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Personal Loan

  • What is a Personal Loan?

Personal Loan is an unsecured loan that is generally used for a personal purpose. This type of loan could be used for paying off debts, going on vacations, buying appliances and latest gadgets, home improvement, unexpected medical expenses, and so forth.  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 a Personal Loan does not require any security or collateral, the rate of interest charged is comparatively higher than other types of loans. Unlike the high rate of interest, the loan tenure is shorter than the other types of secured loans and 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: 50,000
  • Maximum amount: 50 Lakhs
Loan TenureRanges 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
Prepayment Ranges between 1% to 2% of loan amount


Different Types of Personal Loan

There are different types of Personal Loans based on need - for example:

Festival LoansLoans offered during festival season at discounted interest rates for a shorter period of time. 
Consumer Durable LoansSmall loans offered to purchase durable consumer products including televisions, ACs, etc. 
Marriage LoanLoan offered for marriage expenses 
Vacation LoanLoan taken for travel (Domestic and International)
Home RenovationLoan for renovating/ upgrading your home


Personal Loan Eligibility Factors and Key Documents:

A Personal Loan is offered based on certain factors that determine the eligibility of the borrower. Some of these are enumerated below.

Eligibility Criteria 
Credit Score 
  • Good repayment record on past loan repayments, credit card monthly payments and loan instalments etc.
  • Good Credit Score (650 and above) 
Type of Company  
  • Rating of the company you are employed with affects Personal Loan terms
  • Listed companies get a higher loan amount
Repayment Capability of the borrower 
  • Applicant should be a long-term employee of the  current organization
  • Continuity of business is checked for a Self-employed business owner  
  • Varies from bank to bank
  • Normally 21 years and above is required 

Who can apply?

  • Salaried Employee
  • Self-Employed
  • Self-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 

Any one of the following:

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

Any one 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 Owners

  • Financials including Balance Sheet and P & L statement
  • Income Tax Return in case Self-Employed
Other documents 
  • Loan application form
  • 2 passport size photographs 


Why Take a Personal Loan via mymoneymantra and How Do We Help?

mymoneymantra is a leading financial services marketplace with 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 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 follow-up for any service requirement.

Contact 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