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Looking for the best deals on personal loans? Explore a wide range of options from leading lenders that offer interest rates, flexible repayment terms, & quick approvals.


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Understanding Banks & NBFCs Interest Rates


Interest Rate
10.35 % - 12.50%

Loan Amount
upto Rs.40L


Interest Rate
10.50% - 16%

Loan Amount
upto Rs.40L


Interest Rate
10.35 % - 12.50%

Loan Amount
upto Rs.40L


Interest Rate
10.49% - 19%

Loan Amount
upto Rs.50L


Interest Rate
10.49 % - 14.50%

Loan Amount
upto Rs.40L


Interest Rate
10.35% - 12.99%

Loan Amount
upto Rs.50L


Interest Rate
10.75% - 16.50%

Loan Amount
upto Rs.40L


Interest Rate
10.5% - 13.50%

Loan Amount
upto Rs.50L


Interest Rate
10.99% - 28%

Loan Amount
upto Rs.35L


Interest Rate
18% - 33%

Loan Amount
upto Rs.3L


Interest Rate
14 % - 29%

Loan Amount
upto Rs.10L


Interest Rate
16.8% - 33%

Loan Amount
upto Rs.5L


Interest Rate
11.49% - 19%

Loan Amount
upto Rs.30L


Interest Rate
13% - 28%

Loan Amount
upto Rs.25L


Interest Rate
12% - 28%

Loan Amount
upto Rs.3L


Interest Rate
13% onwards

Loan Amount
upto Rs.25L


Interest Rate
12% - 36%

Loan Amount
upto Rs.6L


Interest Rate
12% - 24%

Loan Amount
upto Rs.7L


Interest Rate
11% - 37%

Loan Amount
upto Rs.30L


Interest Rate
13% - 28%

Loan Amount
upto Rs.50L

Personal loan by Bank

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.

Types of Personal Loans

Certainly! There are several types of personal loans, each designed to meet different financial needs. Here are some common types of personal loans.

Unsecured Personal Loans

These loans do not require collateral, meaning you don't need to provide any assets (like a house or car) as security. Lenders assess your creditworthiness based on factors like credit score, income, and employment history.

Secured Personal Loans

Unlike unsecured loans, secured loans require collateral. This could be your home, car, savings account, or other valuable assets. If you fail to repay, the lender can take possession of the collateral.

Fixed-Rate Personal Loans

With a fixed-rate loan, the interest rate remains constant throughout the entire loan term. This provides predictability in monthly payments.

Variable-Rate Personal Loans

Variable-rate loans have interest rates that can fluctuate over time, often in response to changes in a benchmark interest rate. This means your monthly payments can change.

Debt Consolidation Loans

These loans are specifically used to combine multiple debts into a single loan. This can simplify payments and, if the interest rate is lower, potentially save money.

Home Improvement Loans

These loans are tailored for financing home improvement projects. They may be secured (using your home as collateral) or unsecured, depending on the lender's terms

Medical Loans

Designed to cover medical expenses not covered by insurance, these loans can help individuals manage unexpected healthcare costs.

Student Loans

While most student loans are specific to education expenses, some personal loans can be used to cover costs not met by traditional student loans.

Wedding Loans

Intended for covering wedding expenses, these loans provide a way to finance your special day.

Travel Loans

Travel loans are used to fund vacations or travel experiences. They allow you to spread the cost of a trip over time.

Emergency Loans

These loans provide quick access to funds for unforeseen expenses or emergencies, offering a financial safety net.

Business Loans for Individuals

Some lenders offer personal loans for individuals looking to start or expand their own businesses.


Calculate a personal loan EMI?

 With the help of this tool, you can Calculate EMI, and compare interest rates across multiple banks.

  • Enter the loan Requirement details
  • “Loan Amount” you need
  • Loan Rate (%)
  • Loan Tenure (Y/M)
  • “Calculate” to get your EMI
  • You will receive a detailed break-up of your repayment
at Fincover

Advantages of Personal Loans

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 Documents Required

  • 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

Personal Loan Eligibility Criteria

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. 50 Lakhs Rs. 40 Lakhs

Potential Risks and Precautions of personal loan

Potential Risks:

High-Interest Rates

Personal loans, especially unsecured ones, may come with higher interest rates compared to other types of loans. This can lead to increased overall borrowing costs.

Impact on Credit Score:

Failing to make timely payments or defaulting on a personal loan can negatively impact your credit score, making it harder to qualify for future credit.

Debt Accumulation:

Taking on multiple loans or borrowing more than you can comfortably repay can lead to a cycle of debt accumulation, potentially causing financial stress.

