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Comparison of Interest rates from different lenders


Interest Rate
10.99 %

Loan Amount
upto Rs.15L


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
Starting 12.99% (p.a.)

Loan Amount
upto Rs.20L


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.

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Personal Loan Eligibility for Salaried vs. Self-Employed

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. 

CriteriaSalaried IndividualsSelf-Employed Individuals
Age21 to 65 years (may vary slightly by lender)24 to 80 years (may vary slightly by lender)
NationalityResident IndianResident Indian
Minimum IncomeVaries by lender (typically ₹20,000 per month or more)Varies by lender (may require proof of sufficient income to support loan repayment)
Employment StatusMinimum 1 year of experience, with at least 1 year in current organizationMinimum 3 years of business experience, with overall 5+ years of business experience preferred
Credit ScoreMinimum score of 750 or higher (may vary by lender)Minimum score of 685 or higher (may vary by lender)
Additional DocumentsSalary slips, employment certificate, bank statementsBusiness registration documents, income tax returns, bank statements

Pros and Cons of Taking a Personal Loan


  • Consolidate Debt

    Personal loans can be used to consolidate high-interest debt from credit cards or other loans into a single monthly payment with potentially lower interest rates, simplifying your debt management

  • Quick Access to Funds

    Compared to other loan options, personal loans can be approved and funded quickly, providing access to cash for unexpected expenses or emergencies

  • Flexible Use

    Unlike some loans restricted to specific purposes, personal loans offer flexibility in how you use the funds, allowing you to cover various expenses like home improvements, medical bills, or major purchases

  • No Collateral Required

    Most personal loans are unsecured, meaning you don't need to put up any assets like your car or house as collateral, reducing the risk of losing them if you default on the loan


  • High Interest Rates

    Personal loans can come with relatively high interest rates, especially for borrowers with lower credit scores. This can significantly increase the overall cost of borrowing

  • Increased Debt Burden

    Taking on a personal loan adds to your existing debt obligations, which can strain your budget and make it challenging to manage other financial commitments

  • Risk of Default

    Missing loan payments can damage your credit score and lead to late fees, penalties, and potential debt collection issues

  • Temptation for Overspending

    Easy access to funds through a personal loan might tempt you to overspend, potentially leading to a deeper debt cycle if not managed responsibly

Personal Loan Repayment Options

Fixed Equated Monthly Installments (EMIs): This is the most common repayment option, where you pay a fixed amount every month throughout the loan term. The EMI covers both principal and interest.

Part-Prepayment: You can make additional payments towards the loan principal beyond your regular EMI, reducing the outstanding balance and potentially saving on interest costs.

Foreclosure: Some lenders allow full repayment of the loan before the scheduled end date, typically subject to prepayment charges.

Automatic Debit: Set up automatic debits from your bank account to ensure timely payments and avoid late fees.

Remember: Always check with your lender for specific repayment options and any associated fees or charges.


Documentation Required for Personal Loan

Category Salaried Individuals Self-Employed Individuals
Identity Proof * PAN Card * Aadhaar Card * Voter ID Card * Driving License * Passport * PAN Card * Aadhaar Card * Voter ID Card * Driving License * Passport
Address Proof * Aadhaar Card * Passport * Driving License * Utility Bill (not older than 3 months) * Aadhaar Card * Passport * Driving License * Utility Bill (not older than 3 months) * Ration Card
Income Proof * Latest 3 months’ salary slips * Bank statements of salary account for the last 3 months * Form 16 (if available) * Latest Income Tax Returns (ITR) * Audited financial statements for the past 2 years * Bank statements for the last 6 months (savings and current accounts)
Employment Proof * Appointment letter * Latest salary certificate * Business registration documents (if applicable) * GST registration certificate (if applicable) * Shop & establishment act certificate (if applicable)
Additional Documents * 2 Passport-sized photographs * Application form duly filled * Office address proof (if applicable) * Proof of business continuity (if applicable)
How to buy

