What it is
A personal loan is unsecured: no property or gold is pledged, so the lender relies entirely on your income and credit history. That makes it quick, and also makes the rate spread between lenders wide. The same person can see very different offers depending on where they apply.
Who it suits
- Planned expenses such as a wedding, travel or a home renovation
- Consolidating several expensive credit-card balances into one EMI
- Salaried people with a clean repayment history
Which lenders fit
Typical appetite by lender type for a well-documented profile. Your own answers can change this — run a Match Check.
Strong fit
Private banks price well for strong scores and documented income, and move quickly.
Possible
Public sector banks often have the lowest rates, with stricter paperwork and slower turnaround.
Strong fit
NBFCs accept a wider range of profiles, including the self-employed, usually at a higher rate.
Possible
Small finance banks lend to thinner files and smaller towns, usually at a higher rate.
Strong fit
Fintech lenders decide quickly on digital data and suit smaller unsecured amounts.
Typical eligibility
Salaried
- Age 21 to 60
- Net monthly income typically ₹20,000–25,000 or more, depending on the lender and city
- At least 1 year of work experience
- Credit score usually 700 or above for the better rates
Self-employed
- Offered by fewer lenders, mostly NBFCs
- ITR for the last 2 years and business running for at least 2–3 years
Each lender sets its own criteria. These are common starting points, not guarantees.
Documents to keep ready
- PAN and Aadhaar
- Last 3 months' salary slips
- Last 3–6 months' bank statements
- Address proof if different from Aadhaar
You share documents only with your advisor or the lender, never on this website.
Indicative rates
| Lender type | Rate range | Processing fee | Max tenure | As of |
|---|---|---|---|---|
| Public sector banks sample | 10.25 – 14.50 % | Up to 1.00 % | 6 yrs | 19 Sep 2026 |
| Private banks sample | 10.50 – 16.00 % | 1.00–2.50 % | 6 yrs | 19 Sep 2026 |
| NBFCs sample | 12.00 – 24.00 % | 2.00–3.00 % | 5 yrs | 19 Sep 2026 |
| Small finance banks sample | 13.00 – 22.00 % | 2.00–3.00 % | 5 yrs | 19 Sep 2026 |
| Fintech lenders sample | 14.00 – 30.00 % | 2.00–4.00 % | 4 yrs | 19 Sep 2026 |
Questions
Why is my rate higher than the one advertised?
Advertised rates are the lowest a lender offers, usually to people with high scores at large employers. Your rate depends on your score, income, employer and existing EMIs.
Will checking several lenders hurt my score?
Every formal application creates a hard enquiry on your credit report. Several in a short time can lower your score. Knowing which lenders fit first means fewer applications.
Can I prepay?
Usually yes, often after a lock-in period and sometimes with a fee. Check the terms before you sign.