Penalties and Fees:

Late payments or breaches of loan terms can result in additional penalties and fees, adding to the overall cost of the loan.

Predatory Lending Practices:

Some lenders may engage in unethical practices, such as hidden fees or excessively high interest rates. It’s crucial to carefully review loan terms and choose reputable lenders.


Compare Offers:

Shop around and compare loan offers from different lenders. Look for the most favorable interest rates, terms, and conditions.

Read and Understand Terms and Conditions:

Thoroughly review the loan agreement. Understand the interest rates, fees, repayment schedule, and any penalties for late payments or defaults.

Budget for Repayments:

Calculate how the loan repayments fit into your monthly budget. Ensure you have sufficient income to cover these payments without compromising essential expenses.

Avoid Borrowing More Than Necessary:

Only borrow the amount you need for a specific purpose. Avoid taking on additional debt that isn’t essential.

Maintain Good Credit Habits:

Pay bills on time, manage existing debts responsibly, and monitor your credit report for accuracy. A good credit score can lead to better loan terms.

Responsible Borrowing Practices

Responsible borrowing practices are essential for maintaining healthy financial well-being and ensuring that loans are used effectively without causing undue financial strain. Here are some key principles of responsible borrowing.


Borrow Only What You Need

Take out a loan for a specific purpose and borrow only the amount required to meet that need. Avoid taking on unnecessary debt.


Avoid Multiple Simultaneous Loans

Taking on multiple loans at once can lead to financial strain. Consider whether you can comfortably manage the repayments before taking on additional debt.


Regularly Review Your Financial Situation

Periodically assess your financial standing and adjust your borrowing habits accordingly. This helps ensure that you're on track towards achieving your financial goals.

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.

Charges & Fees related to Personal Loans

Processing Fee 

 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.

Late Payment Charges 

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.

Foreclosure charges 

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.

How to buy

How to Apply for a Personal Loan?

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

  • Login to Fincover.com
  • Hover on “Loans” and 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
In these days of digital lending, the loan approval process has become very quick. There are several banks offering instant personal loans and pre-approved loans based on your relationship with the bank in few seconds of your consent. Banks like HDFC, ICICI, offer an instant personal loan to its customers and have been customer's choice for personal loans.
Most banks require a minimum salary of Rs. 20000 and above for personal loan eligibility. However, there are many NBFCs like Bajaj Finser, Tata Capital, and Hero Fincorp that can offer personal loan for Rs. 15000 salaried person
Your credit score is an indicator of your credit worthiness. Normally, banks and NBFCs expect a credit score of Rs. 750 and above. However, with NBFCs, you can get a personal loan with credit scores from 650. The decision to approve or reject your loan application, however, lies with the discretion of the NBFC
Generally, the tenure of a personal loan ranges from 12 months to 60 months. The tenure, loan amount, and the interest rate can vary based on borrower's income, credit needs, and more
Personal loan is a unsecured loan, since the bank does not require any collateral from the user.
The list of documents required for personal loan varies from salaried and self-employed persons.

Photo proof (Passport, PAN Card, Aadhar Card, Driver's license)
Address Proof
Salary slip (last 3 months slip)
Bank statements from 3-6 months
IT Returns
Form 16
Current employment certificate

Photo proof (Passport, PAN Card, Aadhar Card, Driver's license)
Address Proof
Salary slip (last 3 months slip)
Proof of office ownership (Maintanene bill, ownership bill, Property documents)
GST Certification
Company registration license
Even after the financial institution has approved the loan, you can still cancel. You can contact the customer care before loan disbursal and inform that you do not need the loan. However, if the amount is credited to your account, you cannot cancel it anymore.
There are no tax benefits associated with a personal loan
You can close the personal loan early. Preclosure helps in lowering the interest rates and reduce your debt burden. Some lenders do levy a penalty charge for preclosing the loan
There are lot of Apps in the market is offering best services but Fincover is the one-stop shop which gives a one-window marketview of personal loan from multiple banks and NBFCs. You can compare loan quotes from multiple lenders and choose the best one after calculating the loan cost, factoring in processing fee, interest fee, and other charges.
There are no tax benefits with a personal loan.
To transfer your personal loan from one bank to another, you will need to provide the details of your existing personal loan, such as the amount left, tenure, and rate of interest. The new financial company will check your repayment record in the last 12 months before approving the balance transfer
Pre-approved loans are offered by banks and NBFCs to their existing customers based on their credit history and relationship. They are usually preapproved and are instantly disbursed to the applicant's account.
No, you cannot show personal loan in Income tax. However, the interest paid on a personal loan can be claimed as deduction provided you have used the loan amount for home construction or home renovation

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