Personal Loan is an unsecured credit provided by financial institutions based on criteria like employment history, repayment capacity, income level, profession and credit history. Personal Loan, which is also known as a consumer loan is a multi-purpose loan, which you can use to meet any of your immediate needs
Types of Personal Loans in India:
Weddings in India are usually considered a costly affair and tend to be more expensive than expected. Shedding all of your savings on marriage shall not be a good idea. Therefore, you can apply for marriage loans to meet all the marriage-related expenditures. Wedding loans can be repaid with flexible repayment options as per the tenure.
2.Loan for Higher Education
Personal loans for higher education can be availed to fund all the aspects of studying abroad for yourself, your children or your spouse. Higher education loans can be used to cover the expenses, such as paying off school/college fees, flight tickets, visas, accommodation, living expenses, etc.
Just in case, if you do not have medical insurance for yourself or your family member and require finance to meet the urgent medical requirements. You can certainly opt for a medical loan that can be of great help in times of emergencies or cash crunch situations.
4.Loan for Home renovation
Home renovation has no end to it. You can invest as much as you want for maintenance, reconstruction, refurnishing, décor and much more. Personal loan can be availed to meet all home renovation requirements as per the budget.
Personal loan can be availed to arrange a vacation or holiday trip abroad with your family. Travel loans can also be availed to manage domestic destinations, honeymoon trips, as well as cruises.
6.Debt Consolidation Loan
Affordable EMIs can be arranged and paid for debt consolidation purposes. All your loan or credit card debts can be arranged collectively into one and can be adjusted as per your convenience.
Here is our list of top 5 lenders that offer the personal loans at Low interest:
Lenders Interest Rate (p.a.)
Axis Bank 10.49%
Bank of Baroda 9.35%
ICICI Bank 10.50%
State Bank of India 9.60%
Bajaj Finserv 13.00%
Personal Loan Eligibility Criteria:
Personal loan eligibility differs across lending institutions and loan schemes. However, a common set of housing loan eligibility criteria is given below:
Nationality: Indian Residents, Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs)
Credit Score: Preferably 750 and above
Age Limit: 25 – 60 years
Work Experience: At least 2 years (for salaried)
Business Continuity: At least 3 years (for self-employed)
Minimum Salary: At least Rs. 15,000 per month (varies across lenders & locations)
Personal Loan Fees & Charges
The fees and charges of personal loans usually vary from lender to lender and case to case. Some of the common fees and charges related to personal loans are as follows:
Loan Processing Fees
Pre-payment/part-payment or Foreclosure charges
Documentation Fees & Stamp Duty
Documents Required to Apply for a Personal Loan
Proof of Identity & Age: Copy of any one (PAN Card, Passport, Aadhaar Card, Voter’s ID Card, and Driving License)
Proof of Residence: Copy of anyone (Bank Passbook, Voter’s ID, Ration Card. Passport, Utility Bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill) and LIC Policy Receipt
Note: The above list is indicative and your lender might ask for additional documents.
Step 1– Share Your Details
Enter personal information as well as the details related to your loan requirements.
Step 2– Submit the Application
Apply for the Personal loan offer that suits your loan requirements the best.
Once your application is successfully submitted, you will get a confirmation of your Personal loan application. Next, our loan expert will call you within few hours.