Personal loans are having an advantage over other immediate finance options e.g. loans taken from informal sources and generally can be availed without any security/collateral

need money urgently for your expenses? why think of any other sources when you have 99banks loan services? Just be it for a planned requirement like a holiday that you have been really wanting to go or an unplanned thing like a medical emergency, apply online for a personal loan for up to 1 Cr in under 24 hours from India’s leading banks, that too without running from one bank to another, scouting for the best offer.

with 99banks by your side, all you have to do is just register, log-in and send a single simple application from anywhere, anytime. Our 99banks team will get the best personal loan offers for you from 45+ banks and NBFCs in an instant and also help to get approval for the loan based on your credit eligibility in a short period – without any hassles, safely and securely.

We equipped with a fully automated, AI – intelligent loan processing system, 99banks is your one-stop-solution for all kinds of loan requirements for various needs

only salaried individuals can apply and get a personal loan up to ₹ 1 Cr through the 99banks online loan application platform

Employment Details

Last 3 months Pay Slip / Salary Certificate

Bank Statements

you need to upload your previous 6 month bank statements in PDF files, which can be downloaded from your bank’s net banking portal. If you have multiple files which adds up to the latest 6 months of transaction those can be uploaded too.

Other Details

personal & loan requirement details – this will be noted on the user portal. You can register and create your account to open all the required data to be entered to apply for a personal loan online.

The personal loan interest rates vary between 10.50% per annum and 36% per annum. It’s Depending on the loan amount availed by the applicant, also based on applicant’s credit score, and repayment tenure chosen, the interest rate charged on your loan is decided. If applicant maintain a high credit score and have a good relationship with the bank, then the interest rate on your personal loan can be lowered.

What and in what ways an applicant can use a personal loan for? Since, it is an unsecured loan without the need for any collateral, mortgage or any. There are very few limitations on how one individual can use a personal loan. Some of the common reasons that applicant take out personal loans includes meeting educational expenses or sudden business, paying for a vacation or buying household items, buying high-end electronic gadgets or household appliances, function or any wedding expenses, emergency medical expenses, home renovations, etc. It can broadly be used for consolidating your debt (from credit cards or other loans), making high-value purchases for which you do not have cash in hand, or for emergency situations. It cannot be used for speculative purposes or for making investments in the stock market. It can also be used for buying a vehicle if the rate of interest on the personal loan is lower than that of a vehicle loan. Thus, a personal loan has a wide variety of uses and can come in handy for meeting either planned or emergency expenditures.

Modes of Loan Payment or Repayment

There is more than one number of repayment mode which are offered by lenders or bankers. Although these repayment modes might differ from lender to lender and bank to bank, the most common modes of repayment can be listed as follows:

Electronic Clearance System (ECS): The ECS or Electronic Clearance System is one of the most commonly used personal loan repayment methods. It is an electronic mode through which funds or EMI are transferred from one bank to another. This can be used applicant’s personal banking or salary account can be integrated.

Post-dated Cheques (PDCs): Post Dated Payment Cheques, as the name suggests, are payment cheques that are issued by the applicant or borrower for a future date to the lender bank. The lender bank will use these post-dated cheques on the mentioned date to deposit or encash the amount mentioned on it.

National Automated Clearing House: The National Payment Corporation of India (NPCI) specially offers a program called NACH for personal loan borrowers – to all banks and financial institutions. The NACH allows the processing of transactions in real time. This method can be used for loan borrower or applicant’s loan EMI repayments.

Debit mandate or standing instruction: Borrower can give an instruction to your bank to pay off a particular amount of money to another bank or bank account at a regular interval. This is called a debit mandate or standing instruction. Your bank will be paying off the stipulated amount towards the repayment of your loan on a regular basis through this system.

Different Types of Personal Loans avail

One personal loan borrower can use a loan for any purpose as long as it is legal. However, there are certain lenders or banks who provide different personal loan products on the basis of the purpose which is mentioned by the borrower in the personal loan online application. On the basis of utilization, these are the different types of personal loans that can be availed

Personal Loan for Wedding

Personal Loan for Home Renovation

Personal Loan for Vacations

Personal Loan for Festivals

Medical Emergency Personal loans

Personal Loan Top Up & Balance transfer (Should meet the lender bank T&C)

A personal loan borrower or customer can avail of an additional benefit loan amount through the top-up facility over their existing personal loan. The personal loan amount will be subject to the terms and conditions set by the financial lender or bank, while the interest rate of the particular loan may be the same as the existing loan, or it could be up to 1% more than the interest rate of the current ongoing loan. The personal loan tenure of the top-up personal loan will be subject to that of the existing personal.

The personal loan balance transfer facility provides borrowers the benefit of transferring their existing personal loan from one lender bank to another financial lender bank. This can be done if the other financial lender bank is offering a better interest rate, the tenure is a lot more flexible, they wish for a top-up on their existing loan, etc.

One needs to be of a minimum age of 21 years and should have a valid set of documents like ID, income, and residence proof, among other documents, to Apply for a Personal Loan from Any reputed bank through 99banks.

To ease the burden of paying off the Personal Loan immediately, you may opt for the EMI (Equated Monthly Instalment) facility. The repayment tenure can range from anywhere between 12 to 60 months.

To know how much you need to pay per month, there is a Personal Loan calculator at your disposal. You can choose your tenure and the amount that you are comfortable repaying each month for the chosen tenure. With the Personal Loan EMI Calculator, you can also calculate the compound interest and know exactly how much you need to finally part with – including the interest.