Meet your financial needs without collateral.
Meet life’s financial demands effortlessly with our versatile Personal Loan options. This unsecured loan requires no collateral, making it a hassle-free solution for various purposes, including higher education, home renovation, weddings, travel, medical emergencies, or business expansion. With instant approvals for loans of up to ₹50 Lakhs, flexible repayment terms, and a simple online application process, achieving your goals has never been easier.
Turn your aspirations into reality with a Personal Loan tailored to your needs.
Personal Loan Features
No collateral
Most personal loans are unsecured, which means you don't need to put down collateral like a cash deposit.
Flexible repayment
You can choose a repayment period that suits your needs, usually between 12 and 72 months.
Competitive interest rates
You can get customized interest rates on your personal loan.
Quick disbursal
Personal Loans are processed swiftly, ensuring you receive the funds in short time.
Regular reminders
You can receive alerts on your registered mobile and email ID about your EMI payments.
Build credit score
Affordable personal loans can help you build your credit score, especially if you're new to credit or have a low credit score.
Debt consolidation
You can use a personal loan to combine multiple debts into one, which can help you manage your finances better.
Flexible Usage
You can use personal loan for virtually any purpose; be it a wedding, home renovation, medical emergency or travel. There are no restrictions on how you spend the funds.
Eligibility Criteria for Personal Loan
- Nationality
Applicants must be Indian citizens. - Age
21 to 60 years (For Salaried) 23 to 65 (For Self Employed). - Net Salary
Minimum monthly income of Rs 25,000. - Total years of work experience
2 years. - Employment Stability
Minimum of 1 year with your current employer. - Business Vintage (For Self Employed)
2 years in the current business and total experience >= 3 years. - Credit score
A higher credit score can improve your chances of getting a loan and may qualify you for a lower interest rate. A score above 750 is often considered ideal. - Debt-to-income ratio
This ratio compares your monthly debt to your gross monthly income. Lenders prefer a ratio below 40%.
Documentation for Personal Loans
- KYC Documents / Identification / Address proof
Aadhar Card / PAN card / Electricity Bill / Passport / Voter’s Id / Electricity Bill
Bank Statement of last 12 months – Salary Account
Employment proof – Employment certificate, I Card.
Address proof of Business (For Self Employed) – Telephone Bill / Electricity Bill
Rent agreement copy of office, factory, shop and residence (if property is rented)
2 Passport size photographs
GST registration certificate and GST returns – for Self Employed
Udhayam Aadhaar registration certificate - Financial Statements
Latest ITR along with computation of income, Balance Sheet and Profit & Loss account for the previous 2 years, after being CA Certified/Audited to verify income and tax payment history. - Business Proof
Certificate of Incorporation, MOA, AOA, List of Directors, and Shareholding pattern for Pvt Ltd companies.
Frequently Asked Questions
A personal loan is an unsecured loan that can be used for various purposes, such as medical emergencies, weddings, travel, or debt consolidation. No collateral is required.
Eligibility is influenced by your income, credit score, employment status, age, and existing financial obligations.
Eligibility depends on your income, credit score, and employment status. Most lenders in India require a minimum monthly income of ₹15,000 and a CIBIL score of 700 or above.
Yes, many banks and NBFCs offer personal loans to pensioners, provided they meet the lender’s criteria, including a steady pension income.
Some lenders may charge a prepayment fee, typically ranging from 2%-5% of the outstanding amount.
Approval can take a few hours to a few days, depending on the lender’s process and your documentation.
The loan amount can vary depending on the lender and your eligibility. Typically, personal loans range from ₹50,000 to ₹75 lakh.
Defaulting can lead to penalties, a negative impact on your credit score, and potential legal action by the lender.
Yes, most banks and NBFCs offer online application processes for personal loans, allowing for quick approval and disbursement.
Yes, self-employed individuals can apply for personal loans, but lenders may require additional documentation, such as income tax returns and business proof.
Eligibility is influenced by your income, credit score, employment status, age, and existing financial obligations.
Personal loan tenures usually range from 1 to 5 years, depending on the lender and your repayment capacity.
Interest rates are determined based on your credit score, income, employment stability, and the lender's policies.
Yes, lenders typically charge a processing fee ranging from 1% to 2% of the loan amount.
Yes, most lenders allow prepayment or foreclosure of personal loans, but they may charge a fee for the same.
A higher credit score improves your chances of approval and may result in more favourable interest rates.
Yes, but lenders will assess your debt-to-income ratio to ensure you can manage additional debt.