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FinMy is your own Financial guide helping people achieve their personal needs with hassle free personal loans.

How it works

Apply online at Finmy Personal Loan - Step 1

Apply online

Apply online for free. We just need some basic details about you and your business and aim to get you approved in minutes.

Or call us on +91 858 887 7733 and we can assist you in getting your application underway.

Apply online at Finmy Personal Loan - Step 2

Receive your decision

You will be provided a decision in minutes – no paperwork, no waiting, no commitment.

Our fees are transparent and easy to understand so that you know exactly how much needs to be repaid.

Apply online at Finmy Personal Loan - Step 3

Get funded

Business funding of ₹ 20,000 to ₹ 1,000,000 - we aim to have the funds in your bank account within 24 hours.

Repay in standard installments over 6 months. Or choose to pay early with no penalty fee!

Things to remember when taking personal loan from private banks in India

Personal Loans are a fast and easy way to secure finance when you face a situation where you find yourself in a sudden need of funds. There are various private players in the market offering this unique financial product at competitive rates and additional benefits.

No Collateral Required: Personal loan is an unsecured loan which means a loan offered without keeping any assets (e.g., house or car) as collateral. These loans are offered on the basis of an applicant's credit history, income details, age, etc

Multipurpose Use: Unlike other loan options, personal loan can be used as per the requirements of a borrower without any preconditions. It can be used to overcome any financial constraints, which may arise due to a medical emergency, debt accumulation, sudden travel plans, house renovation, etc.

Flexible Tenure: In personal loan, borrowers get flexible tenure of up to 5 years to repay the loan amount, thus, making it more preferable than other credit options such as credit card loans or gold loans.

Simple Documentation Process: To apply for a personal loan minimum documentation is required and is often approved within 48 hours of submitting an application.

Flexible Quantum of Loan: Based on a borrower’s repayment history, monthly income, age, profession, employer and other such factors, lenders offer personal loan for requirements as low as Rs. 10,000 to as high as Rs. 40 lakhs, depending on the concerned lending institution. Any Indian citizen be it a salaried professional or self- employed individual is eligible for a personal loan. Since the loan is unsecured, therefore, the lending risk factor involved in these loans increases considerably. To reduce the same, there are a few eligibility criteria that must be met primarily to get a loan. The eligibility criteria might differ from one lender to another; however, there are a few basic eligibility criteria that are common for most lenders.

Some of the factors on which the eligibility criteria are based are given as follows

Repayment Ability: Applicant should have worked for an organisation or been involved in a business for a certain number of years.

Income: Applicants should have the lender stipulated monthly repaying capacity or minimum salary.

Age: Applicant must qualify for the applicant age bracket defined by the lending institution

Credit Score: Applicant should have the bank specified minimum credit score and good credit history.

Existing EMIs: Applicant should not have any other loan liabilities or must have strong ability to take additional debts.

The table given below summaries the basic eligibility criteria required by most banks and NBFCs for individuals requesting a personal loan:

Do's

  1. Know your credit score before applying for personal loan
  2. Research different personal loan offers to get the best deal
  3. Read the fine print carefully
  4. Pay your loan installment full every month
  5. Borrow what you can repay

Don'ts

  1. Submitting multiple applications to get a personal loan
  2. Going for the first loan offer that comes your way
  3. Partially paying your loan installment
  4. Missing the due date of your loan installment
  5. Asking for a loan amount as per what you want rather than what you need
  6. Signing the loan-related documents without properly reading or understanding them

You can apply for personal loans for ‘n’ number of reasons. Some of them are stated as follows:

At the time of financial or medical emergency: Personal loans are disbursed quickly, therefore, they are best suited for financial emergencies. Since they can be used for any purpose, you can avail it to fund big medical expenses.

1.When you wish for less documentation: To apply for personal loans, you require minimal number of documents. Therefore, its documentation process is simpler and faster than many other secured loan options.

2.When you want money to fulfill multiple purposes: If you want money to fulfill multiple financial commitments, apply for personal loans. Unlike for many secured loans,

3.To consolidate your debts: Finding difficult to track multiple loan and credit card EMIs? If yes, you can consolidate them by taking a personal loan. Doing so will not only making repaying debts easier but also will save on the interest amount.

4.When you do not have collateral: If you do not have collateral or do not wish to put your collateral at risk, apply for personal loans as these loans are unsecured, which implies that it does not require collateral.

The approval on your personal loan application depends on various factors. Some of them are as follow:

Credit score: Your credit score reflects your creditworthiness. Therefore, lenders consider it before sanctioning loan application. Higher the credit score better will be your chances of getting the loan application approved.

1.Income: Since, personal loans are unsecured loans, therefore, its eligibility criteria is more stringent than secured loans. Your income will give assurance to lenders that you will be able to repay the borrowed amount without fail. If your income is not sufficient, the lender will not approve your loan application.

2.Employment stability: Stability is yet another important factor which gives lenders an assurance that the borrower will repay the loan on time. If the loan applicant is a job hopper then he/she will not get loan as lender will not have confidence whether the borrower will have steady income to repay the amount on time.

3.Age: Most banks and NBFCs offer loan amount to people between 21 to 60 years of age. The younger you are, the more will be the chances of getting the loan approval.

4.Outstanding debt: Personal loan approval also depends on whether you already have an outstanding debt or not. If you have an outstanding debt, then the lender might reject your loan application or might approve loan of a lesser amount.

Factors that Affect Personal Loan Interest Rate
Different banks and non-banking financial companies offer different interest rates for personal loans. As of now personal loans are available in India from 10.99% onwards. The rate of interest applicable to a specific person depends on various factors.

Some of the major factors are explained as follows:

1.Credit History: Your credit history helps lenders analyse your repayment behaviour. If youhave a poor credit history, you will get personal loan at higher interest rates.

2.Income: For lenders your income is an assurance of repayment. Therefore, the more you earn,lesser will be your personal loan interest rate.

3.Employer: When examining your loan application, lenders also consider the reputation of the organization you work with. You can enjoy lower interest rates on personal loans if you are associated with a well-known and stable organization.

4.Lender-customer Relationship: If you are planning to apply for personal loan with the bank you have an account with, your good relationship with your lender can also help in getting you lower personal loan interest rates.

In addition to the rate of interest, borrowers must also consider other charges such as pre-processing fees, foreclosure charges, etc. before applying for personal loan.

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