Complete Guide to Personal Loans
Everything you need to know about personal loans, eligibility, and application
What is a Personal Loan?
An unsecured loan provided by banks and financial institutions. No collateral required. Funds can be used for any personal purpose like medical emergencies, education, travel, or debt consolidation.
Types of Personal Loans
Instant personal loans (24-48 hour approval), traditional personal loans (5-7 day approval), salary-based loans, and gig worker loans. Each has different eligibility and documentation requirements.
Eligibility Criteria
Age
21-60 years
Income
₹15,000+ monthly
CIBIL Score
650+ (some offer from 600)
Employment
Employed for 1+ year
Credit History
2+ years recommended
Required Documents
Pros & Cons
Advantages
Disadvantages
6-Step Application Process
Check Eligibility
Verify salary, credit score, and employment status
Compare Offers
Check rates from multiple lenders
Submit Application
Fill online form with basic details
Document Verification
Submit required documents
Loan Approval
Get approval within 24-48 hours
Fund Disbursal
Money credited to your account
Frequently Asked Questions
+Can I get personal loan with low credit score?
Yes, some lenders offer loans for scores 600+. Higher rates apply. Co-signer may be required.
+How much can I borrow?
Typically ₹1,000 to ₹40,00,000 based on income and credit profile.
+What is the processing time?
24-48 hours for instant loans, 5-7 days for traditional loans.
+Can I repay loan early?
Yes, most loans allow prepayment. Check for prepayment charges.
+Is personal loan safe?
Yes, regulated by RBI. Check lender's license and security measures.
Ready for Your Personal Loan?
Check eligibility and apply for instant approval in minutes