Personal Loan
Our Financial Services
What Is a Personal Loan?
A personal loan is an unsecured financial product that allows individuals to borrow money without pledging any collateral or security. It is designed to meet various personal needs such as medical emergencies, travel, education, home renovation, debt consolidation, or big-ticket purchases. Since personal loans are unsecured, lenders primarily evaluate the borrower’s credit score, income stability, employment history, and repayment capacity before approval.
These loans come with fixed interest rates, flexible repayment tenures, and quick processing, making them one of the most convenient borrowing options. Borrowers receive the loan amount directly in their bank account and can use it for any legitimate purpose. The repayment is done through easy monthly EMIs over the chosen tenure. Personal loans are ideal for individuals who need immediate funds with minimal documentation and fast disbursal. With responsible borrowing and timely repayment, personal loans can also help improve one’s credit profile.
Who typically requires Personal Loan?
- Salaried individuals needing funds for personal expenses or emergencies
- Self-employed professionals facing sudden cash flow gaps
- People with urgent medical expenses not covered by insurance
- Individuals planning weddings or family events
- Students or parents managing education-related costs
- Home renters or owners needing funds for minor home renovations
- People consolidating high-interest debts into one manageable loan
- Travelers planning domestic or international trips
- Buyers needing funds for gadgets, furniture, or lifestyle purchases
- Anyone needing quick funds without pledging collateral
Features and Benefits of Fast-Approved Personal Loan?
Features
- Quick Approval Process – Minimal documentation and instant eligibility check.
- Fast Disbursal – Loan amount credited within hours after approval.
- No Collateral Needed – Completely unsecured; no assets required.
- Flexible Loan Amounts – Choose amounts based on your financial needs.
- Customizable Tenure – Repayment periods ranging from 12 to 60 months.
- Simple Online Application – Apply digitally without branch visits.
- Transparent Processing – Clear terms with no hidden charges.
Benefits
- Immediate Access to Funds – Useful for emergencies or urgent expenses.
- Enhances Financial Convenience – Covers medical, travel, education, or personal needs easily.
- Improves Credit Score – Regular repayment helps build a strong credit profile.
- Reduces Stress – Quick approval saves time and avoids lengthy procedures.
- Flexible Usage – No restriction on how you use the loan amount.
- Budget-Friendly EMIs – Choose EMI options that best suit your monthly budget.
How to Apply for a Personal Loan: Eligibility Criteria
- Age Requirement: Minimum: 21 years Maximum: 60 years (may vary by lender)
- Employment Status: Salaried individuals working with private, public, or government organizations
- Self-employed professionals/business owners (depending on lender policy)
- Minimum Monthly Income: Typically ₹20,000 to ₹30,000 per month (varies by city & lender)
- Work Experience / Business Stability: Salaried: Minimum 6–12 months in current job Self-employed: Minimum 2–3 years business continuity
- Credit Score: A good CIBIL score of 700+ increases approval chances Lower scores may lead to higher interest rates
- Banking & Repayment History: Clean repayment track record No recent loan defaults or cheque bounces
- KYC Documentation: Aadhaar, PAN, Address Proof Salary slips, bank statements, ITR (as required)
- Debt-to-Income Ratio: Preferably below 40–50%, ensuring the borrower can manage EMIs comfortably
- Loan Purpose: For personal use such as medical, travel, education, marriage, home renovation, etc. (No collateral required)
How to Apply: Step-by-Step
Here’s a clear, step-by-step guide to applying for a personal loan:
- Check Eligibility – Review the lender’s requirements such as age, income, employment status, credit score, and residency.
- Decide Loan Amount & Tenure – Determine how much you need and how long you want to repay the loan.
- Compare Lenders & Interest Rates – Look at banks, NBFCs, and online lenders to find the best interest rates and terms.
- Gather Required Documents – Usually includes:
- Identity proof (Aadhaar, PAN, Passport)
- Address proof (Utility bills, Aadhaar, Passport)
- Income proof (Salary slips, bank statements, IT returns)
- Employment proof (if salaried)
- Fill Out Application Form – Apply online or offline with accurate personal, employment, and financial details.
- Submit Documents – Upload or hand over the required documents to the lender.
- Loan Processing & Verification – The lender will verify your documents, income, credit score, and background.
- Receive Loan Approval – Once verified, you’ll get a sanction letter stating loan amount, interest rate, tenure, and other terms.
- Sign Agreement & Disbursement – Sign the loan agreement and the funds will be credited to your account.
- Start Repayment – Set up EMI (Equated Monthly Instalment) payments as per the agreed schedule.