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You may face a financial crisis anytime. You can borrow from family and friends, but it is not wise to challenge the cordiality of relationships just for money. Why not borrow from banks instead?

What is a Personal Loan?

A Personal Loan is a loan sanctioned by a lender, without any security (collateral). So, it is an unsecured loan. Personal Loans are sanctioned by banks and Non-Banking Financial Companies (NBFCs). You don’t need to state any reasons, while availing personal loans.

Personal Loan is the best loan to fund financial emergencies. It is a great way to address a financial crisis, as it allows the borrower to avail a loan without any conditions. Personal loans are sanctioned rather quickly. They may be approved as quickly as 24 - 48 hours, after the borrower submits the loan application.

Personal Loans are availed on the basis of specific criteria, such as level of income, employment history, credit score, and scope for repayment.

Why avail Personal Loans?

No Reason Loan:

Personal Loans can be used for anything you wish.


Emergency Loan:

Personal Loan is a loan for an emergency.It can be used for a medical emergency or to fund the marriage of your child.


No Collateral:

Banks do not ask for any collateral while sanctioning the loan. There is no need for a Guarantor.


Quick Sanctioning:

Personal Loan is sanctioned really fast. It may be as less as 24 hours. Minimal documentation means less processing time.

Key factors to consider for Personal Loan

Features and Benefits of Personal Loans:

  • Flexibility to Use Funds:
    Unlike other loans, personal Loans can be used just as you wish. There are no restrictions and conditions. You can avail Personal Loans for marriage, medical expenses, house renovation, and so on.

  • Quantum of Loans:
    Personal Loans can range from Rs 10,000 to Rs 20 Lakhs. The loan amount depends on the borrower’s financial and credit history.
  • Flexible Tenure:
    Personal Loans are available for a tenure ranging from 12 to 60 months.
  • No Security:
    Personal loans are approved based on the borrower’s income and credit history. As there’s no collateral, many people prefer to use Personal Loans for a financial emergency.
  • Quick sanctioning:
    Personal Loans are sanctioned really fast. It hardly takes 24 to 48 hours for approval. This is because it has minimal documentation.

Documents Required To Availing a Personal Loan

1. For Salaried:

  • Passport
  • Driving License
  • Voters ID
  • PAN Card
  • Passport or utility bills
  • Last 3 months Bank Statement

2. For Self-Employed:

  • Passport
  • Driving License
  • Voters ID
  • PAN Card
  • Passport or utility bills
  • Last 2 years audited financial statements
  • Last 6 months Bank statement
  • Office address proof

Eligibility criteria to avail a Personal Loan

  • A minimum salary of Rs 15,000 to Rs 25,000 a month.
  • You must be between 22-59 years.
  • The borrower must have a bank account.
  • A Minimum CIBIL score of 700 is a must.
  • The borrower must be residing at his/her current residence for at least a year or two.

Rate of interest on Personal loans:

The rate of interest on Personal Loans depends on three major factors:

  • Borrower's income and his ability to service the loan.
  • The Company/Employer for whom the borrower works.
  • The credit history of the borrower.

Rate of Interest on Personal Loans usually ranges from 14% to 17% a year.

What happens when a Personal Loan is not repaid?

If a borrower defaults, CIBIL score is affected. This will reflect badly in his credit information report. The borrower will face issues and difficulties when availing any other loan.

Things to keep in mind while availing a Personal Loan:

  • Rate of Interest:
    Rate of interest charged on Personal loans is quite high as these are unsecured loans. The rate of interest on Personal Loans ranges from 14-17% a year. Interest rate on Personal Loan depends upon the borrower’s income, creditworthiness, age, employer/company, and so on. Before deciding on a particular lender, compare the interest rate charged by different lenders. Then select a Personal Loan with lower interest rates.
  • Charges on a Personal Loan:
    Charges levied on personal loans vary from lender to lender. These charges include documentation charges, collection charges, repayment mode swap charges and cancellation charges. Banks also levy heavy penalties in case of late EMI’s. Be aware of all such charges that bankers may charge.
  • Tenure of Personal Loan:
    Personal loan repayment tenure offered by the lenders varies from 1 to 5 years. Some lenders even offer a longer tenure of 7 years. If you are looking for lower EMIs, then you opt for a higher tenure. If you want to pay off your loan quickly, then you should opt for a shorter tenure. If you choose a longer tenure, then you will end up paying more interest on the loan.
  • Prepayment charges on Personal Loans:
    Borrowers should be careful with prepayment charges. Opt for the lender who does not levy prepayment charges or a lender who charges a lower pre-payment charge.
  • Processing fees on Personal Loans:
    Processing fees on Personal Loans include various expenses incurred by the bank while approving the loan. The processing fee ranges from 1% to 2%. Processing fee is non refundable.

