A personal loan is an unsecured loan provided by financial institutions such as banks, credit unions, or online lenders. Unlike secured loans (such as mortgages or auto loans), personal loans do not require collateral. Borrowers can use personal loans for various purposes, including debt consolidation, home improvement, medical expenses, wedding expenses, travel, or any other personal financial need.
A personal loan is an unsecured loan provided by financial institutions such as banks, credit unions, or online lenders. Unlike secured loans (such as mortgages or auto loans), personal loans do not require collateral. Borrowers can use personal loans for various purposes, including debt consolidation, home improvement, medical expenses, wedding expenses, travel, or any other personal financial need.
| Amount | Up to 5 Crore |
|---|---|
| Loan Tenure | 1 to 6 Years |
| Interest Rates | Low- Interest Rates |
| Eligibility Criteria | Loan Disbursal |
| Loan Disbursal | 4 to 5 Years |
Loan Amount Up to Rs 40 lakh; some lenders may offer higher loan amounts
Interest Rate 10.49% p.a. onwards; some PSUs may offer lower rates
Tenure Up to 5 years (some lenders offer repayment period till 8 years)
Processing Fee 0.5% to 4% of loan amount (may vary across lenders)
Term Loans
Working Capital Loans
Business Expansion Loans
Equipment Financing Loans
Invoice Financing & Bill Discounting
Minimum Age : 21-65 Years
Income Stability : A stable source of income
Credit History : Preferably 750 and above
Minimum Age : 21-65 Years
Income Stability : A stable source of income
Credit History : Preferably 750 and above
KYC Details
Proof of Residence
Proof of Income
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