Compare Credit cards Co-branded Credit Cards RBL SaveMax Credit Card Yes Bank FinBooster Credit Card HDFC Credit Cards SBI Credit Cards Indusind Bank Credit cards Top 10 Credit Cards Compare Home Loans Home Loan Calculator Home Loan Interest Rates Home Loan Eligibility Home Loan Transfer Compare Personal Loans Personal Loan Calculator Personal Loan Interest Rates Personal Loan Eligibility SBI Personal Loan HDFC Personal Loan Two Wheeler Loan Loan Against Property Home Loan EMI Calculator Personal Loan EMI Calculator Car Loan EMI Calculator Income Tax Calculator All Financial Calculators Recurring Deposit Savings Account Electricity Bill Driving Licence Download Mobile App Term Life Insurance Health Insurance Two Wheeler Insurance Travel Insurance Indian Holidays List Loading your search... What is a Personal Loan? Personal Loan - Get personal loans of up to Rs.40 lakh & above at attractive rates starting at 8.75 % p.a. with flexible tenures of up to 6 years . A Personal loan is a type of unsecured loan that you can borrow from a bank or financial institution if you require funds to pay for your financial needs. 8.75% p.a. onwards Up to Rs.1 crore 0% - 6% of the loan amount + GST We found 16 Personal Loans Ujjivan Small Finance Bank Ltd Edelweiss Salaried Personal Loan Standard Chartered Bank HDB FINANCIAL SERVICES Aditya Birla Finance Limited IIFL Finance Ltd IDFC First Bank Interest Rate range : 10.25% - 44% Instant Loans Up To Rs. 40 Lakhs Ad HDFC Bank Personal Loan Loan Amount : Up to ₹40L Fixed : 10.85% - 21.00% Tenure : 1 - 5 Years Processing Fee : ₹ 4,999 HDFC Bank Personal Loan 10.85% - 21.00% Pre-closure fee = 4% of principal outstanding (plus applicable tax) in 2nd year. 3% (plus applicable tax) in 3rd year & 2.5% (plus applicable tax) afterwards Part-payments can be made only after 12 months. For part payments between 13 to 24 months, a fee of 4% is applicable on the part-payment amount. 3% is applicable on payments between 25 to 36 months. 2% is applicable post 36 months Part-payments are allowed only twice during the loan tenure and once a year. The amount cannot exceed 25% of the principal outstanding Eligibility Criteria Salaried - Age at least 21 and less than 60 Self-employed - Age at least 21 and less than 65 Applicant should be earning at least ₹ 20,000 per month as net income (₹ 25,000 for applicants from Madhya Pradesh) KYC - PAN, address and ID proof Income proof, bank statement and a photograph What you'll love Conditional pre-closure after 1 year This offer is available only if all necessary documents are uploaded online Balance Transfer Balance Transfer Top-up Loan Available Top-up Loan Available Part-Payment Available Part-Payment Available No Guarantor Required No Guarantor Required Door Step Service Door Step Service Loans Upto Rs. 5 Lakhs. Ad IndusInd Bank Personal Loan Loan Amount : Up to ₹50L Fixed : 10.49% Tenure : 5 Years Processing Fee : Up to 3.00% IndusInd Bank Personal Loan Pre-closure fee = 4% of principal outstanding (plus applicable tax) Eligibility Criteria Age at least 23 years and less than 58 years for salaried Age at least 28 years and less than 68 years for self-employed For salaried, 2 years minimum overall work experience with 1 year minimum experience in current company For self-employed, at least 5 years of experience after relevant qualification KYC - PAN, address & ID proof What you'll love Pre-qualified offer - NO income documents required Easily complete KYC online via video call with bank representative Quick approval, flexible tenure No guarantor required Has pre-closure option Balance Transfer Balance Transfer Top-up Loan Available Top-up Loan Available Part-Payment Available Part-Payment Available No Guarantor Required No Guarantor Required Door Step Service Door Step Service No part-payment option Pre-closure allowed only after repayment of 12 EMIs Instant Disbursal TurboLoan powered by Chola Loan Amount : ₹1L - ₹3L Fixed : 10.25% - 34.05% Tenure : Up to 3 Years Processing Fee : 3.00% TurboLoan powered by Chola 10.25% - 34.05% Pre-closure fee = 4% of principal outstanding (plus applicable tax) Salary account bank statement (Last 3 months) What you'll love Instant E-approval Same day disbursement Minimal documentation Balance Transfer Balance Transfer Top-up Loan Available Top-up Loan Available Part-Payment Available Part-Payment Available No Guarantor Required No Guarantor Required Door Step Service Door Step Service Instant Loans Starting From Rs. 75,000 MyShubhLife Loan Amount : ₹75K - ₹5L Fixed : 24.00% - 32.00% Tenure : 1 - 4 Years Processing Fee : 3.00% 24.00% - 32.00% Pre-closure fee = 3% - 5% on principal outstanding Eligibility Criteria Minimum age - 21 years; Maximum age - 60 years KYC - PAN, current address and ID proof What you'll love Instant loan from ₹ 75,000 to ₹ 5 lakhs No hidden fees or charges Quick approval and disbursal Conditional pre-closure after 12 months. Pre-closure charges applicable Affordable EMI plans Balance Transfer Balance Transfer