A personal loan is a loan that can be used for any financial requirement, such as wedding, medical bill, family vacation or renovation of a house. It does not require any collateral to avail the loan. 

You can get a personal loan if you are between 21 years to 60 years, have a steady monthly income, a good credit score and a good relationship with the lender. 

Once you have decided on which lender to take the personal loan from based on the loan amount, tenures, interest rates and EMIs offered, you can get a personal loan in one of the following methods:

1. Online

You can directly log into the lender’s website, visit the loan section, select personal loans from all the different loans available and apply for the personal loan. You can then fill out your personal and contact details to complete the application process. You will then be contacted by the representative from the bank for verification. If you are an existing customer with the bank, you can get instant approvals on your loan and the funds are disbursed in minutes. 

2. Offline

You can visit the nearest branch of your lender and fill out the personal loan application form and apply for your personal loan along with all the needed documents. 

3. Call customer care

You can find your lender’s customer care number, dial it and ask their staff to help you apply for a personal loan

4. Email 

You can even drop an email to the bank’s email ID requesting them for a personal loan and you will then be contacted by their executives to help you with the same. 

You might need the following documents for your loan application and these might differ based on your lender’s criteria. 

1. Personal loan application form

2. Passport size photograph

3. Income proof

4. Bank statement

5. Identity, age and residency proof (Driver’s licence, Aadhar card, PAN card) 

It is best to check your credit score before applying for a personal loan, as a loan rejection due to low credit score can negatively impact your credit score. To check your credit score and apply for a personal loan, click here