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Personal Loans in India

Get best offers on personal loan in your city

Last Updated 20th Jan 2022

  • Get lowest personal loan interest rates starting @10.25% from different banks
  • Compare online and get best personal loan offers from various banks
  • Avail personal loan for a maximum tenure of 5 years and pay less EMI for longer tenure
  • Estimate your loan eligibility online at MyLoanCare Personal Loan Eligibility Calculator
  • Apply for personal loan online at MyLoanCare and get attractive cashback upto ₹ 1,000
  • No collateral security or guarantor required to get personal loans
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Features of Personal Loan

A personal loan is an unsecured loan that can be availed for various purposes such as vacation or travel, higher education, wedding, medical treatment, credit card payment etc. Some of the key features are:

  • No Collateral Required: A personal loan is an unsecured loan, and you don't require to submit any security in the form of shares, cash or any other asset.
  • Loan Tenure: A personal loan can be availed for tenure ranging between 2 Months to 84 Months.
  • Personal loan Rates: Personal loan rates start at 10.25%. Along with rates, borrowers also have to pay other charges like processing fees, prepayment and foreclosure charges etc. on a personal loan.
  • Loan Amount: You can get personal loan amount ranging between ₹ 1,000 to ₹ 75 Lakh based on your income eligibility and credit score.
  • Special Schemes: Banks also offer customized personal loan interest rates and schemes for pensioners, salaried borrowers working in government, defence, private or MNC companies and self-employed professionals like Doctors, CA, CS, Architects.

How to choose the best personal loan in India?

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 follow the following procedure.

  • Compare Personal Loan Rates: To get the best personal loan online, you must compare personal loan interest rates of all banks and NBFCs at an online marketplace like myloancare.in. Along with rates, check processing fee, prepayment charges and any other associated cost on loan.
  • Check Other Services of Banks: Once you have shortlisted some banks, you must consider other services like turnaround time, quick loan delivery, doorstep services, transparency in the loan process. You can also check online reviews of various financial institutions.
  • Verify Personal Loan Eligibility: Now, finally check your loan amount eligibility and monthly EMI you can afford based on factors such as age, monthly income, current obligations etc. You can use an online Personal loan eligibility calculator and Personal Loan EMI calculator, respectively to check your loan eligibility and EMI you can afford.
  • Examine Other Possibilities: Before applying for a loan, you can look at other options like taking a personal loan from your friends or family. If you take a loan from your family, you may have to pay nil or negligible interest on the loan. However, it depends on your relationship with them.

Compare Personal Loan offers for different cities in India


What is the lowest interest rate on a personal loan?

Presently, the lowest rate of interest rate on a personal loan is 10.25%.

How long does it take to get a personal loan?

The personal loan gets disbursed in 3 to 7 days. However, some banks disburse the amount the same day if you are an existing customer with excellent credit history.

What is the minimum income requirement to get personal loan?

The minimum income required to apply for a personal loan is ₹ 25,000.

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Personal Loan News - Jan 2022
  • 2022-01-07 : Tata Capital Launches Flexi Plus Loans for Different Categories
    Tata Capital has launched Flexi Plus loans across different products including, personal, business, loan Against Property, two-Wheeler and home Loans. The loan comes with longer tenure, overdraft facility and a step-up plan.
  • 2022-01-07 : EarlySalary Loan Disbursement Grew by 300 per cent in December 2021
    Early Salary has crossed ₹5,000 crore loan disbursement to grow loans by 300 per cent in December 2021.
  • 2022-01-06 : Canara Bank Q3 Net Profit Rises by 139.5%
    Canara Bank has reported a net profit of 139.5% to register a year-on-year profit of Rs. 1,667.3 cr in Q3.
  • 2022-01-06 : Bandhan Bank Registers 11 per cent Growth in Advances
    Bandhan Bank has registered 11 per cent growth in advances for the Q4 of FY 2021-22. As a result, the advances grew to ₹89,213 crore compared with ₹80,255 crores same period last year.
  • 2022-01-05 : HDFC Bank Reports Growth by 16.4%
    The private lender HDFC Bank reported that its advances growth rose by more than 16.4% in the December quarter. As a result, the advances reached Rs 12.6 lakh crore compared to Rs 10.8 lakh crore in the same period last year.
*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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