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What is Personal Loan?

A Personal Loan is an unsecured loan that may be short term or long term, given by a bank or non-banking finance company (NBFC) to meet their customers’ personal expenses. An individual can obtain a personal loan based on his income, credit score, repaying capacity, etc.

Usually, personal loans are disbursed within a few days once the individual applies after going through some background verification processes. One of the most striking features of personal loans is their flexibility. From emergency medical situations to planned events like wedding expenses or home repairs there are many personal loan options available.

Personal loans can also be useful when you want to invest in a business venture or make a down payment for an asset you want to buy. You can make use of our Loan calculator to derive an exact figure for which you will repay. Using a Loan calculator will help you draft better financial plans. Unlike a home loan or gold loan, you need not offer any assets as collateral for a personal loan. Since there is no security obtained from the customer end, the interest rates for personal loans are normally high.

Why Apply Personal Loan at Fincover?


Features of Personal Loan

Personal Loans are unsecured loans with a tenure of 12 to 60 Months. For shorter tenures, the EMIs are higher, while for a longer tenure, the EMIs are lower.

No Security Required

An individual applying for a personal loan need not provide any collateral. The loan is provided based on your earnings and repaying capacity.

Flexibility in End Use

You can use the money you borrow for various purposes like medical expenses, travel, home renovation and wedding expenses.

Minimal Documentation

You can apply for a personal loan with minimal documentation. All it requires is an ID Proof, Proof of Income (Payslip) and Address Proof.

Quick Disbursal

Unlike other loans that involve lengthy background processes, you can expect loan disbursal within a day or two after you apply.


Personal loans are available with tenures ranging from 12 to 60 months.

Top Up

You have the option to borrow more money by using the top-up facility.

Personal Loan Eligibility

Personal loans are provided mainly to individuals and not to business entities. It can be taken by both salaried and non-salaried individuals. However, the eligibility differs in each case. 

Criteria Salaried Self Employed
Age 21-60 22-55
Monthly Income 15000 (net salary) Rs. 25000
CIBIL Score Above 750 Above 750
Employment Stability Min 1 Year in current company Min 2 years in current business
Minimum Loan Amount Rs. 50000 Rs. 50000
Maximum Loan Amount Rs. 25 Lakhs Rs. 30 Lakhs

Interest Rates

Personal Loans are non-secured loan which is provided with a tenure of 12 months to 60 months. For shorter tenure, the EMIs are higher, while for a longer tenure, the EMIs are lower.

Bank Requirement
SBI 9.60% onwards
HDFC 10.75% onwards
ICICI 10.99% onwards
Citibank 9.99% onwards
Standard Chartered 11.49% onwards
Punjab National Bank 8.80% onwards
IDBI 11.55%
How to calculate a personal loan EMI?

Personal loan EMI calculator

Use Fincover personal loan EMI calculator to calculate your EMI and manage your finances better. With the help of this tool, you can compare interest rates across multiple banks.

  • Enter the loan details
  • The amount you need
  • Interest rate
  • Tenure and processing fee
  • Click on “Calculate” to get your EMI
  • You will receive a detailed break-up of your repayment

Calculation of Total Cumulative Interest?

The formula for calculating the annual interest rate on a personal loan is:

  • I = P * (R/100)
  • I – > Interest Payable
  • P – > Principal or Outstanding
  • R – > Interest Rate

While this is the general formula for a loan with a one-year tenure, the principal amount may vary with the amount paid for multi-year loans. To eliminate the hassles of manual calculation, you can use our personal loan EMI calculator, which shows you the total interest rate with just a few clicks.


Factors Influencing Personal Loan


Income of the Applicant

The higher the income level of the application, the better the chances of a larger loan.


Number of Dependents

The number of dependents in the applicant’s family has an influence on the loan amount sanctioned. A high number of dependents usually results in a decrease in the loan amount.


Current EMIs

If the applicant has already taken a loan and is paying EMIs for it, there are chances for a reduced loan amount.

There may be several other factors which play a role in personal loan disbursal, it is up to the lenders to fix their criteria for personal loans.

Documents required for Personal Loan

  • Photo ID proof (PAN Card, Aadhaar Card)
  • Address Proof (Ration Card, Voter ID/ Driving License)
  • Salary Certificate for working professionals and bank statement
  • Two-year bank statements for non-salaried professionals
  • GST Registration and Filing Documents for self-employed professionals

How is Personal Loan Disbursed?

