Credit Limit Personal Loan:
Features, Benefits, and
Application Process
A credit limit personal loan gives on-demand access to funds up to a sanctioned limit. You can draw multiple times, repay partially or fully, and reuse the limit without reapplying—keeping costs efficient when expenses are staggered.
Credit Limit PL — Pricing (Indicative)
- ROI: ~12.99%–28% p.a.; often +0.5%–2.5% over a regular PL (lender/policy based).
- Interest charged daily on the utilized balance; billed monthly.
- Fees: processing 0.5%–2.5% (on sanctioned limit or first draw), annual/renewal 0–1%, optional drawdown fee (₹0–199) as per lender.
- Prepayment: part-prepay usually nil/low; foreclosure charges vary by policy.
- Pricing depends on: credit score, income/FOIR, city, employer category, tenure, and usage pattern.
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What is a Credit Limit Personal Loan?
A Credit Limit Personal Loan (also known as a Flexi Credit Loan) provides you with a pre-approved limit, much like a revolving line of credit. You can withdraw any amount up to your approved limit, anytime, as per your needs — and you’ll be charged interest only on the utilized amount, for the days it’s used.
This makes it ideal for individuals and professionals who want liquidity on-demand without reapplying for loans again and again. It’s widely used for medical expenses, education fees, home upgrades, or business cash-flow management.
Key Features
Revolving Limit
Withdraw, repay, and reuse the sanctioned limit throughout the tenure.
Interest on Usage
Interest applies only to the amount you actually draw, for the days used.
Digital Control
Instant withdrawals/repayments via app or net banking with full transparency.
Flexible Tenure
Typical range 12–60 months; align repayments to your cash flow.
Unsecured
No collateral required for most profiles; subject to lender policy.
Quick Disbursal
Pre-approved limits enable same-day access to funds.
Benefits of a Credit Limit Personal Loan
Interest on Usage
Save big by paying only for what you use, not the full limit.
Reusable Credit
Repay anytime and instantly unlock your limit again.
Digital Control
Withdraw or repay easily using your bank app or portal.
Quick Disbursal
Funds credited instantly to your linked bank account.
Flexible Use
Medical, education, home renovation, or emergency needs.
No Collateral
Completely unsecured — depends on your credit strength.
Eligibility Criteria
Age
21–60 years (some lenders allow up to 65 at loan maturity).
Income
Minimum ₹20,000/month for salaried employees.
Job Stability
Minimum 1 year in current job; 2–3 years experience preferred.
Credit Score
600+ eligible; 700–750 improves approval and reduces interest rate.
Residency
Indian citizen living in India with stable address history.
Eligibility varies by NBFC policy, city, and risk profile.
Documents Required
Basic KYC (Common)
- Identity: PAN (mandatory) + Aadhaar / Passport / DL / Voter ID
- Address: Aadhaar / Passport / utility bill / rent agreement
- Contact: Recent photo, active mobile & email
- Banking: Cancelled cheque / passbook for e-mandate
Salaried Employees
- Last 3 salary slips
- Salary account statement (6 months)
- Employment ID / HR letter (if asked)
- Form 16 / ITR (if required)
Self-Employed / CA
- Business Proof: GST / Udyam / Shop & Est. / CA Membership
- ITR (2–3 yrs) + P&L + Balance Sheet
- Current/Business account statement (6–12 months)
- Office address proof
Doctors
- MCI/State Registration Certificate
- Clinic registration / hospital empanelment
- ITR / Form 16 (if salaried doctor)
- Bank statement (6–12 months)
Armed Forces
- Service/Force ID
- Posting/Transfer letter (if asked)
- Latest payslips
- Salary account statement
Optional (If Needed)
- Co-applicant documents
- Existing loan statements
- NOC / verification documents
- DPD/settlement proof if asked
Documentation varies by NBFC, city, loan amount & risk profile. Upload clear PDFs.
How to Apply for a Credit Limit Personal Loan
- Step 1: Check eligibility with your bank or NBFC.
- Step 2: Submit online application with KYC & income proof.
- Step 3: Wait for quick verification & credit assessment.
- Step 4: Get limit sanctioned and start using instantly.
Frequently Asked Questions — Credit Limit Personal Loan
Q1. What is a Credit Limit Personal Loan?
Q2. What is the maximum credit limit I can get?
Q3. How is interest calculated on a Credit Limit Personal Loan?
Q4. Do I pay interest on the full limit?
Q5. Can I increase my credit limit later?
Q6. Is it similar to a credit card?
- Pricing: Credit limit PL generally has lower APR than credit card revolvers.
- Repayments: EMI/interest-only options vs. card’s minimum due.
- Usage: Funds usually come to your bank account like a loan/OD, not swiped like a card.
Q7. What fees and charges should I expect?
Q8. Are there prepayment or foreclosure charges?
Q9. How does repayment work?
Q10. Will using a Credit Limit Personal Loan affect my credit score?
Q11. Who is eligible and what documents are needed?
Q12. Can I convert my existing personal loan into a credit limit facility?
Calculate Your EMI Instantly
A Multi-Purpose Loan EMI Calculator helps you estimate your monthly repayment amount before applying for a loan. Whether it’s for education, travel, wedding, home renovation, or business needs—know your EMI and plan smarter.
0 / month
Principal
Interest
Total Payable
Repayment Schedule
| Month-Year | EMI | Interest | Principal | Balance |
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Compare the best Personal loan offers
starting at 9.99%
1%
₹ 1 cr
6 month to 5 year
13.99%
0-1%
₹ 15 lacs
1 to 5 years
Starting from 10.25% onwards
Starting from 0.5% upto 3.93%
upto 55 lakhs
Upto 8 Years
10.49%
0-1%
₹ 15 Lacs
1 to 5 years
18%
1% to 3%
₹25,00,000
1 to 6 year
10.99%
0-1%
₹ 35 lacs
upto 6 Years
NA
NA
NA
NA
10.75%
2.50%
₹ 40 Lakhs
1 to 5 years
18%
2%
5 Lakh
6 to 36 months
13% onwards
Up to 5% of the total loan amount + GST
Up to INR 30 Lakh*
12 to 60 months
13% onwards
0-4%
upto 25Lakhs
upto 60 months
10.25%
3
50 Lakhs
upto 7 years
NA
NA
NA
NA
13.0%
0-1%
₹ 15 lacs
0 to 3 years
10.50%
5.5%
₹ 35 lacs
1 to 5 year
12%
0-1%
₹ 10 Lacs
Upto 5 years
9.99%
0-3%
₹ 10 lacs
6 months to 3 years
18%
0-2%
₹ 3 Lacs
1 to 5 years
15.96%
2%
₹ 10 Lacs
1 to 5 years
12.75%
0-3%
₹ 1 lacs to 25 lacs
1 to 5 years
10.49%
0-2%
₹ 3 Lacs to 75 Lacs
1 to 50 years
10.99%
0-2%
₹ 30 Lacs
1 to 5 years
10.25%
0-1%
₹ 50 Lacs
1 to 6 years
18%
0-2%
₹ 20 lacs
1 to 5 years
10% - 35%
0-3%
upto ₹ 20 lacs
1 to 5 years
11.15%
0.50%
upto ₹ 75 lacs
1 to 6 years
11.35%
1.0%
upto 15 lacs
1 to 5 years
10.95%
0.50%
upto ₹ 10 lacs
0 to 7 years
11.49%
2.50%
₹ 50 lacs
1 to 5 years
10.99%
2%
₹ 40 lacs
1 to 5 years
10.99%
2%
₹ 50 Lacs
0 to 7 years
