Personal Loan Offers in Your City

Personal Loan Offers in Your City

A personal loan is a credit facility offered by banks, non-banking financial companies (NBFCs), and other financial institutions to eligible borrowers to help them meet their immediate financial needs. It is an unsecured loan which can be availed for numerous purposes such as travel, wedding, higher education, medical treatment, credit card payment, and so on.

Personal Loan in Your City – Interest Rates

Below is the list of top lenders offering best personal loan interest rates in India:

S.No Banks Interest Rates
1 HDFC Bank Ltd 10.75% – 21.30%
2 ICICI Bank Ltd. 11.25% – 21%
3 State Bank of India 9.60% – 15.65%
4 Bank of Baroda 9.85% – 15.45%
5 Punjab National Bank 8.95% – 14%
6 Axis Bank Ltd. 12% – 24%
7 Canara Bank 8.50% – 13.90%
8 Central Bank of India 8.35% – 10.20%
9 IDFC First Bank 9.20% – 38%
10 Kotak Mahindra Bank Ltd 10.75% – 24%

*The rates are as per the websites of the banks as on 25.11.2020.

Features of Personal Loan in Your City

Some of the key features of personal loan are:

  • Sufficient loan amount: Personal loan offers sufficient amount ranging between Rs. 10,000 to Rs. 50 Lakhs based on your need, income, credit score, city of residence, and other eligibility factors.
  • Flexible repayment tenure: These loans can be repaid in flexible repayment tenure ranging between 1 month to 72 months.
  • No collateral required: Being an unsecured loan, a personal loan doesn’t require you to submit any collateral security in the form of property, gold, shares, cash or any other asset.
  • Personal loan interest rates: There are many personal loan providers in every city which results in high competition among them. Due to this stiff competition, Personal loans are offered at varied interest rates. Along with rates, you also have to pay some other charges like processing fees, prepayment charges, foreclosure charges, and so on.
  • Special schemes: Every bank offers customized personal loan schemes for different kind of borrowers, including salaried borrowers working in a government organization, defence employees, pensioners, women, self-employed professionals, and so on.
  • Balance transfer and top-up facility: Many lenders offer balance transfer facility where you can transfer the outstanding balance amount from another lender to them at special rates. You can also avail a top-up loan facility to meet the additional financial requirement after paying 12 EMIs of the existing personal loan without default.


Top Personal Loans for Festive Shopping


How to Choose the Best Personal Loan in Your City?

To choose and avail of the best personal loan deal in your city, you must follow the following steps:

  • Compare interest rates: Compare Personal Loan Interest Rates and other charges of personal loans of all lenders at an online marketplace like MyMoneyMantra. This is the crucial step to get the best personal loan online.
  • Check other services: After comparing rates and finalising some banks, you must check other services offered by the bank like instant approval, turnaround time, quick disbursal, doorstep services, etc. Also, check online reviews of financial institutions you have zeroed in.
  • Check your personal loan eligibility: Now, finally check your eligibility for the loan amount and monthly EMI that you can afford based on certain factors such as age, monthly income, existing obligations, etc. To check your loan eligibility, you can use an online personal loan eligibility calculator and to calculate the EMI you can use Personal Loan EMI Calculator.
  • Check the city where the lender operates: It can be possible that your city is out of service area list of the lender. So, check with the lender if they offer a personal loan in your city or not.

Personal Loan in Your City – Documents

To Apply for a Personal Loan, you will have to submit the following documents to the lender. The documents requirement may change from lender to lender. 

  • Common documents for all applicants:
    • Personal loan application
    • 2 passport-sized photographs of applicants and joint applicants (if any).
    • Identity proof: Passport, Voter ID Card, Driving License, Aadhaar Card, PAN Card (copy of any one).
    • Address proof: Passport, Voter ID Card, Driving License, Aadhaar Card, Utility Bill (not older than 3 months), Leave & License Agreement, Employee ID Card issued by relevant authorities (copy of any one). 
    • Proof of end use
  • Additional documents for salaried applicants:
    • Bank statement of last 3 months or passbook of last 6 months
    • Last 3 months’ salary slips or current dated salary certificate
    • Latest Form 16 or Income Tax Returns
  • Additional documents for self-employed applicants:
    • Office address proof
    • Proof of office ownership
    • Proof of business continuity
    • Balance sheet for the last 2 years
    • Profit & loss account for the last 2 years
    • Computation of income for the last 2 years
    • Income Tax Returns of the last 2 years
    • Business proof: Gomasta License, Registration Certificate, Service Tax Registration, etc.
    • IT Assessment or Clearance Certificate
    • Income Tax Challans
    • TDS Certificate (Form 16A)
    • Form 26 AS for income declared in ITR


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Personal Loan in Your City – Eligibility

To apply for a personal loan, you have to meet the following eligibility criteria. The criteria may vary from lender to lender.

  • Employees of Central, State Government, Autonomous Bodies, PSUs, Joint Sector Undertakings, Public Limited Companies, select private limited companies, MNCs, & Educational Institutions, with minimum work experience of 1 year.
  • Employees of Proprietorship, Partnership Firms, Private Limited companies, Trust, with a minimum service period of 1 year.
  • Insurance Agents doing business for at least the last 2 years.
  • Self-employed professionals (such as Doctors, Engineers, Architects, Interior Designers, Consultants, CAs, Practicing Company Secretaries. etc.) with minimum business stability of 1 year.
  • Self-employed business persons with minimum 1 year business stability.
  • Individuals aged between 21 and 60
  • Minimum net monthly income of Rs. 15,000 or above
  • Applicant must at least be graduate
  • Applicant must be an active resident of a city for at least the last 1 year

How to Apply for a Personal Loan in Your City?

There are many ways to apply for a personal loan, including the following:

  • Online through MyMoneyMantra: Visit MyMoneyMantra, go to the Personal Loan section, fill and submit the required details online. You will soon get a call from our representatives.
  • Online through the bank’s website: You can visit the official website of the bank and fill in the loan application.
  • Online through the bank’s mobile app: Almost every bank has its own mobile app. You can access the app and fill in the application for instant loan application.
  • By calling or sending an email at customer care: You can call the customer care of the bank or send them email to apply for the loan.


✅ How long does it take to get a personal loan?

The personal loan may get disbursed within 7 days. However, some banks promise to disburse the loan amount the same day if you are their existing customer with excellent credit history.

✅ What is the minimum income requirement to get a personal loan?

The minimum income required to avail of a personal loan may vary from lender to lender. However, you can get a personal loan within a minimum monthly income of at least Rs. 15,000.

✅ What are the applicable processing charges on personal loans?

Personal loan processing charges may vary between 0.50% and 4% of the sanctioned loan amount, depending on the lender and loan amount availed.

 Maximum how much loan amount can I avail?

You can avail up to Rs. 50 Lakhs as the personal loan amount.

 How long is the repayment tenure?

The repayment tenure for personal loans may vary between 1 month to 72 months, depending on the lender, loan amount, applicant’s age and income.


Also Read: Loan on Aadhaar Card: Top Personal Loan Bank Offers on UID


To apply online for Best Personal Loan Providers for Pensioners, Secured Loans and Unsecured Loans, visit, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 7 million+ happy customers since 1989.


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Category: Personal Loan