Apply for Personal Loans

  • Bajaj Finance
  • ICICI Bank
  • TATA Capital
  • Shriram City Union
  • Shriram City Union
  • Shriram City Union
5.0 / 5 (5 Reviews)

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Why apply through CreditMantri

CreditMantri matches your credit and demographic profile to lender's Personal Loan lending criteria - others just match your demographic criteria. We shortlist lenders willing to lend to you based on our proprietary matching algorithm.

In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. We upfront check whether you qualify for Personal Loan. Hence the chances of your Personal Loan application getting approved is higher.

max tenure

5 yrs

processing fee


best rate


  • Maximum loan - 20 lakhs
  • Attractive Interest Rates
  • Quick and easy approval process
  • Balance transfer on existing personal loan
  • Interest rate - 12.99% to 23%
  • Processing fee - 0.50% to 2.50% of loan amount
  • KYC – ID proof, DOB Proof, Signature proof & Address proof
  • Bank Statements
  • Residence stability proof
  • Employment stability proof
  • Latest 3 month salary slips / Form-16 / Appointment letter

max tenure

5 yrs

processing fee


best rate


  • Maximum loan - 25 lakhs
  • 5-minute online personal loan approval and cash in bank in 72 hours
  • Interest rate - 12% to 15%
  • Processing fee - 2.25% to 3% of loan amount
  • Per bounced cheque - 1000/- and 2% penal interest per month
  • Secure fee - 999/- for instant approval online
  • Online application, Employee ID card
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Passport, Driver's license, Ration card, Mobile bill, Letter from employer
  • Signature proof (any one) - Passport, PAN, Driver's license, Photo credit card, Letter from bank verifying signature
  • Work experience documents - Appointment letter, Form 16, 1 yr old salary slip, same for previous employment

max tenure

5 yrs*

processing fee


best rate


  • Maximum loan - 20 lakhs (salaried)
  • Maximum loan - 30 lakhs (self employed)
  • Fixed interest rate
  • Direct credit of the loan amount through Fund Transfer (FT)
  • Simple repayment options such as ECS, AD or PDC
  • Interest rate - 13% to 18%
  • Processing fee - Up to 2.5% of loan amount
  • Application form with 2 photographs , Processing fee cheque
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Passport,Utility bill, Lease agreement
  • Salaried - Salary slip for 3 months, bank statement with salary credit
  • Self employed - Office address proof, audited financials for last 2 yrs and latest 6 months balance sheet

max tenure

5 yrs*

processing fee


best rate


  • Maximum loan - 15 lakhs
  • Flexi EMIs with Higher Loan Eligibility
  • Minimum Documentation and Verification
  • Quick processing
  • Security or Guarantors not Required
  • Interest rate - 14.5% to 18%
  • Processing fee - 1% to 2% of loan amount
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID, Aadhar
  • Address proof (any one) - Passport, Driver's license, Voter ID, Ration card, Electricity bill, Rent agreement
  • Residence stability proof
  • Employment stability proof
  • Latest 3 month salary slips / Form-16 / Appointment letter

max tenure

4 yrs

processing fee


best rate

17.25% *

  • Personal Loan up to 20 lacs.
  • Easy Repayment over 12 to 48 months.
  • Quick and easy approval process
  • Balance transfer of an existing Personal loan
  • Interest Rate: 17.25% onwards
  • Processing Fee: 2% onwards
  • Application form with a recent photograph
  • ID Proof - Passport Copy/ Voter ID card/ Driving License/ PAN Card
  • Address Proof - Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License
  • Age proof - PAN Card, Passport, any other certificate from a statutory authority
  • Bank Statements (Bank statement / Bank Passbook for last 6 months) OR Last 3 months’ salary slip
  • Form 16
  • Income Tax Returns for last 3 years
  • Processing fee cheque
  • Previous 2 years’ experience letter without any gap (if current work experience < 1 year)

max tenure

3 years

processing fee


best rate

28% p.a

  • Faster loan disbursal process
  • Simplified documentation process
  • Repayment through Equated Monthly Instalments
  • Interest rate - 28%
  • Processing fee - 2000₹
  • ID Proof(any one)- Aadhaar card/Pan card/Driving License/Passport/Voter ID
  • Address Proof(any one)-Aadhaar card/Driving License/Passport/Voter Id
  • Post-dated cheque (For 6/12 Months)

What is a personal loan?

