Personal Loan


Personal Loan is the easiest way to accommodate your immediate expenses like marriage, holiday, house renovation etc… The favorable point of taking personal loan is that, there is no collateral or security which needs to be provided. The loan amount ranges from as low as Rs.50000/ to 20 Lacs. The tenure starts from 1 year to 5 years

Interest Rates

Interest rate varies from 15% to 21% reducing method, for salaried persons, depending upon your salary and employer profile. For self employed persons it starts from 16% to 24%, depending upon your income and Balance sheet.

Eligibility Criteria


Age plays a role in personal loan eligibility and repayment capacity of an individual. Banks generally give out personal loans to salaried individuals typically between the ages of 21 to 60 years. For self employed individuals this range is from 25 to 65 years.

Stable Employment

A stable employment record goes a long way to improve your eligibility for a personal loan. Salaried individuals with a minimum of 2 years of professional service with 1 year in current profession and a self employed person with a minimum of 5 years of total earning tenure with at least 2 years in current profession are eligible for a personal loan. These factors vary from bank to bank.

Financial Statements

Current and previous financial statements of an individual are important considerations for a bank while evaluating if you are eligible for a personal loan. Banks have different specifications on minimum levels of income for applying for personal loans. The financial statements help in determining the repayment capacity of the individual and hence lenders take maximum cognizance of this aspect while giving an unsecured personal loan. The loan amount that you are eligible for is also decided based on the above criteria.

Credit Ratings

Your credit history is an important aspect that lenders look into while approving your personal loan application. Missed and delayed payments are things that can lower your eligibility for a personal loan. A good credit rating on the other hand enhances the total amount that one is eligible for.


Personal loans, being unsecured, have different eligibility requirements compared to the other loan types. Your employer will also have ac company rating that the bank keeps record of. Employers are grouped into categories on basis of their own records. Public sector employees and those working with reputed and established private companies are more eligible for availing personal loans as compared to others as there is stability in their income and some security which is taken on by the employer.

Calculate your EMI