Interested in financial products
CreditMantri
Processing
Personal Loans

Check your Personal Loan eligibility

Get loans starting from 11.25% interest rate

Note: It will not affect your score

Max Tenure

6 - 48 Months

Best Rate

15%

Processing Fee

4%

View Details

Features

  • Instant approval
  • End to end digital journey
  • Same Day Disbursal

Pricing

  • Processing fees: 4%
  • Interest rate: 15% - 36%
  • Installment Cycle: 5th of every month

Documents Required

  • No documents required

Max Tenure

3 – 60 months

Best Rate

1.33% P.M

Processing Fee

From 2%

View Details

Features

  1. Loan Disbursal in 24 hours
  2. Minimal Documentation

Pricing

Processing fees 2-6% on loan amount
Interest rate from 1.33% P.M

Documents Required

  1. Selfie
  2. Bank Statement (If required)

Max Tenure

2 – 15 months

Best Rate

1.02% P.M

Processing Fee

From Rs 85

View Details

Features

  1. 100% Online Process
  2. 10 Minute Loan Disbursal
  3. Direct Bank Transfer

Pricing

Processing fee: Starting from Rs. 85

Documents Required

  1. ID Proof
  2. Address Proof

Loan Amount

Upto 7 lakhs

Max Tenure

24 to 48 Months.

Best Rate

12% P.A

Processing Fee

3%

View Details

Features

  • 100% Online Process.
  • No Foreclosure Charges.

Pricing

  • Interest rate: 1% P.M.
  • Processing fee: Upto 3%

Documents Required

  • ID Proof.
  • Address Proof.
  • Bank Account Details with E-Mandate Facility.

Your application will be subjected to Bureau Enquiry.

Max Tenure

3-9 months

Best Rate

3-9 months

Processing Fee

4%

View Details

Features

  • 100% Digital Process with Instant Disbursal

Pricing

  • The interest rate varies from 2% p.m.- 2.5% p.m
  • Processing fees: 4%

Documents Required

  1. Aadhar Card
  2. PAN card
  3. Last 3 months’ Bank Statement showing salary credit
  4. Student ID card (Applicable only for students)

Max Tenure

up to 12 Months

Best Rate

18.00% p.a

Processing Fee

2.00%

View Details

Features

  • Seamless onboarding
  • Instant transfer
  • Flexiable repayement option
  • No hidden or extra charges

Pricing

  • Interest rate: 18.00% p.a.- 39.00% p.a
  • Processing fees: 2 -6%

Documents Required

  • No documents required

Loan Amount

Upto 10 lakhs

Max Tenure

3 - 60 Months

Best Rate

16% P.A.

Processing Fee

2% - 5%

View Details

Features

  • Choice based loan offers available - Bureau Based & Banking Based
  • ROI & Tenure will differ basis the loan offer chosen
  • Disbursement within 24-28 Hours
  • Complete Digital Loan Process
  • No Income Documents Required

Pricing

  • Interest rate: 1.33% P.M.
  • Processing Fee: 2% - 5%

Documents Required

  • Proof Of Identity & Proof of Address
  • Bureau Based Offer - No Income Documents
  • Banking Based Offer - Last 3 Month Bank Statements

Upon applying you provide Incred to pull your bureau Details to check the loan eligibility.

Loan Amount

Upto 10 lakhs

Max Tenure

6 - 36 Months.

Best Rate

14.04% P.A

Processing Fee

4%

View Details

Features

  • Lower Interest Rates.
  • 100% Online Process.
  • Minimal documentation.

Pricing

  • Interest rate: 1.17% P.M.
  • Processing Fees: From 4%

Documents Required

    Documents Required - Salaried
  • ID Proof.
  • Address Proof.
  • Income proof (Latest 2 salary slips & Last 3 months'bank statement).
  • Form 16/ITR.

Loan Amount

Upto 35 lakhs

Max Tenure

12-72Months

Best Rate

11.04% P.A.

Processing Fee

3%

View Details

Features

  • 100% Digital Process
  • No Income Documents Required
  • Offers Upto 10 Lakhs
  • Same Day Disbursal Documents Required
  • Only KYC Verification Tenure Period - Update as 24 to 60 Months

Pricing

  • Interest rate - 18% to 24%
  • Processing fee - 3% of loan amount

Documents Required

  • Last 3 Months Payslips
  • Last 6 Months Bank Statements
  • Proof Of Identity (Voter ID,Passport,Driving License,Aadhar Card)
  • Proof Of Address (Ration Card, Electricity Bill, Passport)
  • Proof Of Employment & Ownership - If Required

Loan Amount

1_5L

Max Tenure

36 Months.

Best Rate

Nil*

Processing Fee

Nil*

View Details

Features

  • Quick loan processing.
  • Minimal documentation.
  • Min Eligiblity Criteria.

