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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.
Learn more
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 (MCI / State Council).
- Clinic / Hospital Proof: Clinic registration / hospital empanelment letter.
- Income Proof: ITR for last 2–3 years / Form 16 (if salaried doctor).
- Bank Statement: Last 6–12 months’ business / salary account statement.
Documents Required – Armed Forces
- Service ID: Defence / Paramilitary / Armed Forces ID card.
- Posting Proof: Posting / transfer order or service letter (if asked).
- 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.
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FAQ - FinCrif Frequently Asked Questions
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
