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Personal Loan

What is a Personal Loan?

Personal Loan is a type of unsecured loan that is usually used for various general and important purposes. This type of loan could be used for paying off debts, going on vacations, buying appliances and latest gadgets, home improvement, unexpected medical expenses, etc. †The banks calculate the eligibility of the borrower before approving the loan application. A Personal Loan is offered based on the credibility and repaying capacity of the borrower. The funds from a Personal Loan could be used for any type of expense as per the convenience and requirement of the borrower.† As personal loan does not require any security or collateral, the rate of interest charged is comparatively higher than the other loans. Unlike the high rate of interest, the loan tenor is shorter than the other types of secured loans, but a personal loan can be used for any personal need.

Key Facts About Personal Loan

Personal Loan Interest RateMCLR linked rate of interest starting at 10.99%†
Loan Amount†
  • Minimum amount: Rs. 50,000
  • Maximum amount: Rs. 50 lacs
Loan TenorRanges between 12 months to 60 months†
Nature of Personal LoanUnsecured Loan (No security or collateral is required)
Loan Turnaround TimeLoan disbursement within 7 working days from the date of submission of loan application
Processing FeeRanges between 1% to 2% of loan amount
PrepaymentRanges between 1% to 2% of loan amount

Different Types of Personal Loan

There are different types of Personal Loans based on the type of need. Some of them are following:

Festival LoansLoans offered during festival season at discounted interest rates for a shorter period of time.†
Consumer Durable LoansLess amount of loan offered to purchase durable consumer products including television, ACs, etc.†
Marriage LoanLoan offered for marriage expenses†
Vacations LoanLoan taken for vacations (Domestic and International)
Home RenovationLoan is taken for renovating/ upgrading your home

Personal Loan Eligibility Factors and Key Documents:

Personal Loan is offered based on certain factors that determine the eligibility of the borrower. Following are the important factors:

Eligibility Criteria
Credit Score/ CIBIL Score
  • Good repayment record on past loan repayments, credit card monthly payments and loan instalments etc.
  • Good CIBIL Score (650 and above)†
Type of Company
  • Rating of the company you are employed with affects Personal Loan terms
  • Listed company gets high loan amount
Repayment Capability of the borrower
  • Applicant should possess relevant number of years experience with the current organization
  • Continuity of †business is checked for a Self-employed business owner †
Age†† †Varies from bank to bank but normally 21 years and above is required†

Who can apply?

  • Salaried Employee
  • Self- Employed Business Man
  • Sefl-Employed Professionals

The above factors help in the calculation of the eligibility that affects the EMI also. To know the amount of EMI, you can use mymoneymantra?s Personal Loan EMI Calculator.

Key Documents for Personal Loan

Following documents are required to apply for a Personal Loan:

Age proof

Anyone of the following:

  • Aadhar Card
  • PAN Card
  • Voter ID
  • Driving license
  • Passport
Address proof

Anyone of the following:

  • Aadhar card
  • Registered Rent Agreement
  • Driving license
  • Lease or Passport
Income documents

† Salaried Employee

  • Salary slips in case of salaried employees (Last 6 months)
  • Form 16 and a copy of ITR for latest 2 years
  • Bank account statement of last 3 months reflecting salary credit/ business flows
  • Employment Certificate

† Self-Employed Professionals/ Business Man

  • Financials including Balance Sheet and P & L statement
  • Income Tax Return in case of self-employed
Other documents
  • Loan application form
  • 2 passport size photographs duly signed†

Why take a Personal Loan via mymoneymantra and how do we help?

Mymoneymantra is a leading financial services marketplace with an experience of more than three decades. The mymoneymantra team consists of experienced and service-oriented professionals who will help you choose the best loan offer, suitable to meet your specific requirement. They will keenly analyze your financial needs, and then help you throughout the loan process beginning from the submission of loan application till the loan disbursal into your account and even afterwards for any service requirement.

You can get in touch with our loan experts anytime and obtain the best loan offers.

EMI Calculator

EMI Calculator

Loan EMI

Total Interest Payable

Total of Payments
(Principal + Interest)

Eligibility Calculator

Eligible Loan Amount:


Monthly Repayment:


Total Interest Payable:


EMI Calculator

Balance Transfer Calculator

Payout in first loan


Payout in new loan


Total gross saving


Prepayment Amount Calculator

Loan repaid


Loan balance


Pre-payment penalty


Total pre-payment to be made


How soon can I payoff my loan

Note on part prepayment
Amount - How much do you want to part prepay?
Month - When do you want to prepay? If you availed your loan in Jan’16 and want to part pay in Jan’17, then please enter 12 months.

Loan repaid in