Top-up Loan Available Top-up Loan Available Part-Payment Available Part-Payment Available No Guarantor Required No Guarantor Required Door Step Service Door Step Service No part-payment facility Zero Processing Fee & 6 Year Tenure Tata Capital Personal Loan Loan Amount : Up to ₹35L Fixed : 11.99% - 29.99% Tenure : 6 Years Processing Fee : Up to 3.00% Tata Capital Personal Loan 11.99% - 29.99% Part-prepayments can be made only after 6 months. They are allowed only once a year with a minimum gap of 6 months between two part-prepayments. Amount prepaid cannot exceed 25% of the principal outstanding and a charge of 2.5% (plus applicable taxes) will be applied amounts above 25% of the principal outstanding Foreclosure is allowed only after 6 months. A foreclosure charge of 3.5% + GST is applicable on the principal outstanding after 6 months. In case of foreclosure within 6 months after a part-prepayment, a foreclosure charge of 3.5% (plus applicable taxes) will be levied on the principal outstanding plus part-prepayment amount For loans above ₹ 7 lakhs, a 12-month clean payment track is a must for loan foreclosure and a charge of 3.5% + GST applies unless loan is closed with own funds For overdraft cases, loan foreclosure is allowed only after 6 months and a charge of 4.5% + GST is applicable on the dropped-down limit amount Eligibility Criteria Salaried - Age at least 24 and less than 55 Self-employed - Age at least 25 and less than 65 Applicants should be currently employed, with at least 1 year with their current employer KYC - PAN, address and ID proof Income proof, bank statement and a photograph What you'll love Conditional pre-closure and part payment after 12 months Maximum loan term of 6 years 25% part payment allowed in a year No guarantor required Balance Transfer Balance Transfer Top-up Loan Available Top-up Loan Available Part-Payment Available Part-Payment Available No Guarantor Required No Guarantor Required Door Step Service Door Step Service Instant Loan Up To 2 Lakhs HOME CREDIT Loan Amount : Up to ₹5L Floating : 19.20% Tenure : 4 Years Processing Fee : 2.50% - 5.00% Pre-closure fee = ₹ 0. Allowed only after 6 months Eligibility Criteria Age limit - 19 years to 58 years Salaried individuals with minimum net monthly income of ₹ 15,000 and above KYC - PAN, current address and ID proof Bank statement of salary account via netbanking (mandatory) What you'll love Loan up to ₹ 2 lakhs with instant online approval No processing fee or pre-payment charges Disbursal within a day No guarantor/collaterals required Conditional pre-closure allowed after 6 months Balance Transfer Balance Transfer Top-up Loan Available Top-up Loan Available Part-Payment Available Part-Payment Available No Guarantor Required No Guarantor Required Door Step Service Door Step Service No part-payment option Interest Rate From Just 10.50% Kotak Mahindra Bank Personal Loan Loan Amount : Up to ₹40L Fixed : 10.99% - 16.99% Tenure : 5 Years Processing Fee : 3.00% Kotak Mahindra Bank Personal Loan 10.99% - 16.99% Pre-closure fee = 5% of principal outstanding (plus applicable tax) Pre-closure is allowed only after the 1st year Eligibility Criteria Age - At least 21 and less than 55 Applicants must be salaried Indian residents working at MNCs, public companies or other large private organisations Monthly income should be more than ₹ 25,000 KYC - PAN, address and ID proof Income proof, bank statement and a photograph What you'll love Conditional pre-closure after 1 year This offer is available only if all necessary documents are uploaded online Balance Transfer Balance Transfer Top-up Loan Available Top-up Loan Available Part-Payment Available Part-Payment Available No Guarantor Required No Guarantor Required Door Step Service Door Step Service No part-payment facility First Time Borrowers Ujjivan Small Finance Bank Loan Amount : Up to ₹30L Fixed : 11.49% - 16.49% Tenure : 3 Years Processing Fee : 2.00% Ujjivan Small Finance Bank 11.49% - 16.49% Preclosure fee = Within 1 year - 2%; After 1 year - 1% Part-payment fee = No part payments Eligibility Criteria Age - 22 to 58 years old The person must have a monthly income of Rs. 20,000 and above For salaried, minimum 2 years overall experience is required. KYC-PAN, address & ID proof Income proof, bank statement and one photograph What you'll love No guarantor required New-to-credit customers are eligible Balance Transfer Balance Transfer Top-up Loan Available Top-up Loan Available Part-Payment Available Part-Payment Available No Guarantor Required No Guarantor Required Door Step Service Door Step Service Preclosure charges No part payments No Credit History Required InCred Personal Loan Loan Amount : ₹50K - ₹7.5L Fixed : 13.99% Tenure : 1 - 4 Years Processing Fee : 2.00% - 5.00% InCred Personal Loan Pre-closure fee = Up to 5% of the total principal outstanding Part-payment fee = Up to 5% of the part-payment amount Eligibility Criteria Salaried - Age at least 21 and less than 56 years Minimum monthly