Personal Loan

Personal Loan

Quick funds for any personal need

Interest Rate10.5% - 24% p.a.
Loan Amount₹50,000 - ₹50 Lakhs
Tenure1 - 7 years

About Personal Loan

A personal loan is an unsecured loan that can be used for any purpose - medical emergencies, weddings, travel, home renovation, debt consolidation, or any other personal expense. No collateral is required, and the loan is approved based on your income and credit score.

Key Features

No collateral or security required
Quick disbursal within 24-48 hours
Flexible loan amount up to ₹50 lakhs
Tenure options from 1 to 7 years
Use funds for any purpose
Minimal documentation required
Online application and approval
Prepayment options available

Eligibility Criteria

Age21 - 60 years (salaried), 25 - 65 years (self-employed)
Minimum Income₹25,000/month (salaried), ₹3 lakhs/year (self-employed)
EmploymentMinimum 1 year work experience, 6 months in current job
Credit Score750+ CIBIL score for best rates

Documents Required

PAN Card
Aadhaar Card
Last 3 months salary slips
Last 6 months bank statements
Address proof
Passport size photographs
Form 16 or ITR (for self-employed)

Fees & Charges

Processing Fee0.5% - 3% of loan amount
Prepayment ChargesNil for floating rate, 2-4% for fixed rate
Late Payment Fee1-2% of EMI amount
Foreclosure Charges2-5% of outstanding principal

Pros & Cons

Advantages
  • No collateral required
  • Quick approval and disbursal
  • Use money for any purpose
  • Fixed EMI makes budgeting easy
  • Helps build credit score
Disadvantages
  • Higher interest rates than secured loans
  • Requires good credit score
  • Processing fees can be high
  • Strict eligibility criteria

Compare Personal Loan from Banks

BankInterest Rate
HDFC Bank10.50% - 21.00%View Details
ICICI Bank10.75% - 19.00%View Details
Axis Bank10.49% - 22.00%View Details
Bajaj Finserv11.00% - 24.00%View Details

Frequently Asked Questions

Most banks offer personal loans up to ₹50 lakhs. The actual amount depends on your income, credit score, and existing EMIs. Generally, you can get up to 20-25 times your monthly salary.

Many banks offer instant approval for pre-qualified customers. For new applications, approval takes 1-3 days and disbursal happens within 24-48 hours after approval.

Yes, most banks allow prepayment after 6-12 months. Floating rate loans usually have no prepayment penalty as per RBI guidelines. Fixed rate loans may charge 2-4% of the outstanding amount.

Missing an EMI affects your credit score and incurs late payment charges (1-2% of EMI). Consistent defaults can lead to legal action. Always set up auto-pay to avoid missing payments.
Personal Loan
  • Interest Rate10.5% - 24% p.a.
  • Loan Amount₹50,000 - ₹50 Lakhs
  • Tenure1 - 7 years
  • Processing FeeUp to 3%

Secure application. Your data is protected.

Calculate EMI

Affiliate Disclosure: We may earn a commission when you apply through this link. This does not affect the product price or your approval chances.

Explore Other Loan Types

Car Loan Business Loan Home Loan

Disclaimer: Interest rates and terms are subject to change. Loan approval depends on your credit profile and lender's policies. Please verify details on the official lender website before applying.