Quick questions:

Are you a salaried adult with a minimum wage of INR 15,000 and within the age of 21 to 60 years? Then yes, you are eligible.

Similarly, are you a self-employed adult with a minimum gross income of 5 lakh and within the age group of 21 to 68 years? Then yes again, you are eligible for a personal loan.

Please note that these criteria are not exhaustive and can be changed depending upon company policy or government regulations, with due intimation.

  No collateral or security required

  Can be used for any purpose

  Comes with a flexible tenure

  Minimal to no documentation

  Quick and easy disbursal of funds

Personal loan interest rates vary as per the bank. Not only this, there are certain factors on the basis of the application filed, that also impact the rates. Here are a few:

• Credit Score. We’ve got you covered with this. Check yours for FREE
• The personal loan amount that you are applying for. The higher the amount, the higher the rate of interest
• Some banks charge a higher rate of interest for long loan tenures
• Repayment capacity

Here are some handy tips to tackle your personal loan interest rate:

• Try going for a shorter loan tenure
• Try making part-payment or even foreclosing the amount
• Try taking a shorter loan amount

Personal loan interest can be calculated either on the basis of a flat interest rate method or the reducing balance method. While the former requires the EMI to be calculated only on the original principal amount, in the case of the latter the EMI is calculated on the principal amount that is outstanding after each payment. The calculation method depends on the bank.

Want to apply for a personal loan? You can do so by approaching either a bank or an NBFC, and let us at UpOnly.in guide what’s best for you. However, one thing that is common across all the personal loan lenders, is the documentation required. There are certain basic ones that need to be submitted. Following is a basic checklist to be followed for personal loan documents:

• Identity proof (PAN, Aadhar, Passport, Driving license)
• Address proof (Bank statements, Aadhar card, Lease, Property purchase agreement, Utility bill not older than the last 3 months)
• Income proof (Previous year’s ITR or Balance Sheet for self-employed person, salary slips or bank account statements in the case of a salaried individual)
• Business proof (GST registration, certificate of partnership or proprietorship, other filing documents, etc)

Please note that the list is by no means exhaustive or definitive and may vary depending upon the lender’s policies.

Quick answer? By using our personal loan EMI calculator. While our experts are present to guide you and answer all your personal loan queries, it is better to be vigilant. Just enter the personal loan amount you require, the loan tenure, and the interest rate, and you will get your EMI amount.

Step 1: Enter your personal details
Step 2: Enter your workplace details and work experience
Step 3: Enter existing loan details, if any
Step 4: Choose from the list of banks curated as per your needs and provide extra information
Step 5: Get instant approval from the lender
Step 6: Get further guidance from our team and have the money transferred to your account

Easy and effective, that’s how we at UpOnly.in work.

This is an important piece of information regarding your personal loan. Loan verification is crucial. Here are the key steps to it.

Step 1: Submit an application via UpOnly.in, which the chosen lender would receive.
Step 2: The lender’s representative would call to verify the details and pick up the relevant documents.

And you are done! Post this two-step verification your documents are further checked and your personal loan application is approved on the basis of the same. A loan agreement is prepared which requires the applicant’s signature, post which the amount is disbursed.

There are two modes of personal loan disbursal, depending upon the lender and your preferred choice:

Option 1: Direct transfer to the savings or current account of the applicant
Option 2: Cheque or draft sent to the mailing address

While most of the applicants are eligible for a personal loan, there are certain factors that affect the eligibility and further the loan amount. Here are a few:

• The income of the applicant: Higher the income, more the approved amount.
• The number of dependents: If you have more dependents, the amount approved would be lower.
• Current loans and credits: The more your current obligations, the lesser would be the approved amount

You can pay your personal loan in a few simple easy ways. Take your pick and get going:

• Online transfer:
  You can transfer the amount using RTGS or NEFT using the given details.
• Cheque/draft:
  Although this is the least used option, post-dated cheques and drafts are also an option.
• Standing instruction:
  This is the most popular manner wherein you can provide standing instructions to your bank for EMI payment.
• Autopay:
  Again a popular mode of payment, this option can be availed via net banking.

UpOnly.in believes that you should have complete information about the loans you process. This includes personal loan too. Here are the fee and charges involved:

• Processing fee:
  As the name suggests, this fee covers the administrative charges that are related to the disbursement of the personal loan. This one usually ranges between 1% to 3% of the amount credited.
• Foreclosure charges:
  To put it in simple terms, a foreclosure happens when the amount is paid in excess of the usual EMI. A foreclosure fee which usually ranges between 0-5% is charged by the lender, in that case.
• Late payment charges:
  As the name implies, this fee is levied when the person is unable to pay the EMI on time.

Sign up for your dreams with UpOnly’s hassle-free personal loan process.