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What is a Personal Loan?

personal loan is an amount of money you can borrow to use for a variety of purposes. … The money you borrow must be repaid over time, typically with interest. Some lenders may also charge fees for personal loans.

Features and Benefits of personal Loan
  • The rate of Interest: The rate of interest on Personal Loans is between 11-14% 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.
Documents Required

KYC Documents

  • PAN Card
  • Aadhar Card
  • Driving Licence
  • Voter ID
  • Passport
  • Registered Rent Agreement

Income Documents – Salaried

  • Salary slips for the last 6 months
  • IT Return along with Form 16 for the past 2 years
  • Bank account statements of previous 3 months that reflects your salary credits and other income
  • Employment certificate from current employer

Income Documents – Self-employed

  • Financial statements that include Balance Sheet and Profit and Loss Statement
  • IT Returns for the last 2 years
  • Proof of continuity of business income such as Bank Account Statement
  • Evidence of doing business like GST Registration

Other Documents

  • Personal loan application form
  • Recent passport-sized photographs
  • Processing fee cheque

All about Document Required for Personal Loan

Top Personal Loan Providers


IDFC first bank


ICICI bank


Citi bank


HDFC bank


Kotak Mahindra


Tata Capital


Yes Bank


City bank


PNB personal Loan


We’d Love to Help You With Your Personal


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