Personal loans
A personal loan is money borrowed without pledging anything. Because there is no security, the lender relies on your income and your repayment record, and the interest rate is usually higher than for a home, vehicle or gold loan. It suits a one-time need — a wedding, medical costs, travel, consolidating card dues — that you can repay within a few years.
We explain what lenders usually ask for and help you get your papers in order — the first call is free.
Estimate your EMI
EMI calculator (estimate only)
Enter the amount, the yearly interest rate and the number of months. The estimate uses the reducing-balance method that most banks use for term loans.
Estimate only. Your lender sets the actual rate, EMI and charges.
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Details
What lenders usually check
- Regular income you can prove: salary credits, or business receipts if self-employed.
- How long you have been in your job or business.
- Your existing EMIs and card dues as a share of monthly income.
- Your credit report and score, and how earlier loans were repaid.
- Age, and how long you have lived at your address.
Documents to keep ready
- Identity and address proof (PAN, Aadhaar, passport, voter ID or driving licence).
- Last three to six months’ salary slips, or income proof if self-employed.
- Bank statements for the last six months.
- Income-tax return, if the lender asks.
- Employment or business proof.
Repayment
Fixed monthly EMIs, usually over one to five years. Auto-debit from your bank account is common. A missed EMI attracts a late charge and is reported to the credit bureaus.
Interest and charges
The rate is usually fixed for the loan’s life. Ask about the processing fee, any insurance added to the loan, and what prepayment or foreclosure costs. Compare the total you will repay, not just the EMI.
Security or own contribution
None. That is why income and repayment record carry all the weight.
How to prepare
Check your own credit report first and dispute errors. Clear small card dues. Keep the last six months of bank statements clean of bounced payments. Decide the amount and tenure you can afford before you look at offers.
Questions about personal loans
What can I use a personal loan for?
Almost any personal purpose. Lenders usually do not allow it for speculation or business use.
How much can I borrow?
Lenders generally cap the EMI at a share of your monthly income after existing EMIs. The amount depends on income, record and the lender’s rules.
Do I need a guarantor?
Usually not for salaried borrowers with a good record. Some lenders ask for one when income or history is thin.
How quickly is it paid out?
Often within days once documents are verified, because there is no security to value.
Can I repay early?
Usually yes, after a minimum period. Many lenders charge a prepayment fee; ask before signing.
Should I move my loan to another lender for a lower rate?
Only if the total cost — new processing fee plus the old loan’s foreclosure charge — is lower than what you save in interest.
Will applying to several lenders at once hurt my score?
Each application is a hard enquiry. Several in a short time can lower the score.
What we do here: we explain what lenders usually ask for and help you get your documents in order. We do not lend, arrange loans or take commission. The first call is free. See what we do.
