Personal Loan: Key Highlights
- Current lowest personal loan interest rates start from 10.50% p.a.
- Compare 100+ personal loan banks at MyMoneyMantra and choose the best one.
- Check fees & charges of all top banks offering personal loans in India.
- Get flexible tenure of 36 to 84 months to repay the loan.
- Submit online loan application and get instant loan approval.
- Personal Loan amount can be used for any personal purpose, including marriage, education, medical emergency, shopping, travel, etc.
- No collateral or security required as personal loans are unsecured loans.
- You can get a personal loan through the best instant loan app in India or through online lending marketplaces.
Personal Loan Overview
A personal loan is the best option to get access to funds in case of an emergency. Once you fulfill the necessary Personal Eligibility Criteria, you can meet any expense like medical emergency, travel needs, education fees, etc. with this simple, unsecured loan.
Types of Personal Loans
- Travel Loan: For travel expenses, vacation, or holiday-related costs.
- Wedding Loan: Helps cover wedding expenses like venue booking, catering, honeymoon, etc.
- Festival Loan: Provides funds to celebrate festivals, parties, and functions.
- Consumer Durable Loan: Used to purchase appliances and consumer durables.
- Pension Loan: Available for retired personnel to meet financial needs like medical bills or daily expenses.
- Home Renovation Loan: For repairing or renovating your house.
- Education Loan: Helps pay tuition fees or other academic expenses.
- Computers and Mobile Phones Loan: For purchasing computers, laptops, or smartphones.
Features & Benefits of Personal Loan
- Interest Rate: Starts from 10.50%, depending on credit score, income, and more.
- Loan Amount: Available from ₹20,000 to ₹1 crore.
- Loan Tenure: Can be between 12 to 60 months.
- Security: No collateral is required as personal loans are unsecured.
- Processing Fees: Typically around 3.5% of the loan amount.
- Prepayment Penalty: 1-2% of the outstanding amount if repaid early.
Personal Loan Interest Rates & Charges
| Bank |
Interest Rates |
Processing Fees |
| HDFC Bank | 10.75% | Upto ₹4,999/- |
| Yes Bank | 10.99% | Up to 2.50% |
| Kotak Mahindra Bank | 10.99% | Up to 3% |
| Bajaj Finserv | 14.50% | Up to 4.13% + GST |
| IDFC First Bank | 10.99% | Up to 2% |
| TATA Capital | 11.75% | Up to 3% + GST |
| IndusInd Bank | 10.49% | Up to 2.50% |
| ICICI Bank | 10.80% | Up to 2.25% |
| Navi | 9.9% | 3.99% to 6% |
| SBI | 11.35% | Up to 1.50% |
| HSBC Bank | 10.5% | Up to 1% |
| PNB | 11.40% | Up to 1% + GST |
Loan Details
Here are the important details you need to know before applying for a personal loan:
- Minimum Loan Amount: ₹10,000
- Maximum Loan Amount: ₹40,00,000
- Maximum Annual Percentage Rate(APR): 24% (This is the highest possible APR, including interest and all applicable fees).
- Loan Tenure: 12 to 60 months
- Representative Example: For a ₹1,00,000 loan at 15% APR for 36 months, the total cost of the loan would be ₹1,40,000 (including principal and interest).
How to Apply for a Personal Loan?
- Click on the ‘Compare and Apply’ option.
- Fill out a registration form with necessary details.
- Choose the best loan offer from various options.
- Apply for the chosen loan plan online.
- Submit necessary documents.
- Bank representatives will contact you once your application is received.
Eligibility Required for Personal Loan
- Minimum age: 21 years at application, maximum 60 years at loan maturity.
- Minimum monthly income: ₹20,000.
- ITR: Last 2 years IT returns.
- Credit score: 700 or above.
Documents Required for Personal Loan
KYC Documents:
- PAN Card
- Aadhar Card
- Driving Licence
- Voter ID
- Passport
- Registered Rent Agreement
Income Documents (Salaried):
- Salary slips for the last 6 months.
- IT Return for the past 2 years.
- Bank statements for the last 3 months showing salary credits.
- Employment certificate from current employer.
Income Documents (Self-employed):
- Balance Sheet and Profit & Loss Statement for the last 2 years.
- Business registration details.
Personal Loan FAQs
Q1: What is the tenure period of a personal loan?
Answer: The tenure period of a personal loan can be between 12 months to 60 months, depending on your loan amount and repayment capacity.
Important Disclosures
CreditRupay is a loan comparison platform. We do not provide loans directly. Loans are facilitated through RBI-registered banks and NBFCs, including HDFC, ICICI, Yes Bank, and others. Approval is subject to verification.
Loan Terms: Interest rates range from 10.75% to 24% p.a., tenure from 3 to 72 months, processing fees up to ₹4,999 + GST.
Representative Example: For a ₹1,00,000 loan at 15% APR for 36 months, the total payable amount would be ₹1,40,000 (principal + interest).