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Frequently Asked Questions about Personal Loans

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What is a Personal loan?

Personal loan is a 1-5 year unsecured loan given by banks, NBFC’s (Non Banking Finance Companies) or P2P lending platforms without asking for any collateral, guarantor or hypothecation of any assets. The ultimate usage of a personal loan is left to the discretion of the borrower. In our experience, the borrowers generally use a personal loan for debt consolidation, repaying high cost debt, meeting any family or medical emergency, wedding, vacations, home renovation, rental deposits, business needs for an SME, buying certain assets etc.

How is my loan eligibility calculated?

Loan eligibility is dependent on primarily the following factors:
  1. The company where you work. Every bank has a list of companies running into thousands which they have categorised into segments like A, B, C etc depending on the credentials and financials of your employer. The higher the category the higher is the loan eligibility chances.
  2. Quantum of loans and credit card outstanding that you already have. Typically a bank will not give a loan if the total EMI obligation (including the current personal loan that your are trying to apply for) exceeds 50-75% of your total net take home salary.
  3. Your gross/net salary
  4. Your credit score as reflected in your CIBIL or Equifax report. Having a good credit score is a necessary but not a sufficient criteria.

My loan got rejected even though I have a decent salary package?

The final decision to grant a loan lies with the credit department of a bank. Some of the reasons why a loan can be rejected are:

Possible Issue

Already running several loans and hence a bank may not be comfortable with your existing leverage levels vis-a-vis your salary level.

Possible Way Out
  • If you have a spouse who is also working, you can add her as a co-applicant to boost the combined salary levels or
  • Try to pay off some of your debt so that your leverage levels can come down or
  • Do a balance transfer/debt consolidation/re-financing of your existing loans such that the rate of interest on loans can also come down and additional loan can also be provided.

Possible Issue

Issues in your credit history as reflected in your CIBIL, Equifax reports

Possible way out
  • If the issue is a minor one like some delay in payment of credit card due then we can try your application in some other bank who can possibly take a lenient view on the deviation
  • If you think that the credit report is erroneous and you have sufficient documentary proof we will represent the case to the bank and try to convince the credit team
  • If the issue is a major one like write off, settlement of any past dues etc then it might be difficult to obtain a loan. Certain mitigation factor like if you/your spouse/your parents have an own house in India can give comfort to certain banks to give you a loan.

Possible Issue

Most banks have certain internal credit parameters to evaluate a loan which is kept confidential and not shared with us. Several demographic, financial and credit aspects go into these internal evaluation. You might not have met the minimum cut off for obtaining a loan.

Possible way out

We can re-apply for your loan in one of the other 10 plus lenders that we are affiliated to.

Pre Closure vs part- prepayment?

Pre closure means that a customer wants to close the entire principal outstanding amount at one go. Whereas part payment means that a customer wants to repay only a certain portion of the outstanding amount. Please ask our advisor for more details on this when you loan is being processed.

Is pre closure allowed in personal loans?

Some banks have a lock-in of 6 months to a year while some banks allow you to pre close even after the 1st EMI has been debited from your bank. There may also be restrictions that you can only use your own funds (and not the balance transfer cheque of another bank) to pre close a loan. In addition, banks may allow pre closure at no cost or may levy a pre closure fee (2-5% of the amount being pre-closed). Please ask for clarifications to our or the banks’ loan advisor on all these factors before signing the loan document.

Is part payment allowed in personal loans?

Some banks like Bajaj Finserv, Axis, Citibank etc allow part payment. However, there can be restriction on how many times in a year you can part pay and the minimum and maximum amount that you part pay. Again, please ask for clarifications to our or the banks’ loan advisor on all these factors before signing the loan document.

What is the minimum and maximum loan limit offered for personal loan?

Generally, the minimum amount loan amount is Rs 50,000 and maximum amount is Rs 30,00,000. Higher loan amounts are dependent on a personal discussion that a bank may want to have with the borrower and then take a call on the loan amount.

How is the rate of interest, processing fee, pre closure fee determined on my personal loan?

The dependent factors are:
  • - Loan amount disbursed
  • - Company categorisation of your employer
  • - Tenure of the loan
  • - Salary of the customer
  • - Which bank account is the salary getting credited to

How long does it take to disburse the personal loan?

Finance Buddha will work with the banks to try and get you the loan within 2-5 working days of submitting completed documents.

Documents required while applying for a personal loan?