Pricing

  • Interest rate - 20% to 36% P.A.
  • Processing fee - From 2.5%.

Documents Required

  • ID Proof.
  • Address Proof.
  • Salary slip and appoinment Letter (for amber Customers).
  • Income proof (3 Months BS )
Ujjivan Personal Loan

Ujjivan Personal Loan

4

Max Tenure

5 yrs

Best Rate

15.5%

Processing Fee

2.0%

Edelweiss Salaried Personal Loan

Edelweiss Salaried Personal Loan

4

Max Tenure

nil*

Best Rate

23.0%

Processing Fee

2%

MyMoneyMantra Personal Loan

MyMoneyMantra Personal Loan

4

Max Tenure

1-5 yrs

Best Rate

10.75%

Processing Fee

2%

RBL Personal Loan

RBL Personal Loan

4

Max Tenure

5 yrs

Best Rate

13.99%

Processing Fee

2%

HDB Personal Loan

HDB Personal Loan

4

Max Tenure

1.6 yrs

Best Rate

18%

Processing Fee

2%

ICICI Bank Personal Loan

ICICI Bank Personal Loan

4

Max Tenure

5 yrs*

Best Rate

11.49%*

Processing Fee

999₹*

Paysense Personal Loan

Paysense Personal Loan

2

Max Tenure

12 – 60 months

Best Rate

1.5%

Processing Fee

2.5%

My Shubh Life Personal Loan

My Shubh Life Personal Loan

4

Max Tenure

6 - 24 months

Best Rate

2%

Processing Fee

3%

Finzy personal Loan

Finzy personal Loan

4

Max Tenure

6 to 36 Months.

Best Rate

7.99% p.m

Processing Fee

2%

SBI personal loan

SBI personal loan

4

Max Tenure

up to 6 years

Best Rate

15.65% p.a

Processing Fee

1.50%

Navi Personal Loan

Navi Personal Loan

4

Max Tenure

6 years

Best Rate

9.9%-45% p.a.

Processing Fee

Nil

MUTHOOT Personal Loan

MUTHOOT Personal Loan

4

Loan Amount

Upto 10 lakhs

Max Tenure

12 - 60 Months.

Best Rate

12.96% P.A

Processing Fee

2.5%

MANAPPURAM Personal Loan

MANAPPURAM Personal Loan

4

Max Tenure

NA

Best Rate

Processing Fee

2%

IndusInd Bank Personal Loan

IndusInd Bank Personal Loan

4

Max Tenure

5 yrs

Best Rate

12.99%*

Processing Fee

0.5%*

HDFC Bank Personal Loan

HDFC Bank Personal Loan

4

Loan Amount

Upto 75 lakhs

Max Tenure

12 - 72 Months.

Best Rate

11.04% P.A.

Processing Fee

2.50%

Axis Bank Personal Loan

Axis Bank Personal Loan

4

Loan Amount

Upto 15 lakhs

Max Tenure

12 - 60 Months.

Best Rate

12.96% P.A.

Processing Fee

1%

Yes Bank Personal Loan

YES Bank Personal Loan

5

Loan Amount

Upto 50 lakhs

Max Tenure

12-72 Months.

Best Rate

11.05% P.A.

