Edelweiss Personal Loan
Edelweiss Financial Services personal loan can help you with any personal financial requirements. Applying for an Edelweiss personal loan is straightforward, with simple eligibility criteria and a quick online application process. The loan amount can be used for various purposes, including medical bills, house upgrades, vacations, etc. The repayment terms are flexible, allowing customers to choose a period that suits their budget. Edelweiss also gives personalised customer service to help borrowers with any questions or concerns they may have about the loans or during the application process.
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Features of Edelweiss Personal Loan
Headquartered in Mumbai, Edelweiss, also known as Edelweiss Broking Limited, is a reputed financial service company. Being a renowned NBFC, it not only offers a wide array of products to support seasoned and budding businesses but also unsecured personal loans catering to salaried professionals. With swift processing, minimal documentation and flexible tenure, Edelweiss Personal Loans are one of the best loan products to avail whenever in need.
- Low-Interest Rates: Edelweiss has low-interest rates compared to other NBFCs and ranges from 15% to 31.50% per annum.
- Easy Application Process: The ‘Apply Online’ option on Edelweiss’ official website helps you apply for a loan in just a few simple steps. It also does not require much paperwork or documentation.
- Quick Loan Approval: If all of your documentation is correct, Edelweiss will authorise your loan in less than a day.
- Affordable Processing Fees: The processing fees are very affordable while availing of ECL Personal Loan. When other NBFCs charge somewhere between 3% to 5% for processing fees, Edelweiss Personal Loan only charges 2% for processing fees.
- Loan Period: Tenure of your loan matters the most while availing of a personal loan, especially while determining the rate of interest for your loan amount. The rate of interest is directly proportional to the tenure of the loan. If you take a loan for a small period of time, your rate of interest will be lower than if you take one for a longer period of time.
- Pre-Closure Charges: ECL Personal Loan has a 4% foreclosure or pre-closure charge. If you repay your personal loan before the end of the term, you will be charged an additional 4% of the outstanding principal.
- No Guarantor: Many loan providers require a guarantor before approving a loan. However, ECL Personal Loan does not require a guarantor to approve your loan.
- Check Loan Eligibility Online: You can verify your Edelweiss personal loan eligibility online via their official website.
Eligibility Criteria of Edelweiss Personal Loan
Individuals interested in applying for an Edelweiss Personal Loan must meet the following eligibility criteria:
- You should work as a salaried employee full-time, part-time or on a contract basis (subject to certain terms and conditions).
- The borrower must be at least 21 years of age.
- You should be able to make at least Rs.18,000 every month.
- Applicants should have a minimum of six months of work experience in their present organisation and a total of two years of work experience in total.
- This loan is available to residents of the following cities: Mumbai, Nagpur, Pune, Ahmedabad, Indore, Vadodara, Delhi NCR, Udaipur, Chandigarh, Kolkata, Lucknow, Bengaluru, Jaipur, Hyderabad and Chennai.
- Applicants should have a CIBIL score of 650 or higher.
Edelweiss Personal Loan Fees and Charges
| Particulars | Charges or Fees (taxes separately applicable) |
| Processing Fees | Up to 2% of the loan amount |
| Charge for Late payment | 24% per annum |
| Cheque Swap Charge | Up to Rs 500/- Per Swap |
| Document Retrieval Charge | Up to Rs 500 plus applicable taxes |
| Stamp Duty & other statutory Charges | As per state laws |
| Cheque Bounce Charge | Rs 500 per bounce |
| Conversion Fee | Up to 1.5% of the outstanding loan amount |
| Foreclosure Charge/Part-Prepayment Charges | 4% of the outstanding principal amount |
| Duplicate Statement Issuance Charge | Rs. 500 per document |
| Cheque Pick up Charge | Rs. 150 per pickup |
Documents Required for Edelweiss Personal Loan
Check out the documents required for an Edelweiss Personal Loan below.