A personal loan is a loan taken by an individual to fund any personal expense like, for example, a wedding, to make renovations to the home or even for a vacation. Unlike many other kinds of loan, there is no restriction on how the borrowed amount is finally used - the borrower has full freedom to use the money for any purpose they want.

There are two attractive features of a personal loan:

  • Complete flexibility of end-use. There are no restrictions on how you should spend the loan amount. This in contrast to a home loan or auto loan where the loan amount can only be used to buy a property or a vehicle respectively. You have the freedom to use the money in any way you want.
  • Lack of collateral. A personal loan is an 'unsecured loan', meaning you are not required to provide any security to the lender in the form of cash, shares or any other assets. This might make it more attractive to some customers who may not be able to raise the cash required as collateral.

When should I choose a personal loan?

If you need money quickly and for a relatively short term, then a personal loan is a good option. The loan disbursal can be relatively quicker than for most other loans since you do not have to provide documentation for the purpose the loan amount will be used for. For a home loan, for example, you need to get the legal documents pertaining to the title deed of the property, all the required government approvals and other supporting documentation. Since you are free to use the personal loan for any purpose, this end-use documentation is not required.

If you do not have any assets to pledge as collateral for a loan, then a personal loan might be a good option. In order to safeguard their money, lenders will instead study your credit and repayment history to judge if you are a low-risk customer and decide whether to approve your application.

What is the typical amount and loan period of a personal loan?

There is no typical loan amount and the loans can range from Rs.10, 000 to Rs.30 lakhs. While applying for a personal loan, the amount that you apply for must be commensurate with your ability to make repayments. Of course, the final loan amount that is approved depends on the lending criteria used by the bank/NBFC and how they evaluate your ability to repay the loan.

In terms of tenure, personal loans are relatively short-term loans and the tenure can range from 1-5 years. This is in contrast to home loans, for example, that can have a decades-long repayment period.

What is the most important factor in approving a personal loan application?

The most important factors that determine if your personal loan is approved or not, are your credit score and your credit report. What does this involve?

The RBI authorises three credit rating agencies, or credit bureaus, to issue credit reports and credit scores. These bureaus are CIBIL, Equifax and Experian. They collect and maintain records all your credit-related activity with banks, credit card companies and other formal lenders. The bureaus get reports on a monthly basis from these lenders on all your credit transactions. This includes information on your EMI and credit card payments (including any late or missed payments), balance outstanding, any change to your total credit limit, and all other details that are relevant to building your credit profile.

Based on all this data, a complex mathematical formula is used to calculate your credit score. The score is a reflection of your past and current credit behaviour and gives potential lenders a snapshot of your credit-worthiness. If you have a good track record of making all your payments in time and in full, your score will tend to be high. If you have a history of defaulting on payments or using excessive credit, it will have a negative impact on your credit score.

What is the role of a credit report in sanctioning a personal loan?

Since you do not provide any collateral to the bank/NBFC for a personal loan, the lender runs the risk of losing money in case you default on your payments. That is why lenders will analyse your Credit Information Report (CIR) or credit report, to evaluate your credit history and track your loan repayment behaviour over the years. This gives them an idea of your credit discipline and allows them to evaluate whether you are a high risk or low risk customer. A credit report that shows a consistent record of making repayments on time and overall responsible credit behaviour is an important factor for lenders in approving a personal loan application.

What is the role of my credit score in the loan process? What is the minimum credit score to be eligible for a personal loan?