Processing Fee

1.0%

Fullerton Personal Loan

Fullerton Personal Loan

4

Max Tenure

4 yrs

Best Rate

17.25% *

Processing Fee

2%

Capital First Personal Loan

Capital First Personal Loan

4

Max Tenure

NA

Best Rate

16%

Processing Fee

2.49%

PNB Personal Loan

PNB Personal Loan

4

Max Tenure

nil*

Best Rate

10.95%

Processing Fee

nil*

Citibank Personal Loan

Citibank Personal Loan

4

Max Tenure

nil*

Best Rate

10.99%

Processing Fee

nil*

Kotak Mahindra Bank Personal Loan

Kotak Mahindra Bank Personal Loan

4

Max Tenure

nil*

Best Rate

11.50%

Processing Fee

nil*

Bank of Baroda Personal Loan

Bank of Baroda Personal Loan

4

Max Tenure

nil*

Best Rate

11.60%

Processing Fee

nil*

Union Bank of India Personal Loan

Union Bank of India Personal Loan

4

Max Tenure

nil*

Best Rate

14.40%

Processing Fee

nil*

Bank of India Personal Loan

Bank of India Personal Loan

4

Max Tenure

nil*

Best Rate

10.99%

Processing Fee

nil*

Canara Bank Personal Loan

Canara Bank Personal Loan

4

Max Tenure

nil*

Best Rate

12.60%

Processing Fee

nil*

IDBI Personal Loan

IDBI Personal Loan

4

Max Tenure

nil*

Best Rate

9.50%

Processing Fee

nil*

Bank of Maharashtra Personal Loan

Bank of Maharashtra Personal Loan

4

Max Tenure

nil*

Best Rate

9.70%

Processing Fee

nil*

Karur Vysya Bank Personal Loan

Karur Vysya Bank Personal Loan

4

Max Tenure

nil*

Best Rate

11%

Processing Fee

nil*

Tamilnad Mercantile Bank Personal Loan

Tamilnad Mercantile Bank Personal Loan

4

Max Tenure

nil*

Best Rate

10.40%

Processing Fee

nil*

HSBC Bank Personal Loan

HSBC Bank Personal Loan

4

Max Tenure

nil*

Best Rate

10.99%

Processing Fee

nil*

Central Bank of India Personal Loan

Central Bank of India Personal Loan

4

Max Tenure

nil*

Best Rate

11.50%

Processing Fee

nil*

UCO Bank Personal Loan

UCO Bank Personal Loan

4

Max Tenure

nil*

Best Rate

11.45%

Processing Fee

nil*

Indian Bank Personal Loan

Indian Bank Personal Loan

4

Max Tenure

nil*

Best Rate

9.65%

Processing Fee

nil*

Federal Bank Personal Loan

Federal Bank Personal Loan

4

Max Tenure

nil*

Best Rate

11.75%

Processing Fee

nil*

Aditya Birla Personal Loan

Aditya Birla Personal Loan

4

Max Tenure

nil*

Best Rate

11.75%

Processing Fee

nil*

Indian Overseas Bank Personal Loan

Indian Overseas Bank Personal Loan

4

Max Tenure

nil*

Best Rate

14.05%

Processing Fee

nil*

South Indian Bank Personal Loan

South Indian Bank Personal Loan

4

Max Tenure

nil*

Best Rate

10%

Processing Fee

nil*

HDBFS Personal Loan

HDBFS Personal Loan

4

Max Tenure

nil*

Best Rate

13.99%

Processing Fee

nil*

Credy Personal Loan

Credy Personal Loan

4

Max Tenure

NA

Best Rate

1%

Processing Fee

3.0%

India Bulls personal Loan

India Bulls personal Loan

4

Max Tenure

nil*

Best Rate

11.99%

Processing Fee

2.5%

Sorry! We couldn't find any offer matching this category.

Go from low bank balance to full with an instant personal loan of upto 7.5L

30+ Lenders

30+ Lenders

Lowest interest rate

Lowest interest rate

Fexible tenure

Fexible tenure

Minimal documentation

Minimal documentation

Apply Now

A Personal Loan is a form of financial assistance provided by different banks and NBFCs. It can be used for personal needs such as medical emergencies, higher education, marriage expenses, holiday plans, and many more. There is no constraint on how the borrowed amount is actually used, unlike certain other types of loans; the borrower has complete freedom to use the money for whatever reason they choose.

A personal loan has two essential properties:

Total flexibility on end-use. There are no restrictions on how you can spend the loan amount. This is in contrast to a home loan or car loan where the amount of the loan can only be used to purchase a property or a vehicle only. You're free to use the money in any way that you want.

Non-requirement of collateral. Personal loans are unsecured loans, meaning you are not required to provide the lender with any collateral in the form of assets, shares or any other properties.

How to Apply for Personal Loan on CreditMantri.com

CreditMantri Youtube
Marriage expenses! Medical emergencies! Whatever the reason, a personal loan is the answer. CreditMantri helps you get the best deals on personal loans matching your credit score.

How Does A Personal Loan Work?

