Compare personal loan offers from bank experts
A personal loan is unsecured, so you do not pledge any asset. People use it for weddings, medical bills, travel, home repairs, or to combine expensive debts into one EMI. Because the bank takes more risk, rates are higher than for secured loans, and the gap between the best and the worst offer is wide. That gap is where comparing pays off.
- Amount
- 5 Lacs to 50 Lacs
- Tenure
- 1 to 5 years, up to 7 at some banks
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Personal Loan at a glance
| Loan amount | 5 Lacs to 50 Lacs |
|---|---|
| Tenure | 1 to 5 years, up to 7 at some banks |
| Interest rate | About 10% to 24% a year, based on your profile |
| Security | No, it is unsecured |
| Best for | Salaried and self-employed people who need money without pledging an asset |
Rates and terms are indicative and change often. Each bank decides the final offer based on your profile.
Who can apply
- Age usually between 21 and 60 at the end of the loan.
- Steady income, as a salaried employee or a self-employed professional.
- A credit score of about 750 or higher gets the better rates.
- A minimum monthly income set by each bank, often higher in metro cities.
- Existing EMIs that leave room for a new one.
Documents you may need
- Identity proof such as Aadhaar, PAN or passport.
- Address proof.
- Last 3 months of salary slips.
- Last 3 to 6 months of bank statements.
- Self-employed: ITR for the last 2 years and business proof.
How to get a better deal
- Check your credit report before you apply and fix any errors.
- Compare the total cost, not only the EMI. Processing fees are commonly 1% to 3% plus GST.
- Ask about prepayment and foreclosure charges before you sign.
- Pick the shortest tenure whose EMI you can carry comfortably.
Personal Loan questions
Do I need collateral for a personal loan?
No. A personal loan is unsecured, so you do not pledge property or other assets. The bank decides mainly on your income and credit history.
How much can I borrow?
On Loan Masala you can request 5 lacs to 50 lacs. What you actually get depends on your income, existing EMIs and credit score.
What decides my interest rate?
Your credit score, income, employer or business profile, existing loans, the amount and the tenure. Two people asking for the same amount can get very different rates.
Which fees should I check?
Processing fee, prepayment or foreclosure charges, late payment charges and GST. Ask your bank expert for the full list in writing.
Will comparing offers hurt my credit score?
Each formal loan application a bank makes can add an enquiry to your credit report, and many enquiries in a short time can lower your score. Ask your bank expert when a credit check will happen.