A personal loan is an unsecured loan offered by financial institutions to help individuals meet various financial needs, such as expenses for medical emergencies, weddings, education, or travel. It does not require collateral,
Personal Loan Interest Rate
Interest rates for personal loans differ across lenders and depend on various factors such as creditworthiness and repayment capacity. Below are the annual interest rate ranges offered by our partner financial institutions:
Lender
Annual Interest Rate
Lender
Annual Interest Rate
LTFS
12% to 25%
PREFR
17% to 30%
Aditya Birla
14% to 30%
RING
23% to 33%
FIBE
20% to 30%
CASHE
14% to 30%
NIRO
13% to 30%
Bajaj Finserv
Starts at 10.5%
InCred Finance
14% to 39%
Tenure and Loan Amount
The personal loan tenure can range from 3 months to 60 months, depending on the lender. The loan amount varies, starting as low as ₹8,000 and going up to ₹50 lakhs for eligible applicants.
Below is the complete information on lender-wise loan amounts, tenure and interest rates for personal loans offered by our lending partners.
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Lender Name
Interest rates (Min-Max)
Tenure (Min -Max)
Amount (Min -Max)
LTFS
12% to 25% p.a
12 to 48 months
₹50,000 to 10 lakhs
Aditya Birla
14% to 30% p.a
18 to 36 months
₹50,000 to 5 lakhs
FIBE
20% to 30% p.a
3 to 36 months
₹8,000 to 5 lakhs
NIRO
13% to 30% p.a
6 to 60 months
₹20,000 to 5 lakhs
PREFR
17% to 30% p.a
12 to 36 months
₹50,000 to 3 lakhs
RING
23% to 33% p.a
9 to 24 months
₹30,000 to 1 lakh
CASHE
14% to 30% p.a
6 to 18 months
₹30,000 to 4 lakhs
Bajaj Finserv
Starts at 10.5% p.a
12 to 96 months
₹2,00,000 to 50 lakhs
InCred Finance
14% to 39% p.a
12 to 60 months
₹50,000 to 10 lakhs
Personal Loan Eligibility
To qualify for a personal loan, individuals must meet the following criteria:
age
Applicants should be between 21 and 60 years old.
Employment
Both salaried individuals and self-employed professionals are eligible.
Income
Applicants must meet the lender’s minimum income requirements.
Credit Score
A good credit score i.e. one above 750 increases the chances of loan approval.
For business loan, the business vintage should be a minimum 2 years and applicant must be between 23 -70 years of age.
Personal loans are versatile and can be used for various purposes, such as:
Wedding loans: For covering wedding expenses.
Medical loans: For medical emergencies.
Travel loans:For financing vacations.
Debt consolidation loans:To consolidate and repay existing debts.
How to calculate EMI for Personal Loan
You can calculate your EMI using an online personal loan EMI calculator. Enter the loan amount, interest rate, and tenure to get an accurate estimate of your monthly repayment amount.
Tips to increase your chances of availing a Personal Loan
Personal loans are versatile and can be used for various purposes, such as:
Maintain a good credit score by paying bills and EMIs on time
Avoid applying for multiple loans simultaneously
Ensure you meet the eligibility criteria for the loan.
Choose a lender offering favourable terms for your profile.
Submit accurate and complete documents during the application process.
Things to know before applying for a Personal Loan
Personal loans are versatile and can be used for various purposes, such as:
Understand the processing fees and charges associated with the loan.
Check prepayment options to reduce the interest burden.
Compare interest rates from different lenders.
Evaluate your repayment capacity to avoid defaulting on EMIs.
Instant Loan vs Regular Personal Loan
An instant loan is approved and disbursed quickly, usually within a few hours, while a regular personal loan may take a few days for processing. Instant loans are ideal for emergencies, but they often come with higher interest rates compared to regular personal loans.
FAQs
Can I avail an instant personal loan online?
Yes, many lenders offer instant personal loans that can be applied for and disbursed online within a few hours. These loans are ideal for urgent financial needs. On Moneycontrol you can avail instant loans up to ₹50 lakhs from top lenders.
Can I avail a personal loan if I have a home loan?
Yes, you can apply for a personal loan even if you have an existing home loan, provided you meet the lender’s eligibility criteria, including sufficient income and a good credit score.
What is a Personal Loan EMI Calculator?
A Personal Loan EMI Calculator is an online tool that calculates your monthly repayments (EMIs) based on the loan amount, interest rate, and repayment tenure. This helps in planning your finances effectively.
What is the process of obtaining a no-dues certificate from my personal loan lender?
To obtain a no-dues certificate, you need to ensure your loan is fully repaid, including any additional charges. Once confirmed, you can request the certificate from your lender, which they will issue as proof that no dues remain.
Can a pensioner avail a personal loan?
Yes, pensioners can apply for personal loans from select lenders, depending on their age and pension income. Some banks have special loan schemes for retired individuals.
Can I avail a personal loan for business purposes?
Personal loans are primarily intended for individual use, but they can be used for business purposes unless specified otherwise by the lender. Alternatively, you can opt for a business loan designed specifically for business needs.