  • You can apply for a personal loan online, with a bank, or any financial institution.
  • The official website of most of the banks and NBFCs have the facility to apply for a personal loan with a single click.
  • Your personal loan eligibility is decided based on various factors like your credit score, income, age, employment type, and a few other factors.
  • If the financial institution feels that your eligibility criteria are favorable, they will approve your personal loan and disburse the amount into your account.
  • Now, the personal loan amount could be disbursed as cash into your account or the lender may provide you with a pre-loaded card that can be used for your purchases.
  • Repayments are made through monthly EMIs over the duration of the loan. Most banks do permit part payments and pre-closure of your personal loan.
Personal Loan

Features and Benefits of Personal Loans

  • Collateral-free loan
  • No end-use restriction
  • Interest rate starting from 10.25% per annum
  • Loan amount of up to Rs.40 Lakhs, which can exceed depending on the lenders' discretion
  • Repayment tenure of up to 60 months, which may exceed on case to case basis
  • Minimal documentation
  • Quick disbursals

Eligibility Criteria For Personal Loans

Age

18 to 60 years

Credit Score

750 and above

Salaried

At least Rs. 15,000 monthly

Employment Type

Salaried employees working with reputed organizations, government organizations, and PSUs

Business Continuity

At least 2 years for self-employed professionals.

Employment Stability

A minimum of 2 years with 1 year of work experience in the same job for salaried.

Documents Required To Apply For A Personal Loan

Type of Document

Salaried Individuals

Self-employed Individuals

Proof of Identity

Either one:

  • Passport
  • Voter’s ID
  • Driving license
  • PAN card

Either one:

Proof of residence

Passport or utility bills

Passport or utility bills

Income proof

Bank statement of the salary accounts for the recent two years.

Audited financial statement of the recent two years.

Documents For NRIs

  • Your passport copy
  • Visa copy
  • Your official Email ID or the HR’s Email ID
  • Bank statements
  • Salary certificate or salary slips
  • NRO/NRE bank statements of the past 6 months
  • Identity proof, income proof, residence proof, and assets.
  • Recently taken passport size photographs of yourself and the guarantors

How To Apply For A Personal Loan?

Online Apply Via CreditMantri

  • Compare the personal loans from various lenders
  • Choose the personal loan you want to apply for and go to the application page.
  • Enter the basic details required.
  • Click on ‘view eligible personal loan offers and apply’ to see the offers available according to your eligibility.
  • Click Next
  • An OTP will be delivered to your mobile. Enter this OTP for verification
  • Submit the application.

Online Apply Through The Bank’s Website

Before you apply through the bank’s website, go to CreditMantri to know more about the personal loan.

  • Go to the bank’s website.
  • Under the loans section, choose personal loans
  • Click on ‘Apply Now’
  • Enter the details in the application form and submit
  • The bank will evaluate your application and ask you to submit the required KYC documents.

Other modes to apply:

  • Netbanking account: If the individual has an existing relationship with the bank
  • Offline by visiting the bank’s branch
  • You can leave a request for a personal loan application through Email or the customer service center of the bank.
  • Nowadays, you can apply for personal loans via ATM kiosks as well.

Personal Loan Fees and Charges

The various personal loan fees and charges are as follows:

  • Processing fees
  • Goods and services tax (GST)
  • Verification charges
  • Charges levied for issuing duplicate statement
  • Penalty for prepayment and part payment of loans
  • Penalty for defaults

Uses of Personal Loans

A personal loan has a wide range of uses and can come in handy for meeting either planned or emergency expenditure.

  • Debt consolidation from other loans or credit cards
  • Creating high value purchases
  • When there is a cash crunch
  • For meeting sudden business or educational expenses
  • Paying for a holiday
  • Buying high-end electronic gadgets, household appliances, wedding expenses, emergency medical expenses, home renovations, etc.
  • For buying a vehicle if the interest rate on the personal loan is lower compared to vehicle loan.

Different Types of Personal Loans in India

Type of Loan

About it

Wedding loan

Whether it be for marriage celebrations or your honeymoon, if you take a personal loan for weddings, you can use it towards all wedding related expenses.

Home renovation loan

The personal loan for home improvement will help you handle the costs of maintenance, repair, remodeling, refurnishing, painting, etc.

Travel loan

You can fund family trips and holidays in India or abroad with a personal loan for travel.

Medical loan

This loan can be of great benefit during healthcare emergencies.