- Identity and address proofs like:
- Copy of passport
- Voter ID card
- Driving licence
- Aadhaar
- Bank statement of the latest 6 months
- Salary slips of the latest 3 months
- Passport size photograph
Edelweiss Personal Loan Interest Rates
The rate of interest offered on the Edelweiss Personal Loan ranges from 15% to 31.50% p.a. It has a fixed rate of interest, which means that your interest rate will be the same for the entire repayment tenure.
Factors Affecting Edelweiss Personal Loan Interest Rates
The multiple factors that affect the interest rates of Edelweiss Personal Loan are:
- Credit Score: Lenders always prioritise the credit score when looking into the borrower’s profile. A credit score above 650 can fetch you an Edelweiss Personal Loan at low-interest rates.
- Loan Tenure: The interest rate also depends on how long a tenure you choose to repay your Edelweiss Personal Loan. The longer the tenure, the more the interest rate and vice versa.
- Income of the Borrower: One of the factors that ensure lenders that you are a trustworthy borrower is your repayment capacity, which is directly tied to your earnings. So, the more your income, the greater the chance of you getting a personal loan from Edelweiss at lower interest rates.
- Employer’s Status: Banks and NBFCs also consider the company/firm you are employed in when scrutinising your profile. If you are employed in a reputed organisation, the chances of getting lower interest rates for your loan amount heightens.
- Relationship with the Lender: A healthy relationship with the lender always helps augment the chances of you getting your desired loan amount at lower interest rates.
- History of Defaults: If you have not paid your credit card bills or delayed in paying your previous loan EMIs then you would become a defaulter. Banks and NBFCs, in such cases, either reject loan applications or furnish high-interest rates. So, while applying for a loan, it is always advised that you not be a defaulter and maintain a healthy credit history.
How to Calculate the EMI for Edelweiss Personal Loans?
You can use the Pluto Money Personal EMI Calculator online to calculate your equated monthly instalments for Edelweiss Personal Loan. All you need to do is enter your loan amount, interest rate and tenure, and the result will be displayed on your screen.
For a manual calculation of your personal loan EMIs you can use the following formula.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Here,
- EMI is Equated Monthly Instalments
- R is Rate of Interest
- N is Number of monthly instalments
- P is Principal Loan Amount
How Does Edelweiss Compare with Other Lenders?
| Banks and NBFCs | Interest Rates per annum |
| Edelweiss | 15% |
| L&T Finance | 24% |
| SBI | 9.60% |
| HDFC Bank | 10.25% |
| ICICI Bank | 10.25% |
| Kotak Mahindra Bank | 10.25% |
| Bajaj Finserv | 13.00% |
| Tata Capital | 10.99% |
| Deutsche Bank | 24.00% |
| IDFC First Bank | 10.49% |
| Clix Capital | 14.99% |
| Axis Bank | 10.25% |
| PNB | 7.90% |
| IndusInd Bank | 10.49% |
Edelweiss Personal Loan Customer Care Number
For any query or information regarding Edelweiss Personal Loan, you can contact their customer care executives by the following methods.
- Call on: 1-800-1026371 (Monday – Friday 10 a.m. to 5 p.m.)
- Mail on: homeservice@edelweissfin.com
FAQs
The minimum monthly salary required to apply for an Edelweiss Personal Loan is Rs. 18,000 per month.
The interest rate for an Edelweiss personal loan ranges from 15% to 31.5%. You will be informed about the exact rate of interest once you select the loan amount and the tenure of repayment.
Edelweiss offers multiple benefits to their personal loan customers, including balance transfer, low-interest rate, transparent and fast procedure, no hidden charges, etc.
Yes, Edelweiss has a fixed rate of interest on a personal loan for salaried individuals. They cannot opt for floating rates of interest on their borrowed loan.
Yes, Edelweiss checks your CIBIL Score for a personal loan application approval. You must have a CIBIL score of 650 - 850 to get your loan sanctioned.