Personal Loan

Overview

Meet your urgent financial needs through Personal loans from our top partner banks

An Offer You Can’t Say No to! Personal Loan at Lowest Interest rates

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Quick Disbursal

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Loan Amount Upto 50 lakhs

Access to multiple bank offers in one place

Assured eligibility for maximum loan amount

Negotiate the best Interest rate with Banks

Zero Hassle, Zero Fees, Zero Hidden Charges

Personal Loan

Fingo provides various personal loan options available from different banks and NBFCs to serve the needs of diverse customer groups. This enables customers to compare loan offers from across India’s leading lenders and choose the best among the options applicable to them.

  • We help you choose the best bank/product basis your credit profile
  • We get you the maximum loan amount eligibility
  • We negotiate for the best interest rate with banks
  • We Assist you with all required documentation
  • We follow up with the bank until the loan is disbursed

Highlights of Personal loans through Fingo

Interest RatesStarting from 8.3% onwards
Loan amountUp to 50 lakhs “some lenders provide even higher loan amounts”
TenureUp to 5 years “some lenders offer up to 7 years”
Processing Fees0.5 - 4% depending upon the lender

Eligibility

Who Can Apply

Income

  • For Salaried: ₹15,000 Annually

    Note: must be from reputed organisations, private or public limited companies, Government organisations, PSUs, MNCs, and other larger enterprises.

  • For Self-Employed: ₹5.00 lakhs Annually

    Note: Self-employed must be able to continue their critical operations through various disruptions for at least 2 years.

Age

  • Minimum Age: 23 years

  • Maximum Age: at the time of loan maturity - 60 years or retirement, whichever comes first

Documentation

Identity proof

  • Aadhaar Card
  • PAN Card
  • Passport
  • Driving License
  • Voter’s ID

Address proof

  • Aadhaar Card
  • Driving License
  • Utility Bills (not more than 3 months old)
  • Passport
  • Lease
  • Property Purchase Agreement

Income proof

  • Salary Slips
  • Form 16 for salaried customers; Previous Years’ ITR
  • Bank Account Statement
  • P&L Statement and Balance Sheet
  • Bank Account Statement for self-employed professionals.

Business proof

  • Business Incorporation Certificate
  • Partnership Deed
  • Professional Degree
  • GST Registration and Filing Documents
  • Certificate of Practice
  • MOA & AOA
  • Shop Act License for self-employed individuals.

Interest Rates

Interest rates start from as low as 8.3% for Personal Loan products in the market. The interest rate from the lender depends upon several factors like loan amount, credit score, income, category of the employer, credit history etc. Interest rates of different Banks & NBFCs are provided below for reference

Note: These rates keep changing from time to time

Personal Loan Interest Rates From Different Lenders

LendersInterest Rate (p.a.)
State Bank of India11.00% -14.00% p.a.
HDFC Bank10.50% onwards
Punjab National Bank10.40%-16.95%.
ICICI Bank10.75% onwards
Bank of Baroda10.90%-18.25%
Union Bank of India11.40%-15.50%
Axis Bank10.49% onwards
Bank of India10.25%-14.75%
Indian Bank10.00%-15.00%
Kotak Mahindra Bank10.99% onwards
Central Bank of India10.95%-12.55%
IndusInd Bank10.49% onwards
IDBI Bank 11.00%-15.50%
Yes Bank 10.99% onwards
UCO Bank12.45% - 12.85% onwards
Federal Bank11.49%-14.49%
Bank of Maharashtra10.00%-12.80%
IDFC FIRST Bank10.49% onwards
Bajaj Finance11.00% onwards
RBL Bank17.50%-26.00%
Muthoot Finance14.00% - 22.00%
Citi bank10.75% - 16.49%
Tata Capital10.99% onwards
Standard Chartered Bank11.49% onwards
HSBC9.75%-16.00%
Navi Finserv9.90% onwards
StashFin11.99% – 59.99%
Fullerton India11.99% onwards
Faircent9.99% onwards
KreditBeeup to 29.95%
Dhani Loans & Services(Formerly Indiabulls Consumer Finance Ltd.)13.99% onwards
Money View15.96% onwards
PaySense16.80%-27.60%
Home Credit24.00% onwards
CASHe27.00% onwards
HDB Financial Servicesup to 36.00%

Fees & Charger

The fees and charges for personal loans primarily depend upon the loan amount, the borrower’s credit profile, and the lender.

