Find Best Personal Loan Offers From
10+ Lenders

Get Instant Loan Offers of up to 10 Lakh

Enter Mobile Number

By continuing, I agree to CIBIL Terms and Conditions and authorize EarlySalary to collect and store the Credit Bureau data for checking my eligibility for loan.

By continuing, I agree to the Privacy Policy and Terms and Conditions of EarlySalary and receive communication from EarlySalary via SMS, E-Mail and WhatsApp.

Personal Loan Features & Benefits

Instant Cash in Bank

Flexible Repayment Tenures

Attractive Interest Rates

Minimal Documentation

Personal Loan Eligibility

Age:

21 - 65 years

Income:

Minimum Rs 15,000/month for salaried applicants

Resident:

A resident of India

Disclaimer

HT Live Mint is a loan aggregator and is authorised to provide services on behalf of its partners.

What is a Personal Loan?

A loan is when a party borrows money from another party. A personal loan is a type of unsecured loan provided by financial institutions, including banks, credit unions, and online lenders, which can be used for various personal expenses. These loans do not need collateral, which means, you don't have to provide an asset (like a house) to secure the loan. Personal loans often come with higher interest rates as they are unsecured. Borrowers can use personal loans for a wide range of purposes, making them a flexible financing option.

When to Consider a Personal Loan?

Emergency Expenses: Personal loans can be a lifesaver in emergency situations where immediate funds are needed, such as unexpected medical bills or urgent home repairs. They provide quick access to cash without the need to liquidate investments or assets.
Debt Consolidation: If you have multiple debts with varying interest rates, a personal loan can consolidate these debts into a single payment with a potentially lower interest rate, simplifying your finances and possibly reducing your overall interest payments.
Large Purchases: Financing significant expenses, like weddings, vacations, or major appliances, can be more manageable with a personal loan. This allows you to spread the cost over a period of time rather than paying upfront.
Home Improvement:Personal loans can fund home renovation or remodeling projects, helping you increase the value of your property without tapping into your home equity.
Educational Expenses: While student loans are specifically designed for education costs, a personal loan can cover additional expenses like books, supplies, or living costs if student loans fall short.

Where to secure a Personal Loan from?

Banks: While student loans are specifically designed for education costs, a personal loan can cover additional expenses like books, supplies, or living costs if student loans fall short.
Credit Unions: Credit unions typically offer lower interest rates and more flexible terms compared to traditional banks, as they are member-owned institutions focused on serving their members.
Online Lenders: These lenders provide a convenient application process and quick approval times. They often cater to a broader range of credit profiles, making them a viable option for those with less-than-perfect credit.
Peer-to-Peer Lending Platforms: These platforms connect borrowers directly with individual investors. They often offer competitive rates and may be more lenient with credit requirements.
Financial Institutions: Various financial institutions, including specialized loan companies, offer personal loans tailored to specific needs, such as medical expenses or home improvements.

How to Apply for a Personal Loan?

Check Your Credit Score:
Your credit score significantly impacts your loan eligibility and the interest rate you'll receive. Check your score and address any discrepancies before applying.
Gather Documentation:
Prepare necessary documents such as proof of income (pay stubs or tax returns), identification (driver's license or passport), and employment history. Having these ready can speed up the application process.
Fill Out the Application:
Complete the loan application form accurately. You can typically do this online or in-person at a bank or credit union.
Review the Terms:
Carefully read and understand the loan terms before accepting. Pay attention to the interest rate, repayment schedule, fees, and any prepayment penalties.
Receive Funds:
Upon approval, the funds are usually deposited directly into your bank account. This can take anywhere from a few hours to a few days, depending on the lender.

Who Can Apply for a Personal Loan?

Employed Individuals: Those with a stable job and a steady income are typically eligible for personal loans, as lenders view them as lower-risk borrowers.
Self-Employed Individuals: Business owners or freelancers with a consistent income can also apply. They may need to provide additional documentation, such as business tax returns or bank statements, to prove their income.
Students: Students may be eligible for personal loans, especially if they have a co-signer with a good credit history. This can help cover expenses not fully funded by student loans.
Retirees: Seniors with a reliable pension or other income sources can qualify for personal loans, provided they meet the lender's criteria for creditworthiness and income stability.

Who to Contact for a Personal Loan?

Loan Officers: Bank representatives who specialize in loan products. They can provide detailed information about the loan process and help you choose the right loan for your needs.
Customer Service Representatives: Available at financial institutions to answer queries and assist with the application process. They can provide information about loan products and eligibility requirements.
Online Support: Many lenders offer chat or email support for quick assistance. This can be a convenient way to get answers to your questions and resolve issues during the application process.

FAQs

While the amount you get as loan depends on your income as well as your credit score, usually the maximum amount provided by banks as loan is up to 50 lakh (as per paisabazaar).

Your personal loan application generally gets approved within 7 business days from the date of request. However, in some cases, it may take longer than usual.

Yes, you can use a personal loan for business purposes. Personal loans can be availed for any personal reason.

A personal loan can have a good as well as a bad affect on your credit score. If you pay your EMIs on time and do not make any defaults in repayment, you can gradually improve your credit score. However, if you fail to meet your deadlines for repayments, your credit score can be badly affected. Even a single missed repayment can lower your credit score.

Paying off your personal loan early might help you get rid of the liability of paying EMI every month. However, banks may charge a foreclosure fee which you will be required to pay. This charge may vary according to the bank’s policies.

Find Best Personal Loan Offers From 10+ Lenders