Can I avail personal loans from multiple banks at the same time?
Yes, you can avail loans from multiple banks if you meet their eligibility criteria. However, ensure your repayment capacity is sufficient, as multiple loans can strain your finances and affect your credit score
What are the pros and cons of availing a personal loan?
Pros: No collateral required, quick processing, and flexible usage.
Cons: Higher interest rates compared to secured loans, potential debt burden if not managed well
Do I need to provide any security or collateral to apply for a personal loan?
No, personal loans are unsecured loans, meaning you do not need to provide any collateral or security.
What is the difference between an instant personal loan and a regular personal loan?
Instant personal loans are processed and disbursed quickly, often within hours, whereas regular personal loans take longer, usually a few days, for approval and disbursement.
Are there any charges for prepaying a personal loan?
Some lenders charge prepayment fees, which may be a percentage of the outstanding loan amount. Always check the loan terms for prepayment penalties.
Can I avail a personal loan without providing my salary slip?
Some lenders may offer loans without a salary slip if you can provide alternative income proof, such as bank statements or income tax returns.
How to check personal loan eligibility?
You can check eligibility through lender websites or mobile apps by entering basic details like income, employment status, and credit score.
Can a student apply for a personal loan?
Students can apply for personal loans if they have a co-borrower, such as a parent or guardian, who meets the lender's eligibility criteria. Alternatively, student-specific loans are available for education purposes.
Is it a good idea to transfer a personal loan to another bank?
Transferring a personal loan to another bank can be beneficial if the new lender offers a lower interest rate, reducing your total repayment burden. However, consider any associated transfer fees.
What is the maximum personal loan amount that I can avail of with a ₹60,000 salary?
Loan eligibility depends on your monthly income, liabilities, and credit score. With a ₹60,000 salary, you may be eligible for a loan of ₹10-15 lakhs, depending on the lender’s criteria.
How much personal loan can I avail if my salary is ₹15,000?
With a salary of ₹15,000, lenders may offer loans of up to ₹1.5-3 lakhs, depending on your repayment capacity and creditworthiness.
Can I cancel a personal loan after the loan amount is disbursed?
Once disbursed, canceling a personal loan is usually not allowed. However, you can repay the loan early if the lender permits prepayment.
How do I make overdue payments for my personal loan?
Overdue payments can be made through the lender’s online portal, mobile app, or at their branch office. It is important to clear overdue amounts promptly to avoid penalties.
Can retired individuals apply for a personal loan in India?
Yes, retired individuals can apply for personal loans based on their pension income and meeting the lender’s eligibility requirements.
What to do if your personal loan application is rejected?
If your application is rejected, review the reasons provided by the lender, improve your credit score, and ensure all documents are complete. You may also try applying with another lender offering relaxed criteria.
How to choose the right tenure for your personal loan?
Select a tenure based on your repayment capacity. Longer tenures result in lower EMIs but higher overall interest, while shorter tenures reduce interest costs but increase EMIs. Choose a tenure that balances affordability and cost.
I would like to thank Moneycontrol, few days back I met with an accident and I didn’t have much money to pay in one go. So, I took an instant cash advance from Moneycontrol. They helped me to clear all the medical bills in just 10 mins!
Suresh V Rangnathan
The overall experience with Moneycontrol was really good. I applied for an online personal loan and the service was very quick. The entire process was fast and smooth, and the loan was sanctioned without any hassles.
Parineeta Mukherjee
I would like to thank Moneycontrol, few days back I met with an accident and I didn’t have much money to pay in one go. So, I took an instant cash advance from Moneycontrol. They helped me to clear all the medical bills in just 10 mins!
Suresh V Rangnathan
The overall experience with Moneycontrol was really good. I applied for an online personal loan and the service was very quick. The entire process was fast and smooth, and the loan was sanctioned without any hassles.
Parineeta Mukherjee
I would like to thank Moneycontrol, few days back I met with an accident and I didn’t have much money to pay in one go. So, I took an instant cash advance from Moneycontrol. They helped me to clear all the medical bills in just 10 mins!
Suresh V Rangnathan
The overall experience with Moneycontrol was really good. I applied for an online personal loan and the service was very quick. The entire process was fast and smooth, and the loan was sanctioned without any hassles.
Parineeta Mukherjee
I would like to thank Moneycontrol, few days back I met with an accident and I didn’t have much money to pay in one go. So, I took an instant cash advance from Moneycontrol. They helped me to clear all the medical bills in just 10 mins!
Suresh V Rangnathan
The overall experience with Moneycontrol was really good. I applied for an online personal loan and the service was very quick. The entire process was fast and smooth, and the loan was sanctioned without any hassles.
Parineeta Mukherjee
I would like to thank Moneycontrol, few days back I met with an accident and I didn’t have much money to pay in one go. So, I took an instant cash advance from Moneycontrol. They helped me to clear all the medical bills in just 10 mins!
Suresh V Rangnathan
The overall experience with Moneycontrol was really good. I applied for an online personal loan and the service was very quick. The entire process was fast and smooth, and the loan was sanctioned without any hassles.
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