Personal Loan :
Access to Extra Funds
A Personal Loan allows existing personal-loan borrowers to access additional funds without applying for a new loan. It’s ideal for meeting unexpected expenses or funding big purchases. With minimal documentation and quick approval, top-up loans are convenient and can be more cost-effective than a fresh loan.
Key Benefits
- Multi-purpose use for any personal need
- No collateral or security required
- Quick digital process & fast disbursal
Loan Highlights
- High loan amounts up to ₹1 CR
- Flexible tenure for easy repayment
- Minimal documentation required
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What is a Personal Loan?
A personal loan is an unsecured loan provided by banks, Non-Banking Financial Companies (NBFCs), and other financial institutions to individuals for their personal use. Unlike a home loan or a car loan, it is not backed by any collateral or security. This means you don't have to mortgage your house, car, or any other asset to get the loan.
The bank lends you money based on your creditworthiness, income, and repayment capacity. The loan is given as a lump sum amount, which you repay through fixed monthly instalments (EMIs) over a predetermined period (loan tenure). The EMI consists of a part of the principal amount and the interest charged.
Key Characteristics
- Unsecured: No collateral required.
- Fixed Amount: A lump sum is disbursed.
- Fixed Interest Rate: Usually, the interest rate is fixed for the entire tenure.
- Fixed Tenure: Ranges from 1 year to 5 years, sometimes up to 7 years.
- EMI-based Repayment: Repaid in equal monthly instalments.
Types of Personal Loans
Personal loans vary based on purpose and borrower profile. Below are the most common types:
Standard (Multi-Purpose) Loan
The most common personal loan, used for any legitimate personal need such as travel, weddings, home upgrades, or emergencies. No usage proof required.
Debt Consolidation Loan
Combines multiple loans or credit card dues into one. Helps reduce interest cost and simplifies EMI management.
Wedding Loan
Tailored to manage wedding expenses such as venue, jewelry, décor, and hospitality services.
Travel Loan
Covers trip expenses like flights, accommodation, tours, and leisure activities without upfront savings.
Home Renovation Loan
Used for home improvements, repairs, interiors, furniture, and renovation projects—quicker than secured top-up loans.
Medical Loan
Helps cover emergency medical expenses and surgeries, especially when insurance coverage is insufficient.
Education / Skill-Upgrade Loan
Funds short-term programs, certifications, or professional skill development courses not covered by traditional education loans.
Consumer Durable Loan
Allows purchase of electronics, appliances, or gadgets—often available at POS with low/zero-interest offers.
Pensioner Loan
Designed for retirees receiving a pension. Loan eligibility depends on pension income and bank policies.
Eligibility Criteria
ChecklistAge
21–60 years (some lenders allow up to 65 years at loan maturity).
Income
Usually ₹15,000–₹25,000+ monthly (depends on city and lender).
Employment (Salaried)
2–3 years of total experience with at least 1 year in the current organization.
Employment (Self-Employed)
2–5 years of business continuity with consistent income records.
Credit Score (CIBIL)
750+ = Excellent, 700+ = Good.
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Existing EMIs (DTI)
Maintain a healthy DTI ratio for better approval.
Residential / Office Stability
A longer stay at the same address or office improves profile strength.
KYC & Banking Cleanliness
PAN + Aadhaar ready. Avoid recent cheque bounces or DPD remarks.
Documents Required
Digital KYC supportedBasic KYC (Common)
- Identity: PAN (mandatory) + Aadhaar / Passport / Voter ID / Driving License.
- Address: Aadhaar / Passport, recent utility bill, or registered rent agreement.
- Bank Details: Cancelled cheque or bank statement for e-mandate (e-NACH).
Documents Required – Salaried Employees
- Income Proof: Last 3 months’ salary slips.
- Bank Statement: Salary credit account – last 6 months.
- Employment Proof: Employee ID card / HR letter (if asked by lender).
- Additional: Form 16 / ITR as required by the bank/NBFC.