Once your application details are verified, the loan is sanctioned by the bank or NBFC in two days. Normally the loan disbursal occurs in one of the two following ways:

Way 1 Way 2
  • The loan amount is transferred directly to the applicant’s bank account specified
  • The applicant receives an account payee cheque or a draft from the bank

Repaying your Personal Loan

You have to be regular in repaying your Personal Loan EMIs in order to maintain a clean credit history. You can pay your EMIs through the following means


Autopay Feature

You can use the autopay feature to pay the EMI amount.


Online Transfer

Make use of the NEFT/ RTGS facilities in your Internet banking to transfer the funds.


Cheque or Draft

You can issue post-dated cheques to pay your EMI or issue drafts.

Charges and Fees related to Personal Loans

Every loan provider charges a processing fee for administration expenses and the amount differs with each bank. Usually, the processing fee is between one and three per cent of the loan amount.
If you fail to make your EMI payment on a scheduled date, the bank may levy a late payment charge along with the next EMI.
If you wish to close the loan before the actual tenure by paying off the outstanding as a lump sum you can do so, but the bank will levy a foreclosure charge on you. This could vary from 0 to 5 percent of the principal amount in addition to taxes.
Know your chances of approval with our smart algorithm which will display the potential lenders.

Why Should you apply PL at Fincover?

Fincover saves you the hassle of visiting each bank’s site to apply for a personal loan. We have a platform that aggregates the best of personal loans and you can compare quotes from each bank and pick the best one.
You can easily check your maximum eligible loan amount on our platform.
Using our Personal EMI calculator will help you predict your repayment obligation in terms of amount and time to manage your finances better.
The entire process of applying for a personal loan is made completely transparent with no hidden catch. Customers can also rest assured about their privacy. We at Fincover will not share your personal details anywhere without your consent.
How to buy

How to Apply for Personal Loan?

To apply for a personal loan online at Fincover, follow these steps,

  • Login to Fincover.com
  • Click on “Banking Products” and hover on “Loans”
  • Click on “Personal Loans”
  • Enter your personal details such as mobile number, annual income, employed or self-employed, current city and also the required loan amount
  • Click on “Proceed” and you will see a list of personal loan offers from various banks and NBFCs. Select the one that suits your needs and fill out additional details as required.
  • Get an approval from the lender. It is a conditional approval which means the loan approval is subject to verification. A representative from the lending institution will contact you for further processing.


You can learn more from our asked questions
Though several banks and NBFCs are offering personal loans at attractive interest rates, based on all aspects of personal loan from applying to disbursing, HDFC bank ranks as Number 1 among the banks offering personal loans.
Looking for instant funds? Head over to Fincover to discover a variety of loan quotes from multiple banks. Compare loan quotes from multiple banks and apply. Get approved instantly and get the funds credited to your account in less than 24 hours.
Banks, NBFCs, and many other financial institutions offer instant personal loans in a matter of few minutes. You can get approval for these loans within 1 minute. Discover a wide range of loan options at Fincover. Apply now for personal loan to get instant approval.
Most banks and NBFCs offering personal loan have capped the maximum amount at 25 Lakhs. Lenders usually evaluate your monthly income and growth potential before approving a personal loan.
Personal loans are provided mainly to individuals and not to business entities. It can be taken by both salaried and non-salaried individual. The individual must be in the age group 21-60 with a net salary of atleast 15000 per month and CIBIL score of above 750.
For fulfilling your personal commitments, personal loan is one of the best options available. Availing a personal loan is a good idea if you have a stable income and a good credit score, as you have the chance to get the loan at a low interest rate. On the other hand, if you are in a unstable employment, the interest rates for the personal loan would be higher.
Loans can be utilised for various requirements in today’s world. There are different types of loans offered to individuals and business entities in India by several banks and NBFCs. Due to heavy competition, most banks are offering loans at very attractive interest rates and flexible EMIs. Get the the type of loan (Personal/Home/Business/Vehicle) suited to your requirements.

Personal Loan Rate starts at 10.25% and goes upto 36.5%. HDFC and ICICI banks offer personal loans starting from 10.25%.
You can utilize a platform like Fincover which lets you take a well-informed decision on personal loans. At Fincover, you can
1. Compare Interest rates from multiple banks
2. Compare Fees and Charges
3. Look for repayment flexibility
4. Examine other sources for securing a loan
Personal loans and credit cards usually come with high interest rates as they do not require any form of collateral.