IDFC First Personal Loans - Credit Score For Personal Loan

IDFC Bank Personal Loans

Personal loan details

• Interest rate- 12.5% to 18%
• Processing fees: Till 3.5% of the total loan amount plus GST
• Loan tenure: 1-4 years
• Loan amount: Till Rs. 2.5 lakhs
  

Main features of IDFC First Personal Loans

• Competitive interest rates
• Repayment flexibility
• Transfer current personal loan to get benefits
  

IDFC First Personal Loan Eligibility Criteria

For self-employed people

• Minimum age needs to be 28 and maximum 68 by the time of loan maturity
• Business should have existed for at least 3 years
• The company’s PAT or Profit After Tax needs to be positive
  

Salaried people

Minimum age needs to be 23 and maximum age 58 by the time of loan maturity

IDFC Bank personal loan required documents

1. ID proof like Aadhaar Card, Passport, PAN Card, etc.
2. Address proof like Aadhaar Card, utility bills, Passport, bank account statement, etc.
3. Proof of income
4. Documents For salaried individuals: Bank statement for the last 3 months/6 months, latest salary slip
5. Documents For self-employed individuals: Income Tax Returns for the last 2 years, balance sheet for the last 2 years, bank statement for the last 6 months
6. Proof of business applicable for self-employed individuals such as Qualification Certificate/Certificate of Practice (COP), Shop Act License/ MOA & AOA/ Sales Tax/ Vat registration/ Partnership Deed

Apply RBL Bank Instant Personal Loans At Lowest Interest Rates

RBL Bank, previously known as Ratnakar Bank Limited, is a private scheduled commercial bank. It was founded in the year 1943 and headquartered in Kolhapur, Maharashtra. It provides financial products and services to the customers with an employee strength of over 2,798 employees. The bank has a vast network of over 193 bank-branches in more than 13 Indian states.
RBL Bank Personal Loans

RBL Bank provides personal loans to its customers for different financial needs at very affordable rates of interest. These loans can be used to cover medical bills, wedding expenses, international vacation expenses, or debt consolidation. mymoneykarma gives you all the information you need on RBL Bank personal loans.

Benefits of RBL Bank Personal Loans

RBL Bank personal loans are loaded with customer-oriented benefits and features.
Here are a few highlights of RBL Bank personal loans.

• Significant loan amounts ranging from a minimum of Rs 1 lakh to a maximum of Rs 20 lakhs. The loan amount depends on the applicant's repayment capability, credit score, credit history, and yearly income.
• Long loan tenures ranging from a minimum of 12 months and a maximum period of five years.
• Attractive interest rates ranging between 14.5% - 23% per annum.
• Loans available for salaried individuals, public and private company employees, and government employees.
• Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.
• Simplified loan application and approval process with minimal documentation.
  

Types of RBL Bank Personal Loans

RBL Bank offers the following types of personal loans
Personal Loans for Education

These personal loans from RBL Bank can be used for financing children’s education and further studies in India and abroad.

• Minimum income of Rs 25,000 per month.
• Sound repayment capability and a good credit score.
• Loans available only to salaried customers.
• An age range of 25-60 years for salaried individuals.
• Minimum work experience of 3 years with 1 year in the current organization.
• Minimum stay of 1 year at current residence.
  

Personal Loans for Wedding

These personal loans from RBL Bank can be used to cover the costs of a wedding in the family or of the applicant.

• Minimum income of Rs 25,000 per month.
• Sound repayment capability and a good credit score.
• Loans available only to salaried customers.
• An age range of 25-60 years for salaried individuals.
• Minimum work experience of 3 years with 1 year in the current organization.
• Minimum stay of 1 year at current residence.
  

Personal Loans for Home Renovation

These personal loans from RBL Bank can be used much like a home loan, to upgrade or renovate the applicant’s house.

• Minimum income of Rs 25,000 per month.
• Sound repayment capability and a good credit score.
• Loans available only to salaried customers.
• An age range of 25-60 years for salaried individuals.
• Minimum work experience of 3 years with 1 year in the current organization.
• Minimum stay of 1 year at current residence.
  

Personal Loans for Medical Expenses

These personal loans from RBL Bank can be used for medical expenses or emergencies.

• Minimum income of Rs 25,000 per month.
• Sound repayment capability and a good credit score.
• Loans available only to salaried customers.
• An age range of 25-60 years for salaried individuals.
• Minimum work experience of 3 years with 1 year in the current organization.
• Minimum stay of 1 year at current residence.

Bank of Baroda - Benefits of Bank of Baroda Personal Loans

Bank of Baroda provides personal loans for various financial needs at attractive rates of interest, and a suit of other benefits such as feasible repayment options and instant loan approvals. mymoneykarma gives you all the information you need on Bank of Baroda personal loans.

Benefits of Bank of Baroda Personal Loans

Bank of Baroda personal loans are loaded with many benefits and features. Here are a few highlights of Bank of Baroda personal loans.

• Significant loan amounts ranging from a minimum of Rs 50,000 to a maximum of Rs 10 lakhs. The loan amount depends on the applicant's repayment capability, credit score, credit history, and yearly income.
• Long loan tenures ranging from a minimum of 6 months and a maximum period of 60 months.
• Affordable interest rates ranging between 11.05% - 11.6% per annum.
• Loans available for salaried individuals, public and private company employees, and government employees.
• Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.
• Simplified loan application and approval process with minimal documentation.
• Dedicated 24/7 customer service desk for query resolution.
  

Eligibility Criteria for Bank of Baroda Personal Loans   

Applicants must meet the following criteria to get a personal loan from Bank of Baroda.