It is generally advisable to have a credit score of 750 or above to qualify for a personal loan. The higher your score, the better are your chances of being approved.

As a first step, lenders typically look for a minimum credit score of 750 before deciding whether to go ahead with processing your application. Since personal loans are not secured by any security deposit, lenders look at your credit history to judge if you can be trusted to fulfill your debt obligations. A credit score of 750 denotes that that the customer has demonstrated a consistent track record of making timely repayments over a substantial period of time. Lenders are assured that such a customer is not at high risk of defaulting on payments, and are more willing to approve the personal loan.

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

There is no guarantee that you will be approved for a loan at any particular score. However your chances of being approved are significantly higher if you have a score above 750. At the same time, a score that is marginally below 750 does not necessarily mean that your application will be rejected. Below are some probable outcomes of your personal loan application:

If your score is between:

300-599 - You will not qualify for a personal loan. A low score in this region is a warning signal to lenders that you do not have a history of good credit behaviour. Most lenders will reject your application right away. It is necessary to take immediate steps to rebuild your credit health and improve your score to a level where you become eligible for a loan.

600-749 - Though it is not a high score, you might have a chance of being approved by some lenders. They might be willing to look at other factors that will impact your repayment ability in the future like the stability of your employment, your annual salary, the extent of your other liabilities. If they think you have the ability to fulfill your repayment burden despite your score, your application has a chance of being approved. It is, however, advisable to improve your score to 750 if you are planning to apply for a personal loan. Moreover, you should raise your score before you apply for the loan so that you can avail of more attractive terms and conditions that are extended to customers with a good credit score

750 and above - You have a good chance of obtaining a loan with such a score. There are several other advantages to a high score: the approval process will be much faster; the loan amount might be larger; and you might be able to negotiate a lower interest rate. The whole loan approval process is much simpler when you have a high credit score.

What are the other factors that influence approval for a personal loan, apart from credit history?

  • Your employment is also an important factor in the loan-approval process. Since personal loan customers do not provide any collateral, lenders need to make sure that you will have a steady monthly income over the loan period that will allow you to make regular repayments. That is why they pay particular attention to your employment status. They will look at whether you have stable employment and have been in the same job for a certain amount of time. Someone who has a history of frequently changing jobs might not be readily approved for a personal loan as it signifies that he/she might not have a stable or predictable salary over the loan period and might not be able to make regular payments. It is probably a good idea to be in a job for at least a year before you apply for a personal loan.
  • Your annual income is another significant factor. Again, since there is no collateral, the banks want to be assured that you have a sufficient income (from salary and other sources) that will allow you to make your monthly repayments. The higher your income, the better your chances of being approved for a personal loan.
  • Your EMI payment record is also of importance. Lenders will look at your credit report to check if you have consistently demonstrated financial discipline and a pattern of timely EMI payments. If they see that you have regularly made payments and fulfilled your debt obligations, they will be inclined to view your loan application more favourably.

What factors affect the interest rate on personal loans?

It is important to note that personal loans are the most expensive loans in the formal consumer banking system. They incur the highest interest rates since they are 'unsecured', and the bank/NBFC has no safeguard against default. The interest rate on a personal loan is influenced by a few factors including:

  • Loan amount compared to your annual income: If your loan amount is a small percentage of your annual income, then your interest rate will tend to be lower. Conversely, if your loan amount is a high percentage of your annual income, lenders might not be confident about your ability to repay and might insist on a higher interest rate on the loan.
  • Credit report and credit score: Since this is an unsecured loan, lenders are particular about knowing about your past credit behaviour in order to evaluate your ability and willingness to pay. In general, the higher your credit score, the better the interest rate you will get. Lenders are confident that you have a good track record of fulfilling your debt obligations, and you might be able to negotiate a lower interest rate with them.

What are the advantages and disadvantages of a personal loan?

