Personal Loan
Get a personal loan of up to Rs 40 lakh at an interest rate starting from 10.5% p.a. Explore pre-approved offers from our partner lenders
Intrest Loan
Usually 10.49% p.a. onwards; some PSUs may offer lower rates
Loan Amount
Can go up to Rs 40 lakh; some lenders may offer higher loan amounts
Tenure
Up to 5 years (some lenders offer repayment period till 8 years)
processing Fees
0.5% to 4% of loan amount (may vary across lenders)
Eligibility Criteria For Personal Loan
Personal Loan requirements may differ from one lender to another, but here are key factors that most lenders will check to determine your eligibility:
Age: The applicant should be between 18 and 60 years old.
Salary: A salaried person needs to have a salary of at least ₹15,000 per month.
Income: Self-employed individuals with an annual income of ₹5 lakh or more.
Credit Score: A credit score of 750 or higher increases.
Employment Stability: Most lenders prefer job stability of at least 1 year.
Business Continuity: For self-employed borrowers, business history of 3 years or more is analyzed.
Employment Type: Salaried applicants should work with reputed organizations such as MNCs, government agencies, or large enterprises.
Documents Required for Availing Personal Loan
Lenders ask for documents to verify the identity, income, and repayment capacity When applying for Personal Loan
| Requirements | Salaried Individuals | Self-employed Professionals/Non Professionals |
|---|---|---|
| Proof of Identity | Passport, Voter ID, Driving License, Aadhaar Card or PAN Card | Passport, Voter ID, Driving License, Aadhaar Card or PAN Card |
| Proof of Residence | Aadhaar Card, Voter ID, Passport or Utility Bills | Aadhaar Card, Voter ID, Passport or Utility Bills |
| Proof of Income | Salary Slips, Bank Statements, Form 16 | Previous Years’ ITR, P&L Statement and Balance Sheet, Bank Statements |
Processing Fees and Charges
The fees and charges for personal loans can vary significantly based on the lender and the credit profile of the applicants. The following table provides a general overview of the common fees and charges associated with Personal Loan:
| Particulars | Chargess |
|---|---|
| Loan Processing Fees | 0.5% to 4% of loan amountd |
| Pre-payment/Part-payment/Foreclosure Charges |
|
| Loan Cancellation | Usually around Rs 3,000 |
| Stamp Duty Charges | As per actuals |
| Legal Fees | As per actuals |
| Penal Charges | Usually @ 2% per month; 24% p.a. |
| EMI/Cheque Bounce | Around Rs 400 per bounce |
Other fees and charges levied by the lenders include documentation charges, verification charges, duplicate statement charges and NOC certificate charges.
How to Improve Your Chances of Getting a Personal Loan
Since personal loans don’t require collateral, they pose a higher risk for lenders. To minimize this risk, banks and Non-Banking Financial Companies (NBFCs) carefully evaluate multiple aspects of an applicant’s financial profile. If you’re looking to improve your chances of getting approved for a personal loan, follow these simple yet crucial tips:
1. Maintain a Strong CIBIL Score:
A credit score of 750 or higher is ideal for taking a personal loan. A high Cibil score is a sign of reliability. Which makes you more likely to get approved for a loan with favorable terms.
2. Review Your Credit Report Regularly:
Errors in your credit report can lower your score and reduce your approval chances. Always check for inaccuracies in your credit report.
3. Compare Loan Offers:
Compare interest rates, processing fees, and repayment terms from multiple lenders to find the best suited deal for your financial situation.
4. Choose a Bank or NBFC You Have a Relationship With:
Apply with a lender where you already have an account or a long-standing relationship. It will increase your chances of approval.
5. Limit Loan Applications:
Applying for several loans within a short period can negatively affect your credit score and reduce your chances of getting approved.
How Can I Apply for a Personal Loan Online?
Get up to ₹40 Lakh in 5 Simple Steps
- Step 1: Enter Your Mobile Number
- Step 2: Fill in Your Personal Details
- Step 3: Verify Your Identity
- Step 4: Provide Additional Details
- Step 5: Compare Loan Offers and Apply
Types of Personal Loan
Pre-approved Personal Loans
These loans are offered to existing customers based on their creditworthiness and banking relationship. The lender evaluates factors like your credit score, income, and job profile and processes the loan quickly with very little paperwork.
