Personal-Loan Compare and Apply for Credit Cards, Loans, Investment in India - SafeMudra

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Get lowest Interest rate Personal Loan up to Rs.50 lakhs at 10.99%*. Compare Interest rates, Loan Tenure, Processing fees and calculate EMI and get the personal loan from best bank in India.

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What is a Personal Loan?

A personal loan is an unsecured loan, where the loan amount ranges between Rs. 1 lakh and Rs. 1 crore. It is provided to salaried individuals. However, some banks and NBFCs have special loan schemes for self-employed professionals such as lawyers, doctors, architects, Chartered Accountants etc.

This is a multi-purpose loan by which you can fund more than one financial need.

Personal Loan Features & Benefits

Personal Loan can help you realise your dreams of having that perfect wedding to visiting your dream holiday destination. The loan can also help in meeting unexpected expenses and medical emergencies too. Here are some key features.

Easy

1.

Easy Application

We let you know if you are eligible within just 2 minutes. You can also make use of our personal loan eligibility calculator and find out if you qualify for a loan.

Easy

2.

High Disbursal Amount

Our quick Personal Loan is available for salaried individuals and self-employed professionals. You can borrow from Rs 1 Lakh to Rs 25 Lakhs basis your eligibility

Easy

3.

Flexible Tenures

You can repay your Personal Loan in tenures ranging between 1 and 5 years.* & push for flexible tenures

Easy

4.

Borrow more if you need

You can borrow more money by using the top up facility available for existing users if need.

eligibility

Personal Loan Eligibility Criteria

The following are the eligibility criteria for personal loans in India:

Requirements Salaried Self-Employed Professionals
Age(Min-Max) 21 - 60 years 25 - 60 years
Net Monthly Income Rs.15,000 Rs.25,000
Minimum Loan Amount Rs.50,000 Rs.50,000
Maximum Loan Amount Rs.25 lakh Rs.30 lakh
CIBIL Score Above 750 Above 750
Co-applicant Not mandatory Mandatory

Documents Required for Personal Loans

Checklist of Documents Required for Personal Loan
  1. Photo Identity Proof
  2. Residence Address Proof
  3. Residence Ownership Proof
  4. Income Proof
  5. Job Continuity Proof
  6. Bank Statement
  7. Investment Proof
  8. 1 passport size color photograph
Personal Loan Documents Required
One of the option to get money from reputed banks for all needs is through personal loan. Whether going for a vacation or to buy a best gift for your sibling, make use of the personal loan option! To apply successfully for a personal loan a borrower needs to provide certain set of documents. These documents helps lender (be it a Bank or a NBFC) to know and understand the financial stability of the borrower and analyse the credit risk. Apart from that it helps a lender know and verify all the details about the applicant such as age, income, address, employer and employment. It is on the basis of this a lender decides whether to lend or not to the applicant. As personal loans are unsecured loans, the lender does not takes anything as collateral for the lending amount, hence there is always a potential risk of borrower defaulting or absconding on the loan. Hence to be double triple sure a lender asks for a certain set of documents so that it can learn and analyse the applicant and then decide. Below are the checklist for all the required documents for a personal loan.
Documents Required for Salaried Individuals
  1. Valid Proof of Applicant's Identity (any one of the following): Voter ID Card/Passport/PAN Card/Driving License
  2. Proof of Residence (any one of the following): Ration Card/Passport/Utility Bill
  3. Proof of Age (any one of the following): Voter ID Card/Passport/PAN Card/Driving License
  4. Income Proof: Latest 3 month's Salary Slips and Form 16.
  5. Job Continuity Proof: Current Employment Certificate or Current Job Appointment letter and Experience Certificate
  6. Bank Statement: Latest 6 month's statement from bank
  7. 1 Passport size color Photograph
  8. If there are existing loans submit Payment Track Record and sanction letter
Documents Required for Self Employed Professionals
  1. Valid Proof of Applicant's Identity (any one of the following): Voter ID Card/Passport/PAN Card/Driving License
  2. Proof of Residence (any one of the following): Ration Card/Passport/Utility Bill
  3. Proof of Age (any one of the following): Voter ID Card/Passport/PAN Card/Driving License
  4. Office Address Proof: Property Document/Maintenance Bills/Utility Bill
  5. Office Ownership Proof: Property Documents/Maintenance Bill/Electricity Bill
  6. Business Existence Proof: 3 years old Salary Statement/Shop Establishment
  7. Income Proof: Latest 2 years Income Tax Returns including Computa
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