The advantages of a personal loan are that they are relatively quick (because they do not require as much documentation as a home or auto loan); there is no restriction on how you can spend the money; personal loans do not require any collateral. So if you do not have any assets like a home, or shares or gold to offer as security, and are in need of money urgently, this is perhaps the most convenient option.

The main disadvantage of a personal loan is the higher interest rate, when compared to other loans. Since the lenders do not have any security against payment default, they charge high interest rates to cover their lending risk. Personal loans can work out to be one of the most expensive loans to take in terms of interest payments.

When should I opt for a personal loan?

If you are in immediate need of money and do not have any asset to use as collateral, then a personal loan might be the best option. However, it is important to keep in mind that you will be paying high interest rate charges on this kind of loan, so you should be have a plan for being able to make all your repayments on time. Also make sure that you have an adequate credit score before you apply for a personal loan. If your application is rejected because of a low credit score, your score will drop even further with each rejection, making it even more difficult to access credit in the future.

How do I choose the best loan offer?

The only way to decide which loan offer to apply for is to research the various options thoroughly. Once you have a good idea of the offers and schemes available, you can judge which offer suits your financial situation and requirements the best.

How do I apply for a loan?

There are several ways you can apply for a loan. You can apply directly online at the bank/ NBFC's website; or you can go in person to the branch to apply for a loan; go through online comparison websites; or you can contact a direct sales agent.

If you want to apply for a loan and think your credit score might not be good enough, CreditMantri can guide you on how to improve your score in the most efficient and effective way so that your loan application is approved. You will also be matched with the most suitable loan offer for you on the market. With a good score, you can have faster and hassle-free access to credit.

Customer Reviews

Personal Loan
5.0 / 5 (5 Reviews)
  • 5/ 5

"Quick approval CreditMantri helps the customer during the entire loan process. This site is basically for loan or card seekers. They give lot of help during the application process and give all details on how to apply and documents needed, till the time we get a credit card or loan. I had applied for a Bajaj Personal loan. They are taking very less time for completing the entire procedure about loans. Must say that I got it without any hassles. Really quick disbursal of my loan amount which was 5 lakhs, with very minimal documents required. I had an issue with my credit rating, which thankfully did not affect my application. Thank you CreditMantri. "

  • 5/ 5

"Fully satisfied Got to know about CreditMantri from Facebook! Happiest discovery I made. I was looking for personal loan offers, and obviously I want the low interest rate. I have got the maximum support from CreditMantri and I am happy with that. Through them, got an ICICI personal loan. They provided me with a host of offers. I honestly can’t point out any negatives in their service, as my experience has been smooth till now. No complaints, fully satisfied."

  • 5/ 5

"Helpful service CreditMantri helps with the customer application to the concerned bank or NBFC, and also provide credit improvement services. Till date, I am not facing any kind of drawbacks while using their services. Got my application processed within a short while and the loan amount in my bank account speedily. I got to know about this website from my friend who also uses its services. The website is very convenient for accessing and getting details about all the loans and offers from different lenders, all in one place. "

  • 5/ 5

"Best place for comparing loan offers I came across CreditMantri during my search for a personal loan. This website provided me all the info I wanted. It is easy to search for loan offer on their CreditMantri than in any other. I would say that the level of service offered by CreditMantri is the best. Got a very good interest rate on a personal loan from IndusInd. For me, they took around two weeks to process and to put the money in my bank account. I had some issues with my documents, but CreditMantri helped me to clear it no time. Keep up the good work!"

  • 5/ 5

"Response plays a significant role when it comes to any business. CreditMantri scores on top in this regard! Service is immediate, and they provide superb guidance. I remember I asked a lot of questions to the customer executive during my first interaction and was perfectly guided on my loan requirement. I am using the site for first time, and I am surprised by their promptness in handling clueless customers. Just a teeny drawback is the Personal loan EMI calculator on their website, which I found to be a bit slow. Apart from this, what more to expect, when you get a personal loan at an excellent interest rate? Bliss."