Processing Fee

Personal loan processing fees vary from 0.5 - 4% of the loan amount and in certain cases/banks, the processing fees is provided as fixed/flat fees. Some PSU banks have considerably low processing fees compared to other Banks/NBFCs as they have limited the fees irrespective of the volume of the loan being taken.

Pre-Payments

Pre-payment charges are required to be paid by the applicant when part of the loan amount is prepaid. However, lenders are not allowed to charge Pre-payment charges on personal loans with floating interest rates by RBI.

Foreclosure

Foreclosure charges is the penalty levied on the customer when the loan is closed before the completion of tenure. Some lenders do not allow the closure of loan accounts until a pre-determined number of EMIs have been paid. However, these charges are not applicable for personal loans with floating interest rates by RBI similar to pre-payment charges

Loan cancellation

Loan cancellation charges are usually in the range of ₹1,000 - 3,000 and are charged when the person decides cancellation after the loan is sanctioned. Other fees and charges for personal loan disbursal include stamp duty charges, legal fees, penal charges, cheque dishonour charges, documentation and verification charges, duplicate statement charges, NOC charges, and so on.

Calculator

The fees and charges for personal loans primarily depend upon the loan amount, the borrower’s credit profile, and the lender.

Loan Amount:

Rate of interest:

Loan tenure:

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Frequently Asked Questions

Why should I apply for Personal Loan through Fingo?
There are multiple reasons why you might want to apply for a personal loan through Fingo. You get access to multiple lenders in one go by applying at ZERO service charges. We do our best to negotiate and provide you with the best lender and lowest possible interest rate as quickly as possible. Our record for loan disbursal is just 1 day.
Why shouldn't I apply with multiple lenders directly?
Applying directly to multiple lenders has many disadvantages. It directly impacts your credit score and increases your chance of rejection for a loan as each lender evaluates your creditworthiness individually. Fingo saves your time and impacts on credit score as you can receive multiple loan offers with just one application.
How does the online loan application process work?
The online loan application process works in four simple steps. It hardly takes 2 minutes for you:
  • We ask you to provide some basic personal and professional details to evaluate your profile just the way banks do.
  • Our advanced algorithm shall evaluate your profile and requirement and finds the best match from the universe of banks which meets your requirement.
  • We negotiate with lenders and try to get you the best possible terms for your loan.
  • Our dedicated and passionate team shall provide you end-to-end assistance right from the application submission to the final disbursal of loan/issuance of credit cards
Does applying for a Personal loan on Fingo impact my credit score?
Absolutely No. We have partnered with Credit Bureau Companies such as Equifax and CIBIL to check your credit score with your prior consent to recommend you best possible options for your financial requirement.The partnership with the Credit Bureau companies ensures that checking your Credit score on Fingo does not have any impact on your credit score as it is not treated as an inquiry on the credit report.
How much amount can I get on my personal loan?
Under a personal loan, you may get an amount anywhere between ₹10,000 to ₹50,00,000 but it primarily depends upon the income, category of the Employer, the credit profile of the customer, and outstanding debts if any.
Two methods are generally employed by banks and NBFCs in deciding the loan amount: the Multiplier method and the EMI/NMI/FOIR ratio. In the former method, a predetermined multiple (usually 10 to 24 times) of the NMI of the borrower is given as the loan amount. In the latter method, the EMI for the loan should not exceed the predetermined ratio.
How much credit score should I have?
Most lenders do not specify any minimum credit score. It is advisable to have a minimum score of 750 to have low-interest credits and high approval chances. Anything below 750 may lead to high-interest credits.
Is any security be submitted to obtain a personal loan?
Personal loans are generally unsecured loans, so security or collateral need not be provided. However, some lenders provide an option of secured personal loans and this is considered when the person is not eligible for unsecured personal loans or the interest rates for unsecured personal loans are high.
Can I take a personal loan from multiple sources at the same time?
It is possible but not advised. This is because it not only affects the credit score but also increases the EMI. It is always better to have a single personal loan of a larger amount rather than multiple smaller personal loans. This also reduces loan-related charges.
Can I get a personal loan if I have any other loans?
Yes, you may have a personal loan along with other loans. Chances of approval depend on the borrower’s capacity to repay it. The new loan eligibility shall be calculated post deducting the current obligations of the customer from his income. Also, Banks may not consider the existing loan liability in loan eligibility computations if the earlier loan is going to end soon.
Can a student apply for personal loans?
Generally, students are not eligible for personal loans as they do not possess a stable income source and good credit score. If the student has a stable income and meets the lender’s requirement, he may avail of a personal loan. However, students can obtain Education loans including for the monthly living expenses from Banks & NBFCs.