One need to provide an identity proof, residence proof, last 3 months salary slip, last 6 months bank statement and a passport sized photograph. Banks may also ask for additional documents later like Form 16, appointment letter, company ID card, previous company relieving letter

How does personal loan repayment happen?

All personal loans repayment happen in the form of an EMI (Equated Monthly Installment) through the customers bank account. The customer needs to give few PDC’s (Post dated cheques) and sign an ECS mandate in favour of the bank disbursing the loan.

What happens if I miss an EMI payment or there is an ECS bounce?

The bank will levy certain ECS bounce charges/penalties. In addition it will get reported in your credit report. Depending on the severity of the default it can have serious impact on your future credit possibilities like a home loan, car loan etc. In addition, the banks can also take legal action against the borrower.

Up to what amount of loan can I avail?

You can avail a loan from INR 15,000 to INR 1,500,000 but this would be based on your income status.

What can be my loan duration option?

Again depending upon your income and experience the duration would be decided which ranges from 12 to 60 months.

Do I have an option of part pre-payment of loan and is there any charge for the same?

Yes you can repay a part of the loan prior to the actual date> Axis Bank does not charge any prepayment penalty on Personal Loans.

Is foreclosure of the loan permitted? Are there any charges on the same?

Foreclosure is only possible if all outstanding payments and charges have been paid in full. Foreclosure would only be allowed post this. Axis Bank does not charge on foreclosure of loan amount.

What options do I have to pay my EMI`s.?

You can use any of the following to pay your EMI a. Standing Instructions: Automatic Debit from your Axis bank accounts. b. Post dated Cheques c. Electronic Clearing system: Automatic Debit at the end of monthly cycle from your bank accounts other than Axis Bank.

Where can I apply for the loan offline?

You are free to contact Axis Bank customer care at any time and ask for a client visit. You can also step into any Axis Bank branch near you which offers personal loans. You can also request a visit through SMS.

If I change my company or job will it affect my loan or EMI?

Not necessarily only if you continue to pay the EMI`s on time. Kindly update your loan manager about any such change so that the manager can manage your loan better.

What is the response time for the personal loan

Normally the bank would process the application within 30 days from the date of submission of all documents in full.

Does CIBIL play a role in the loan approval?

Certainly as it is a measure of your financial status and your loan histories. Maintaining a healthy CIBIL score would ultimately help your application and also the amount of loan you get and also the duration.

Does Axis Bank levy any charges on loan processing

Yes there would be charges for loan processing ranging from 1.5 to 2% plus service tax.

How to be eligible for Capital First personal loan?

Simple go through the eligibility criteria tab of Capital First in Finance Buddha to get all necessary details. It is advisable to apply for a loan only if there is a probability of getting loan.

What are the advantages of applying for a personal loan through online?

This online service it is possible to have real-time tracking facility of all transaction and status of the loan. Most of the banks and NBFC are offering this service to help customers to get information faster and also to reduce the emails and call traffics.

What is the limit of amount that I can avail through Capital First personal loan?

Minimum limit is Rs. 20,000 and maximum is Rs. 15 Lakhs depending on repayment history and financial credentials of the borrower.

Why to apply for a personal loan through Finance Buddha?

This will help the customers with personalized and customized services that cater their various needs. Helps in comparing details with other banks and it is possible to get expert financial opinions. Plus all these services are offered for FREE!

How does Finance Buddha rating and reviews help?

It is possible to get genuine feedbacks and rating from customers who have tried personal loan from various banks. Also reviews are the key factors for deciding which bank is better is what. Customer will give genuine feedback and it’s a good factor to determine the service level of each bank.

What is the easy process of checking the application status online?

In the banks official website just gives your credentials of log in details and click on status. This will help you get necessary information instantly.

If I change my company or job will it affect my loan or EMI?

Not necessarily only if you continue to pay the EMI`s on time. Kindly update your loan manager about any such change so that the manager can manage your loan better.

IS it possible to track online application?

Yes, very much. It is possible to track this through SMS or emails as per one’s convenience.

Do I need to produce any collateral or security?

No, this is unsecured loan. There is no need for any security and guarantee for it.

Do Capital First and Finance Buddha maintain secrecy?

Yes, high level secrecy is maintained my both these institutions. If you choose to opt for a personal loan only from Capital First, your credentials will be shared to only Capital First by Finance Buddha. This information will never be shared with a third party. It is even possible to sue these institutions if you discover your details are shared with a third party.

Where can I get the personal loan application form?

The application form is available in Finance Buddha or this can be applied directly through Captial First bank website too.

How is my loan eligibility calculated by Citibank?

