What is a Personal Loan?
A personal loan lets you borrow a lump sum and repay it in fixed monthly instalments (EMIs). Rates on LoanLender currently start at 9.99% p.a. and depend on your credit score, income, employer category and existing obligations. Comparing offers across lenders before applying is the simplest way to lower the total cost of borrowing.
Eligibility criteria
- Age between 21 and 60 years (65 for self-employed)
- Minimum monthly income from ₹15,000 depending on lender
- Credit score of 650+ (750+ qualifies for competitive rates)
- Minimum 1 year of total work experience / business vintage
Documents required
| Purpose | Accepted documents |
|---|---|
| Identity proof | PAN card (mandatory), Aadhaar, Passport, Voter ID |
| Address proof | Aadhaar, utility bill, rent agreement, passport |
| Income proof | Last 3 salary slips / 2 years ITR, 6 months bank statement |
| Business proof | GST registration, Udyam certificate (business loans) |
Fees & charges
| Charge | Typical range |
|---|---|
| Processing fee | Nil – 3.5% of loan amount |
| Prepayment / foreclosure | Nil – 5% of outstanding principal |
| Late EMI penalty | 1% – 2% per month on overdue amount |
| Stamp duty | As per state laws |
Tips to get the lowest rate
- Check your credit score first and fix report errors
- Apply with lenders where you have a salary account
- Keep your total EMIs under 50% of monthly income
- Avoid multiple hard enquiries within a short period
Personal Loan from 43+ partner lenders
LoanLender compares 43 personal loan offers in one place — including Aditya Birla Capital, Axis Bank, Bank of Baroda, Bank of India, CASHe, Central Bank of India, CLIX Capital, Credit Saison India, DMI Finance, EarlySalary (Fibe), Federal Bank, FlexiLoans, HDB Financial Services, HDFC Bank, and 29 more partner banks & NBFCs. Indicative rates start from 9.99% p.a.; use filters to sort by lender, interest rate, loan amount and features before you apply. Terms are set by each lender based on your profile.