Personal Loan Top-Up
This option allows the previous borrowers to borrow additional funds from the same lender. They are available to borrowers with a good repayment history. Top-up loans can be used for unexpected expenses or financial emergencies.
Personal Loan Balance Transfer
Balance transfer allows you to move your debt from one lender to a new lender with a lower interest rate or better terms. This reduces the interest burden.
Instant Personal Loans
These are quick, pre-approved loans offered to customers with a strong credit profile. They are processed and disbursed fast sometimes even in hours. Which makes them a great option for urgent financial needs.
Personal Loan for Education
These loans are specifically designed for students to help in their higher education. They can be used for tuition fees, accommodation, books, and other education-related expenses. Banks charge slightly higher interest rates but offer more flexibility in terms of usage.
Features and Benefits Personal Loan
Personal loans are the best way to make dreams come true or to fill any financial gap. They are accessible, flexible, and fast to approve!
Here are the key features and benefits of personal loans:
- 1. No Collateral Needed
- 2. Flexible Usage
- 3. Affordable Rates
- 4. High Loan Amounts
- 5. Flexible Tenure
- 6. Top-Up Options
- 7. Easy Documentation
- 8. Fast Disbursal
Explore Our
Personal Loan Lenders
Kotak Mahindra
Axix Bank
HDFC Bank
SBi Bank
Federal Bank
IDFC Bank
ICICI Bank
AU Bank
Best Personal Loan Offers
Axix Bank
Max. Loan Amt.
Up to ₹40L
Rate of Interest
10.49% - 22%
Tenure up to
1-5 Years
Processing Fee
Upto 2%
Low Processing Fee
HDFC Bank
Max. Loan Amt.
Up to ₹40L
Rate of Interest
10.50%
Tenure up to
Upto 6 Years
Processing Fee
Up to Rs 4,999
Max Loan Amount
100% Digital Process*
IDFC Bank
Max. Loan Amt.
Up to ₹1Cr
Rate of Interest
10.75% - 36%
Tenure up to
Upto 5 Years
Processing Fee
Upto 3%
Low Processing Fee
100% Digital Process*
ICICI Bank
Max. Loan Amt.
Up to ₹50L
Rate of Interest
10.65% - 16%
Tenure up to
1 - 6 Years
Processing Fee
Up to 3%
Low Processing Fee
Low Processing Fee
FAQs Personal Loan
What is a Personal Loan?
A personal loan is an unsecured loan that can be used for various personal needs, like medical expenses, travel, or debt consolidation. You don’t need to provide collateral to get this loan. Which makes it a flexible and accessible option for people in need.
How Much CIBIL Score is Required for a Personal Loan?
A CIBIL score of 750 or higher is generally preferred for the approval of a personal loan. Some lenders may approve loans for people with lower scores but they charge higher interest rates due to the increased risk.
What is the Interest Rate on a Personal Loan?
Personal loan interest rates start at around 10.49% p.a., depending on your credit score and other factors. You can also enjoy low interest retes for some banks if you have excellent credit history.
How Can I Apply for a Personal Loan?
You can apply for a personal loan by visiting a bank or NBFC branch, using their official website, or through mobile apps. Many lenders also offer easy online applications which allows you to apply from your home.
Can I Get a Personal Loan Without a Salary Slip?
Yes, you can get a personal loan without a salary slip. Lenders may accept other documents, such as bank statements, Form 16, or an employer certificate, to verify your income and eligibility.
What is the Maximum Loan Duration for a Personal Loan?
The typical personal loan tenure ranges from 1 to 5 years, but depending on the loan amount and your repayment ability some lenders offer longer durations of up to 8 years.
Can I Cancel a Personal Loan After Disbursement?
Cancelling a personal loan after it’s been disbursed is usually difficult and may incur cancellation fees. But some lenders allow prepayment with minimal penalties.
What is the Minimum Salary Required for a Personal Loan?
The minimum salary required to qualify for a personal loan varies from lender to lender. But typically its around Rs. 15,000 per month. Higher salaries improve your chances of approval with better loan terms.
Can a Student Apply for a Personal Loan?
Yes, students can apply for a personal loan, but they must meet specific criteria such as age, income (through a co-applicant), and credit score.
Can I Get a Personal Loan If I Have a Home Loan?
Yes, you can get a personal loan even if you already have a home loan. Lenders will evaluate your ability to repay the loans based on your debt-to-income ratio.
