What is a Personal Loan?

Personal loans are any purpose loans which are given without any collateral or guarantor. This is a very unique loan product wherein the borrower is at his/her discretion to do whatever they need. In other words, unlike a car loan or a housing loan, a personal loan can be used by the borrower for any of his/ her personal needs. There is no restriction for the usage of such loans though it should not be used for speculative purposes and investment in tax saving instruments. The loan can be repaid like all other loans through the equated monthly instalment -EMI (Use EMI Calculator) process where a fixed amount is paid each month.

Personal Loans has the following features:

  • They are provided without any specific purpose.
  • They are given without a collateral or guarantor.
  • They come at an attractive rate of interest.
  • They are relatively short term loans vis a vis other loans(i.e 3 to 5 years)
  • Personal Loan can get disbursed as fast as 24 hrs if the documents are in order.

Personal loans are currently offered from Rs 50,000 to Rs 50 Lakhs and are typically repaid in tenures ranging from 1 to 5 years. Higher Loan Amount + Least Loan Tenure = Low Interest Amount

Documents Required for Personal Loan:


  • The general list for obtaining a Personal Loan are as follows:

    1. Photograph

    2. Identity proof

    3. Address proof

    4. Income proof

    5. Bank Statements

    6. Continuity Proof

    7. Qualification proof( applicable only for Self Employed Professionals)

  • Identity Proof (Any one of the following)

    1. Copy of PAN Card

    2. Copy of Passport

    3. Copy of Driving Licence

    4. Copy of Government ID card

    5. Copy of Voter ID card

    6. Copy of Company ID Card (for select Corporates)

  • Address Proof (Any one of the following)
    1. 1. Copy of Passport (Can also be used as proof of identity)
    2. 2. Copy of Telephone Bill (both landline and post paid mobile connection)
    3. 3. Copy of Driving licence
    4. 4. Copy of Voter ID card
    5. 5. Copy of Ration card
    6. 6. Copy of Electricity bill
    7. 7. Copy of bank statement ( computerised statements only)
    8. 8. Copy of Life Insurance premium receipt
    9. 9. Copy of any title deed( Sale deed/ Index II)
    10. 10. Copy of Property tax receipt
    11. 11. Copy of Leave & License Agreement
    12. 12. Copy of latest credit card statement
  • Age Proof (Any one of the following)
    1. 1. Copy of PAN card
    2. 2. Copy of Passport
    3. 3. Copy of Birth Certificate issued by competent authority
  • Signature Verification Proof ( Any of the following)
    1. 1. Copy of PAN Card
    2. 2. Copy of Passport
    3. 3. Copy of Driving License
    4. 4. Signature verification from Bank
  • Income Documents (Any one of the following)
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    1. 1. Copy of latest three salary slips
    2. 2. Copy of appointment letter or Form No. 16 indicating proof of continuity in employment
    3. 3. Bank statements for the last 1 Years

    For Self-employed Individuals :

    1. 1. Copy of last two year IT returns along with computation of income, Balance sheet and Profit & Loss a/c , audited reports ( in case of audited financials)
    2. 2. CA certified financials ( in case of unaudited financials)
    3. 3. Bank statements of last six months of the main business banking
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