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Personal Loan – Low interest rate personal loans from a wide range of lenders

Personal loans are an unsecured form of credit that is popular to meet immediate requirements. It is multi-purpose in nature and therefore can be used for various purposes including wedding, home renovation, travel purposes and more. Moreover, there is no restriction for the amount borrowed and can be used for any purpose they want. In fact, a personal loan can help you build your credit faster when compared with other forms of credit. This is because of the risk it carries due to being unsecured. All in all, a personal loan can offset any temporary financial crisis.

Benefits and Features of Personal Loan

No collateral required

One of the benefits associated with an online personal loan is that it is unsecured in nature. This means you don’t need to pledge any collateral for your loan. Although this can be a reason for your interest rate, you can get a low-interest personal loan easily if you meet the eligibility requirements.

Minimal Documentation

In this age of digitisation, the process of verification and documentation has now become short. This is applicable for an instant personal loan as they are fast in disbursal and require minimum documents for approval.

Easy Approval

You can get personal loans that are quick and easy in approval. This is why it is the best bet in times of financial emergency. Moreover, the process has become digital; thus reducing time in the verification process.

Multipurpose in nature

A personal loan can be used for anything except for investment and illegal activities. Apart from that, it is multipurpose in nature and can be used for anything. Other forms of credit when taken are for a specific purpose and can be used only for the same. For example, a home loan is used for purchasing a house whereas a car loan is taken to buy a car. However, a personal loan can be taken to offset any immediate requirements.

Our Banks

We offer loans through the following banks

Nationalised Banks
Private Banks
Private Finance

Personal Loan Eligibilitys

Personal loans are provided by most of the banks/NBFCs but with different eligibility requirements. However, there are certain criteria that are common for all financial institutions. The eligibility criteria to get an online personal loan approval for salaried and self-employed individuals are:

Age 18/21 years – 60/65 years
Employment Type
  • 1. Salaried
  • 2. Self-Employed professionals
Credit score 750 or above with a good credit history
Minimum Net Income (Monthly)
  • 1. ₹15,000(non-metro cities)
  • 2. ₹20,000( metro cities)
Loan Amount Up to ₹50 lacs depending on the credit profile
Work Experience
  • Salaried
  • Employed at current company for at least 6/12 months Self-Employed
  • Business tenure of at least 3 years (continuous)
  • ITR of last 3 years

Documents Required for Personal Loan

The common documents required for an online personal loan approval are given below:

For Salaried Individuals

  • • Identity & Age Proof
  • • Completely filled personal loan application with photograph
  • • PAN Card
  • • Residence proof – Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
  • • Bank statements for the last 3 months(preferably your salary account)
  • • Salary Slips of last 3 months
  • • Form 16 or Income Tax Returns of last 3 years

For Self-Employed Individuals

  • • Identity & Age Proof
  • • Completely filled personal loan application with photograph
  • • PAN Card
  • • Residence proof – Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
  • • Bank statements for the last 3 months(preferably your salary account)
  • • Salary Slips of last 3 months
  • • Last 3 years Income Tax Returns with computation of Income
  • • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
General FAQ

Frequently Asked Questions

  • 1. Personal Loan: Key Highlights

    • • Current lowest personal loan interest rates start from 9.99% 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.

  • 2. 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.

  • 3. Types of Personal Loan

    Here are different types of personal loans available in India:

    • • Travel Loan: These personal loan schemes are for people who love travelling. This loan is called by many names, including Travel Loan, vacation loan, and holiday loan. You can avail this loan to travel around the world, and pay the bills latrine affordable EMIs. You can also get travel insurance as an added benefit with this loan.
    • • Wedding Loan: Weddings in India come with a long list of expenses. It’s once in a lifetime experience for everyone and to make it more memorable many people often need financial support. Therefore, many lenders have started providing Personal Loans for Weddings These loans are availed by the would-be brides and grooms or their family members to pay for the wedding related expenses like venue booking, catering, honeymoon vacation, etc.
    • • Festival Loan: These loans are offered for celebrating festivals, parties, and functions. Festival loans help you in preparing for the festivities and hosting parties.
    • • Consumer Durable Loan: As the name suggests, this personal loan variant is availed for the purchase of appliances or consumer durables.
    • • Pension Loan: Pension loans can be availed by retired personnel to fulfil their financial needs like paying medical bills, meeting daily expenses, etc. Under pension loans, banks provide a few times the amount of pension the pensioner has drawn in previous months before submitting the loan application.
    • • Home Renovation Loan: These loans are provided for the purpose of renovation, repair, purchase of new material, and other house-related expenses.
    • • Education Loan: You can use these loans for paying the tuition fees of your child, or any other big academic requirements like going abroad.
    • • Computers and Mobile Phones Loan: Many lenders nowadays are offering computer loans and mobile phone loans for the purchase of computers, laptops, and smartphones. Some lenders even offer insurance with the loan.

  • 4. Features & Benefits of Personal Loan

    • • The rate of Interest: The Rate of Interest on Personal Loans starts with 9.99% depending on your credit score, income and so forth.
    • • Loan amount: You can get a loan online for as low as 50,000 and as high as 50 Lakhs depending on your requirement and eligibility.
    • • Loan tenure: Personal loans are available for periods as short as 12 months. The average tenure for a Personal Loan is between 12 and 60 months, depending on the loan amount.
    • • Security: Due to its unsecured nature, collateral is not required.
    • • Loan turnaround time: A Personal Loan typically has the fastest turnaround time in the industry. Many banks personal loans online approval within 48 hours after submission of the online application.
    • • Processing fees: It depends on the individual bank. It usually ranges between 0.50%- 2% of the loan amount
    • • Prepayment penalty: Banks charge prepayment penalty if you repay your Personal Loan before the determined period. The charges range between 1-2% of the outstanding amount on the date of closure.
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