About Personal Loan

Banks or loan institute furnishes a sum of unsecured money to individuals for their personal requirements such as a wedding, traveling, renovating a home, medical emergency, etc. This helps customers to live their lives the way they want to without getting in the trouble of shortage of money.

Eligibility criteria

Like other types of loans, there are some factors that must meet the requirements in order to get a personal loan. Few of the eligibility criteria for a personal loan are mentioned below:-


Age Boundation: If your age limit is around 21-35 years then your chances of getting a personal loan are more and at a lower rate of interest. Generally, the age limit of any individual for this loan is 21 to 60 years.

Employer’s Profession: If a person is working in a reputed organization either in private sector or public sector then chances of getting a loan are increased.  Personal Loan can also be given to self-employed professionals like chartered accountants, doctors, architect.

Work Experience and Income: This is an important factor before sanctioning any loan. Require a minimum of 2 years of work experience in case of a salaried person. But in self-employed professional lenders generally, require 5 years of work experience. Apart from work experience, main income is also considered in eligibility. For salaried person minimum Rs 25k per month is required. For self-employed professional minimum, 5 Lakh annual income is required.

CIBIL Score: CIBIL Score is important in getting a personal loan. If any person has a good credit score then chances of getting a personal loan would increase and in good rate of interest.

Get financing for whatever you need now

Enquire Now
Comparison of the rate of interest

Bank / NBFC

Rate of Interest

Min – Max Amount 

Min – Max Tenure

ICICI  Bank 12% onwards* 20 Lakh  Max 1-5 Years
HDFC Bank 12% onwards* 50,000 min to 40 Lakh max 1-5 years
RBL 11.5% onwards* 2 lakh Min – 25 lakh Max 1-5 Years
Kotak Mahindra 12.50% onwards* 50,00 min to 25 Lakh Max 1-5 years
Yes Bank 11.50% onwards* 50,000 Min to15 Lakh Max 1-5 years
Citi Bank 10.99 % onwards* 25,000 min to 30 Lakh max 1-5 years
Bajaj Finserv 12.99 % onwards* 25,000 min to 25 Lakh Max 1- 5 years
Tata Capital 12.5% onwards* 75,000 min to 20 Lakh  Max 1-6 Years

* T&C applied and these terms vary from time to time 

Required Documents



Self Employed Professional

Require cross sign on a photo of Applicant with Application form
Identity and age proof- Require Voter ID/DL/Aadhar card/PAN Card/ Passport
For  Address Proof– Utility Bill/ Bank Passbook/Voter ID
Require latest bank statements of 1 year
Require salary slip of latest three months
Form 16 / Last 3 years ITR
(In case if turnover is more than 1 Core)
Requires last 3 years CA Certified audit report, P & L account, balance sheet
Require GST registration certificate
Running Loans sanction letter/repayment schedule/SOA

* T&C applied and these terms vary from time to time 

Get a Quote