Loan eligibility mainly depends on the company where you work, every bank has a document with list of company for which they are ready to give loan, if yours is one among them then getting loan is not an issue at all.

What is meant by pre-closure?

It is when the borrower wishes to close that entire outstanding amount of loan at one shot. There is no further monthly EMI or other concerns. This is possible with Citibank with up to 6% charges.

How do I get my contact information updated with Citibank?

Just contact bank with the following documents and they will do required changes:

How do I access my account online if I forgot my User ID?

Please select the “Forgot User ID or Password” tab from the Home Page and follow the steps to retrieve your User ID or Internet Password.

What is the maximum tenure of a personal loan?

Personal loan is a short tenure loan. Most of the banks provide you loan for a minimum of one year to a maximum of five years.

What all can I use a Citibank personal Loan for?

Personal Loans from Citibank can be used for anything and everything. There are no restrictions on what it is used for. You could use the amount to finance anything from your child’s marriage to a holiday abroad.

Can I apply for loan, jointly with my spouse?

Yes. It's always a good idea to apply jointly with a co-applicant for a personal loan. This helps you to increase your income eligibility and you can also avail for a larger amount of loan.

What I need to know about Personal Loan?

At Citibank the main factors are eligibility criteria, no security/guarantor, required documents, required interest rates and charges applicable for repayment options.

How to get a Personal Loan fast from Citibank?

Getting a personal loan is cheaper than borrowing on your credit card. Simple apply through Finance Buddha and Citibank will contact you directly.

How do I know if am eligible for a HDFC personal loan?

All you need to do is just check your eligibility through Finance Buddha and apply for the loan.

What are the advantages of applying HDFC Bank personal loan through Finance Buddha?

Checking personal loan status is now a very simple job. You just have to log into the bank web-site with net banking account. You can get best possible rate of interest. Through this it is possible to have instant e-approval of loan with real-time tracking facility.

What is the limit of amount that I can avail through HDFC personal loan?

Minimum limit is Rs. 50,000 and maximum is Rs. 15 Lakhs depending on repayment history and financial credentials of the borrower.

Does Finance Buddha charge for its Loan Calculator Tool Facility?

No, the service is absolutely free and can be availed by any one at all times.

How to use Finance Buddha EMI Calculator Facility?

Finance Buddha offers an exclusive Personal Loan EMI Calculator Tool letting its users to obtain a unique vision into their personal loan EMI. Everyone can make use of this tool to understand the EMI break-up for loans in just one click, after providing the loan amount, rate of interest and tenure.

What is the easy process of checking the application status online?

In the banks official website just gives your credentials of log in details and click on status. This will help you get necessary information instantly.

How long can I borrow a loan for?

Though the tenure depends on the category of the applicant, the maximum is 60 months.

Do I need to produce any collateral or security?

No, this is unsecured loan. There is no need for any security and guarantee for it.

How to contact HDFC Bank for enquiries or problems?

You can contact them through toll free numbers, send e-mail, send message or approach any of the branches of HDFC Bank to clarify any issues.

Where can I get the personal loan application form?

The application form is available in Finance Buddha or this can be applied directly through HDFC bank website too. However it is essential to know if a bank rejects the loan due to not meeting the eligibility criteria, it’s difficult to get loan in other banks. Thus use Finance Buddha to check your eligibility for HDFC bank post which it is advisable to apply for a personal. By this there will be no chances of being rejected, unless the applicant has an illegal past record.

What is the maximum tenure for which a personal loan can be availed with the ICICI Bank?

ICICI Bank provides personal loans for tenure of 12 to 48 months and in certain cases it will be extended up to 60 months.

Is the Finance Buddha site free for all personal loan investigation and for applying?

Yes. It is absolutely free. This platform is to just render services to each and every customer who is out there looking for value added information about personal loan of various banks.

Is there a way to track loan application?

Yes, absolutely, you just have to simply opt for this option and the information will be shared through phone messages or emails. This is also free and there are no charges at all.

Is my information safe with Finance Buddha?

Yes, none of our customer’s information is shared with any third party apart from the financial institutions or banks that you have applied the loan for. Confidentiality breach is never an issue with Finance Buddha.

Is there a way to check loan status online?

Yes, the status can be checked on the official portal, ‘Track Application Status Online’ will help you to track up-to-date status of the loan and accordingly process and proceed with other requirements.

Usually how many days are required for a personal loan approval and for the disbursement of amount?

Though it is totally dependent on the individual’s application and eligibility, it is vary between 2 days to 20 days.