Personal Loan Application Process

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

  • Visit
  • Hover on “Loans” and Click on “Personal Loans”-> “Apply for Personal loan”
  • Select the type of profession, Enter your Net Monthly Salary, Select the Loan amount required, Select the type of residence
  • Enter your Personal details such as Name, mail ID, Pincode, PAN, and state
  • Confirm your registration with an OTP
  • A lead will be created, and the customer care agents will contact you to seek documents and find offers from suitable banks or NBFCs. after which your loan will be processed.
Top Reasons for Personal Loan Rejection
  • Low credit score: Lenders rely heavily on credit score to assess your creditworthiness. A low score indicates a higher risk of default.
  • Insufficient income: Not meeting the lender’s minimum income requirements hinders your ability to repay the loan.
  • High debt-to-income ratio: Existing debt obligations can limit your capacity to handle additional loan repayments.
  • Unstable employment history: Frequent job changes or short employment tenure raise concerns about your income stability.
  • Incomplete or inaccurate application: Ensure all information provided is accurate and complete to avoid delays or rejection.
  • Multiple loan applications: Applying for several loans simultaneously can negatively impact your credit score and raise red flags for lenders.
Tips to Improve Your Chances of Approval
  • Build and maintain a good credit score: Make timely payments on existing debts, avoid exceeding credit card limits, and consider credit-building strategies.
  • Increase your income: Explore ways to increase your income, such as seeking a raise or taking on additional work.
  • Reduce debt: Pay down existing debts to lower your debt-to-income ratio and improve your financial standing.
  • Maintain stable employment: Aim for consistent employment with a reputable organization.
  • Submit a complete and accurate application: Double-check all information and provide necessary documentation promptly.

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

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.

Charges & Fees related to Personal Loans

Origination FeeA one-time fee charged by the lender for processing and underwriting your loan application.1% – 6% of the loan amount
Processing FeeA separate fee for covering administrative costs associated with processing your loan application.Flat fee of ₹1,000 – ₹5,000
Prepayment PenaltyA fee charged if you pay off your loan early.1% – 4% of the remaining loan amount
Late Payment FeeA penalty charged for late or missed loan payments.1% – 5% of the missed payment amount
Early Access FeeA fee charged if you access your loan funds before the scheduled disbursement date.1% – 2% of the early accessed amount
Excess Withdrawal FeeA fee charged if you withdraw more than the permitted amount from your loan account.Flat fee of ₹250 – ₹500 per excess withdrawal
Account Maintenance FeeAn annual or monthly fee for maintaining your loan account.Flat fee of ₹100 – ₹500 per year or month
Bounce ChargeA fee charged if your loan repayment cheque bouncesFlat fee of ₹250 – ₹500 per bounced cheque
Legal FeesFees incurred if the lender needs to take legal action to recover the outstanding loan amount.Variable depending on the legal proceedings

Comparing Personal Loans vs. home Loans, vs. Credit Cards

Feature Personal Loan Home Loan Credit Card
Purpose Various personal needs (consolidation, emergencies, major purchases) Purchase or refinance a home Ongoing purchases and expenses
Amount Typically smaller amounts (₹1 lakh – ₹25 lakh) Larger amounts (₹50 lakh – ₹5 crore+) Limits set by issuer (typically ₹50,000 – ₹5 lakh+)
Interest Rate Generally higher (10% – 24%) Generally lower (6% – 9%) Very high (15% – 40%)
Term Shorter terms (1 – 5 years) Longer terms (15 – 30 years) Revolving credit (no fixed term)
Collateral Usually unsecured (no collateral required) Secured by your home Unsecured
Application Process Relatively simpler and faster More complex and lengthy Instant approval for existing cardholders
Approval Criteria Credit score, income, employment stability Credit score, income, debt-to-income ratio, property value Credit score, spending history
Fees Processing fees, origination fees, late payment fees Processing fees, prepayment fees, legal fees Annual fees, late payment fees, cash advance fees
Early Repayment May allow part-prepayment or foreclosure (subject to fees) May allow prepayment (subject to fees) Minimum payment due each month


You can learn more from our asked questions
There are several banks offering instant personal loans and pre-approved loans based on your relationship with the bank. Banks like DBS, Finnable, offer an instant personal loan to its customers and have been customer's choice for personal loans.
Consider borrowing from friends or family, selling unused items, or taking on small gigs. Explore immediate options, like online platforms or local lenders, to fulfill the urgent need for 20,000 rupees
Apply Personal loan online at, keep necessary documents ready, maintain a good credit score, and consider lenders offering quick approval and disbursement.
It is possible to get Rs. 50000 loan without salary slip. Eligibility criteria varies among lenders. Check lenders who consider alternate income proofs like bank statements or self-employment.

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