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Personal Loan

Dream vacation, emergency expenses or alternate loan repayments, Urban Money takes care of your financial health via instant personal loans. With a maximum limit of ₹50 lakhs, we ensure you get the lowest personal interest rate, starting at 8% p.a.

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Best Personal Loan Interest Rates Available from India's Top Banks

  • Interest Rate

    27%

  • Loan Amount

    ₹1K - ₹4L

  • EMI Per Lakh

    ₹3,054

  • Processing Fees

    We offer a 2.50% interest rate per month (Equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.
    ... more
  • Pre-Payment Charges

    --

Quick Approval

  • Interest Rate

    15% - 36%

  • Loan Amount

    ₹50K - ₹5L

  • EMI Per Lakh

    ₹2,379 - ₹3,613

  • Processing Fees

    3-5% with Minimum Proc. Fee of INR 1500 + GST
  • Pre-Payment Charges

    5% of Principal outstanding

Quick Approval

Get instant Personal Loans with ease!

  • Loan amount upto Rs. 5 lakhs

  • EMI Plan of your choice

  • Interest Rate

    18% - 25%

  • Loan Amount

    ₹2L - ₹20L

  • EMI Per Lakh

    ₹2,539 - ₹2,935

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    16.37%

  • Loan Amount

    ₹50K - ₹10L

  • EMI Per Lakh

    ₹2,452

  • Processing Fees

    Up to 2% of the loan amount
  • Pre-Payment Charges

    NIL

Get instant with ease! Personal Loans InCred!

  • Quick Digital Process

  • Fast approval

  • Loan upto 10 Lakhs

  • Interest Rate

    16% - 36%

  • Loan Amount

    ₹5K - ₹5L

  • EMI Per Lakh

    ₹2,432 - ₹3,613

  • Processing Fees

    --
  • Pre-Payment Charges

    --

Quick Approval

  • Interest Rate

    16% - 32%

  • Loan Amount

    ₹20K - ₹3L

  • EMI Per Lakh

    ₹2,432 - ₹3,359

  • Processing Fees

    Up to 4% of loan amount
  • Pre-Payment Charges

      Part payment charges

    • Up to 4% of the prepaid amount after 1st EMI
    • Foreclosure charges

    • Up to 4% of the outstanding amount after 1st EMI
    ... more

Quick Approval

Get instant with ease! Personal Loans in 2 minutes!

  • No Physical Document

  • Instant Approval

  • Digital Process

  • Interest Rate

    14.99% - 24.99%

  • Loan Amount

    ₹1L - ₹10L

  • EMI Per Lakh

    ₹2,378 - ₹2,935

  • Processing Fees

    Up to 10% of loan sanctioned
  • Pre-Payment Charges

    5% of Principal foreclosed (post 6-month lock-in)
  • Interest Rate

    14.75% - 16.25%

  • Loan Amount

    ₹3L - ₹3L

  • EMI Per Lakh

    ₹2,366 - ₹2,445

  • Processing Fees

    Up to 1% of loan amount
  • Pre-Payment Charges

    NIL
  • Interest Rate

    14% - 23%

  • Loan Amount

    ₹1L - ₹20L

  • EMI Per Lakh

    ₹2,327 - ₹2,819

  • Processing Fees

    Up to 2% of loan amount
  • Pre-Payment Charges

    • Between 13 to 18 months: 5% of outstanding principal.
    • After 18 months: 3% of outstanding principal.
    • After 12 regular EMIs: NIL
    ... more
  • Interest Rate

    13.99% - 42%

  • Loan Amount

    ₹50K - ₹75L

  • EMI Per Lakh

    ₹2,326 - ₹4,009

  • Processing Fees

    2.00% - 5.00%
  • Pre-Payment Charges

    Applicable as per the loan agreement

Quick Approval

  • Interest Rate

    13.99%

  • Loan Amount

    ₹1K - ₹15L

  • EMI Per Lakh

    ₹2,326

  • Processing Fees

    3% onwards
  • Pre-Payment Charges

    >6 months: 5%
  • Interest Rate

    13% - 28%

  • Loan Amount

    ₹1L - ₹30L

  • EMI Per Lakh

    ₹2,275 - ₹3,114

  • Processing Fees

    Up to 3% of the loan amount
  • Pre-Payment Charges

    • Pre-closure Charges - Rs 1,000 + GST
    • If part pre-payment is equal to 20% of the total amount disbursed- NIL
    • If part pre-payment is greater than 20% of the total amount disbursed- 3% + GST
    • No prepayment allowed in the first 12 months from the date of disbursement
    • Part prepayment amount should be greater than or equal to total 3 EMIs
    • For Flexi Personal Loan:

    • No charges for payment through mobile apps/portal
    • Part prepayment of loan facility towards limit reduction is not available
    • Foreclosure Charges

    • For Term Loan: 4% of the principal outstanding + GST
    • For Flexi Personal Loan: 4% of the withdrawn amount + GST
    • Foreclosure is allowed only 12 months after the loan disbursal Also know the processing fee for personal loan
    ... more
  • Interest Rate

    13% - 25%

  • Loan Amount

    ₹1L - ₹5L

  • EMI Per Lakh

    ₹2,275 - ₹2,935

  • Processing Fees

    Up to 3% of loan sanctioned
  • Pre-Payment Charges

    --
  • Interest Rate

    12.99%

  • Loan Amount

    Up to ₹30L

  • EMI Per Lakh

    ₹2,275

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    12.75% - 44%

  • Loan Amount

    ₹5K - ₹5L

  • EMI Per Lakh

    ₹2,263 - ₹4,144

  • Processing Fees

    Up to 2%-6% of loan amount
  • Pre-Payment Charges

    Nill
  • Interest Rate

    12.15%

  • Loan Amount

    ₹1L - ₹5L

  • EMI Per Lakh

    ₹2,232

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    12% - 20%

  • Loan Amount

    ₹50K - ₹7L

  • EMI Per Lakh

    ₹2,224 - ₹2,649

  • Processing Fees

    • Consumer Loan: Up to 2% of principal outstanding plus applicable taxes
    • Micro Loan: 1% of loan amount plus applicable taxes
    ... more
  • Pre-Payment Charges

      Part Prepayment Charges

    • Consumer Loan: Up to 5% of prepaid amount plus applicable taxes (Part prepayment of up to 25% allowed twice per year)
    • Foreclosure Charges

    • Consumer Loan: 5% of outstanding principal amount plus applicable taxes
    • Micro Loan: Nil
    ... more

Quick Approval

  • Interest Rate

    12% - 42%

  • Loan Amount

    Up to ₹3L

  • EMI Per Lakh

    ₹2,224 - ₹4,009

  • Processing Fees

    Upto 5% of the sanctioned loan amount
  • Pre-Payment Charges

    --
  • Interest Rate

    12% - 17%

  • Loan Amount

    ₹1L - ₹25L

  • EMI Per Lakh

    ₹2,224 - ₹2,485

  • Processing Fees

    Up to 2% of loan amount (Min. Rs 2,500 & Max. Rs 8,500)
  • Pre-Payment Charges

    --
  • Interest Rate

    11.99% - 25%

  • Loan Amount

    ₹50K - ₹25L

  • EMI Per Lakh

    ₹2,224 - ₹2,935

  • Processing Fees

    Processing Fee:6.00%
  • Pre-Payment Charges

    Pre-closure fee - 3% - 7% of principal outstanding (plus applicable tax)
  • Interest Rate

    11.49% - 16.49%

  • Loan Amount

    ₹1L - ₹30L

  • EMI Per Lakh

    ₹2,199 - ₹2,458

  • Processing Fees

    --
  • Pre-Payment Charges

    • Before completion of 12 EMIs: 2% of outstanding principal
    • After completion of 12 EMIs: 1% of outstanding principal
    ... more
  • Interest Rate

    11% - 37%

  • Loan Amount

    ₹20K - ₹40L

  • EMI Per Lakh

    ₹2,174 - ₹3,678

  • Processing Fees

    Up to 3.93% of loan amount
  • Pre-Payment Charges

    2% + taxes

Quick Approval

  • Interest Rate

    11% - 24%

  • Loan Amount

    ₹50K - ₹10L

  • EMI Per Lakh

    ₹2,174 - ₹2,877

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    11%

  • Loan Amount

    -

  • EMI Per Lakh

    ₹2,174

  • Processing Fees

    NIL
  • Pre-Payment Charges

    NIL
  • Interest Rate

    11% - 15.5%

  • Loan Amount

    ₹25K - ₹5L

  • EMI Per Lakh

    ₹2,174 - ₹2,405

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    11% - 12.4%

  • Loan Amount

    -

  • EMI Per Lakh

    ₹2,174 - ₹2,245

  • Processing Fees

    Up to 2% of the loan amount
  • Pre-Payment Charges

      Prepayment Charges

    • 5% Pre Closure Charge
    • After 6 months of account opening – 5%
    • Within 6 months of account opening – 6%
    ... more
  • Interest Rate