Where can I get the loan application form?

This form is made available in the home page of the website, give the necessary loan application information and click on ‘Apply Now’.

Is there a top-up loan option for personal loans at ICICI bank?

Yes, of course. As long as the payment tracks are good and accurate with necessary CIBIL score. Top-up will be provided immediately with just 2-3 documentation.

Need for CIBIL score in ICICI personal loan applications?

CIBIL score is the point of reference which ICICI Bank and other banks use to determine the credit worthiness of any applicant. Without having the minimum score of CIBIL, the possibility to get a loan is very less.

What is the average processing time for a personal loan in ICICI bank?

Though it is totally dependent on a case by case basis of the application and eligibility, average processing time is 72 hours.

How is IndusInd bank able to offer improved customer engagement services?

IndusInd Bank has been tied-up with IBM to use its cloud-commerce solutions to convert customer arrangements and boost its cross-sell platforms. In an agreement of three years, IBM will provide a cloud and predictive analytics based multi-channel campaign managing solution that enables IndusInd Bank to build up its online banking presence while improving the product holding per customer.

How do I check my loan status?

Checking your loan status is a very simple task. All you need to do is log-into the bank website with the net banking account (if any). If you don’t have an account with the bank, then email or call the respective branch for detailed documents. Alternatively, you can visit the website and direct to bank’s dedicated personal-loan page. You will find all related resources and information in this section.

Can I check IndusInd personal loan statement online?

IndusInd personal loan statements are available by logging into loan or bank account in website. To get detailed loan statements, the applicant should send a request to bank with all personal details via email or through phone calls.

What is the standard waiting time for the approval of the personal loans from the IndusInd bank?

The loan processing time is generally completed within 7 days of receiving the appropriate document from applicant.

What is the process for loan repayment?

Loan repayments made in EMIs. This can be paid through ECS. Also, clients can provide standing-instructions to bank to debit the right EMI amount each month.

How do I repay the loan?

The loan needs to be paid in EMIs. The EMI amount will be informed to the applicant and they can pay it through standing instructions or ECS in the IndusInd bank account.

What are the pre-closure criteria?

Pre-closure of the loan is allowed on paying at least 12 regular EMIs if you are salaried borrower. In case of the self-employed borrowers, fore-closure can be made on payment of minimum 6 EMIs. Pre-closure charges are implied, while partial prepayment is not permitted.

Do I need to produce any collateral or security?

No, this is unsecured loan. There is no need for any security and guarantee for it.

How to contact IndusInd Bank for enquiries or problems?

You can contact them through toll free numbers, send e-mail, send message or approach any of the branches of IndusInd Bank to sort out issues with the loan.

Are there any special privileges for IndusInd clients?

IndusInd Bank customers are provided special interest rates, provided importance in the processing, and tapped for minimal documents. With an IndusInd account will assist the bank get the financial history with ease, and offer to tailored products that fit the needs and ability to repay without causing discomfort.

What are personal loan repayment tenures?

The loan can be repaid over a period of 12 to 60 months.

What are the maximum and minimum loan amounts?

Personal loans are offered ranging from Rs 1lakh to 30lakhs depending on your eligibility, income and repayment capacity.

How do I repay the loan?

You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility, post-dated cheques favoring Standard Chartered Bank or a direct account debit (only for Standard Chartered Bank Account holders).

Do I have to provide any security, collateral or guarantors?

No security, guarantors or collateral are required for gaining a Personal Loan with Standard Chartered Bank.

Can I repay my loan prior to the tenure?

You can repay the loan amount any time after 12 EMIs with pre-closure charges of 5% by giving the bank a 21 day notice.

I am an existing Standard Chartered Personal Loan customer. Can I get an additional loan amount?

Yes, there is possibility for additional amount if it has been 6 months or more from the date when the loan was approved. In order to find out the eligible, apply online and let our advisor call you.

Who can apply for Standard Chartered Personal Loan?

All resident individuals meeting our criteria can apply for a personal loan with Standard Chartered Bank.

How much would I need to repay each month?

At the time of booking of your loan, the EMI is calculated based on loan amount sanctioned, interest rate and tenure.

How can I apply for Standard Chartered Personal Loan?

It’s simple! Fill in your details in the form and let our advisors call you and help you with your needs.

What is the tenure for Bajaj Finance loan?

This varies from 12 months to 60 months. The applicant can choose the time frame according to their financial commitments.

Up to what amount can we avail personal loan from Bajaj Finance?

