Personal Loan — Quick Guide

Unsecured loan for emergencies & immediate needs. Know eligibility, docs and how to secure a lower interest rate.

What is a Personal Loan?

Personal loans are unsecured credit products that can be used for medical bills, wedding, travel, home repairs and more. They usually have higher interest than secured loans but faster disbursal.

Eligibility (Common)

  • Minimum age 21, maximum 60 (varies by lender)
  • Minimum monthly salary (depends on lender)
  • Good CIBIL score (650+ recommended)
  • At least 6–12 months at current job

Documents Required

  • Identity proof (Aadhaar, PAN, Passport)
  • Address proof (utility bill, Aadhaar)
  • Income proof (salary slips / bank statements)
  • Photographs & signed application

Quick Tips to Lower Interest

  1. Improve CIBIL score (pay dues on time).
  2. Negotiate with lender using offers from competitors.
  3. Opt for pre-approved offers via your bank for better rates.

FAQ

Some NBFCs accept bank statements or alternative income proofs; rates may be higher.
Apply / Get Offers

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EMI Example

Sample: ₹2,00,000 @ 12% for 3 years → EMI ≈ ₹6,640

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