Personal Loan mistakes to avoid:

  • Do not avail too many personal loans:
    Do not avail personal loans for flimsy reasons. You might struggle with the repayments. You could fall behind in payments and your credit score is affected.
  • Borrow as per repaying ability:
    Availing a Personal Loan is easy but repaying is difficult. Debts are fun when acquiring them, but not when repaying them. Personal Loans should be availed only if a borrower is confident about making the repayments in time. Personal loans charge interest as high as 14% to 17% a year. The EMI on your personal loan should not be more than 35- 40% of your salary, after accounting for all other expenses.
  • Do not neglect the fine print:
    Never sign on the dotted line without reading the terms and conditions of the personal loan. Read the fine print before signing up for a Personal Loan with the bank. If there is a fight, dispute or a misunderstanding between the borrower and the bank, the fine print stands against the borrower. Signing the dotted lines means agreeing to the terms and conditions of the loan. Study the terms and conditions of the loan like fees, interest rates, pre-payment charges and pre-closure charges.
  • Do not avail Personal Loans with a long tenure:
    Personal loans have tenure of 1-7 years. Opting for a Personal Loan with tenure of 7 years to have extra time to repay the loan, is not a good idea. Long tenure means borrowers will have to pay more interest.
  • Look out for alternatives:
    Personal loans charge the borrower a very high rate of interest. Borrowers should look for other alternatives like Loan against property, Loan against fixed deposits and Gold loan. These loans can be availed at a much lower interest rate than a Personal Loan.

Concepts & FAQ's Personal Loan

What is Personal Loan?

These loans are used by the people for meeting the needs of the family members and also for their own needs. Loans are available from Rs. 20000 to Rs. 20 Lakhs for any purpose depending on your requirement. Repayment can be done in EMI's ranging from 12 to 60 months. The procedure is simple with minimal documentation & quick approval.

Documentation required for Personal Loans: Documents required would be proof of identity, residence, income proof / Income Tax Returns of last 2 years. After verification of the documents the borrower's credit score is checked with Credit Information Bureau (India) limited commonly known as CIBIL. The bank may decide to approve or reject the personal loan based on the CIBIL score and validity of the documents.
Rate of interest on Personal loans: The rate of interest on the personal loan depends on three major factors.

  • Borrower's income and his ability to service the loan
  • The company/employer for which the borrower is working
  • The credit history of the borrower

One also needs to take into consideration the processing fees and prepayment charges while finalizing the loan. Personal loan should be taken only when absolutely necessary. These loans are usually more expensive in terms of interest rate when compared to other loans taken against collateral security like gold jewelry etc.

Thinking of buying a Personal Loan?

To be absolutely sure of WHAT TO LOOK OUT, talk to on the phone for FREE financial consultation.

Expert Financial Advisors from would provide you unbiased, correct and up to date information so that you can make an informed financial decision.

Frequently Asked Questions

How is my loan eligibility determined?

Loan eligibility depends upon various factors which differ from banks to banks. The main factor of course, is your ability to repay the loan. Also your profile, in terms of residence and the place you work in also matters. Do make sure to check all such other eligibilities before applying. To understand more about eligibility criteria on your personal loan, call us on 080 67974000

Will I need to provide any collateral for my loan?

Personal loans are especially designed for people who don't want to go through the hassles of providing security or hypothecation. This is a total unsecured loan where no form of collateral or guarantee is required.

What are the fees and charges payable and when are they payable?

Apart from the rate of interest bank also do charge some fees which are of usually two types. Once when you are applying for the loan and once when you are pre-closing the loan. The fees when charged at the time of processing called as Processing Fees vary from 2-3% of the loan amount. The second charge is the prepayment penalty paid at the time of pre-closure. This too varies from 2 - 3 %.

How soon can I get my loan money?

Usually banks disburse your loan within seven working days. However, it is recommended that you keep all your documents ready and in order to avoid any delays. The loan is disbursed only after the completion of submitting of all required documents.

What is the maximum tenure of a personal loan?

Personal loan is a short tenure loan. Most of the banks provide you loan for maximum 3 years (36 months) to max 5 years (60 months).

Can I apply for loan, jointly with my spouse?

Yes. Personal Loans can be applied jointly with a co-applicant (either be your spouse or your parents). This helps you to increase your income eligibility and you can also avail for a larger amount of loan, if you want to, as your co-applicants income also gets added to your income and that total is taken into consideration for calculating the loan amount you will be eligible for.

How do I repay the loan?

You can repay the loan in Equated Monthly Installments (EMI's) through post-dated cheques/ECS favoring the respective bank/FIs.

What documents do I need to get a personal loan?

You need to provide proofs of your age, identity, residence address and income. The details of documents that can be used as proof can be found in the personal loan buying guide.