Debt consolidation loan

You should consolidate all your existing debt into a single loan. This will help you handle your monthly installments better. Use the personal loan EMI calculator to compute your EMIs and plan repayment.

Higher education loan

A personal loan for higher education helps you fund your study in India or abroad like accommodation, travel, and living expenses.

Small personal loans

You can choose this loan when you need additional funds

Used Car Loan

Apply for this personal loan online to finance the purchase of a second-hand car with ease.

Personal Loan Interest Rates

Before you apply, check out the personal loan interest rates offered by various lenders. Then, compare and apply for the personal loan with the lender that offers the best rate. Personal loan interest rates fall in the range of 8.30% per annum to 49% per annum. If you have a good credit score and relationship with the bank, then you will get preferential interest rates.

Factors Affecting Personal Loan Interest Rates

The various factors on which your personal loan interest rates depend are:

  • Credit score:

    Every lender checks the credit score and credit history before giving personal loans. They evaluate this to minimize the risk of any defaults from the borrowers. A high credit score indicates that the loans and credit card bills have been paid on time. So, lower interest rates are provided to such applicants.

  • Monthly income:

    Lenders look for people with higher monthly incomes since borrowers with bigger monthly incomes are likely to make timely repayments. The affordability for the loan increases with greater monthly income. The minimum income criteria and eligibility will vary across banks

  • The reputation of your organization and the type of employment:

    These are crucial factors in deciding the interest rates. Those who work for a reputed organization and those who have stable employment can obtain loans at comparatively lower interest rates.

    Salaried employees may get different interest rates as compared to self-employed professionals. Government employees are usually provided personal loans at lower interest rates because of their job security and certainty of regular income. People working with MNCs and reputed private sector organizations are usually given lower interest rates than other private sector organizations.

  • Your Relationship with the Bank or NBFC:

    If you already share a good relationship with the bank or NBFC from which you have taken loans or credit cards, then you can get lower interest rates on your personal loans. You will also be eligible for pre-approved loans, deals, and credit cards from the bank or NBFC.

How much loan amount can I obtain?

Personal loan amounts vary from Rs.10,000 to Rs.50 lakhs. The amount must be consistent with repaying capacity. The final approved loan sum is based on the lending requirements used by the bank/NBFC and how they determine your ability to repay the loan.

The Most Essential Factor In Personal Loan Approvals

Your credit score and credit report are the most important factors in personal loan approval. If you have defaulted on bill or EMI payments, your credit score and your credit report will not be up to the mark. On the other hand, if you have paid your EMIs and your bills on time, your credit score and credit report will be good. This indicates to your lender that you have good financial discipline, are capable of paying your loan on time, and are creditworthy. Since a personal loan is an unsecured loan that is collateral-free, a lender usually determines whether he wants to give you a loan or not based on your creditworthiness.

Minimum Credit Score For Personal Loan Eligibility

It is usually recommended to have a credit score of 750 or above to be eligible for a personal loan. The higher your ranking, the better your chances of qualifying would be. A credit score of 750 means that a strong track record of making timely repayments for a prolonged period of time has been demonstrated by the client.

My credit score is below 750. Will I get a personal loan?

There is no guarantee of definitely getting a personal loan for any given credit score . Your chances of being accepted however are considerably higher if you have a score above 750. A score that is slightly below 750 at the same time does not necessarily mean that your request will be denied. Some possible results of your personal loan application are listed below:

  • If your score ranges from 300-599, you will not be eligible for a personal loan. A low score is an alert to lenders in this area that you do not have a history of good credit behavior. The majority of lenders will reject your request right away.
  • A credit score of 600-749 - You might have a probability of being accepted by certain lenders, but it is not a high score. They may look at other factors, such as the stability of your career, your annual income, and the magnitude of your other liabilities, which will affect your repayment potential in the future. If based on all these aspects, the lender feels that you have the potential to make timely repayment, your application has a chance of being accepted. However, if you are about to apply for a personal loan, it is advisable to raise your score to 750.
  • A credit score of 750 and above - With such a score, you have a good chance of securing a loan. A high score has multiple other benefits: the approval process will be much quicker; the amount of the loan could be huge, and you may be able to negotiate a lower interest rate. When your credit score is high, the entire loan approval process is much easier.

Personal loan Prepayment and Part Payment

If you want to pay your debt before the end of the loan repayment period, it is called pre-payment or foreclosure. The various types of prepayment are:

  • Full prepayment
  • Part prepayment
  • Part payment

How To Avoid Personal Loan Rejection?

