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.
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Find Best Personal Loan Offers
HDFC Bank
Up to ₹40L
10.85% - 24%
Up to 6 Years
₹6500
Axis Bank
Up to ₹10L
11.25% - 22%
Up to 5 Years
Upto 2%
What is Personal Loan
Personal loan is a short to medium term loan, which consumers can avail to meet both personal and business needs other than speculative purposes. They are usually unsecured in nature as consumers do not need to pledge any collateral or security to avail them.
Personal Loan Interest Rate
The interest rate offered on a personal loan is determined based on the applicant’s credit profile and the lenders’ credit risk-based pricing model, cost of funds, etc. As the interest rate on a personal loan primarily influences the total borrowing cost, loan applicants must always look for the best interest rates available on their credit profile.
For this, individuals should first check offers from lenders with whom they already have deposit(s), credit card(s) and/or loan account(s). Then, they should visit online financial marketplaces like Paisabazaar to compare interest rates offered by other banks and NBFCs.
| SBI Personal Loan Interest Rates | HDFC Personal Loan Interest Rates |
| SBI Personal Loan Interest Rates | HDFC Personal Loan Interest Rates |
| SBI Personal Loan Interest Rates | HDFC Personal Loan Interest Rates |
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Eligibility Criteria for Availing Personal Loan
Personal loan eligibility criteria can vary from one lender to another due to their varying credit risk policies. It can also vary as per the loan variant and the occupation profile of the applicant. Here are some of the personal loan eligibility criteria used by most lenders:
- Age: 18 - 60 years
- Salary: At least Rs 15,000 per month for salaried customers
- Credit Score: Preferably 700 and above as having higher credit scores improve the chances of loan approval
- Employment Stability: Usually 1 year with some lenders requiring longer work experience
- Business Continuity: Usually 3 years of business continuity with some lenders requiring longer period of business continuity
- Employment Type: Salaried employees working with government, public sector undertakings, MNCs and other reputed corporates
Documents Required for Availing Personal Loan
Personal loan lenders require documents from their applicants to establish their identity, income, loan repayment capacity and place of residence. These documents are more or less the same across lenders. Here are the few common set of documents that you will need to submit when applying for a Instant 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
While the fees and charges of personal loans can vary widely depending on lender and the credit profile of the loan applicants, the following table will give you a fair idea of the personal loan fees and charges levied by the lenders:
| SBI Personal Loan Interest Rates | HDFC Personal Loan Interest Rates |
| SBI Personal Loan Interest Rates | HDFC Personal Loan Interest Rates |
| SBI Personal Loan Interest Rates | HDFC Personal Loan Interest Rates |
| SBI Personal Loan Interest Rates | HDFC Personal Loan Interest Rates |
| SBI Personal Loan Interest Rates | HDFC Personal Loan Interest Rates |
Other fees and charges levied by the lenders include documentation charges, verification charges, duplicate statement charges and NOC certificate charges.
How Can I Apply for a Personal Loan Online?
Get up to ₹40 Lakh in 5 Simple Steps
- Age: 18 - 60 years
- Salary: At least Rs 15,000 per month for salaried customers
- Credit Score: Preferably 700 and above as having higher credit scores improve the chances of loan approval
- Employment Stability: Usually 1 year with some lenders requiring longer work experience
- Business Continuity: Usually 3 years of business continuity with some lenders requiring longer period of business continuity
- Employment Type: Salaried employees working with government, public sector undertakings, MNCs, and other reputed corporates
Types of Personal Loan
Several banks and NBFCs offer various loan variants to help their customers meet their unique financial requirements. The broader features such as tenure, processing fees, etc. offered on these loan variants are more or less the same as those offered on regular personal loans. Here is a brief description of some of the personal loan variants.
Personal Loan Balance Transfer
Many lenders allow existing loan borrowers of other banks/NBFCs to transfer their outstanding loans at lower interest rates and/or better loan terms.
Pre-approved Personal Loan
Banks and NBFCs offer these loans exclusively to their select existing customers having good credit profile with instant disbursals and at preferential rates.
Top Up Personal Loan
Various banks and NBFCs offer this loan facility to their existing loan borrowers to avail additional loan over and above their outstanding loan amount.
Short Term Personal Loan
This type of loan has a short tenure of 1 year or lower, making it an ideal option for individuals seeking smaller amounts with greater repayment flexibility.
Personal Loan for Travel
Individuals seeking loans to finance their travel/holiday plans can use this loan facility to cover their various domestic & international travel related spends.
Personal Loan for Medical Emergency
When facing medical emergencies, individuals can avail this loan facility to cover costs related to hospital bills, diagnosis, consultations, treatments, etc.
Features and Benefits Personal Loan
Personal loan is a preferred credit option for financing lifestyle goals and fund shortages due to their easy accessibility, minimal documentation, and quicker disbursals. Here are the key features and benefits of personal loans:
- Collateral-free loan
- No end-use restriction
- Loan amount of up to Rs. 40 lakh, which can exceed depending on lenders' discretion
- Repayment tenure up to 60 months, which may exceed on a case-by-case basis
- Top-up loans for additional requirements are offered by many lenders
- Minimal documentation
- Quick disbursals
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