income of ₹ 15,000 KYC - ID proof and current address proof What you'll love Customers with no credit history are eligible No guarantor required Prepayment is allowed after 6 months Balance Transfer Balance Transfer Top-up Loan Available Top-up Loan Available Part-Payment Available Part-Payment Available No Guarantor Required No Guarantor Required Door Step Service Door Step Service Pre-closure charges Part-payment charges Loan Up To 20 Lakhs For Salaried Edelweiss Salaried Personal Loan Loan Amount : Up to ₹20L Fixed : 25.00% Tenure : 4 Years Processing Fee : 2.00% Edelweiss Salaried Personal Loan Eligibility Criteria Age - At least 21 and less than 56 Minimum 3 years of total work experience or minimum 1 year with current company Current address proof Last 6 months bank statement Passport-size photograph What you'll love No hidden charges No guarantor required Faster repayments & bigger savings Balance Transfer Balance Transfer Top-up Loan Available Top-up Loan Available Part-Payment Available Part-Payment Available No Guarantor Required No Guarantor Required Door Step Service Door Step Service 4% pre-closure charges on amount prepaid No Income Docs Required Standard Chartered Bank Loan Amount : ₹1L - ₹6L Fixed : 11.49% Tenure : 5 Years Processing Fee : 2.25% Standard Chartered Bank Pre-closure fee = 5% within 1 year of tenure, 4% within 2 years, 2% within 3 years, and 1% after 3 years Eligibility Criteria Age at least 21 and less than 62 KYC-PAN, address & ID proof What you'll love Pre-qualified offer: No income documents required Pre-closure and part-payment available No guarantor required Balance Transfer Balance Transfer Top-up Loan Available Top-up Loan Available Part-Payment Available Part-Payment Available No Guarantor Required No Guarantor Required Door Step Service Door Step Service Balance Transfer Yes Bank Personal Loan Loan Amount : Up to ₹40L Fixed : 11.25% - 21.00% Tenure : 5 Years Processing Fee : 2.50% Yes Bank Personal Loan 11.25% - 21.00% Preclosure fee = 13-24 months of EMI repayment - 4% of principal outstanding. Pre-closure is permitted only after the 1st year Preclosure fee = 25-36 months - 3% of principal outstanding. Pre-closure is permitted only after the 1st year Preclosure fee = 37-48 months - 2%. No fee applicable above 48 months of EMI repayment Pre-closure is permitted only after the 1st year Part-payment fee = 2% plus applicable taxes on the part-payment amount Part payment can be done only once a year. The amount received as part payment will be adjusted against the principal outstanding. The number of EMIs will be reduced, but EMI amount will be the same for remaining tenure Eligibility Criteria Age limit for salaried - 25 years to 53 years KYC-PAN, address & ID proof Income proof, bank statement and a photograph What you'll love Has pre-closure option Balance Transfer Balance Transfer Top-up Loan Available Top-up Loan Available Part-Payment Available Part-Payment Available No Guarantor Required No Guarantor Required Door Step Service Door Step Service Part-payment charges Balance Transfer HDBFS Personal Loan Loan Amount : Up to ₹20L Fixed : 19.10% Tenure : 5 Years Processing Fee : Up to 2.00% HDBFS Personal Loan Preclosure fee = 4% of principal outstanding (plus applicable tax) Eligibility Criteria Age limit for salaried - 22-60 at the time of loan maturity For salaried minimum income Rs.20,000 Cities : Chennai, Bangalore, Hyderabad, Secunderabad, Mumbai, Pune KYC-PAN, address & ID proof Income proof, bank statement and one photograph What you'll love No guarantor required Conditional pre-closure - only after 12 months Balance Transfer Balance Transfer Top-up Loan Available Top-up Loan Available Part-Payment Available Part-Payment Available No Guarantor Required No Guarantor Required Door Step Service Door Step Service Zero Part Payment Fee Aditya Birla Capital Personal Loan Loan Amount : Up to ₹50L Fixed : 10.99% Tenure : 7 Years Processing Fee : 3.00% Aditya Birla Capital Personal Loan Preclosure fee = 4% of principal outstanding in the 1st year; 3% in the 2nd year and 2% thereafter Part payment fee = ₹0 Minimum amount to be paid for part payment is Rs 25,000 Eligibility Criteria The applicant will have to be a permanent employees of Aditya Birla Financial Services Group At least 23 years old and no older than 60 years old Minimum net monthly income that is not less than ₹45,000 KYC-PAN, address & ID proof Income proof, bank statement (latest 6 months), salary slip (latest 3 months) What you'll love No guarantor required Conditional pre-closure - only after 6 months Has part payment option Balance Transfer Balance Transfer Top-up Loan Available Top-up Loan Available Part-Payment Available Part-Payment Available No Guarantor Required No Guarantor Required Door Step Service Door Step Service Zero Pre Closure Fee India Infoline Finance Ltd. Personal Loan Loan Amount : Up to ₹5L Fixed : 12.75% - 44.00% Tenure : 4 Years Processing Fee : 2.00% - 6.00% India Infoline Finance Ltd. Personal Loan 12.75% - 44.00% Preclosure Fee= ₹0 Eligibility Criteria Age at least 25 and less than 60 Minimum Monthly Income ₹25,000 Sourcable Location will Mumbai, Delhi, Pune, Banglore, Hyderabad & Chennai. KYC-PAN, address & ID proof Income proof, bank statement and one photograph What you'll love Pre-closure only after 12 months with no charges No guarantor required. Balance Transfer Balance Transfer Top-up Loan Available Top-up Loan Available Part-Payment Available

