Personal Loan
Get 24x7 Personal Loan with interest rate starting 10.25% p.a.*
What is a Personal Loan?
By virtue of being an unsecured form of credit, you can avail a Personal Loan without pledging any collateral with minimal documentation, and easy eligibility criteria. This kind of instant loan does not have any end-usage restrictions, which means you could finance a royal wedding, a trip to your dream destination, renovate your home, deal with a medical emergency, or finance the expansion of your business.
Megamind Loans will connect you to a lending partner of your choice, and our team will take you through the process quickly with ease. Choose from our catalog of Personal Loan Partners of Banks and NBFCs according to your needs and convenience for rapid approval and swift disbursal of your personal loan.
Different Types of Personal Loans for your Special Needs
Our lending partners will be more than pleased to offer you a personal loan for your urgent upfront needs. you can opt for online personal loans or loans offline when you need money for expenses.
What makes Personal Loan a Perfect Choice!
No Collateral or Security
No collateral or mortgage to avail a personal loan. Loan approval is based on your credit score, credit report, repayment history, and other criteria.
Flexible Tenure
You may avail a loan for a flexible period ranging from 12 months and 72 months.
Quick Disbursal
Once approved, disbursal of your personal loan happens within a few hours. If you avail a pre-approved personal loan, the disbursal would be as short as a few minutes.
Flexible Loan Amount
No end-usage restrictions on a Personal Loan gives you the liberty to meet multiple purposes including medical emergencies, holidays, business, or debt consolidation.
Minimal Documentation
Identity proof, proof of residence or address, and income proof are the only requirement for a personal loan..
End-Usage-Flexible
No end-usage restrictions on a Personal Loan gives you the liberty to meet multiple purposes including medical emergencies, holidays, business, or debt consolidation.
How to Apply for a Personal Loan?
Fill Personal Details
Fill In Personal And Financial Details
Submit Application
Submit Application and documents on Megamind Loans Portal
Check Eligibility
Get Best deal and offers from different banks online/offline mode.
Loan Disburse
Select the best offer that suit your need will be disburse
Eligibility Required for Personal Loan
*Personal loan eligibility criteria may differ from bank to bank.
Occupation
Salaried employees, self-employed professionals, self-employed non professionals, and business owners
Age
Minimum 21 years at loan application and maximum 65 years at loan maturity
Monthly income
Minimum per month salary required Rs.20,000, But now a days some lenders offer personal loan on Rs.15000 only.
Job/business continuity
2 years continuous job or 3 years continuity in business
ITR / Form 16
Last 2 years IT returns/Form 16.
Credit score
700* & above
Points to Keep in Mind Before Taking a Personal Loan
Keep your credit score high
A credit score represents your creditworthiness based on your past repayment history. Try to repay your existing debts on time and regularly. Clear your existing loan before applying for a new loan. This will improve your credit score. To avail a personal loan you should have a good credit score (preferably 700 or above).
Compare all the offers before application
Make sure you compare the interest rates, eligibility, and other features of all personal loan options available for you before applying for a loan. This will ensure you get the low interest rate personal loan and the best available deal.
Assess the entire cost
Before finalizing the deal make sure you have assessed the entire cost of your personal loan, including interest rates, processing fees, prepayment charges, and so on.
Analyze your needs
Don't take a personal loan to fulfil any of your fancy. Remember that it's only you who is going to repay the loan and that too with an added interest. Consider borrowing a personal loan to finance your needs and not your wants.
Evaluate your repayment capacity
Before borrowing, evaluate how capable you are for its repayment. Make sure your income is enough to repay EMIs each month for a few years without creating any financial burden.
Don't fall for fake offers
All that glitters is not gold. Someone may offer you a concession on the interest rate on online loans, but can trick you with other additional costs, making your instant loan a more expensive deal.
Personal Loan EMI Calculator
When you decide to apply for a Personal Loan, you need to assess your repayment capability so that you don’t end up in any financial problems and can find the cheapest Personal Loan. Personal Loan EMI Calculator is a useful tool in this regard for calculating the EMI (equated monthly instalment) of a Personal Loan. It is a free of cost user-friendly tool that can be used anytime and from anywhere to calculate the monthly instalments you will have to pay. The Personal Loan EMI Calculator requires you to enter a few Business Loan details to give you an accurate result, such as loan amount, interest rate, and repayment tenure.
Feel free to use our Equipment Finance Calculator
**Note: For exceeding 120 no. of payments, a group of 12 payments will be combined into a single payment number for better chart visibility.
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