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Personal Loan Apply Online

Online Personal Loan, May 2022

Last Updated 22nd May 2022

FeaturesPersonal Loan
Age18 to 65 years, some banks may offer an age limit till 76 years for pensioners
OccupationSalaried and Self-employed professionals
Credit Score750+ is ideal. However, some banks may offer with a score of 650 and above
Minimum Income₹ 25,000 per month
  • You can apply for a personal loan online and offline to meet urgent financial requirements such as weddings, medical emergencies, home renovation, etc.
  • The lowest personal interest rates start from 10.25%. Check Best Offers
  • To avail of a personal loan, you are required to submit KYC and income proof documents.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Voucher

How to Apply for Personal Loan Online Through MyLoanCare Website ?

You can get personal loan online through the bank’s 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 through MyLoanCare.

  • Visit MyLoanCare and fill in your personal and loan requirement details like name, number, income, residence, existing loan and other details.
  • After submitting the details, you will get multiple options to compare rates and charges based on your details.
  • 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 based on your eligibility and 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 verifying 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.

Benefits to Apply Personal Loan Online with MyLoanCare

Following are the reasons for applying through MyLoanCare:-

  • Applying through MyLoanCare gives you the option of choosing the best deal offered by different lenders without making multiple applications. You also avoid a hard inquiry on your credit report that can negatively impact your credit score.
  • The online marketplace offers excellent pre and post-service in addition to bank neutral advice for applying for personal loan online.
  • In addition, you can also avail of a Voucher of upto ₹ 1,000 if you apply for a personal loan online through MyLoanCare.
  • Also, you can get a bonus of up to Rs. 10,000 for each successful referral if you refer your friend or family to avail of a loan through MyLoanCare.
  • Some of the other benefits of applying online through MyLoanCare are Free on-call assistance for the process of a personal loan application, eligibility, documents required etc.

Best Personal Loan Providers in India

Banks Interest Rate Loan Tenure
9.60% 72 Months
10.25% 60 Months
10.25% 60 Months
Bajaj Finserv
12.99% 60 Months
IDFC First Bank
10.49% 60 Months
Axis Bank
10.49% 60 Months
Tata Capital
10.49% 72 Months
Fullerton India
11.99% 48 Months
IndusInd Bank
10.49% 60 Months
Kotak Bank
10.45% 48 Months
RBL Bank
14.00% 60 Months
11.75% 60 Months
HDB Financial
30.00% 60 Months
12.00% 60 Months
Indian Bank
8.90% 36 Months

What are the Documents And Eligibility Required for a Personal Loan Application

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

Eligibility Criteria to Personal Loan Apply Online

The eligibility criteria to apply for an online personal loan is listed below:

  • Age: For salaried, 18-65 years and for self-employed 21-65 years.
  • Minimum Income: ₹ 25,000 for salaried and annual income upto ₹ 3 Lakh for self-employed.
  • Work Experience: A total work experience of 36 months
  • CIBIL Score: 650 or above

How Do I Get a First Personal Loan?

If you are planning to avail of a personal loan for the first time, here are a few things that you must remember as a first time applicant:

  • Choosing the right lender: It is essential to choose the right lender to avail the personal loan at the best rates. You can compare personal loan rates and other charges of top banks at one place through an online marketplace like MyLoanCare. In addition to the thorough comparison of personal loan offers, MyLoanCare also helps you get personal loan online approval.
  • Track your credit score: Before applying for a loan, you must check your credit score to avoid any chances of rejection of your loan application. In addition, you can rectify any errors, if there are any, in your credit report.
  • Evaluation of current liabilities: If you have any uncleared dues or pending payments on credit cards or loans, you must pay all those dues before applying for a loan. In addition, it is significant to check your debt-income ratio to get a personal loan at low rates.
  • Keeping your documents ready: Also, it is advisable to keep personal loan required documents such as identity proof, residence proof and income proof handy as you apply for a personal loan.

Things to do after Closing a Personal Loan

Here are crucial things that you must take into consideration at the time of closing or pre-closing your loan account:

  • Check Foreclosure/Preclosure Charges: Most banks charge a penalty on pre-closing or foreclosing your loan account. These charges vary from bank to bank. You must check these charges before closing a personal loan account.
  • No-Objection Certificate: Ensure to collect your no-objection certificate containing all details about loan closure, name, address, loan account number. A no-objection certification is proof that you have cleared all your dues and do not have an outstanding loan on your account.
  • Obtaining original documents: If you have submitted any related original documents, you must collect all the documents after closing a loan account.
  • Updation of CIBIL: After paying your personal loan, your financial institution must update the impact of repayment of loans on CIBIL. However, as a borrower, you must ensure that the CIBIL score is updated.
Apply Personal Loan


How can I apply for a loan through the online method?

You can apply for a personal loan online through the specific bank website or an online marketplace like MyLoanCare. In addition, borrowers can also get a personal loan online by downloading the bank's mobile application at the play store.

How long does the online personal loan application take to get approved?

It usually takes 1-7 days for approval of your personal loan application. However, some banks may approve your personal loan online immediately in within a few hours of submitting a loan application if you have an excellent credit history.

How to get personal loan online?

Applicants can apply for for unsecured loans like personal loan online through the bank website or online marketplace like MyLoanCare by submitting a personal loan application along with required documents.

What do banks look at when approving a personal loan?

Banks check personal loan eligibility based on credit score, income, the organisation you are working with, profession etc., before approving your loan online.

Do I need to provide any security while applying for an online personal loan?

No, you don't have to pledge any security as a personal loan is an unsecured loan.

How do I get a personal loan instantly?

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

Which bank gives personal loans easily?

Top banks such as HDFC, ICICI & Yes Bank etc. offer easy approval on personal loans with minimal documentation if you are an existing borrower of the bank. In addition, you can avail of pre-approved offers with a personal loan, apply and get low interest features and more if you have a good CIBIL score and work with a reputable organisation.

Can I apply for a personal loan online without income proof?

You can apply for a personal loan online without income proof if you have an excellent CIBIL score, add a co-applicant, provide additional sources of income etc.

Which bank is best for personal loan?

ICICI Bank offers the lowest personal loan rate starting at 10.25% and is the best bank to apply for personal loan online.

How to apply for a personal loan with no credit score?

While it is difficult to get a personal loan with no credit score, you can still avail loan by providing additional sources of income, applying for a loan with a co-applicant or getting a collateral loan. You can also apply for the loan with the bank that offers the loan with no credit history.

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Personal Loan News - May 2022
  • 2022-05-13 : Punjab National Bank Increases Personal Loan Rates
    The bank has increased the rates by 40 basis points, and after the revision, the bank offers personal loans starting from 8.85% to 14.85%.
  • 2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
    The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
  • 2022-05-13 : Ujjivan Small Finance Bank Profit Falls by 7% for Q4
    The bank has reported a 7 percent fall in its net profit to Rs 126.5 crore. Earlier, the bank had posted a net profit of Rs 136 crore in the same quarter of the preceding fiscal year 2020-21.
  • 2022-05-12 : Indian Bank Revises Personal Loan Rates
    Indian Bank has increased the rates on personal loans, and as a result, the bank offers the lowest rates starting at 8.90% to upto 9.40%.
  • 2022-05-10 : Canara Bank Hikes Personal Loan Interest Rates
    The bank has increased the lowest personal loan rates from 12.40% to 12.80%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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