What is Personal loan?

Personal Loan is a type of unsecured loan that is usually used for various general and important purposes. This type of loan could be used for paying off debts, going on vacations, buying appliances and latest gadgets, home improvement, unexpected medical expenses, etc. The banks calculate the eligibility of the borrower before approving the loan application. A Personal Loan is offered based on the credibility and repaying capacity of the borrower. The funds from a Personal Loan could be used for any type of expense as per the convenience and requirement of the borrower. As personal loan does not require any security or collateral, the rate of interest charged is comparatively higher than the other loans. Deal4ask team, We assist the interested borrowers by guiding them on eligibility, charges and documents process. As we are associated with many financial institutes, we facilitate the clients to find the best deal as per their needs. Also, we guide them on how to repay the amount.

Purpose of Personal Loan:-

Who is eligible for Personal Loan?

Personal Loan is offered based on certain factors that determine the eligibility of the borrower. Following are the important factors:


Eligibility Criteria
Credit Score/ CIBIL Score • Good repayment record on past loan repayments, credit card monthly payments and loan installments etc.
• Good CIBIL Score (650 and above)
Type of Company • Rating of the company you are employed with affects Personal Loan terms
• Listed company gets high loan amount
Repayment Capability of the borrowere • Applicant should possess relevant number of years experience with the current organization
• Continuity of business is checked for a Self-employed business owner
Age Varies from bank to bank but normally 21 years and above is required
Who can apply? • Salaried Employee
• Self- Employed Business Man
• Self-Employed Professionals


The above factors help in the calculation of the eligibility that affects the EMI also. To know the amount of EMI,



Why Deal4ask?

There are companies and agencies which claim to provide loans with attractive numbers and offers but it is crucial to know the minute intricacies before finalization for the loan not to be a burden.

List of Documents:-

Following the documents are required to apply for a personal loan


Age proof Anyone of the following:

• Aadhar Card
• PAN Card
• Voter ID
• Driving license
• Passport
Address proof Anyone of the following:

• Aadhar card
• Registered Rent Agreement
• Driving license
• Lease or Passport
Income documents Salaried Employee

• Salary slips in case of salaried employees (Last 6 months)
• Form 16 and a copy of ITR for latest 2 years
• Bank account statement of last 3 months reflecting salary credit/ business flows
• Employment Certificate
Self-Employed Professionals/ Business Man

• Financials including Balance Sheet and P & L statement
• Income Tax Return in case of self-employed
Other documents • Loan application form
• 2 passport size photographs duly signed


About Personal loan



Personal Loan Interest Rate MCLR linked rate of interest starting at 10.99%
Loan Amount • Minimum amount: Rs. 50,000
• Maximum amount: Rs. 50 lacs
Loan Tenor Ranges between 12 months to 60 months
Nature of Personal Loan Unsecured Loan (No security or collateral is required)
Loan Turnaround Time Loan disbursement within 7 working days from the date of submission of loan application
Processing Fee Ranges between 1% to 2% of loan amount
Prepayment Ranges between 1% to 2% of loan amount



Bank Loan amount Rate of interest and Processing charges Fore closure Charges
HDFC BANK 1Lacs – 50Lacs 10.99% - 18%
1999/- to 2.5%
After 12months 4%, 24months 2%,Above 10Lacs loan amount NIL fore closure charges
Axis Bank 1Lacs - 40Lacs 10.99% - 18%
0.25% to 2.50%
Anytime Full or partial Loan closure charges :- NIL
ICICI Bank 1Lacs – 40Lacs 10.99% - 17%
1999/- to 2.5%
After 12months 4%,24months 2%
Fullerton India 1Lacs – 20Lacs 15% and above as per per loan amount approved After 6th months 5%
Yes Bank 1Lacs – 40Lacs 10.49% - 18%
1999/- to 2.5%
After 12months 4%, 24months 2% , Part payment permitted after 12months 20%
Capital First 1Lacs – 10Lacs 10.99% - 18%
1% to 2.5%
After 12months 4%
Indiabulls 1Lacs – 20Lacs 10.99% - 18% 1% above After 12months Nil fore closure