Documents Required – Doctors
- Professional Proof: Medical Registration Certificate.
- Clinic / Hospital Proof: Clinic registration / empanelment letter.
- Income Proof: ITR for last 2–3 years / Form 16.
- Bank Statement: Last 6–12 months’ account statement.
Documents Required – Armed Forces
- Service ID: Defence / Paramilitary / Armed Forces ID card.
- Posting Proof: Posting / transfer order or service letter.
- Income Proof: Latest 3 payslips / salary certificate.
- Bank Statement: Salary account statement for last 6 months.
Tip: Upload clear PDFs and ensure your name, IFSC, and account number are clearly visible on bank statements.
Frequently Asked Questions
Compare the best Personal loan offers
IDFC First Bank
Starting at 9.99 % onwards
1%
₹ 1 cr
6 months to 5 years
Incred
Starting at 13.99 % onwards
0-1%
₹ 15 Lakhs
1 to 5 years
Bajaj Finserv
Starting from 10.25% onwards
0.5-3.93%
upto 55 lakhs
Upto 8 Years
Axis Bank
Starting at 10.49% onwards
0-1%
₹ 15 Lacs
1 to 5 years
TATA FLY
Starting at 18% onwards
1- 3%
₹25,00,000
1 to 6 years
Tata Capital
Starting at 10.99 % onwards
0-1%
₹ 35 lakhs
upto 6 Years
Bajaj Growth Location
NA
NA
NA
NA
HDFC Bank
Starting at 10.75% onwards
2.50%
₹ 40 Lakhs
1 to 5 years
Fibe
Starting at 18% onwards
2%
5 Lakhs
6 to 36 months
SMFG India Credit
Starting at 13% onwards
Up to 5%
Up to INR 30 Lakh*
1 to 5 years
Bajaj SOL
Starting at 13% onwards
0-4%
upto 25 Lakhs
1-5 years
Poonawalla Fincorp
Starting at 10.25% onwards
3%
50 Lakhs
1-7 years
Bajaj Prime Location
NA
NA
NA
NA
Axis Finance
Starting at 10% onwards
0-3%
₹ 50 Lakhs
1 to 7 years
Bandhan Bank
Starting at 9.99 % onwards
3%
₹ 35 Lakhs
1 to 5 years
Finnable
Starting at 12% onwards
0-1%
₹ 10 Lacs
1-5 years
FairCent
Starting at 9.99 % onwards
0-3%
₹ 10 lakhs
6 months to 3 years
Upwards
Starting at 18% onwards
0-2%
₹ 5 Lakhs
1 to 5 years
Moneyview
Starting at 14% onwards
2%
₹ 10 Lakhs
1 to 5 years
IIFL
Starting at 12.75% onwards
0-3%
₹ 1 lacs to 25 lacs
1 to 5 years
IndusInd Bank
Starting at 10.49% onwards
0-2%
50 Lakhs
1 to 4 years
Kotak Bank
Starting at 10.99 % onwards
0-2%
₹ 30 Lakhs
1 to 5 years
ICICI Bank
Starting at 10.25% onwards
0-1%
₹ 50 Lakhs
1 to 6 years
HDB Financial
Starting at 10% onwards
0-3%
upto ₹ 20 lakhs
1 to 5 years
Karur Vysya Bank
Starting at 11.15% onwards
0.50%
upto ₹ 75 lacs
1 to 6 years
Union Bank of India
Starting at 11.35% onwards
1.0%
upto 15 lakhs
1 to 5 years
Canara Bank
Starting at 10.95% onwards
0.50%
Upto 30 Lakhs
1 to 7 years
Federal Bank
Starting at 11.49 % onwards
2.50%
₹ 50 lakhs
1 to 5 years
muthoot finance
10.25%
0-3%
25 Lkahs
1 to 6 year
Yes Bank
Starting at 10.99% onwards
2%
₹ 40 lakhs
1 to 5 years
Aditya Birla Capital
Starting at 10.99 % onwards
2%
₹ 50 Lakhs
0 to 7 years
