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Planned Personal Expenses
Financing for significant personal expenses that may not be practical to fund entirely from existing savings.
Personal Loan
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Personal Loan
Flexible financing for personal requirements, structured around your financial circumstances, repayment capacity and borrowing needs.
Loan Solutions
Personal Loan
Flexible financing for personal requirements, structured around your financial circumstances, repayment capacity and borrowing needs.
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What is a Personal Loan?
A personal loan is generally an unsecured form of financing that can be used to meet a range of personal financial requirements.
A personal loan provides borrowers with access to funds without generally requiring the loan to be secured against a specific property or financial asset.
Depending on the lender and the borrower's profile, personal loans may be used for a variety of requirements, including planned expenses, education, medical needs, travel, home-related expenses, major purchases or consolidation of existing obligations.
Since personal loans are generally unsecured, lenders typically evaluate the borrower's income, employment profile, credit history and repayment capacity when determining eligibility and applicable terms.
Personal loans can provide convenient access to funds, but because they are generally unsecured, their interest rates and terms may differ from secured forms of borrowing.
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When Can a Personal Loan Be Considered?
Personal loans may be useful when financing is required for a specific personal requirement and the borrower has sufficient repayment capacity.
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Education & Professional Needs
Funds may be used for eligible education, professional development or career-related expenses, depending on the lender's terms.
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Medical & Emergency Expenses
Personal financing may help meet unexpected expenses when adequate liquidity is not immediately available.
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Major Purchases & Life Events
Depending on the lender, personal loans can be used for various major personal expenses and life events.
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How to Check Eligibility for Personal Loan
Before you consider applying for a Personal Loan, it is important to make sure that you meet the applicable eligibility requirements.
You need to be sure that you are eligible for a Personal Loan before you consider applying for one.
The eligibility criteria dictate that you can apply for a Personal Loan if you meet the following requirements:
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Employment & Professional Profile
You are a salaried doctor, a Chartered Accountant (CA), or an employee of a private limited company or a Public-Sector Undertaking, including Central, State and Local bodies.
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Age
You are within the age range of 21 to 60 years.
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Employment History
You have held a job for at least 2 years, with a minimum of 1 year with your current employer.
Additional eligibility conditions, documentation requirements and approval criteria may apply depending on the lending institution and the applicant's profile.
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Key Features & Benefits
The exact features of a personal loan depend on the lender and borrower profile.
Flexibility
Multiple Personal Requirements
Personal loans can generally be used for a range of eligible personal requirements rather than being tied to a specific asset.
Security
Generally Unsecured
Personal loans are generally not secured against a specific property or financial asset, although the lender's terms and product structure determine the applicable conditions.
Repayment
Structured Instalments
Repayment is generally structured through scheduled instalments over the agreed loan tenure.
Processing
Streamlined Application
Depending on the lender and applicant profile, digital processes may make application and documentation more convenient.
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Documentation
The documents required depend on the lender, applicant profile and loan application.
Applicants may be required to provide identity and address proof, income documents, salary slips, bank statements and employment-related information, depending on the lender's requirements.
Self-employed applicants may additionally be asked for business, financial and income-related documents. The lender may also request other information as part of its credit assessment and verification process.
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Important Things to Consider
Easy access to financing should not replace careful consideration of the overall cost and affordability of the borrowing.
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Interest Rate
Compare the applicable interest rate and understand whether the rate is fixed or subject to any changes under the loan terms.
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Total Borrowing Cost
Consider processing fees, administrative charges, applicable taxes, insurance and other costs in addition to the stated interest rate.
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Repayment Capacity
Ensure that the monthly repayment remains comfortable alongside existing financial obligations and future financial goals.
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Loan Tenure
A longer tenure may reduce the periodic repayment amount but can increase the overall interest paid over the life of the loan.
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Prepayment & Foreclosure Terms
Review the lender's applicable terms and charges before making partial or full prepayments.
Let's Talk
Looking for the right personal loan?
Speak with our team to discuss your financing requirements and explore personal loan solutions that may be appropriate for your circumstances.
Talk to an AdvisorPersonal loan products, interest rates, eligibility criteria, charges, repayment terms and other conditions vary by lender and applicant profile. Approval is subject to the lender's assessment and applicable policies. Borrowers should carefully review the relevant loan documents and consider their repayment capacity before proceeding.
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