Though for salaried individuals the limit is INR 2,500,000 for others it is just INR 18,00,000 only.

How to apply for Bajaj Finance personal loan through Finance Buddha?

Simple go through the eligibility criteria tab of Bajaj Finance in Finance Buddha to get all necessary details. It is advisable to apply for a loan only if there is a probability of getting loan.

How am I being advantaged by applying for personal loan through online?

Through online service it is easy to have instantaneous tracking facility on the loan status and on all transactions. Most banks and NBFC are offering this online service to help its customers to get data faster and also to decrease the emails traffics.

When can I expect the fund from Bajaj Finance post approval of loan?

Money can be expected to be in your account within 72 hours post approval. This is considered as the quickest turnaround time by any NBFC in India.

Why to apply for a personal loan through Finance Buddha?

Helps in comparing details with other banks and it is possible to get expert financial opinions. Plus all these services are offered for free! This will help the customers with personalized and customized services that cater their various needs.

How does Finance Buddha rating and reviews help?

Getting accurate information is very difficult, here customers are given an option to directly rate and write review about the service they obtained from Finance Buddha or Bajaj Finance. This helps other potential customers to understand how good the service is and what can be expected.

Does Bajaj Finance have different types of personal loan?

Yes, you can opt for Flexi-loans which give the advantage and liberty of pre-payment option. This means anytime you have some extra money to close the outstanding loan amount, it can be instantly done.

Is it easy to track online application through mobile?

Yes, very much. The message will be communicated through SMS and emails which can be accessed from mobile phones.

Do I need to produce any collateral or security?

There is no need for any security and guarantee for personal loan with Bajaj Finance. This information is also provided via Finance Buddha. GO through the benefits of Bajaj Finance Personal Loan section.

Do Bajaj Finance and Finance Buddha maintain client confidentiality?

Yes, they are very concentrated on maintaining client confidentiality and are not willing to pay for the penalty for any confidentiality breach. If you choose to opt for a personal loan only from Bajaj Finance, your credentials will be shared to only that particular bank of NBFC by Finance Buddha and not to anyone else. No third party will ever have access to this information.

Where can I get the personal loan application form?

The personal loan application form is made available right in the home page of Finance Buddha site or this can be applied directly through Bajaj Finance website too.

How Much Time does it take for loan approval?

The Turnaround Time (TAT) depends on the customer, the case, the amount and the documentation served by the customer. Also all positive outcomes of customer profiling is undertaken. The credit managers make it sure that it takes 4-5 days for salaried employed and about 7 days for self employed

What can be my loan duration option?

The loan can be availed for a period of 1 year to 6 years for salaried employees while for self employed people it may range from a year to 4 years

I am already a loan payer. Am I eligible for a personal loan?

Yes. But this completely depends on your past EMI`s and regularity and the number of loans you have availed earlier

Is foreclosure of the loan permitted? Are there any charges on the same?

Foreclosure is only possible if all outstanding payments have been made. Foreclosure would only be allowed post this. However, a Foreclosure is chargeable at 4.5% of the principle outstanding at the time of foreclosure plus the service tax applicable. The foreclosure charges for top ups would be 2%on the future principle outstanding on the existing loan plus service tax as applicable.

Where can I apply for the loan offline?

You may contact customer care at any time and ask for a client visit You can also use SMS to apply for the loan

I am a business man. Can I avail personal loan for office purchasing?

Yes, you can personal loan schemes allow you do that but contact the company for further details.

Does CIBIL play a role in the loan approval?

Certainly, as it is a measure of your financial status and your loan histories. Maintaining a healthy CIBIL score would ultimately help your application and also the amount of loan you get and also the duration.

I am an online seller. Can I avail Personal Loan to market my business?

Yes, you can. Contact Tata Capital for further details on online e-commerce partners and their loan and interest options.

What are the repayment options?

You may repay through ECS (Electronic Clearance System) by instructing your banker to deduct the EMI from the provided Bank Account, or you may also pay through post-dated cheques.

Do I need to provide collateral for the loan?

No collateral is required for Tata Capital Personal Loan. You do not need a guarantor either.

What credit score do you need to get a personal loan?

Generally, you need to have a credit score of 750+ to get approved for a personal loan. But, you may also get approved for a Low CIBIL up to 500 but in that case, you will be charged a bit higher interest rate than the applicant applying with good credit score.

Which bank has the easiest personal loan approval?

With Finance Buddha the personal loan approval with all the banks is almost the same. You may compare with different banks for interest rate and other charges on our website and can apply with the best suite one for you.