Before you apply for a loan, make sure that you fulfill all the requirements set by the lender. This will ensure that your loan application is not denied. Although eligibility criteria vary across lenders, there are some common qualifying criteria such as age of the applicant, income, credit score, employment status, and so on.

Personal Loan Customer Care

Customers may have a lot of queries while applying for personal loans. For this reason, all banks have dedicated customer service teams in place. Go to personal loan customer care and find helpline numbers for all banks.

Personal Loan Eligibility

There are a couple of factors that determine the personal loan eligibility, such as credit score, employment type and employer, income, and EMI payment history.

Personal Loan Status Check

After you apply for a personal loan with the lender, you will want to know about your personal loan application status. You will want to know whether the loan is approved, rejected, or under process. You can track your personal loan application by visiting the official website of the lender and checking the location where you can track the status of your loan application. You have to provide details, such as your full name, registered mobile number, date of birth, PAN card, loan reference or registration number if any, or any other unique number provided by the bank. You can track your loan application status offline by visiting the bank/NBFC branch, calling the personal loan customer care or Toll free number, or via net banking (if you are an existing customer).

Personal Loan EMI Calculator

Personal loan EMI calculator is used to compute the monthly EMIs that you have to pay for your loan. It is good to do this before you apply for the loan as it helps in planning your finances and determining whether you can repay your loan on time. You have to input the personal loan amount, interest rate, and tenure in months to compute the personal loan EMI.

Conclusion

Personal loans come in really handy when an individual needs money. Marriage costs, medical expenses, expenditures for home renovation, holidaying, and any kind of expenditures can be met by getting personal loans. But before applying for a personal loan, compare different lenders and choose the best. CreditMantri offers best deals and offers on personal loans.

Personal Loan FAQs

1. How do I pick the best deal for a personal loan?

The only way to determine which loan offer to apply for is to carefully research the different choices. You can judge which deal fits your financial condition and needs once you have a clear understanding of the deals and schemes available.

2. How do I apply for a personal loan?

You may apply for a personal loan in many ways. You can apply directly online on the website of the bank/ NBFC, or you can go to the branch to apply for a personal loan in person; go through websites for online comparison, or you can contact a direct sales agent. CreditMantri will instruct you on how to boost your score in the most reliable and efficient way so that your personal loan application is accepted if you want to apply for a loan and think your credit score may not be good enough. You will also be matched with the most relevant loan deals on the market for you. You will have easier and hassle-free credit access with a decent ranking.

3. Can I get a personal loan during Covid-19?

Though the Covid-19 pandemic has affected the economy adversely, personal loans rank on the top of loan products. The banks have readjusted their business model to accommodate the rising demand for personal loans during this crisis. The application process has been made completely online. Eligibility criteria like minimum income have been relaxed a bit to increase the customer base. In all, personal loan demand has risen considerably during this pandemic and banks have come up with various measures to sanction personal loans for eligible applicants.

4. How is personal loan repayment done?

Personal Loan repayments are done through monthly EMIs over the tenure of the loan. You can find the best EMI that fits your budget using a personal loan EMI calculator.

5. How can I get a 50k loan fast?

The best way to get a loan of Rs. 50,000 is by applying for a Personal Loan. They are quick and do not require any collateral.

6. What are the main documents needed for a personal loan?

The actual list of documents varies from lender to lender. You generally have to provide the following mandatory documents:

  • Identity and address proofs
  • Bank statement for the last 3 months
  • Salary slips/income proof

7. Can I fore-close my personal loan?

Again, it depends on the lender. While some lenders allow foreclosure with pre-closure charges others require you to pay the loan as per the agreed tenure. So, make sure to check the prepayment terms and conditions while applying for the loan.

8. How long does it take for the personal loan amount to be disbursed?

Once you have submitted all the required documents and received loan sanction, expect the loan amount to be disbursed within 24 to 78 hours.

9. What is the interest rates on a personal loan?

The interest rate charged on your personal loan depends on the lender and your credit profile. Currently, the interest rates on personal loans in India start from 8.45% onwards.

10. Will my personal loan EMI change if I change my job?

No. As long as you continue to repay the EMIs on time, a change in job will not impact your personal loan repayment schedule.

