Personal Loan
Find the right personal loan for you from 30+ banks and NBFCs using CreditEMI. With just one easy application you receive customised offers matched to your eligibility—raising your approval chances and enabling instant disbursal. Enjoy a 100% digital process, fast turnaround and expert assistance from start to finish.
Find Best Personal Loan Offers
HDFC Bank
Max. Loan Amt.
Upto ₹25L
Rate of Interest
9.99% - 12.5%
Tenure upto
1-5 Years
Processing Fee
₹6,500
ICICI Bank
Axis Bank
Max. Loan Amt.
Upto ₹25L
Rate of Interest
9.99% - 17.15%
Tenure upto
Upto 6 Years
Processing Fee
Upto 2%
Kotak Mahindra Bank
Max. Loan Amt.
Upto ₹25L
Rate of Interest
9.98% - 17.2%
Tenure upto
1-5 Years
Processing Fee
1.1% - 1.5%
IDFC FIRST Bank
Max. Loan Amt.
Upto ₹50L
Rate of Interest
9.99% - 20%
Tenure upto
1-5 Years
Processing Fee
Upto 2%
YES Bank
Max. Loan Amt.
Upto ₹30L
Rate of Interest
13% - 16%
Tenure upto
1-5 Years
Processing Fee
1.5% - 2.25%
Tata Capital Limited
Max. Loan Amt.
Upto ₹35L
Rate of Interest
11.99% - 13.99%
Tenure upto
1-5 Years
Processing Fee
1% - 1.25%
IndusInd Bank
Max. Loan Amt.
Upto ₹50L
Rate of Interest
10.35% - 16.5%
Tenure upto
1-5 Years
Processing Fee
1.3% - 2%
Federal Bank
Max. Loan Amt.
Upto ₹5L
Rate of Interest
12% - 19.5%
Tenure upto
1-5 Years
Processing Fee
Upto 2%
What is a Personal Loan?
A personal loan is an unsecured loan provided by banks and NBFCs to help individuals meet various financial needs. Borrowers repay the loan through equated monthly installments (EMIs) over a fixed tenure, typically between 1 to 5 years. Before approving the loan, lenders evaluate the applicant’s credit profile, income, repayment capacity, and overall financial stability to determine their creditworthiness.
Personal Loan Interest Rates
The interest rate on a personal loan varies for each applicant and is mainly influenced by key factors such as credit score, repayment behaviour, income stability, and the lender’s internal risk assessment policies. Every bank and NBFC uses its own credit risk–based pricing model, which includes the cost of funds, borrower profile, and overall financial credibility.
Before applying for a personal loan, it is essential to compare interest rates, processing fees, prepayment charges, and other costs offered by multiple lenders. Evaluating these factors helps you choose a loan that best fits your financial needs while keeping the overall borrowing cost low.
Many lenders offer attractive personal loan interest rates starting from as low as 9.98%, depending on your eligibility and creditworthiness.
5 Tips to Choose the Best Personal Loan Online
Selecting the right personal loan requires careful comparison and a clear understanding of your financial needs. With multiple banks and NBFCs offering different rates and features, it’s important to evaluate each option wisely. Here are five essential tips to help you choose the best personal loan online:
1. Compare Multiple Offers
Review interest rates, estimated EMIs, maximum loan amounts, processing time, and required documents. Shortlist 2–3 lenders that offer the best balance of affordability, quick approval, and simple documentation.
2. Check Offers from Your Existing Bank/NBFC
Banks and NBFCs where you already have a salary account, savings account, FD, or credit card may offer pre-approved loans, faster processing, and sometimes lower charges. Always review offers from your current financial institutions before deciding.
3. Look at the Total Cost, Not Just the Interest Rate
Besides the interest rate, consider processing fees, prepayment terms, foreclosure charges, late payment penalties, and mandate bounce fees. Understanding the complete cost helps avoid hidden expenses later.
4. Choose Based on Your Requirement and Repayment Capacity
Select a loan tenure that keeps EMIs affordable while minimizing interest outflow. Prefer lenders that allow low-cost or free part-prepayment options so you can reduce your loan burden whenever you have surplus funds.
Personal Loan Eligibility Criteria
Personal loan eligibility requirements differ from one lender to another. However, most banks and NBFCs follow certain common parameters to assess whether an applicant qualifies for a loan. Below are the general criteria you should be aware of:
1. Credit Score
A credit score of 750 or above is ideal, as it increases your chances of approval and helps you secure better interest rates.
2. Monthly Salary
Most lenders require a minimum monthly income of ₹15,000 to ₹30,000 for salaried individuals. Applicants with an existing banking relationship may get relaxed income criteria.
