Personal Loan

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A loan offered by a bank to cater to your personal needs, whether it’s for a family wedding, a shopping trip, a dream vacation or anything else. It does not require any security and can be availed with ease unlike other loans. You can choose your personal loan from a variety of banks we work with.


Eligibility criteria – Your eligibility is determined after looking at the following:

  • Your current income
  • Years of work experience
  • Nature of your job and the company you work for
  • Your current obligations i.e. the other installments (EMIs) you are currently paying, the number of credit cards and credit limits you have or use
  • Your past credit history is likely the most important determinant in being able to get a personal loan



You can start the process of applying for a Personal Loan in any of the following ways:

• Compare offers from different banks
• Check your eligibility basis the income and current loans being serviced
• Apply online with multiple banks, to assess the best & competitive loan offers

From the day an application is being given, banks usually take about 4 – 5 working days to disburse the loan. This is subject to complete information & documentation given at the time of the application.

Personal Loan usually ranges from Rs. 50,000 to Rs. 20 lakhs. Some of the factors considered when deciding a loan amount are:

• Your requirement and eligibility
• Your income
• Your repayment capacity

Flexible tenures ranging from 12 to 60 months can be availed in a personal loan. However, the same has to be in conjunction with the income eligibility that different banks calculate differently as per their loan policies.

Yes, banks charge a non-refundable processing fee for every Personal Loan application. The processing charge to avail of a Personal Loan ranges between 1.5% to 2% of the loan amount plus service tax as applicable.

There may be few additional charges such as EMI bounce charge, documentation charge, etc., Please read the loan agreement carefully (Charges section) before signing the same.

How do I keep track of my Personal Loan? For example, how do I get my statements, and repayment schedule?
You may place request for Statement of Account or Repayment Schedule or Interest Certificate in either of the following ways:

• By calling the bank’s Call Center at any of their toll free numbers:
• By using your registered email id the to write to the loans department of the respective bank
• Walk-in person to the branch to get the physical statements

You may repay your Personal Loan in any of the following three ways:

• Standing Instruction (SI): This mode can be used if you have an existing savings, salary, or current account with the lender. You may wish to open a savings account with the lender to use this option. Your EMI amount will be debited automatically at the end of the monthly cycle from the account you specify.
• Electronic Clearing Service (ECS): This mode can be used if you have a different Bank account other than the lender’s and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
• Post-Dated Cheques (PDCs): You can submit post-dated EMI cheques from a different Bank account for a specific period of time. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques are usually collected for non-ECS locations only.

We recommend that you opt for either the SI or ECS mode of payment as they are both faster and less prone to error than the use of PDCs.

Yes, generally banks allow you to part-pay on the loan. This can be done at one of their nearest branch locations. Once the part-payments are done, you either have the option to reschedule the EMI for the new outstanding or keep the same EMI so that the overall tenure of the loan would come down and the loan gets repaid faster.

Before foreclosure is processed, all outstanding dues must be cleared. So first check for and clear any remaining amount that may be payable towards your Personal Loan by requesting a foreclosure statement from your lender.
Once all outstanding dues have been cleared, submit a foreclosure request at the Loan Center, for processing.
Most of the banks/lenders levy no charge for pre-closure of a Personal Loan account.

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