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Personal Loan

Want to go for a vacation or need money for marriage or want to furnish your home? Whatever may be the reason, you have a golden key to your dreams. The golden key is Personal Loan which can fulfill all your dreams so that you don't have to compromise.

With Loanby24.com, you can open the lock. You get many options here. You can compare Personal Loan rates and apply for an online Personal loan at lowest rates. With LoanKing, you can't just apply online for Personal Loan but also get the best advice on getting personal Loan Online Approval. You don't need to go to all banks for a loan as here all banks are available at a click away.

Personal Loans are flexible and designed as per your needs. Borrowers avail this type of loans to meet their short-term financial needs. You can get a personal loan with low-interest rate without any collateral or security. It is an unsecured loan with repayment term from 1-5 years.

Why avail for a personal loan?

Personal Loan is the best-suited option when there is a scarcity of cash-flow. Borrowers prefer personal loan because of its flexibility and quick processing. Banks and NBFCs have observed the market. According to the market's condition, they offer Personal loan for self-employed and salaried too.

Personal Loans can be used for several reasons including:

  • Marriage
  • Business scarcity
  • Buying Consumer Durable products
  • Dream Vacation
  • To pay off debts etc.

Points to be considered before Applying for Personal Loan

  1. Check your Cibil Score
  2. Borrow only the amount you actually need
  3. Repayment period is 1-5 Years, Don't Forget
  4. Gather the information about prepayment charges, terms and conditions and interest rate
  5. Try to get a loan for zero charges on prepayment.
  6. Read the documents carefully to know the risk factor in case you are unable to pay back your loan.
  7. Check whether your bank is providing the loan on Interest Rate Basis or Reducing Balance Basis
  8. If you are planning to be a guarantor for someone, read the conditions carefully before signing it.


  • Unsecured loan - It is an unsecured loan so there is no need to keep any security for getting a loan.
  • Repayment time - Repayment can be done within 5 years.
  • Loan Amount - Most of the Banks provide personal loan up to 30,00,000 depending on a person's credibility.
  • Approved quickly. In fact, the loan amount is in your bank account within 48-72 hrs.
  • Minimum Documentation - As compared to other loans, a personal loan is given with minimum documents.

Benefits of Personal Loan

  1. You can borrow more as compared to credit card.
  2. You get ample time to pay back.
  3. Payment is done in per-decided installments. So you can plan your budget in advance
  4. Less documentation
  5. Competitive rates
  6. The loan amount is credited to the account in 2-3 days.

Secured Personal Loans

If you have a house, you might think to take a secured personal loan. This could be riskier because if you are unable to repay your loan, you have to lose your house too.

Cooling-off period

The cooling-off period is time for the borrower to rethink about the final purchase or taking a loan. The borrower can rethink about the loan even after he has taken the loan.

Generally, the cooling-off period is 14 days. It starts from the day you received or signed the agreement, whichever is earlier. If you cool-off the loan, you get 30 days to pay back the interest and principle amount.

Personal Loan Eligibility Criteria

Personal Loan is an unsecured loan. So banks make sure that they are lending money to a person who is able to payback. To be sure about this, they take the following criterion into consideration:-

  • Repayment - Lenders check that applicant is working in an organization from certain years. If the borrower is self-employed then how many years he is involved in it (minimum 1 year).
  • Income - Each lender has decided a minimum income. They don't provide the loan to the person below that income.
  • Cibil Score - Lenders will also check the Cibil Score of the borrower. A person with low Cibil Score is rejected.
  • Age - A person above 60 or 61 is not given a loan.
  • Existing Debts -. The borrower should not have any existing liability or he should be able to pay back one more existing liability.

Personal Loan Eligibility Calculator

  • Age Limit - 21-60 years
  • Employment - Working from last 2 years, and minimum 1 year with current employer or business
  • Cibil Score - 650 and above
  • Income - INR 15,000 minimum

Documents Required for Personal Loan

  1. Application duly signed with 3 Passport sized photographs
  2. Identity Proof
  3. Age Proof
  4. Address Proof
  5. Bank Statements of last 6 months
  6. Processing Fee cheque

Additional documents required for salaried person -

  • Form 16
  • Income Tax Returns of last 3 years

Additional documents required for self-employed person -

  • Profit and Loss Statement and Balance Sheet of last 3 years
  • Income tax returns of last 3 years

Personal Loan Interest Rate

Rates of Personal Loan in India starts from 11.29%. Personal Loan Interest Rate differs from bank to bank. Personal Loan Rate of Interest also depends on the loan amount, Loan tenure, Income of borrower and credit history too.

Personal Loan EMI Calculator

Personal Loan does not come with the end use condition like a car loan or home loan. So, this is the most convenient source of borrowing money. Personal Loan EMI Calculator is an easy tool to help you to plan your EMI and Loan tenure. EMI calculator is a tool that will answer your questions before you avail a loan. These questions will be about loan amount, loan tenure, affordable interest rate etc.

Benefits of EMI calculator

Using an EMI calculator is important before taking a personal loan. Here are the points that will show the importance of Personal Loan EMI Calculator:

  1. Accurate - There are always the chances of human errors. EMI calculator is machine oriented, so there is no doubt about its accuracy.
  2. Time-saving - It saves a lot of time as it calculates faster than a human.
  3. Easy Comparison - It is a boring task to calculate EMI for several Bank at once, as they all differs in the interest rate. So, the comparison can be very easy with an EMI calculator.
  4. Budget friendly - You need to calculate a lot for taking a loan as it will affect your monthly budget. EMI calculator will help you in this too.

To know your EMI, Calculate here with Personal Loan EMI Calculator.