About Personal Loan

A personal loan is purely unsecured, short term cash loan, which means that the individual customer is not required to provide the bank with any security (ex. property, jewels) or any kind of guaranty against the personal loan.

Formally, for any urgent cash requirement, we prefer personal loan. It can be taken for any general purposes like education, reconstruction of property/home renovation, a wedding expense, vacation etc.

The personal loan amount you are eligible for and the personal loan interest rate for you will depend on factors such as monthly income, customers employment history, residence history and past financial credit history along with the pattern. Banks typically have capped the monthly payment (EMI) on your loan to about approximately 60% – 70% of your monthly take home income. However, a customer cannot take a personal loan for any kind of bad investment or expense which is not approved by the banks or by the law.

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Features & Benefits

A personal loan is an unsecured loan that is not backed by collateral or security. This makes it a flexible financing option, as there are no limitations on its use.

The followings are the ways a personal loan can be useful:

Debt Consolidation

Combining multiple debts into a single loan with a lower interest rate to save money on interest payments and make it easier to manage debts.

Home Renovation

Using a personal loan to fund home renovation projects can increase the value of your home and improve your living conditions.

Medical Expenses

If you have unexpected medical expenses, such as emergency surgery or hospitalization, a personal loan can help cover the costs.

Emergency Expenses

A personal loan can help cover unexpected expenses like medical emergencies or car repairs to avoid financial hardship.

Eligibility Criteria

To qualify for a personal loan, you have to meet certain criteria. Below are the important factors that lenders take into consideration to decide your eligibility for a personal loan.


Age should fall under the range of 21 years to 60 years


Net monthly income should be 15,000/- for salaried and self-employed, yearly transactions should be a minimum of 20 lakhs


Employment stability


Debt-to-income ratio

Repayment History

Customer's repayment history must be clear.


Must be a Resident Citizen of India

Documents Required

Below is some of the basic documents which are required at the time of Personal Loan

Identity Proof

Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card

Address Proof

Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card, Electricity Bill, Telephone Bill, Ration Card

Age Proof

Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card

Income Proof

1 year Bank statement, 3 months Salary Slips

Employment Proof

Employment Certificate, Office address proof


Passport-size photographs

Income tax returns

Documents of the past 2-3 years to verify income and tax payment history

Business proof

Business registration documents such as a partnership deed, Memorandum of Association (MOA), Articles of Association (AOA), etc.

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, then have a look at some of the basic FAQs.

Depending on several factors, including the loan amount, loan term, income, and employment history, different lenders have different minimum credit score requirements to be approved for personal loans. Most lenders consider a credit score of 650 or above to be strong enough to qualify for a personal loan. To be eligible for a personal loan with low-interest rates and advantageous terms, some lenders may require a credit score of 700 or better.

The minimum salary required to be eligible for a personal loan can vary depending on the lender and their specific eligibility criteria. However, in India, most lenders have a minimum salary requirement of Rs. 15,000 per month to qualify for a personal loan. This means that if you earn less than Rs. 15,000 per month, you may not be eligible for a personal loan from these lenders.

Students are eligible to apply for a personal loan. However, depending on the lender and the student's financial situation, the eligibility criteria and loan terms may differ. If the student is employed or has a steady source of income, procuring a personal loan may be easier. A good credit score can also increase the likelihood of approval and result in lower interest rates.

On the other side, the student might require a co-signer if they have little to no income to be accepted for a personal loan. A co-signer is a credit-worthy individual who consents to accept financial responsibility for the loan if the borrower is unable to pay it back.

Yes, it is possible to apply for a personal loan without a salary slip, but you will need to provide other financial documents to validate your income. Some lenders may accept an income certificate from your employer, bank account statements showing regular deposits, Income Tax Returns (ITR) or Form 16 as proof of your income. However, it's important to note that the lender may have specific requirements regarding the type and amount of documentation needed to verify your income. Additionally, having alternative forms of income may affect your eligibility and the terms of the loan, such as the interest rate or loan amount.