    11% - 30%

  • Loan Amount

    Up to ₹10L

  • EMI Per Lakh

    ₹2,174 - ₹3,235

  • Processing Fees

    Up to 5% of the loan amount
  • Pre-Payment Charges

    Foreclosure charges

    • 5% of the outstanding loan (if paid before 12 months)
    • 3% of the outstanding loan (if paid after 12 months )
    • /ul>

      Part foreclosure

      • Not allowed
    ... more
  • Interest Rate

    11% - 14%

  • Loan Amount

    ₹50K - ₹10L

  • EMI Per Lakh

    ₹2,174 - ₹2,327

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    10.99% - 20%

  • Loan Amount

    ₹1L - ₹40L

  • EMI Per Lakh

    ₹2,174 - ₹2,649

  • Processing Fees

    Up to 2%
  • Pre-Payment Charges

    Prepayment Charges

  • Allowed if borrower has paid at least 12 EMIs.
  • 20% of principal outstanding (13-24 months of EMI repayment)
  • ... more
  • Interest Rate

    10.99%

  • Loan Amount

    ₹50K - ₹40L

  • EMI Per Lakh

    ₹2,174

  • Processing Fees

    Up to 3% of loan amount
  • Pre-Payment Charges

    0-12 months: Lock-in period 1- 3 years: 4% + GST 3 years onwards: 2% + GST

Quick Approval

  • Interest Rate

    10.99% - 19%

  • Loan Amount

    ₹75K - ₹35L

  • EMI Per Lakh

    ₹2,174 - ₹2,594

  • Processing Fees

    Up to 3.00%
  • Pre-Payment Charges

    • Part-prepayments can be made only after 6 months. They are allowed only once a year with a minimum gap of 6 months between two part-prepayments. Amount prepaid cannot exceed 25% of the principal outstanding and a charge of 2.5% (plus applicable taxes) will be applied amounts above 25% of the principal outstanding.
    • Foreclosure is allowed only after 6 months. A foreclosure charge of 3.5% + GST is applicable on the principal outstanding after 6 months. In case of foreclosure within 6 months after a part-prepayment, a foreclosure charge of 3.5% (plus applicable taxes) will be levied on the principal outstanding plus part-prepayment amount.
    • For loans above ₹ 7 lakhs, a 12-month clean payment track is a must for loan foreclosure and a charge of 3.5% + GST applies unless loan is closed with own funds.
    • For overdraft cases, loan foreclosure is allowed only after 6 months and a charge of 4.5% + GST is applicable on the dropped-down limit amount.
    ... more
  • Interest Rate

    10.99%

  • Loan Amount

    Up to ₹35L

  • EMI Per Lakh

    ₹2,174

  • Processing Fees

    Up to 2.75%of the loan amount
  • Pre-Payment Charges

    2% for payment of more than 25% of the outstanding principal balance.
  • Interest Rate

    10.75% - 16.49%

  • Loan Amount

    ₹50K - ₹30L

  • EMI Per Lakh

    ₹2,162 - ₹2,458

  • Processing Fees

    Up to 3% of the borrowed loan amount
  • Pre-Payment Charges

    Up to 4% of the outstanding principal plus interest for the ongoing month
  • Interest Rate

    10.75% - 11.75%

  • Loan Amount

    ₹50K - ₹15L

  • EMI Per Lakh

    ₹2,162 - ₹2,212

  • Processing Fees

    Up to 2% of the loan amount
  • Pre-Payment Charges

    5% of the outstanding principal amount (fixed rate loan)
  • Interest Rate

    10.5% - 24%

  • Loan Amount

    ₹50K - ₹40L

  • EMI Per Lakh

    ₹2,149 - ₹2,877

  • Processing Fees

    ₹4,999 One time fee
  • Pre-Payment Charges

    • 4% of the outstanding principal (loan tenure between 13 - 24 months)
    • 3% of the outstanding principal (loan tenure between 25 - 36 months)
    • 2% of the outstanding principal (loan tenure if over 36 months)
    ... more