Is it hard to get a personal loan?

Obviously No! It is not a tall hard to get a personal loan. Nowadays there are a number of banks, NBFCs, and DSAs offering personal loan. To get approved for it you just need to satisfy the eligibility criteria of the particular lender.

Do personal loans hurt your credit?

No! Personal loans never hurt your credit score unless and until you are timely with the EMIs. A personal loan can only hurt your credit score when you do not repay them on time or when you miss monthly EMIs, which is the same with any kind of loan.

Is it a good idea to get a debt consolidation loan?

Debt consolidation is a measure taken for to make your loans more streamlined. If you have more than one loan, which is expensive, you can opt for a debt consolidation loan to combine them together. You can get a debt consolidation to minimize the interest rate too.

Can I get a debt consolidation loan with poor credit?

Credit score and credit history both are evaluated while sanctioning a debt consolidation loan. You will get a debt consolidation loan only if you were disciplined in paying EMIs of existing loans.

Is it worth it to consolidate debt?

If you find a loan option at the lower price of your ongoing loan, a debt consolidation loan is worth availing.

Does debt consolidation ruin your credit?

No, the right use of debt consolidation can help you to raise your credit score. If you consolidate your credit card payment by taking a personal loan, your credit utilization ratio will improve so will the credit score.

What are the disadvantages of consolidation?

In most of the cases, a debt consolidation loan helps to manage loans in a better way. But there are some advantages too. A debt consolidation loan will make you be in the lock-in period for 12 months. If you avail a secured debt consolidation loan, you will have to put a risk on your collateralized asset.

Who can help me consolidate my debt?

Almost all banks provide debt consolidation loan. Provided you have an excellent repayment history, you can easily avail a debt consolidation loan from any bank or FinTech company.

Should I get a debt consolidation loan?

Getting a debt consolidation loan depends on a number of factors such as repayment history, income to debt ratio, credit score etc. If you meet all the eligibility criteria, you can easily get a debt consolidation loan.

How long does debt consolidation stay on your credit report?

Debt consolidation will be reflected on your credit report for a quite long time. Typically, the debt consolidation will be reflected until 7 years from the date of consolidation of debt.

Can I use my credit card after debt consolidation?

A credit card can be definitely used after debt consolidation. People generally close credit cards after debt consolidation. But it is not mandatory. One can continue to use the credit card after debt consolidation.

Is it smart to get a personal loan to consolidate debt?

If you get a personal loan at a cheaper price than your existing loans, it will be definitely considered a smart move.

What credit score do you need to get a debt consolidation loan?

The minimum credit score required to avail debt consolidation loan is 750.

Will I qualify for a debt consolidation loan?

Getting qualified for a debt consolidation loan depends on a number of criteria such as credit score, repayment history, FOIR etc. If you meet all the eligibility criteria, you will definitely get a debt consolidation loan.

How long does it take to get approved for a consolidation loan?

Most of the debt consolidation loans are sanctioned within a day or two. If you meet all the eligibility criteria and your documents are flawless, getting a debt consolidation loan becomes even easier.

How do I qualify for a debt consolidation loan?

The eligibility criteria for a debt consolidation loan are: a. The age of the debt consolidation loan applicant should between 21 years to 60 years. b. If the applicant is salaried, then his or her minimum income should be of ₹15,000 rupees monthly. c. The applicant should be residing in the city for at least a year. d. The person should have minimum work experience of 2 years. If you meet all those eligibility criteria, you will be qualified for a debt consolidation loan.

Is it possible to transfer a personal loan to someone?

If the borrower have co-signers with them for the personal loan then that co-signer is equally responsible for the repayments and everything regarding that very particular loan. But when it comes to transfer of personal loan to someone else it is not possible in any condition.

ReviewsView All

Subramani G

5 / 5

I am settled in Bangalore, am needed a personal loan due to some unexpected financial expenditure. I applied for it from finance buddha website and I was in so much relief as it took only a few minutes to apply for it and within 48 hours I got the money.
Mayura R.

5 / 5

Easy documentation and minimum eligibility criteria is required to avail personal loan through Finance Buddha. I applied it with Bajaj and I am happy for choosing it. It was a smooth process and I got the amount in my bank account within 48 hours.
Sandeep Narayan

5 / 5

My CIBIL was a bit low and because of that my loan application got rejected with another lender. I am thankful to Bajaj that they approved my loan. I got the loan disbursed on 2nd day from which I applied.
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