11. How can I pay my personal loan EMIs?

you can use any of the following methods to pay the personal loan EMIs:

  • Automatic debits from your bank account monthly (you’ll have to provide standing instructions)
  • Post-dated cheques
  • ECS from any other bank account to your loan account

12. Do I need a guarantor for a personal loan?

Generally, personal loans are unsecured, meaning you don’t have to provide collateral or security. However, if your credit score is low and chances of loan eligibility are poor, having a guarantor may increase your chances of securing the loan.

13. Do personal loans hurt my credit score?

All loans - irrespective of the type of loan - can cause your credit score to dip temporarily, especially at the time of application and approval. However, once you start repaying EMIs on time, a personal loan can help in building your credit score.

14. What happens if I don’t pay my personal loan in India?

Non-repayment of a personal loan is not a criminal offence i.e. you won’t go to jail. But, it can have other repercussions - like poor credit score which will make it difficult to secure other loans and credit cards in the future. The lender may contact you repeatedly to recover the cost of the loan or even may file a legal complaint against you.

15. How much personal loan can I get with a salary of Rs. 15,000?

The actual loan amount you qualify for depends on several factors like your credit score, debt-to-income ratio, other debts, etc. Your income is just one of the many factors that determine the loan amount. You can find the loan amount you’re eligible for by using a personal loan eligibility calculator, available on many sites.

16. How much personal loan can I get with a salary of Rs. 25,000?

Your income is just one of the many factors that determine the loan amount you’re granted. Other factors like your credit score, other debts, previous repayment history all play a crucial factor in deciding the loan amount you’re sanctioned. Use a personal loan eligibility calculator to determine the loan amount you can get.

17. What is the minimum income that I should need for a personal loan in India?

Personal loans are available for individuals with incomes starting from as low as Rs. 15,000 per month.

18. Can I apply for a personal loan jointly with my spouse?

Yes. Applying for a personal loan along with a co-applicant not only increases the chances of eligibility but also qualifies you for a bigger loan amount.

19. What is a personal loan EMI?

The EMI stands for Equated Monthly Installments. This is the amount you’ll have to pay every month to the lender for the entire tenure of the loan. The EMI includes both the principal and interests.

20. Why should I apply for a personal loan online?

Applying for a personal loan online has many benefits like a quick comparison of different lenders, easy online paperless application and quick disbursal.

21. What are the benefits of a personal loan?

  • Quick loan payment
  • No collateral or security needed
  • Minimal documentation
  • Flexible EMI plans and many repayment options

22. What are the minimum and maximum loan limits given for personal loans?

Generally, the minimum loan amount is Rs. 50,000 and the maximum amount is Rs 30,00,000. Higher loan amounts are based on a personal discussion that the bank may want to have with the borrower. Then he will decide about the loan amount.

23. How long can I borrow a loan for?

Though the tenure is based on the applicant’s category, the maximum is 60 months.

24. Which is one of the most important factors in choosing a loan?

Credit score is one of the most important factors in choosing a loan. A borrower’s credit score estimates the amount of risk a lender can expect from him/her. Multiple components can impact an individual’s credit score negatively, such as late payments or missing a credit card payment. Having a good credit score can help in increasing a borrower's loan amount.

Latest & Update Personal Loan News

Tata Capital Launches Instant Digital Loans For CV Customers27 Sep 2023

Tata Capital has come up with the feature of instant digital onboarding for its commercial vehicle customers to give them access to quick financing. This innovative digital product will help SME customers of commercial vehicles to easily meet their...

Read more

Tata Capital has come up with the feature of instant digital onboarding for its commercial vehicle customers to give them access to quick financing. This innovative digital product will help SME customers of commercial vehicles to easily meet their funding needs quickly and without any hassles. Tata Capital has partnered with major Original Equipment Manufacturers (OEMs) to ensure customers get a wide choice while buying new commercial vehicles. The process is very simple and seamless. All the pertaining information about the customer is fetched seamlessly through the Vahan APIs, making it easier for the customers. Underwriting is also done with a scorecard and using minimal documentation. The customer is given a sanction letter immediately.

Federal Bank Launches Whatsapp Lending Platform For Pre-Approved Loans 7 Sep 2023

Federal Bank is all set to offer pre-approved loans on whatsapp. Now, loan aspirants can apply for pre-approved personal loans in a quick and hassle free manner by just messaging a 'hi' to the bank's dedicated whatsapp number...