Quick Approval

  • Interest Rate

    10.5% - 16%

  • Loan Amount

    ₹2.5L - ₹50L

  • EMI Per Lakh

    ₹2,149 - ₹2,432

  • Processing Fees

    Upto 2.50% of loan amount plus applicable taxes
  • Pre-Payment Charges

      For salaried customers

    • 3% plus applicable taxes on principal outstanding after payment of 1st EMI and Nil if 12 or more EMIs are paid. For MSE classified customers, charges are Nil after payment of the 1st EMI for Loan amount upto 50 lakhs.
    ... more
  • Interest Rate

    10.5% - 25%

  • Loan Amount

    ₹50K - ₹40L

  • EMI Per Lakh

    ₹2,149 - ₹2,935

  • Processing Fees

    --
  • Pre-Payment Charges

    --
  • Interest Rate

    10.49% - 22%

  • Loan Amount

    ₹50K - ₹40L

  • EMI Per Lakh

    ₹2,149 - ₹2,762

  • Processing Fees

    up to 2% of the loan amount + GST as applicable
  • Pre-Payment Charges

    • 5% + GST (as applicable)
    • Part-payment charges shall be charged on the amount of part payment. For loans disbursed 4th October, 2023 onwards:
    • *Pre-payment Charges shall be charged on principal outstanding
    ... more
  • Interest Rate

    10.49% - 36%

  • Loan Amount

    ₹20K - ₹1Cr

  • EMI Per Lakh

    ₹2,149 - ₹3,613

  • Processing Fees

    Up to 3.5% of the loan amount
  • Pre-Payment Charges

    Foreclosure charges 5% of the loan amount
  • Interest Rate

    10.49%

  • Loan Amount

    ₹1L - ₹40L

  • EMI Per Lakh

    ₹2,149

  • Processing Fees

    Up to 2.49% of the loan amount
  • Pre-Payment Charges

    Charges on pre-closure-Pre-closure permitted after 6 months. 5% of principal outstanding (plus applicable tax)
  • Interest Rate

    10.49% - 17.99%

  • Loan Amount

    ₹50K - ₹50L

  • EMI Per Lakh

    ₹2,149 - ₹2,539

  • Processing Fees

    Up to 3% of loan amount
  • Pre-Payment Charges

    • Pre-payment/pre-closure charges - Floating Rate Scheme - NIL
    • Fixed Rate Scheme (including Byom Loans)- 3%
    ... more
  • Interest Rate

    10.4% - 16.95%

  • Loan Amount

    Up to ₹20L

  • EMI Per Lakh

    ₹2,144 - ₹2,483

  • Processing Fees

    Up to 1% of the loan amount
  • Pre-Payment Charges

    NIL
  • Interest Rate

    10.35% - 18.25%

  • Loan Amount

    ₹1L - ₹20L

  • EMI Per Lakh

    ₹2,142 - ₹2,553

  • Processing Fees

    NIL
  • Pre-Payment Charges

    NIL
  • Interest Rate

    10.25% - 26%

  • Loan Amount

    ₹3L - ₹75L

  • EMI Per Lakh

    ₹2,137 - ₹2,994

  • Processing Fees

    Up to 3% of the sanctioned loan amount
  • Pre-Payment Charges

    4% of outstanding principal (after repayment of 12 EMIs)
  • Interest Rate

    10.25%

  • Loan Amount

    Up to ₹10L

  • EMI Per Lakh

    ₹2,137

  • Processing Fees

    Up to 1% (Maximum Rs 7,500)
  • Pre-Payment Charges

      Prepayment penalty

    • There is no prepayment penalty if the loan is adjusted by the borrower from his/her own verifiable legitimate sources.
    ... more
  • Interest Rate

    10%

  • Loan Amount

    Up to ₹20L

  • EMI Per Lakh

    ₹2,125

  • Processing Fees

    1% of loan amount
  • Pre-Payment Charges

    • Documentation Charges - 0.20% of the loan amount + GST.
  • Interest Rate

    9.99%

  • Loan Amount

    ₹1L - ₹30L

  • EMI Per Lakh

    ₹2,124

  • Processing Fees

    one-time nominal processing fee up to 3% plus applicable taxes.
  • Pre-Payment Charges

    Pre-paying a Business Loan is a smart way to save on payment of additional interest, thereby keeping the overall costs low. With Poonawalla Fincorp’s Business Loan, you can prepay at your convenience and are not required to pay any fee for the same. This is because we levy zero prepayment charges on our Business Loan if paid from own sources. This helps you maximize your savings and focus on your business.
    ... more
  • Interest Rate

