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Personal Loan Apply Online

Online Personal Loan

Last Updated 23rd Sep 2020

  • A personal loan is an unsecured loan that can be availed to meet urgent financial requirements such as a wedding, medical emergency, home renovation, educational expenses etc.
  • Compare and get best offers on a personal loan online.
  • Apply for a personal loan online and save time and effort without hurting your credit score.
  • With instant personal loan application, avail a loan within a few hours.
  • Estimate your loan eligibility online with MyLoanCare personal loan eligibility calculator.

About Personal Loan

Personal Loans are unsecured loans available for both salaried and self-employed professionals to meet unexpected financial needs for marriage, medical emergency, travel, home renovation, pay credit card dues etc. Presently, you can get a personal loan for a tenure ranging between 1 months to 72 months at 10.45%. Banks may also charge a processing fee of Upto 2.25% of Loan Amount on a personal loan.

How to Apply For Personal Loan Online?

You can apply for a personal loan online through the bank website or online marketplace. However, to get the best rates on a personal loan, you must calculate your loan EMI and eligibility before making a detailed comparison of offers and schemes of leading banks and NBFCs in India.

Here is a step-by-step procedure to apply for a personal loan through

  • Visit or download the app and fill in your personal and loan requirement details like name, number, income, residence, existing loan and other details.
  • Once you submit the details, you will get multiple banks option to compare rates and charges based on the details provided by you.
  • After that a MyLoanCare representative will contact you to confirm your details and discuss your loan requirements. He/she will suggest the right banks and loan offers to you based on your eligibility and also explain the complete personal loan process and documents required.
  • If you are eligible and interested, our representative will fix an appointment with the bank for document pick-up and further loan process. You can also upload your documents online at MyLoanCare’s website. A bank's representative will contact you and will initiate a verification process.
  • After verification of your documents and based on your credit history and eligibility, the bank will decide to sanction or reject your loan. If sanctioned, you will receive a sanction letter from the bank mentioning the key loan terms, including interest rate, processing fees, tenure, prepayment charges.
  • Finally, the sanctioned loan amount will be disbursed to your bank account.

Why should you apply for a Personal Loan Online?

Applying for a personal loan online can not just save your time but also provides you with the convenience to apply for a loan anytime and anywhere. Here are some of the other significant reasons why you should apply for a personal loan online.

  • Compare personal loan rates: You can quickly determine the best bank for a personal loan by comparing personal loan interest rates and other charges like processing fees, prepayment fees etc., if you apply for a personal loan online.
  • Checking personal loan eligibility: With online Personal Loan eligibility tools, you can determine the loan amount and tenure based on your income level. Further, it is also easy to calculate Personal Loan EMI using Online Personal Loan EMI calculator.
  • Does not affect your credit score: Applying for a personal loan directly with the banks may affect your credit score. However, if you apply for a personal loan through the online marketplace, then you can compare the personal loan rates of the various institutions without hurting your credit score.
  • Minimal documentation: If you apply for a personal loan online, you have to fulfil minimal paperwork and can submit documents online, thus saving both your time and efforts. Therefore, the entire process from applying for a loan to sanctioning a loan is quick and convenient.
  • Tracking your Personal Loan account: It is easy to track your Personal Loan account by installing a mobile application on your phone. You can know account balance, information about the previous transaction or any other information about your personal loan account by sitting in the comfort of your house.

Benefits and Features of Personal Loan

A personal loan has the following features and benefits:

  • No collateral required: A personal loan is an unsecured loan, and thus it does not require any security in the form of cash, shares or any other assets.
  • No restrictions on end-use: A personal loan can be used to meet personal and business needs that require immediate funds. There is no restriction on how you can use a personal loan.
  • Loan Tenure: A personal loan is available for short to medium tenures and can range upto 72 Months.
  • Age: Salaried individuals and self employed professionals between the age group of 21 years to 65 years can avail a personal loan.
  • Loan Amount: The amount of loan amount you can get for the personal loan depends on your income and repayment eligibility. The loan amount can range between ₹ 9,000 to ₹ 75,00,000. To increase your eligibility of loan amount you must add a co-applicant for the loan.

