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.

Last updated: 24 December, 2024

personal loan

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 loans:

Particulars Charges
Loan Processing Fees 0.5% to 4% of loan amount
Pre-payment/Part-payment/Foreclosure Charges
  • For Floating Rate – Nil
  • For Fixed Rate – Usually around 2% – 5% on the principal outstanding
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
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Types of Personal Loan

Personal loans come in various forms to suit different needs. Here are the most common types of Personal Loans:

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

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personal loan offer

Best Personal Loan Offers

axis bank icon

Axis Bank
Max. Loan Amt.

Up to ₹40L

Rate of Interest

10.49% - 22%

Tenure up to

1-5 Years

Processing Fee

Upto 2%

Check Eligibility
Low Processing Fee
icici bank icon

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%

Check Eligibility
100% Digital Process* Quick Disbursal
idfc first bank icon

IDFC First Bank
Max. Loan Amt.

Up to ₹1Cr

Rate of Interest

10.75% - 36%

Tenure up to

Upto 5 Years

Processing Fee

Upto 3%

Check Eligibility
Max Loan Amount 100% Digital Process*
hdfc bank icon

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

Check Eligibility
Max Loan Amount 100% Digital Process*
Kotak Mahindra Bank icon

Kotak Mahindra Bank
Max. Loan Amt.

Up to ₹10L

Rate of Interest

10.99% - 36%

Tenure up to

Upto 6 Years

Processing Fee

Up to 3%

Check Eligibility
Lowest Income requirement 100% Digital Process*
indus bank loan icon

IndusInd Bank
Max. Loan Amt.

Up to ₹50L

Rate of Interest

10.49% - 26%

Tenure up to

1-5 Years

Processing Fee

Upto 3%

Check Eligibility
Lowest Income requirement Quick Disbursal
Federal Bank icon

Federal Bank
Max. Loan Amt.

Up to ₹25L

Rate of Interest

11.49% - 17.99%

Tenure up to

Upto 5 Years

Processing Fee

Up to 3%

Check Eligibility
Lowest Income requirement 100% Digital Process*
aditya birla Bank

Aditya Birla Bank
Max. Loan Amt.

Up to ₹50L

Rate of Interest

30% - 28%

Tenure up to

7 Years

Processing Fee

Upto 3%

Check Eligibility
Max Loan Amount 100% Digital Process*
Tata Capital icon

Tata Capital
Max. Loan Amt.

Up to ₹75L

Rate of Interest

10.99% - 35%

Tenure up to

Upto 6 Years

Processing Fee

₹51

Check Eligibility
Low Processing fee 100% Digital Process*
Bajaj Finserv icon

Bajaj Finserv
Max. Loan Amt.

Up to ₹40L

Rate of Interest

11% - 25%

Tenure up to

Upto 8 Years

Processing Fee

Up to 4%

Check Eligibility
Max Tenure 100% Digital Process*
Piramal Finance icon

Piramal Finance
Max. Loan Amt.

Up to ₹50L

Rate of Interest

12.99%

Tenure up to

Upto 5 Years

Processing Fee

Up to 4%

Check Eligibility
Quick Disbursal 100% Digital Process*
money view Bank

Money View Bank
Max. Loan Amt.

₹5L to ₹10L

Rate of Interest

1.33%

Tenure up to

Upto 5 Years

Processing Fee

2% - 8%

Check Eligibility
Max Loan Amount 100% Digital Process*
cashe bank icon

CASHe Bank
Max. Loan Amt.

Up to ₹4L

Rate of Interest

2.25%

Tenure up to

90-540 Days

Processing Fee

Upto 3%

Check Eligibility
Max Loan Amount
kreditbee icon

KreditBee
Max. Loan Amt.

Up to ₹4L

Rate of Interest

12.25% - 30%

Tenure up to

Upto 2 Years

Processing Fee

Up to Rs 1,250

Check Eligibility
Quick Disbursal 100% Digital Process*
DMI Finance icon

DMI Finance
Max. Loan Amt.

Up to ₹2L

Rate of Interest

12% - 40%

Tenure up to

Upto 5 Years

Processing Fee

Up to 4%

Check Eligibility
Quick Disbursal 100% Digital Process*
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Faqs 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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