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PERSONAL LOAN

Unlock Your Dreams with Our Personal Loans

What is a Personal Loan?

A personal loan is a versatile financial solution designed to help you achieve your personal goals, whether it's consolidating debt, financing a major purchase, covering unexpected expenses, or making a dream come true. Unlike secured loans, personal loans do not require collateral, making them a convenient option for many borrowers.

Eligibility Criteria

A Personal Loan can be availed of by anyone, whether you are a salaried employee, government employee, or a working professional. All you have to do is fulfill basic eligibility conditions laid out by banks and NBFCs. While personal loan eligibility conditions can differ across banks and NBFCs, here are some standard criteria you must be:

Aged between 21 and 60 years

Salaried or a working professional

Having a job and a minimum of 3 months experience

Having a minimum of Rs. 25,000 net income per month.

Documentation Required

Photo Identity Proof

  • Aadhaar Card
  • Passport
  • PAN

Proof of Residence or Address Proof

  • Voter ID
  • Passport
  • Aadhaar Card
  • Electricity Bill
  • Driving Licence
  • Telephone Bill

Income Proof

  • Last 6 months’ bank statement
  • Last 3 months’ salary slips

Others

  • Form 16
  • Form 26 AS
  • 2 passport-size photographs

Personal Loan Balance Transfer

A personal loan balance transfer involves moving your remaining loan balance from one lender to another, usually to take advantage of a lower interest rate. The main goal is to reduce your overall debt. No collateral is needed for the transfer, but you will have to pay fees like foreclosure and processing fees. It's best to consider refinancing early in your loan term when the interest portion of your EMI is highest, as it decreases over time.

You can also consolidate credit card debt into a personal loan, benefiting from lower interest rates and longer repayment terms. This can positively affect your credit score by moving from a high-interest credit line to a lower-interest loan. If your credit card provider doesn’t allow debt transfer, you can apply for a personal loan with a new lender.

To help you save on interest, we compare various personal loan balance transfer options and find the best one for you.

Documents required for a balance transfer

  • Identity proof – Passport, Aadhar Card, Driving License, etc.
  • Address proof – Aadhaar Card, Passport, Voter’s ID, etc.
  • Income proof - last 3 months’ salary slips and 6 months’ bank statements
  • Loan sanction documents of the existing loan or the credit card for balance transfer
  • 2 passport-size photographs

Overdraft

An overdraft facility on your existing loan lets you withdraw extra funds up to a set limit whenever you need them. You only pay interest on the amount you use. Repayment is easy, as you can repay the borrowed amount anytime within the loan’s tenure. This facility is great for urgent financial needs since the money is pre-approved and available immediately. With an existing relationship with your lender, the paperwork is minimal. Timely repayments on your overdraft can also boost your credit score.

Here are some key points about the overdraft facility:

The interest rate for a personal loan is minimal. Furthermore, you only have to pay interest on the portion of the funds that you utilize, not the entire amount. This makes it easier to pay back your debt.

You can borrow immediately because the amount is pre-approved.

There are no restrictions on how you use the money from the loan, so you can use it for any purpose —personal, professional, planned, or unanticipated needs.

Because this facility makes borrowing and repaying easier, you can use it to establish a positive credit history and improve your credit score.

Benefits of Choosing Our Personal Loans

Competitive
Rates

Enjoy low-interest rates starting from 4.99% APR, based on your creditworthiness.

Fixed Monthly Payments

Manage your budget better with predictable payments and no hidden fees.

Quick and Easy Process

Fast approval process with funds available as soon as the next business day.

No Collateral Required

Get the funds you need without risking your assets.

Application Process

Step-1

When you connect with us, we take the time to understand your financial requirements.

Step-2

We help you compare the best personal loan offers online and choose the product that suits your needs.

Step-3

Once you choose a product, we help you apply for the loan. All you need to do is to keep your documentation in order.

Step-4

Next, you need to apply online with the chosen bank or NBFC.

Step-5

Once you submit your application, the lender takes some time to process it and verify your documentation.

Step-6

Finally, you receive the loan amount in your account.

Feel free to use our Equipment Finance Calculator

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Period Payment Interest Balance
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Loan EMI Calculator

Amount (A)
Interest Rate (R) (in %)
Tenure (T) (in months)
Processing Fees (P) (in %)
Down Payment (D)

Total Down Payment (TDP)

12

Loan EMI (LE)

123

Total Intereste (TI)

1234

Total Payment (TP)

12345

FREQUENTLY ASKED QUESTIONS

Find Answers to Common Questions

You can avail of a personal loan for a variety of reasons. Be it wedding, travel, medical expenses, home renovation, travel, debt consolidation, or any other general-purpose, you can take a personal loan online. Apply digitally and instantly access the funds to tend to your financial need.

a. Quick loan application processing and fund disbursal

b. No collateral or security is needed
c. Flexible EMI plans
d. Minimal documentation
e. Overdraft facility

No. In the process of a personal loan, you don’t have to provide any collateral, security, or guarantors.

As a salaried employee or working professional, you can get a personal loan in India.

Your personal loan eligibility relies on your monthly income, job stability, credit or CIBIL score, and work experience. The principal amount you can borrow also depends on these factors. Checking your loan eligibility in advance makes your loan approval process much smoother.

Here are the standard personal loan eligibility criteria for most banks and NBFCs:
1. You must be salaried or a working professional
2. You should be aged between 21 and 60 years
3. You should have a work experience of at least 2 years
4. You must earn a minimum of Rs. 20,000 per month.
You can use a personal loan eligibility calculator to compute your eligibility.

All you need to do is input your loan amount, desired tenure, and rate of interest, and the calculator computes your EMI amount and interest payable.

When repaying a personal loan, you pay the entire principal amount, interest charges, processing fees, and other charges as applicable.

With a personal loan balance transfer, get the following benefits:

1. Lower EMIs
2. Lower rate of interest 3. Top-up loan facility 4. Better services

Yes, you can prepay your loan fully or partly. However, the lender will charge a prepayment penalty for allowing borrowers to do so, usually 3-5% of the loan amount. To save the maximum amount of interest, it is advisable to prepay your loan fully in its initial stages.

You can also choose to prepay in part when you have idle cash but not equivalent to the outstanding loan amount. Do keep in mind that this will be beneficial only when you pay a substantial amount of the outstanding loan.