    9.99% - 16%

  • Loan Amount

    Up to ₹30L

  • EMI Per Lakh

    ₹2,124 - ₹2,432

  • Processing Fees

    Up to 2% of the disbursed loan amount. Processing fee paid/deducted is non refundable
  • Pre-Payment Charges

    • 5% within 1 year of tenure,
    • 4% within 2 years,
    • 3% within 3 years,
    • 2 % after 3 years.
    ... more
  • Interest Rate

    9.99% - 39.99%

  • Loan Amount

    ₹2L

  • EMI Per Lakh

    ₹2,124 - ₹3,875

  • Processing Fees

    Up to 5%
  • Pre-Payment Charges

    • No pre-closure charges or hidden costs are involved.

Quick Approval

  • Interest Rate

    8.4%

  • Loan Amount

    ₹25L

  • EMI Per Lakh

    ₹2,047

  • Processing Fees

    Up to 1% (Maximum Rs 7,500)
  • Pre-Payment Charges

    There is no prepayment penalty if the loan is adjusted by the borrower from his/her own verifiable legitimate sources.
    ... more
  • Interest Rate

    Up to 25%

  • Loan Amount

    ₹50K - ₹5L

  • EMI Per Lakh

    ₹2,935

  • Processing Fees

    2.5% of the loan amount + applicable taxes
  • Pre-Payment Charges

    --
  • Interest Rate

    Up to 16.25%

  • Loan Amount

    -

  • EMI Per Lakh

    ₹2,445

  • Processing Fees

    Up to 2%
  • Pre-Payment Charges

    Before 6 months of disbursement date: 5% of the principal outstanding plus GST
  • Interest Rate

    Up to 11.15%

  • Loan Amount

    Up to ₹10L

  • EMI Per Lakh

    ₹2,182

  • Processing Fees

    Up to 1.00% of loan amount
  • Pre-Payment Charges

    NIL

Calculate Your Personal Loan EMI Online

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Apply for a Personal Loan in Top Cities

Get an instant Personal Loan across the nation at the lowest interest rate.

Features and Benefits of Personal Loans

Given below are some of the features and benefits of personal loans:

  • No Security Required: Individuals do not have to provide any security or collateral for availing of a personal loan. This loan is usually approved on the basis of the applicant's creditworthiness. This depends on the credit score, employer reputation, credit history, and repayment capacity.
  • End-Use Flexibility: One of the most impressive features of a personal loan product is the flexibility in end-use. These loans can be availed to meet several expenses, such as home renovation, medical expenses, travel, etc. 
  • Flexible Tenures: Usually, lenders offer loan products with flexible repayment tenures ranging from 12 months to 60 months.
  • Hassle-Free Documentation: Individuals can make personal loan applications online as well as offline. The documentation process is comparatively quick and hassle-free. Some of the key documents that you must submit for a successful application are identity, income and address proof documents.
  • Quick Loan Disbursal: The personal loan amount can be deposited in the applicant's bank account within just a few hours of application processing. In the case of pre-approved loan offers, the turnaround time can be even lower.
  • Flexible Approved Amount: The personal loan amount approved for the applicant depends on their repayment history, age, profession, income, employer's reputation, and other such factors. Usually, lenders offer personal loans ranging from Rs. 10,000 to Rs. 40 lakhs.

In today's ever-changing financial environment, it is not uncommon for people to avail of a personal loan to meet their financial needs. One of the major reasons that people prefer a personal loan is that it is an unsecured line of credit for which the individual does not have to provide collateral. Anyone can obtain a personal loan from any bank or NBFC of their choice by just submitting the application and supporting documents.

Once the application is approved, the loan amount is disbursed in the applicant's bank account in less than 48 hours. Lenders usually sanction the loan application on several criteria, like repayment capacity, employment history, credit history, income and profession. These loans are also referred to as multi-purpose loans, as they can be availed to meet any of the immediate requirements.

Factors Affecting Personal Loan Interest Rates

When you make repayments for a personal loan, you are required to pay a certain amount of interest as a part of your EMI payments. This amount depends on the interest rate you are charged for the loan. Given below are some of the factors that affect your personal loan interest rates:

Income

Your income is the basic component of what determines your personal loan interest rate. It is viewed as the universal truth that financially sound people with higher disposable income have a better repayment potential than people with lower income. Usually, people with higher and more stable incomes receive the lowest interest rates on their personal loans. On the other hand, people with bad financial histories are more likely to get higher interest rates.

