How to apply for a personal loan? A step-by-step guide

A personal loan is an option you can consider if you want quick funds without guaranteeing a collateral. The process of applying for a personal loan involves steps which revolve around your income, employment, age, credit score and other criteria set by the bank. Personal loan online Loan eligibility:Visit the lender’s website and check for the personal loan eligibility criteria. Documentation process:Your documents are extremely important for your application process as it helps verify your eligibility for the personal loan. Top banks and NBFCs personal loan interest rates Bank Interest Rate SBI Personal Loan 11.35% – 15.50% HDFC Personal Loan 10.75% onwards Axis Bank Personal Loan 11.25% onwards ICICI Personal Loan 10.85% onwards BOB Personal Loan 11.15% – 18.75% PNB Personal Loan 10.40% – 16.95% Canara Bank Personal Loan 10.95% – 16.40% Yes Bank Personal Loan 10.99% onwards Union Bank Personal Loan 11.35% – 15.45% Indian Bank Personal Loan 10.00% – 15.05% Bank of India Personal Loan 10.85% – 16.10% Tata Capital Personal Loan 10.99% onwards Kotak Personal Loan 10.99% onwards Bandhan Bank Personal Loan 9.47% onwards Note: For latest interest rates, please refer to the bank’s website.