Part-Payment Available No Guarantor Required No Guarantor Required Door Step Service Door Step Service No part payment option Conditional pre-closure - only after 1 Year Quick Loan Disbursal IDFC First Bank Personal Loan Loan Amount : Up to ₹5L Fixed : 10.99% Tenure : 1 - 5 Years Processing Fee : Up to 3.50% IDFC First Bank Personal Loan Pre-closure fee = 5% of principal outstanding Late payment fee = 2% of unpaid EMI or ₹ 300, whichever is higher Eligibility Criteria Salaried - Age at least 23 and less than 58 Self-employed - Age at least 28 and less than 68 If self-employed, business must have been in existence for a minimum of 3 years and its profit after tax (PAT) for the last 2 years should be positive KYC - PAN, current address and ID proof What you'll love Contactless process – Get your loan disbursed within 1 working hour. No physical meetings or document signing No income documents required Convenient repayment plans Quick disbursal Top-up facility for existing customers Balance Transfer Balance Transfer Top-up Loan Available Top-up Loan Available Part-Payment Available Part-Payment Available No Guarantor Required No Guarantor Required Door Step Service Door Step Service Displayed EMI amount is tentative. Final details will be as per KFS document. Personal Loan Interest Rate The personal loan interest rates varies between 8.75 % p.a. and 44% p.a. Depending on the loan amount borrowed by you, your credit score, and repayment tenure, the interest rate charged on your loan is decided. If you maintain a high credit score and have a good relationship with the bank, then the interest rate on your personal loan can be lowered. Personal Loan Interest Rates 2026 – Compare Top Bank Offers You can either visit the official website of the bank to directly apply for a personal loan or visit the BankBazaar.com website to compare different loans and then apply for one which suits you best. Interest Rate (p.a.) Loan Amount (₹) SBI Personal Loan 10.00% p.a. to 15.00% p.a. Up to Rs.35 lakhs HDFC Personal Loan 10.85% p.a. to 21.00% p.a. Up to Rs.40 lakhs Kotak Mahindra Personal Loan 10.99% p.a. to 16.99% p.a. Up to Rs.40 lakhs Yes Bank Personal Loan 11.25% p.a. to 21.00% p.a. Up to Rs.40 lakhs Union Bank of India Personal Loan 9.05% p.a. onwards Up to Rs.15 lakhs Axis Bank Personal Loan 8.75% p.a. to 21.55% p.a. Up to Rs.40 lakhs Tata Capital Personal Loan 10.99% p.a. onwards Up to Rs.35 lakhs Standard Chartered Personal Loan 11.49% p.a. onwards Contact the Bank IDFC First Personal Loan 10.99% p.a. onwards Up to Rs.15 lakhs IIFL Personal Loan 12.75% p.a. to 44.00% p.a. Up to Rs.5 lakhs HDBFS Personal Loan 19.10% p.a. onwards Up to Rs.20 lakhs PNB Personal Loan Floating: 10.25% p.a. onwards Fixed: 11.25% p.a. onwards Contact the Bank IndusInd Bank Personal Loan 10.49% p.a. onwards Up to Rs.50 lakhs Bank of Maharashtra Contact the Bank IDBI Bank Personal Loan 11.00% p.a. to 15.50% p.a. Contact the Bank Note - Interest rates updated are updated on 1 June 2026 How to Apply for a Personal Loan Online? Applying for a personal loan online can be a convenient and straightforward process. Here's a step-by-step guide: Step 1 - Research Lenders - Start by researching various lenders to find the best fit for your needs. Consider factors such as interest rates, repayment terms, fees, and customer reviews. Step 2 - Check Eligibility - Before applying, check the eligibility criteria set by the lender such as age, income, credit score, employment status, and residency. Step 3 - Gather Documents - Prepare the necessary documents such as identification proof, address proof, income proof and any other documents required by the lender. Step 4 - Calculate Loan Amount - Determine the loan amount you need and ensure it aligns with your financial situation and repayment capability. Step 5 - Visit Lender's Website - Go to the website of the chosen lender. Most lenders have an online loan application process on their website. Step 6 - Fill Out Application Form - Complete the online application form accurately with all the required information. This typically includes personal details, employment details, income details, loan amount, and purpose of the loan. Step 7 - Upload Documents - Upload the scanned copies or digital copies of the required documents as specified by the lender. Step 8 - Review and Submit - Review all the information you've provided to ensure accuracy. Double-check the terms and conditions before submitting the application. Step 9 - Wait for Approval - After submitting the