Everything you need to know about personal loans in India
A personal loan is an unsecured loan provided by banks and NBFCs that doesn't require collateral. You receive the loan amount upfront and repay it in equal monthly installments (EMIs) over a fixed tenure (12-60 months). Personal loans are quick to process and flexible in usage.
For salaried individuals with fixed income, easy approval
For business owners and freelancers with profit & loss statements
For small business owners, higher loan amount available
Specifically for home renovation and repair costs
Lower interest rates for wedding-related expenses
For higher education with government backing options
Minimum 21 years, maximum 60-65 years at end of loan tenure
Salaried employee, self-employed, or business owner with 2+ years experience
Minimum monthly income ₹15,000-25,000 (varies by lender)
Minimum 650-700 credit score required
Active bank account for salary/income credit
Indian citizen or NRI with Indian bank account
Compare rates, tenure, and features across banks
Verify you meet income and CIBIL score requirements
Apply online or visit branch with documents
Bank verifies documents (usually 2-3 days)
Get approval notification via SMS/email
Loan amount credited within 24-48 hours