Is the repayment track record of my previous loans considered in calculating my eligibility for a new loan?

It definitely has its benefits! A good repayment track record could fetch you a higher loan amount at a lower interest rate as it is standing proof for your money management capabilities. In case of a bad repayment record you will be charged high interest rates and you will find it difficult to obtain a loan.

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Personal Loan Articles

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Personal Loan News

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Home News

Debt-Ridden Family Allegedly Commits Suicide In Karnataka

Friday, August 16, 2019, 6:09 PM

Five persons of a family, including a five-year-old boy, allegedly committed suicide by shooting themselves in Karnataka on Friday, said police. The family from Tumkur was living in a lodge in Mysore. Omkar, 38, his wife Nikita, 28, and their son were found dead in the lodge. The other two who died were Mr.Omkar's mother Varsha Hema, 55, and their relative Varsha Bhattacharya, 30.

Personal loans likely to become cheaper as RBI cuts risk weightage

Thursday, August 8, 2019, 6:11 PM

The RBI has reduced risk weight for consumer credit, including personal loans but excluding credit cards, from 125% to 100%, allowing banks to reduce their interest rates. Banks are required to set aside a percentage of the loan amount, depending on the risk perception of a loan type. Banks will now need to set aside lower capital for these loans.

Nearly half of Indians open to taking loan for improving lifestyle

Thursday, August 8, 2019, 5:28 PM

Around half of Indians surveyed are open to taking loans especially for fulfilling family needs and upgrading their lifestyle, a report said on Thursday. The survey commissioned by Home Credit India, a consumer finance provider, revealed that nearly one-third of respondents are willing to take a loan for a consumer durable item such as mobile phone, television and refrigerator etc.


Personal Loan Videos

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Personal Loan in Tamilnadu - How to Get Personal Loan in Tamil | IndianMoney Tamil | Sana Ram

Personal Loan in Tamilnadu - How to Get Personal Loan in Tamil | IndianMoney Tamil | Sana Ram

7 Days Ago

How to Get Personal Loan in Tamil This is a beautiful video on personal loans created and released by the expert team at This Company has been imparting high-quality financial education since its inception. Backed by competent money doctors, our mission is to become the most trusted financial education company in the world. What is a personal loan? As rightly mentioned by the expert speaker, it is an unsecured loan obtained by an individual from a lender, which may be a bank or a non-banking financial company. Personal loans may be availed for various purposes like children’s education, house renovation, marriage-related expenses and so on. What are the eligibility criteria for personal loans? They differ across banks. The common criteria consist of your age, annual income, occupation, loan repayment capabilities and so on. The speaker has also spoken on the interest rates offered on personal loans and the documents required to apply for such loans.          
Credit Card in Telugu - How to Get Out of Credit Card Debt Trap | Kowshik Maridi |IndianMoney Telugu

Credit Card in Telugu - How to Get Out of Credit Card Debt Trap | Kowshik Maridi |IndianMoney Telugu

1 Month Ago

How to get out of credit card debt trap How well are you managing your credit card(s)? Are you aware of the consequences of defaulting on your credit card bills? Some credit card users keep paying just the minimum due amount imagining that they are serving the loan amount. It is a misconception, says the expert. On or before the due date, the outstanding bill ought to be paid. If not, be ready to face consequences such as late payment fees, damage to your credit score, loss of introductory APR, etc. How to get out of credit card debt trap? Make use of the following tips suggested by Kowshik Maridi  Do not use a credit card if you are not confident of paying bills in time.  Covert your outstanding loan amount into EMIs so that you can save on interest.  Go for a personal loan to benefit from a lower interest rate.          


Personal Loan Education

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Home Education

What is a Bridge Loan?

Thursday, June 13, 2019, 12:17 PM

A bridge loan is also known as gap financing. A bridge loan is a short-term loan sanctioned for the borrower who wants to meet short term financial requirements. The tenure of bridge loans is capped at 5 years. The loan amount sanctioned and the interest rate on the loan is calculated by evaluating the repayment capacity of the borrower.

How personal loans work?

Monday, January 14, 2019, 12:08 PM

A personal loan is an unsecured loan, which means the borrower does not need to keep an asset as security for the money borrowed. Consequently, the bank charges a higher rate of interest on personal loan than other secured loans. You pay back that money in installments. Once the loan is paid in full, the loan account is closed.

4. Prepayment charges on personal loans

Saturday, January 13, 2018, 3:56 PM

You can reduce the loan burden by prepaying your personal loan. But, some lenders charge prepayment charges if you prepay your loan. So, borrowers should be very careful about prepayment charges. One should always opt for the lender who does not levy prepayment charges. You should never pay anything extra while foreclosing your loan.



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