Compare Personal Loan Interest Rates India

I want to take Personal Loan and for this I am searching for the bank which provides best Personal Loan interest rate and want to compare rates. Will you provide me list of banks which offer Personal Loan along with their interest rate and tell me list of documents needed?

[Kiran Chandar]

A "personal loan" is offered for personal use instead of business or commercial purposes. Personal loans come in handy when you need money for repairing or renovating our home; you are going on a vacation with family or friends

Personal Loan Eligibility Criteria:

Any salaried, self employed or professional Indian national is eligible for a personal loan.
According to the parameters set by banks and other financial institutions lending the loan, you:

Should have been employed by your current organization or been involved in your business for a certain number of years
Should have some monthly repaying capacity or the required minimum salary
Must qualify the age bracket defined by the lending bank or institution

Personal Loan interest rate:

Bank Name Minimum Interest Rate(%) Maximum Interest Rate(%)
Loan Amount Rs. 2 Lakh

Bank of India 11.00% 15.20%
Central Bank of India 11.75% 13.75%
Canara Bank 12.20% 15.00%
Union Bank of India 12.75% 14.75%
IDBI Bank 13.00% 14.00%

Personal Loan Documents Required

Duly signed and filled application form
Passport Size Photograph
Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Adhar card, employee identity card in case of government employees.

Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/ electricity/ water/ credit card bill or Property tax.

Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Adhar Card, pension payment order or receipt of LIC policy.

Income proof
Salaried Individuals
Latest 3 months salary slips
Form 16 with proper computation of income
Salary account bank statement for six months
Latest acknowledged IT return

Self-employed persons
Last two years' computation of income, Profit and Loss statement, and balance sheet certified by a C.A.
Latest six months' bank statement
Last two years' sales and copies of acknowledged IT returns as proof of turnover