application, the lender will assess your application, including your creditworthiness. Step 10 - Loan Approval - If your application is approved, you'll receive a loan offer detailing the loan amount, interest rate, repayment terms, and other conditions. Review the offer carefully before accepting it. Step 11 - Sign Agreement - If you're satisfied with the loan offer, you'll need to electronically sign the loan agreement. Step 12 - Disbursement - After signing the agreement, the lender will disburse the loan amount to your bank account. This process typically takes a few days. Step 13 - Repayment - Make sure to repay the loan as per the agreed-upon terms to avoid any penalties or negative impact on your credit score. Required Documents for Personal Loan Application You must submit a set of documents that lenders require when approving a personal loan application. Here are the details for the documents needed for a personal loan . Salaried Individuals Proof of Identity Passport, Voter's ID, Driving License or PAN Card Passport, Voter's ID, Driving License or PAN Card Proof of Residence Passport or utility bills Passport or utility bills Proof of Income Bank statement of salary account for the past two years Audited financial statement of the past two years If you are an NRI looking to borrow a personal loan, these are the documents that you will need to submit to the lender: Copy of your Passport Your official Email ID or the Email ID of the HR Bank Statements Salary Certificate or salary slips NRO/NRE bank statements of the last 6 Months Proof of Identity, Residence, Income, and Assets Recent passport-size Photographs of yourself and the guarantors Know more about NRI Personal Loan Key Advantages of Personal Loans Provide quick access to funds during emergencies Useful for expenses like medical bills, weddings, or travel No restrictions on how the loan amount is used Unsecured loan — no collateral required Fixed EMIs make budgeting and repayment easier Safer borrowing option without risking personal assets SBI Personal Loan Axis Bank Personal Loan Bank of Baroda (BOB) Personal Loan HDFC Bank Personal Loan ICICI Bank Personal Loan BOI Personal Loan Canara Bank Personal Loan Central Bank of India Personal Loan Indian Bank Personal Loan IOB Personal Loan Punjab and Sind Bank Personal Loan Punjab National Bank (PNB) Personal Loan UCO Personal Loan Union Bank Personal Loan Personal Loan EMI Calculator - Estimate Monthly Payments Use BankBazaar Personal loan EMI calculator to calculate your EMI beforehand to plan and manage your finances in a better way. Personal Loan calculator lets you check your loan eligibility and helps you compare loans offered by different banks. All you need to do is enter the loan details, including your preferred loan amount, interest rate, tenure, and processing fee. Hit "Calculate" to check your EMI. The result is followed by an amortisation table, which will give you a detailed break-up of your repayment schedule. Personal Loan Fees and Charges The following are the charges and fees of the personal loans available from various institutions. Goods and Services Tax (GST) Verification charges Charges levied for issuing duplicate statement Penalty for defaults Penalty for pre-payment and part payment of loan In addition to these, the lenders might also levy charges for documentation, stamping, credit administration, collection, and so on. The levy and the rates of these fees and charges differ from lender to lender. However, you can check the fees and charges which are levied by the top lenders in India before you apply for a personal loan. Types of Personal Loans There are two types of personal loan schemes. They are: Unsecured Personal Loan: Under these types of loan schemes, you don't need to provide any security or collateral to the bank. If you meet all the eligibility criteria and have a decent credit score , then you can avail yourself of an unsecured personal loan . Secured Personal Loan: Under these types of personal loan schemes, you will need to provide some form of security or collateral to the bank. A business loan or a gold loan is an example of a secured loan as you may have to provide some form of property to apply for a business loan and gold if you wish to avail a gold loan . Personal Loan Prepayment & Foreclosure Explained There are 2 types of pre-payment. They are full pre-payment and part pre-payment and part payment. 1. Full Pre-Payment: If you are paying off the whole outstanding loan amount before the end of the loan repayment tenure, it is known as full pre-payment. Advantages of full Pre-Payment: You can avoid paying hefty interest on your loan amount. If you have the money to pay off your debt completely, you might as well get rid of the debt. You can avoid paying pre-payment interest as well, if you have taken the loan from a lender who does not charge an interest on pre-payment of the loan. Disadvantages of Full Pre-Payment: If your lender charges a penalty on pre-payment of the loan amount, you might have to pay a big chunk of money for pre-paying your loan. Before you foreclose a loan, check the other factors related to it. Foreclosing a personal loan means that you would be paying out a huge sum of money at once. This might not always be the best option. 