Top Personal Loan Providers

Banks Interest Rate Loan Tenure
SBI 10.50% 72 Months
HDFC Bank 10.50% 60 Months
ICICI Bank 10.75% 60 Months
Bajaj Finserv 12.99% 60 Months
Citibank 10.90% 60 Months
IDFC First Bank 12.00% 60 Months
Axis Bank 10.99% 60 Months
Tata Capital 11.25% 72 Months
Fullerton India 11.99% 48 Months
IndusInd Bank 11.00% 60 Months
Kotak Bank 10.75% 48 Months
RBL Bank 13.99% 60 Months
IIFL 12.99% 60 Months
HDB Financial 13.99% 60 Months
Corporation Bank 12.95% 36 Months

Personal Loan Eligibility

You can get a personal loan if you fulfill the following eligibility criteria:

  • Age: The age limit to get a personal loan is between 21 to 65 years. However, some banks have also launched special personal loan schemes to pensioners up to an age of 76 years.
  • Profession: Both salaried individuals and self employed professionals can avail a personal loan. The interest rates are lower for salaried applicants.
  • Credit Score: A credit score of 750 or above is considered an ideal score for availing a personal loan. However, some banks give personal loans at a credit score of 650 and above.
  • Income: The minimum income required to apply for a personal loan varies for salaried and self employed professionals. You should have a minimum salary of ₹ 25,000 for getting a personal loan.

Documents Required for Personal Loan

To get a personal loan online, you must submit the application form along with the following documents.

  • Identity proof: PAN Card/ Aadhaar Card/ Voter ID/ Passport/ Driving License/ Govt issued card
  • Address proof: Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old)
  • Income proof: Salary Slip/ Bank Account Statement/ Form 16. In the case of self-employed Previous Year ITR/ P&L Statement and Balance Sheet/ Bank Account Statement also need to be submitted.
  • Business proof: PAN , sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI


Why should you take a personal loan?

A personal loan is an unsecured loan that can be availed without any collateral, and also there is no restriction on end-use of a personal loan. If you apply for a personal loan online, you can quickly get a loan with minimal documents at best interest rates.

Do I need to provide any security to apply for a personal loan?

No, a personal loan is an unsecured loan and does not require any collateral in the form of cash, shares or any other asset.

How can I get a personal loan instantly?

Instant personal loan applications such as Cashe, Kredit Bee, Cashbean, Early Salary etc. provides a personal loan instantly in a few hours with minimal documents for income and identity proof. However, banks like HDFC and ICICI also provide instant paperless personal loan within a few hours of application if you have an excellent credit history.

Is a personal loan available for a holiday or travel purposes?

Yes, a personal loan can be taken to meet individual financial needs, such as a holiday or travel. There are some banks which have exclusive personal loan products for a holiday and trip.

What can a personal loan be used for?

There are no restrictions on the end-use of a personal loan. You can use a personal loan for urgent finance requirements for individual or business needs such as a wedding, travel, medical emergency, home renovation, educational needs or to pay credit card dues.

Personal Loan News - Sep 2020
  • 2020-09-22 : SBI offers up to 2 years repayment relief for home and retail loans
    State Bank of India announced the option to choose either a moratorium of up to 24 months or reschedule the instalments and extend the tenure by a period equivalent to the moratorium granted, for its retail customers. ​​​The bank is aiming to assist the customers amid the COVID 19 and economic slowdown.
  • 2020-09-21 : HDFC Bank launches video KYC facility
    HDFC Bank announced the launch of Video KYC (Know Your Customer) facility. The facility is an alternate method of establishing the prospective customer’s identity, during the account opening process in a safe and secure environment.
  • 2020-09-21 : BOB replicates ‘cluster model’ tractor financing
    With an aim to help the farmers, Bank of Baroda has is planning to extend its cluster model tractor. This model will ensure a focused approach at all levels with dedicated officers being assigned specific roles to provide a qualitative and compliance-oriented growth of the segment apart from reducing the turnaround time (TAT).
  • 2020-09-21 : Canara Bank launched i-Lead 2.0 to boost customer services
    Canara Bank has launched the lead management system (LMS) – i-Lead 2.0 (Inspiring Leads System version 2.0). The system has been launched to provide its services to customers irrespective of where they reside. Through this, customers can enquire by using internet banking, mobile banking, call centre, SMS and missed call. This initiative is being introduced with an aim of building and sustaining business relationships with both new customers to bank and existing customers to the bank.
  • 2020-09-18 : PSBs overtake private banks in 2020
    Public sector banks overtook private sector banks in offering retail loans like home, personal, gold, car, two-wheeler and education loan along with business and mudra loans. Since December 2019, PSBs overall lending has gone up to 57.7% as of June 2020, which is a jump of as much as 60 bpsover six months. During the same period, the share of private banks in overall lending has come down by 60 bps to 34.4%. The share of total loans outstanding that private banks have lost has been taken over by state-owned lenders.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More