3. Annual Income
Self-employed individuals are generally expected to have an annual income of ₹2 lakh or more, depending on their business type and financial profile.
4. Employment Stability
Salaried applicants should typically have 1–2 years of total work experience, with at least a few months in the current job.
5. Business Continuity
Self-employed professionals and business owners are usually expected to demonstrate at least 3 years of stable business operations.
6. Employer Profile
Working with government institutions, PSUs, MNCs, or reputed private companies can improve your eligibility and approval chances.
7. Age Limit
The general age requirement ranges from 21 to 60 years for salaried individuals. For self-employed applicants, the upper age limit may extend to 65 years, while pensioners may get approval up to 75 years, depending on the lender.
Types of Personal Loans
Personal loans are highly flexible and can be used for multiple purposes such as medical emergencies, education, travel, home renovation, or even debt consolidation. Since these loans are unsecured, borrowers can use the funds for almost any personal financial need. Below are the different types of personal loans offered by most banks and NBFCs:
1. Personal Loan Balance Transfer
A balance transfer allows existing borrowers to shift their outstanding loan from one lender to another offering lower interest rates or better repayment terms. This feature is usually available to applicants with strong credit scores and a consistent repayment record.
2. Pre-approved Personal Loan
Pre-approved loans are offered to select existing customers with a solid credit profile. These loans require no documentation, come with instant approval, and are disbursed within minutes, making them one of the quickest loan options available.
3. Top-Up Personal Loan
A top-up loan is an additional loan offered to existing personal loan borrowers. It allows them to borrow extra funds over and above their current outstanding amount without applying for a new loan separately.
4. Short-Term Personal Loan
Short-term personal loans usually come with tenures up to 1 year and smaller loan amounts. These loans are ideal for quick financial needs and may have relaxed eligibility criteria. However, they generally carry higher interest rates due to the shorter repayment period.
5. Personal Loan for Travel
Travel loans are a popular choice for individuals looking to fund vacations, international trips, or holiday expenses. Borrowers can use the loan amount for flight bookings, accommodation, tour packages, and more, making it a convenient option for planned or last-minute travel.
6. Personal Loan for Medical Emergency
Medical emergency loans help individuals cover urgent expenses such as hospital bills, diagnostic tests, treatments, medicines, and surgeries. These loans are processed quickly and can be crucial during unexpected medical situations.
7. Debt Consolidation Loan
A debt consolidation loan allows borrowers to merge multiple high-interest debts—like credit card dues or small loans—into a single personal loan. This helps reduce the overall interest burden and simplifies monthly repayments through one consolidated EMI.
Documents Required for a Personal Loan
To assess an applicant’s identity, financial stability, repayment capacity, and residential details, lenders request specific documents during the personal loan application process. While requirements may vary by bank or NBFC, the following are the most commonly needed documents:
| Requirements | Salaried Individuals | Self-employed Professionals/Non-Professionals |
|---|---|---|
| Proof of Identity | Passport, Voter ID, Driving License, Aadhaar Card or PAN Card | Passport, Voter ID, Driving License, Aadhaar Card or PAN Card |
| Proof of Residence | Aadhaar Card, Voter ID, Passport or Utility Bills | Aadhaar Card, Voter ID, Passport or Utility Bills |
| Proof of Income | Salary Slips, Bank Statements, Form 16 | Previous Years’ ITR, P&L Statement and Balance Sheet, Bank Statements |
FAQs
What is the interest rate on a personal loan?
Personal loan interest rates offered by various banks and NBFCs generally start from around 9.98% per annum, depending on the borrower’s credit score, income stability, and overall financial profile. Some public sector banks may offer slightly lower rates to eligible applicants.
How much CIBIL score is required for a personal loan?
A CIBIL score of 750 or above is considered ideal for getting a personal loan at competitive interest rates. While many lenders do offer loans to applicants with lower credit scores, they usually charge higher interest rates due to the perceived credit risk.
Can I take personal loans from multiple banks at the same time?
Yes, you can apply for personal loans from multiple lenders simultaneously, provided your income and repayment capacity justify it. However, it is generally wiser to opt for one single loan with better interest rates and terms instead of managing several loans at once.
How much time does it take to disburse a personal loan?
The disbursal time varies by lender—from a few hours to a few working days. Factors such as documentation, verification, and internal approval processes affect the timeline. Pre-approved customers often enjoy instant approval and quicker disbursal.
Can I top up my personal loan?
Yes, many banks and NBFCs provide top-up personal loans to existing borrowers who have a strong repayment history. Eligibility typically depends on your credit score, income, outstanding loan amount, and the lender’s internal policies.