What is a Personal Loan?

A Personal Loan is an unsecured loan that helps individuals meet their financial needs quickly and conveniently. Whether you need funds for medical emergencies, education, travel, home renovation, marriage, or any other personal expense, a personal loan gives you fast access to money without requiring collateral or heavy paperwork.

Features of a Personal Loan

1. No Collateral Required

Personal loans are unsecured, meaning you don’t need to provide security or guarantor.

2. Quick Approval & Fast Disbursal

Most lenders offer instant approval and same-day or next-day disbursal.

3. Flexible Loan Amount

Borrow according to your needs, with loan amounts depending on income and credit profile.

4. Easy Online Application

Simple and hassle-free online process with minimal documentation.

5. Flexible Repayment Tenure

Choose repayment from 12 to 60 months, based on your convenience.

6. Multi-Purpose Loan

Use the loan for any personal requirement such as: Medical expenses,Travel plans,Marriage or events,Education,Home renovation,Emergency needs

7. Fixed EMI Option

Know your monthly payments in advance with fixed EMIs throughout the tenure.

8. Minimal Documentation

Simple, fast, and paper-light process.

Eligibility Criteria for Personal Loan

Eligibility may differ slightly by lender, but most follow similar requirements:

1. Age:Minimum: 21 years,Maximum: 60–65 years (depending on lender)

2. Employment Type

Both can apply:Salaried individuals,Self-employed individuals 3. Minimum Income

Varies by lender, generally:Salaried: ₹15,000 to ₹25,000 monthly income,Self-employed: Stable income proof required

4. Work Experience / Business Stability:Salaried: Minimum 6–12 months job experience,Self-employed: 1–3 years business continuity
5. CIBIL Score / Credit Score:A good credit score of 650+ improves approval chances and interest rate.
6. Bank Account Proof:Active savings account and stable transaction history.

Documents Required for Personal Loan

1. KYC Documents:Aadhaar Card,PAN Card,Passport / Voter ID / Driving Licence.

2. Address Proof:Utility bill (electricity/water),Rental agreement,Passport,Any government-issued address document
3. Income Proof:For Salaried Individuals:Last 3–6 months’ salary slips,Last 3–6 months’ bank statements,Employment ID or offer letter (sometimes)

For Self-Employed Individuals:ITR for last 1–2 years,Business registration proofLast 6–12 months bank statements,GST certificate (if applicable)

4. Photographs:Recent passport-size photos
5. Additional Documents (If Needed): Existing loan statements,Form 16 (for salaried),Balance sheet / P&L (for self-employed)