These Banks Have Hiked Loan Interest Rates in August 202319 Aug 2023

Top banks in India such as HDFC Bank, ICICI Bank, Bank of Baroda, Bank of India, and Canara Bank have hiked their MCLR - Marginal Cost of Funds Based Lending rates. Following the most recent increase, Canara Bank has set its overnight Marginal Cost o...

Read more

Top banks in India such as HDFC Bank, ICICI Bank, Bank of Baroda, Bank of India, and Canara Bank have hiked their MCLR - Marginal Cost of Funds Based Lending rates. Following the most recent increase, Canara Bank has set its overnight Marginal Cost of MCLR at 7.95%. The MCLRs for one month, three months, 6 months, and one year are 8.05%, 8.50%, 8.15%, and 8.70% respectively. HDFC Bank's revised MCLR for overnight is 8.35%. The MCRLs for one month, 3 months, 6 months, 1 year, 2 years, and 3 years are 8.45%, 8.70%, 8.95%, 9.10%, 9.15%, and 9.20% respectively. Bank of Baroda and ICICI Bank have hiked their MCLRs by 5 basis points on all tenures effective from August 12th and August 1st respectively. The latest Bank of Baroda MCLRs are 8%, 8.25%, 8.35%, 8.45%, and 8,70% for overnight, one month, 3 months, 6 months, and one year respectively. The increased MCLRs for ICICI Bank are 8.40% for overnight and one month and 8.45%, 8.80%, and 8.90% for three months, six months, and one year respectively. The revised MCLRs for Bank of India stand at 7.95%, 8.15%, 8.30%, 8.50%, 8.70%, and 8.90% for overnight, one month, 3 months, 6 months, 1 year, and 3 years respectively effective from August 1st 2023.

Bank of India EMIs to Go Up As It Hikes Lending Rates By 10 bps Across Tenures 7 Mar 2023

Bank of India has increased its MCLR (Marginal Cost of Funds Based Lending Rate) by 10 bps across all tenures. The new MCLRs will become effective on March 1, 2023. Post this hike, the overnight MCLR will continue to be 7.50%, the 1 month ...

Read more

Bank of India has increased its MCLR (Marginal Cost of Funds Based Lending Rate) by 10 bps across all tenures. The new MCLRs will become effective on March 1, 2023. Post this hike, the overnight MCLR will continue to be 7.50%, the 1 month MCLR has increased from 7.85% to 7.95% by 10 bps, the 3-month MCLR has been hiked from 7.90% to 8.00% by 10 bps, and the rate for 6 months has been hiked from 8.15% to 8.25% by 10 bps. The MCLRs for 1 year and 3 years have been hiked from 8.40% to 8.50% by 10 bps and from 8.60% to 8.70% by 10 bps respectively. The hike in MCLR will lead to higher interest rates, which in turn will result in an increase in the loan's monthly payment and duration. It will result in higher EMIs and thus longer loan tenures. It will also have a direct effect on loan eligibility since the borrowing costs of the loan will increase.

SBI Loan EMIs Get Costlier As The Lender Increases MCLR By 10 BPS Across All Tenures 20 Feb 2023

State Bank of India has hiked its marginal cost of funds based lending rate by 10 basis points (bps) following the 25 basis point Repo rate hike by RBI. Thus, home loans, auto loans, and personal loans are set to become costlier. The MCLR is the mini...

Read more

State Bank of India has hiked its marginal cost of funds based lending rate by 10 basis points (bps) following the 25 basis point Repo rate hike by RBI. Thus, home loans, auto loans, and personal loans are set to become costlier. The MCLR is the minimum lending rate below which a bank cannot lend. As per the SBI website, the overnight MCLR rate has been hiked from 7.85 per cent to 7.95 per cent, by 10 bps, effective February 15, 2023. The MCLR for the one-month tenure has also been increased by 10 bps, from 8.00 per cent to 8.10 per cent. The bank has raised its three-month MCLR to 8.10 per cent, from 8.00 per cent. The six-month MCLR has been increased to 8.40 per cent from 8.30 percent earlier.

Personal Loan - Customer Reviews

4 / 5 (184 Reviews)
29 Jan 2021

Good website - easy to use,good

30 Dec 2020

Good website - easy to use,Very relevant offers,Good

23 Nov 2020

Good website - easy to use,Use full details.

20 Oct 2020

Usefulness of information,Credit Report Analysis,Website/app interface,Product offers,Well

5 Oct 2020

Product offers,Good

×Thank you! Your comment will be reviewed and posted shortly.