarantor.
Can I pre-pay my Personal Loan?
Repaying your loan before the tenure is called pre-payment. Whenever a customer is ready and willing to repay their Personal Loan, they can do so by intimating the bank about their wish.
Will pre-paying my Personal Loan have any charges?
Some banks do levy pre-payment charges on Personal Loans. It can either be a standard amount or a percentage of the total loan amount. This will depend on the bank and its policies it follows. Although, it may not be such a bad idea for you to check with your bank in advance about these charges.
How long does it take for a Personal Loan to get disbursed?
The responsibility of disbursing a loan lies solely with the bank. And this is further dependent on the verification of documents that you submit, your eligibility and other factors. However, if you were to apply for a Personal Loan through FundMytra, the process is completely paperless and the application is instant.
Is there a balance transfer facility available on Personal Loans?
A Personal Loan balance transfer is nothing but transferring your loan to another bank for another rate of interest. This can also be done if you want to switch from your current loan to another loan within the same bank. Again, the balance transfer facility is available only with a few select banks and the rules, procedure and policies may not be the same with all banks.
What happens when I default on a Personal Loan?
For starters, this is not the best way to go forward once you’ve taken a Personal Loan. However, if you do default on your loan for whatever reason, there will be consequences. The most damaging one will be to your credit history and it will affect your Credit Score. And when your Credit Score dips, you will not be considered for loans or Credit Cards in the future. Even banks blacklist customers who have defaulted on loans or who have a very low Credit Score.
Always remember that a Personal Loan is a responsibility and is very useful during when you’re facing a cash crunch. Hope we have answered all your queries! So, don’t just sit there go on and explore the many options we have in store for you.