2. Part Pre-Payment: If you are paying off a part of the outstanding loan amount before the end of the loan repayment tenure, it is known as part pre-payment. Advantages of Part Pre-Payment: You can choose to pay off a part of your outstanding loan amount if you have some readily available money. Part paying your loan will reduce the outstanding principal amount which, in turn, will reduce the effective EMI amount. The overall interest that you pay will also reduce significantly. Disadvantages of Part Pre-Payment: If you do not make the part payment soon enough, you will not be able to maximize your savings. If your lender charges a fee for part payment of personal loans , you might have to spend a significant amount of money for the same. How to Repay a Personal Loan - Options & Tips There are a number of repayment modes which are offered by lenders. Although these modes might differ from lender to lender, the most common modes of repayment can be summed up as follows: Electronic Clearance System (ECS) : The ECS or Electronic Clearance System is one of the most commonly used repayment methods. It is an electronic mode through which funds are transferred from one bank to another. Post Dated Cheques (PDCs) : Post Dated Cheques, as the name suggests, are cheques which are issued by you for a future date. The lender will use these cheques on the mentioned date to deposit or encash the amount mentioned on it. National Automated Clearing House: The National Payment Corporation of India (NPCI) offers a program called NACH to all the banks and financial institutions. The NACH allows the processing of transactions in real time. This method can be used for your loan repayments. Debit Mandate or Standing Instruction : You can give an instruction to your bank to pay off a particular amount of money to another bank or bank account at a regular interval. This is known as standing instruction or debit mandate. Your bank will be paying off the stipulated amount towards the repayment of your loan on a regular basis through this system. Buy Now Pay Later Several retailers and banks are offering the Buy Now Pay Later (BNPL)scheme, where borrowers who do not have a credit history can avail a short-term credit. The credit-worthiness of the borrower is done with the help of analytics. Tips for Using Buy Now Pay Later Some of the main tips that must be considered when you opt for BNPL are mentioned below: Know your budget. Read the returns policy carefully. Check all the penalties and fees. Understand the terms and payment details. Personal Loan Top Up A personal loan customer can avail an additional loan amount through the top-up facility over his/her existing loan. The loan amount will be subject to the terms and conditions set by the financial lender, while the interest rate may be the same as the existing loan or could be up to 1% more than the interest rate of the current loan. The tenure of the top-up personal loan will be subject to that of the existing loan. How to Choose the Right Personal Loan Given below are the steps which you can follow to choose the right personal loan for yourself: Loan Amount : Before proceeding with your decision to apply for a personal loan, it is crucial to determine the loan amount you require. Once you have established the desired loan amount, you can then calculate the equated monthly installment (EMI) obligations based on the loan amount and tenure. Comparing loan offerings from various lenders allows you to select a personal loan option that aligns with your budget and financial goals. Loan Repayment Tenure : Choosing a longer tenure reduces your monthly EMI burden but entails paying more total interest over the loan duration. Conversely, opting for a shorter tenure increases your EMI but results in savings on interest payments. Select a tenure that matches your repayment timeframe; for short-term needs, a longer tenure may not be necessary. Look for lenders offering flexible tenure options to find a suitable arrangement that suits your budget and repayment capacity. Rate of Interest : When acquiring a personal loan, prioritize the interest rate as the primary factor. Strive to secure the lowest interest rate feasible to reduce the overall loan expenses. Well-established banks typically provide considerably lower interest rates compared to private lenders, who might levy excessive rates. Thoroughly research and compare interest rates offered by various banks to discover the most advantageous deal, utilizing online tools to streamline the comparison process. Minimum Documentation : Managing a protracted application process can be tedious, especially when urgent funds are needed. Many online lenders offer streamlined