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

FAQs

How easy is it to get a personal loan in India? ›

To avail of the HDFC Bank Personal Loan, all you need to do is submit the loan application form.On meeting the eligibility critieria, you will get an offer with the sanctioned amount, tenure of loan and interest rate.Once you accept the offer, funds are transferred to your bank account instantly.

However, whether your needs are planned or unplanned, it's important to know the amount of time you must wait for approval. Personal loan approval time can take anywhere between a few days to a few weeks and is dependent on the type of lender you choose and their lending policy.

Online lender

Most online lenders will fund your loan within three business days of approval. That said, the process may take longer if there's any inaccurate information or something missing from your application. Same- and next-day funding are commonly advertised.

For salaried professionals, the minimum salary requirement set by most lenders is Rs. 15,000 or above. Note that individuals with a minimum salary of Rs 25,000 are preferred by lenders. In case of self-employed individuals, lenders usually require gross annual income of Rs. 2 lakh or more.

An NRI borrower can avail personal loan amount of up to Rs 10 to Rs 30 lakh from Indian banks. This amount can vary depending on the lender.

Minimum CIBIL score for a personal loan

Typically, the higher your CIBIL score, the better. However, the minimum CIBIL score for quick unsecured personal loan approval is 750. It indicates that you have experience managing credit responsibly and will make payments on time.

The Loan approval process at ICICI Bank is simple, quick and instant. Once a customer's Personal Loan is approved, it takes only 3 seconds for the amount to be disbursed into your Account.

HDFC Bank offers a Personal Loan to pre-approved customers in just 10 seconds. For others, it usually takes about 4 days. As an already existing customer, you can apply via NetBanking on the HDFC Bank website, through an ATM or Loan Assist App. Otherwise, you can drop by the nearest branch to get the process started.

How do I know if my personal loan is approved? ›

You are almost certain to be approved by at least some lenders for a personal loan if you have good credit, make enough money to easily repay your loan, have been at your job for a while, and your debt-to-income ratio is below 35% -- even when factoring in the payment on the loan you're applying for.

Maximum Amount that a Personal Loan Can Cover

While the amount varies by lender, you can typically obtain a loan of up to Rs. 20 to 30 lakhs if you are self-employed. Even so, some other variables may impact the loan amount.

Minimum CIBIL score for a personal loan

Typically, the higher your CIBIL score, the better. However, the minimum CIBIL score for quick unsecured personal loan approval is 750. It indicates that you have experience managing credit responsibly and will make payments on time.

The FOIR percentage that lenders prefer is usually 40% – 50%. This means that your fixed obligations should ideally not exceed more than 40% – 50% of your monthly salary. Your existing obligation = ₹10,000. Therefore, the loan amount a borrower is eligible for with a 50,000 salary is ₹15,000.

How to calculate home loan eligibility. For instance, if your take-home salary is Rs. 25,000, you can avail as much as Rs. 18.64 lakh as a loan to purchase a home worth Rs. 40 lakh (provided you have no existing financial obligations.) But if your take home is Rs. 50,000, you can avail a loan amount of Rs.

In most cases, you just need a good credit score and proof of income to get a personal loan. Although getting a personal loan is relatively simple, there are some steps you can take to choose the right personal loan and increase your approval chances.