Credit History

Credit scores play a crucial role in your personal loan approval. In the case of personal loans, it not only determines your eligibility but also affects the loan interest rate. Usually, credit scores are a reflection of the financial history of the individual in terms of existing debt, income, repayment history, and borrowing pattern. A higher credit score increases the lender's trust in the borrower's financial behaviour, even granting them loans at lower interest rates.

Employer's Status

Since personal loans are generally unsecured lines of credit, lenders verify a number of factors that establish the borrower's creditworthiness. Your employer or the company you are employed in plays a key role in it. This is because applicants being employed by a reputed organization are viewed as being more financially stable and capable of making timely payments. Such applicants may also get better lending terms and conditions. 

Debt-to-Income Ratio

Let's assume that the applicant is employed in a renowned organization and earns a high salary, but the majority of the applicant's income is diverted towards debt repayment. In such cases, the volume of the existing debt is sure to have an adverse effect on the personal loan interest rates.

A debt-to-income ratio can basically be defined as the ratio of all existing debts divided by the total income. Having a high debt-to-income ratio generally means that the applicant is already under high repayment debt, and the lender may charge a higher interest rate.

Rapport With the Lender

If the applicant has been a trusted and loyal customer of the lender, they might get a preferential interest rate. This is because a long and constant relationship might inculcate a sense of inter-dependability. This trust is simply not built overnight, it requires a long period of trustworthy and responsible behaviour on the part of the customer. The better the relationship, the more the chances of getting a loan on favourable terms. 

Default History

Similar to how a credit score works, if a lender finds a history of default in the applicant's credit report, it might lead to higher interest rates or even application rejection. Usually, lenders sanction loans to the applicant's with no defaults over the last 12 month period.

Documents Required for a Personal Loan Application

We at Urban Money are dedicated to making your loan disbursal process as easy and smooth as possible. You will need to submit a few documents to complete your loan application process. The process is not very paperwork intensive, however, the documents differ for salaried and self-employed individuals. Let's take a look at the documents required for both these cases:

Common Documents

Given below are some of the common documents required for completing a personal loan application:

  • Identity Proofs: Voter ID, Passport, Aadhaar Card, Driving License.
  • PAN Card.
  • Signature Proofs: PAN Card, Passport, etc.
  • Address Proofs: Ration Card, Rent Agreement, Passport Copy, Aadhaar Card, Utility Bill, Voter ID Card.
  • Bank account statement from last six months.

Salaried Individuals

Given below are the documents required for salaried people to complete their personal loan application:

  • Salary slips from the last 3 months.
  • Form 16 or ITR returns.

Self-Employed Individuals

Given below are the documents required for self-employed people to complete their personal loan application:

  • P&L account and balance sheet from the previous 2 years.
  • ITR from the last 2 years.
  • Business Proofs, like GST Number, Registration Certificate, License.
  • TDS Certificate, Income Tax Challans or Form 26 AS for declared income in ITR.

FAQs

From refinancing to reducing your interest, we have the answers right here.

How does a personal loan work?

A personal loan can be availed when you need an unsecured line of credit. Once you complete and submit your personal loan application, it is approved and verified by the lender. After the verification process, the loan amount will be disbursed to the applicant’s bank account. At the beginning of the tenure, you will be required to repay the loan in pre-decided EMI payments.

What is the maximum amount of loan I can get?

The maximum loan amount that can be sanctioned for you depends on the monthly income and various other factors. However, there are numerous lenders in the country that offer as much as Rs. 40 lakhs.

What is the minimum salary needed to apply for a personal loan?

The minimum salary requirement for a personal loan application varies from lender to lender. However, most lenders prefer that the applicant should be drawing an income of at least Rs. 15,000. If you are living in a metropolitan area, the minimum salary requirement is between Rs. 20,000 to Rs. 25,000.

Do personal loans offer tax exemptions?

Yes, personal loans offer tax exemptions if the amount is being used for home renovation, business expansion or education purposes.

What should I do if my personal loan application is rejected?

If your personal loan application has been rejected, it is either because of a low credit score or because you do not meet the basic eligibility requirements. Taking steps to improve your credit score can go a long way in future application approvals.

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