procedures with minimal documentation, leveraging technology for swift verification and decision-making. Explore pre-approved loan offers from familiar banks or lenders for expedited approval, often requiring minimal additional information. Documentation requirements may vary based on the loan amount, with smaller loans typically involving simpler applications. Processing Fees : The processing fee is a one-time charge levied by the lender to cover administrative costs associated with handling your loan application. When assessing lenders, consider both their processing fees and interest rates to pinpoint the most economical choice. Avoid prioritizing a low processing fee if it comes with a significantly higher interest rate compared to other lenders. Zero Collateral : Personal loans are typically unsecured, meaning there's no requirement to offer collateral as security for the loan. This lack of collateral criteria often enhances the accessibility of personal loans for eligibility, contrasting with secured loans like mortgages or auto loans. Since no assets are pledged as collateral, there's no jeopardy of forfeiting them if the loan defaults. How to Increase Personal Loan Approval Credit Clean-up: One of the main factors taken into consideration by lenders is your credit score. Getting a personal loan is easier with a high credit score. If your score is low, you must check your reports to see if there are any errors. Sometimes, simple errors could have an adverse effect on your scores, and if you find any of these, you must report them to CIBIL . Rebalancing your Income and Debts: Lenders ask for proof of income when you apply for personal loans in order to ascertain your debt-to-income ratio. Consider the sale of liquid assets like stocks or earning more through a part-time job to increase your annual income. Doing so will increase your debt-to-income ratio and increase your chances of getting a loan. Consider Co-Signers/Guarantors: If you are finding it hard to get a personal loan on your own accord, you can apply for one by adding a co-signer or guarantor. The person you choose as a guarantor must have a good credit score . Their main aim is to guarantee that you will repay the loan. However, they will also be liable to repay the loan themselves if you are unable to do so. Picking an individual with a credit score over 750 will considerably increase your chances of getting a personal loan. Limit Your Borrowing: It can be risky to ask for more money than you require to meet your financial targets. Make sure that you calculate how much you need and apply only for that specific amount. Choose the Right Lender: Every lender has their own requirements when it comes to credit scores and income. When looking for personal loans, pick a lender whose eligibility criteria you meet and apply accordingly. The problem with applying with multiple lenders is that each of them will check your credit score , and each time your full credit report is pulled out, your credit score drops, albeit marginally. How to Access Your Personal Loan Statement Online You can easily get in touch with your lender either through their online web portal or in person and request your personal loan statement. On most lender websites, you can just log in using your online credentials and provide your loan account number. Once you have tracked your account, you can request a statement which is either sent to your registered email ID or provided in the form of a PDF file which can be downloaded. Similarly, you can also visit the branch office of the lender from where you have availed the loan and place a request for a statement. In addition to that, you can raise a request for your personal loan statement through phone banking as well. Research thoroughly before applying Don’t sign without full understanding Read the fine print carefully Don’t make multiple bank inquiries Save wisely during repayment Don’t borrow without a valid reason Pay EMIs on time Don’t rush loan comparisons Check your credit score Don’t miss EMI payments Choose an affordable loan amount Don’t accept poor loan terms FAQs on Personal Loans The maximum amount of loan depends on your monthly income. In India, there are lenders who offer up to Rs.40 lakh. If you happen to get some extra money, you can pay it towards your loan even before the EMIs are due. This is called prepayment. Every prepayment you make goes towards reducing the outstanding principal component of your loan. Usually, banks will require your CIBIL score to be above 720 to provide a personal loan. In case your credit score is less, your application may be rejected or the personal loan will be provided with high interest rates. Personal Loan is a type of loan which you can avail to meet your immediate financial requirements. You wish to go on a trip, or need funds for marriage, or simply need cash to purchase any electronic appliance, or for any other reason, then you can simply compare the various personal loan schemes offered