Personal loan
Unsecured credit for milestones or consolidation—fixed EMIs, clear tenure, and a path you can explain in one sentence.
A personal loan works best when tenure, EMI, and fees fit what you earn today—not when a glossy rate hides the fine print.
We walk through what lenders will look for, help you avoid common documentation pitfalls, and stay reachable while the application moves from query to sanction.
Eligibility criteria
- Indian resident with valid KYC—lenders may have minimum age (often 21+) and a ceiling at loan maturity (commonly up to 60 for salaried profiles; varies by institution).
- Stable income: salaried applicants typically need continuity and salary proof; self-employed applicants may need business vintage and tax / bank evidence as per programme.
- Credit bureau and internal score within thresholds each lender sets—we give a candid read before you invest time in paperwork.
- Capacity to repay: EMI should fit your verified income and existing obligations; other criteria apply as per sanctioning policy.
Documents usually required
- Identity & PAN; Aadhaar or other acceptable KYC as per lender norms.
- Current address proof (utility bill, rent agreement, passport, etc.—programme-specific).
- Income proof: recent salary slips and bank credits for salaried; ITR, financials, or bank analysis for self-employed where applicable.
- Employment or business continuity proof (offer letter, form 16, GST registration, etc.—as requested).
- Bank statements for assessment and for NACH / disbursal mandate; recent photographs when asked.
Key features
- Unsecured in standard programmes—no collateral for a typical personal loan (policy varies by lender).
- Fixed EMI over a tenure you choose within allowed bands, so monthly cash flows are easier to plan.
- End-use flexibility for eligible purposes: medical, travel, wedding, consolidation, and more—subject to lender policy.
- Tenure options across partner programmes; part-prepayment or foreclosure rules follow each lender’s schedule of charges.
- Digital-led journeys where partners support it, with human support from us when something stalls.
Benefits of a personal loan
- One predictable EMI instead of juggling multiple due dates—especially helpful when consolidating costlier debt.
- Often quicker turnaround than many secured products once documents are complete (always profile-dependent).
- Build or strengthen credit history when you pay on time and keep utilisation sensible elsewhere.
- No asset pledge in classic programmes—useful when you do not want to encumber property.
- Transparent structuring when fees, insurance (if any), and other charges are explained up front—not buried in fine print.
Personal loan FAQs
Will checking eligibility hurt my credit score?
A soft assessment for orientation is different from a hard inquiry on every lender. We aim to narrow options before you authorize formal pulls, and we explain what each step means.
Can I prepay or close the loan early?
Most programmes allow part-prepayment or full foreclosure subject to lock-in and charges in that lender’s schedule. We surface this before you sign so you can compare total cost.
How is interest calculated?
Usually on reducing balance for EMI-based loans—so principal paid earlier reduces interest on the remainder. Exact methodology and APR components are in the sanction letter and KFS.
I am between jobs—can I still apply?
Lenders look for repayment capacity. A short gap with savings or a confirmed join may still be workable in some cases; we map your narrative to programmes that judge cases practically.
What if my application is declined?
You receive a reason where the lender provides one. We can suggest documentation or timing improvements, or alternative products—without pushing an ill-fitting second option.
Ready to apply?
The next screen is the eligibility / application form for this product.