• Minimum income of Rs 1 lakh per annum for salaried customers.
• Maximum income of Rs 2 lakhs per annum for self-employed customers.
• Must be an account holder of Bank of Baroda.
• Sound repayment capability and a good credit score.
• Minimum age of 21 years.
• Maximum age of 65 years.
• Minimum work experience of 1 year.
  

Documents Required for Bank of Baroda Personal Loans

Applicants need to submit the following documents while applying for Bank of Baroda personal loan.

• Filled loan application form with necessary details such as income, occupational details, and personal information.
• Copies of the applicant's PAN card and Aadhaar card.
• Copies of income proof such as salary slips of the previous three months, bank statements of the last three months, and a copy of Form 16.
• Copies of residence proof such as telephone bills, electricity bills, or rental agreement attested by the applicant.
• Two copies of recent passport sized photographs
  

How to Apply for Bank of Baroda Personal Loans Online

Applicants can directly apply for Bank of Baroda personal loans online by visiting the Bank of Baroda website, going to the personal loan section, downloading the loan application form, submitting the filled form and uploading the required documentation on the website. The applicant profiles are then evaluated, and the loan is approved on meeting all the eligibility criteria.

How to Apply for Bank of Baroda Personal Loans Offline

To apply for Bank of Baroda personal loans, applicants can also visit any personal loan center of Bank of Baroda along with the required documents. They can fill up the application form received at the bank and submit it with the documentation. The loan is approved within 3-5 working days.

Axis Bank Personal Loan - Benefits of Axis Bank Personal Loans

Axis Bank provides personal loans to its customers at very affordable rates of interest, and other benefits such as hassle-free documentation process, reasonable repayment options, top-up loan facilities, and instant loan approvals. mymoneykarma gives you all the information you need on Axis Bank personal loans.

Benefits of Axis Bank Personal Loans

Axis Bank personal loans are loaded with customer-centric benefits and features.

Here are a few highlights of Axis Bank personal loans.

• Significant loan amounts ranging from a minimum of Rs 50,000 to a maximum of Rs 15 lakhs. The loan amount depends on the applicant's repayment capability, credit score, credit history, and yearly income.
• Long loan tenures ranging from a minimum of 12 months and a maximum period of 60 months.
• Attractive interest rates ranging between 11.25% – 24% p.a.
• Loans available for salaried individuals, public and private company employees, and government employees.
• Special offers if the applicant is an existing customer of Axis Bank.
• Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.
• Simplified loan application and approval process with minimal documentation.
• Dedicated 24/7 customer service desk for query resolution.

Types of Axis Bank Personal Loans

Axis Bank offers only one type of personal loan. This loan is suitable for a large pool of customers.

Eligibility Criteria for Axis Bank Personal Loan   

Applicants must meet the following criteria to get a personal loan from Axis Bank.

• Minimum income of Rs 15,000 per month
• Sound repayment capability
• Competetive credit score
• Minimum age of 21 years
• Maximum age of 60 years
• Must belong to the salaried class of public and private company employees, government sector employees, employees of public sector undertakings, government and other public bodies.  
  

Documents Required for Axis Bank Personal Loan

Applicants need to submit the following documents while applying for an Axis Bank personal loan.

• A filled loan application form with necessary details such as income, occupational details, and personal information.
• Two copies of recent passport sized photographs
• Copies of the applicant's PAN card and Aadhaar card.
• Copies of income proof such as salary slips of the previous three months, bank statements of the last three months, and a copy of Form 16.
• Copies of residence proof such as telephone bills, electricity bills, or rental agreement attested by the applicant.
  

How to Apply for Axis Bank Personal Loan Online

Customers can directly apply for Axis Bank personal loans online by visiting the Axis Bank website. They just need to follow the on-screen instructions from the personal loan section, download the loan application form, and submit the filled form and upload the necessary documents on to the portal. The bank then evaluates the applicant profiles and deposits the loan amount in the applicant's account upon the approval of the loan.

How to Apply for Axis Bank Personal Loan Offline

Applicants can also directly walk into the personal loan centers of Axis Bank along with all required documents. They need to fill up the Axis Bank personal loan application form received at the bank and submit it with the documentation. The loan is approved within a few working days. Use a personal loan EMI calculator to know your obligations if you are applying offline.

How to get a Personal Loan when you have a Bad Credit?

 Let’s get one thing straight. Bad credit score and loans do not go hand in hand. That’s like the proverbial fork in the road, or even a dead end if you will.

Lenders take a risk when they give away loans. What if their borrowers default? Then they may never get back their money, unless of course there’s a security. In case of personal loans, since they are unsecured loans, the risk is greater. That’s why more emphasis is given on your credit score. It needs to be of a sufficient level before anyone will give you loans, especially personal loans.

However, it is not impossible to get personal loans in case your credit score is low. There are still some things you can do to prove that.

• Prove that your income is enough to support EMI payment: This is one of the most important steps you can take. A lender may just accept to give you a loan if you have a steady job with a salary to guarantee you’ll pay back the loan. However, you may still have to pay a higher interest.
   

• Consider a lower personal loan amount: Can you do with a small loan amount? If you can, consider that seriously because without most lenders may not consider your case if you have a low credit score. However, they can if you need only a small loan that is of less risk to them.
   

• Take the help of a guarantor or a co-applicant: Doing this makes the likelihood of getting the loan higher. That’s because in case you can’t give back the loan, your guarantor will have to.
   

• Tidy up your credit report: Your credit score is low because it's in a mess. Consider taking time off to clean it. If none of the above steps work for you, this one will even though it’ll take much more time.