by various banks and apply for the one most suitable for you. You borrow a loan when you require credit. Once you submit your loan application to a lender for a personal loan, the lender verifies and approves it. Post this, the loan amount is disbursed into your bank account. Once you receive the loan amount, you will need to repay the lender via EMIs for the loan repayment tenure. If your personal loan application is rejected, then it is mostly either due to your low credit score or you do not meet the eligibility criteria. If you meet the eligibility criteria and improve your credit score, your personal loan application will not be rejected. A personal loan can be used for holidays, to start a small business, purchasing consumer goods, to purchase a vehicle, to pay friends and family, to pay medical bills, and debt consolidation. A pre-approved loan is one where the customer can apply for a loan and possibly doesn't need to submit documents or go through the verification process as he/she shares a healthy relationship with the bank as an existing customer and has a clean repayment record. Personal loans only offer tax exemptions if you are using the loan amount for renovation of your house, to pay for educational expenses, or to expand your business. This depends on your lender. Some lenders charge you a fixed fee for each prepayment. Others may charge you a percentage of the amount outstanding or a percentage of the amount prepaid. Yes, financial lenders have their terms and conditions when it comes to personal loan foreclosures. Usually, financial lenders allow loan pre-closures only after the payment of 12 EMIs and charge a foreclosure charge + GST on the outstanding loan amount. The minimum salary requirement will vary from lender to lender. Most lenders, however, will require you to earn at least Rs.15,000. If you reside in a metropolitan city, you may have to earn between Rs.20,000 and Rs.25,000. Most lenders will allow you to make pre-payments or pre-close your loan during the loan repayment term. You will, however, have to pay a nominal charge to the lender for doing the same. Keep in mind that most lenders will only allow you to prepay or pre-close your loan after 1 year of borrowing the loan. If you want to prepay/pre-close your loan, ensure that you inform your lender of the same. Some lenders may ask you to pay a fee if you want to prepay a part of your loan. Others may either waive the fee or may not have prepayment charges at all. A bank can reject your personal loan application if you apply for a loan for which you are not eligible. It can also reject your application if you fail to submit the documents it requires. BankBazaar.com offers its loan applicants an active tracking tool through both email and SMS allowing them to track daily updates of their loan application. If the borrower fails to pay the EMI, the bank charges a penal interest on the overdue amount. Financial lenders usually charge a penal interest of 2%-3% per month of the overdue amount. It could be hard to get a traditional personal loan from a bank with a poor credit score and no checking account. However, certain lenders offer types of personal loans such as payday loans for those with a poor credit score. That said, the interest charged will be quite high. Over your EMI, after a certain period following the disbursement of the loan, you can make a part-payment towards the loan. The part payment will further deduct the outstanding principal amount of the loan. Compare and apply online for personal loans at BankBazaar and get an instant assistant from them. For personal loans, most lenders fix the minimum monthly income requirement between Rs.15,000 and Rs.25,000. Thus, if you have a monthly income of Rs.60,000, you can be fairly certain that you won't find it difficult to borrow a loan. With a monthly salary of Rs.25,000, you are likely to be eligible to borrow a loan. However, the lender will also check if you have any other outstanding loans, your credit score, repayment capacity, etc. before deciding how much you can borrow. News about Personal Loan RBI Removes Pre-Payment Charges on Floating-Rate Loans The Reserve Bank of India (RBI) has said that from 1 January 2026, banks and NBFCs cannot charge pre-payment fees on floating-rate loans which were given to individuals and Micro and Small Enterprises (MSEs). This means borrowers can repay loans early without extra cost. The rule applies to new and renewed loans from 1 January 2026 which will also cover loans taken by individuals for personal or business use. Small banks and NBFCs cannot charge fees on loans up to Rs.50 lakh. No charges will apply for early closure of overdraft or cash credit if the borrower informs the bank in advance. Lenders must clearly mention all charges in loan papers. If not mentioned, they cannot charge. These new rules will make the loan repayment process fair and easy for small businesses and people. 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