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Types of Personal Loan

We offer a range of personal loan products to suit various needs. Here’s how you can use our personal loans:

  • Wedding Loans: Medical emergencies can happen at any time. Get access to fast funds to cover hospital bills, surgeries, or treatment costs without delay.
  • Medical Loans: Earn cashback, travel points, and exclusive benefits every time you make a purchase, making your spending more rewarding.
  • Home Renovation Loans: Transform your living space with funds for renovations, repairs, or home improvements with low-interest personal loans.
  • Debt Consolidation Loans: Simplify your financial life by consolidating multiple debts into one loan, making it easier to manage your finances and save on interest rates.
  • Vacation Loans: Fund your dream vacation without dipping into your savings. Travel and explore without the financial burden.
  • Education Loans: Invest in your future or your child’s future with an education loan, helping to cover tuition fees, books, and other academic expenses.
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Key Features of Our Personal Loans

  • Loan Amount: Up to ₹50 Lakhs based on your income and creditworthiness.
  • Flexible Tenure: Repayment period of up to 5 years.
  • Competitive Interest Rates: Starting from 10.50% p.a.
  • Minimal Documentation: Fast and easy processing with simplified paperwork.
  • Quick Disbursement: Receive funds within 24 to 48 hours after approval.
  • No Collateral Required: Unsecured loan with no need for assets as security.

Eligibility Criteria for Personal Loans

To qualify for a personal loan at Login to Loans, you must meet the following criteria:

  • Age: 21 to 60 years.
  • Employment Status: Salaried or self-employed individuals with a stable income.
  • Credit Score: 650+ for a smooth loan approval process.
  • Income: Minimum monthly income of ₹15,000 for salaried individuals. Self-employed individuals should show stable earnings.
  • Work Experience: Minimum 1-2 years of work experience for salaried employees. Self-employed individuals should have a steady business history.
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Documents Required for Personal Loan

To apply for a personal loan, you need the following documents:

  • KYC Documents: PAN Card, Aadhar Card, Passport, or Voter ID.
  • Income Proof: Latest 3-6 months’ salary slips for salaried employees or last 2 years’ ITR for self-employed individuals.
  • Bank Statements: Last 3-6 months of your bank statement to verify income and financial stability.
  • Employment Proof: Salary slips or employment contract for salaried individuals.
  • Additional Documents: Address proof (utility bills, rental agreement, etc).

Why Choose Login to Loans for Your Personal Loan?

  • Customized Loan Solutions: Tailored to meet your unique financial requirements.
  • Quick Loan Processing: Fast approvals and minimal documentation for easy access to funds.
  • Higher Loan Amounts: Based on your income and financial profile.

How to Apply for a Personal Loan?

  • Step 1: Check your loan eligibility online.
  • Step 2: Submit your documents for verification.
  • Step 3: Get approval and finalize the loan terms.
  • Step 4: Funds disbursed directly to your account within 24 to 48 hours.

Frequently Asked Questions (FAQs)

What is a personal loan?
A personal loan is an unsecured loan offered by banks or NBFCs to meet personal financial needs like medical emergencies, weddings, travel, or debt consolidation. It requires no collateral and is repaid through fixed monthly EMIs.
Who is eligible for a personal loan?
General Criteria:
Age: 21–60 years (varies by lender).
Income: Minimum ₹15,000–₹25,000/month (salaried) or ₹2–3 lakh p.a. (self-employed).
Credit Score: Preferably 750+ for better rates.
Employment: Stable job (minimum 6 months–1 year) or business continuity (2–3 years for self-employed).
Check specific bank requirements, e.g., SBI’s Xpress Credit targets salaried individuals with government/PSU jobs.
What documents are required?
Common Documents:
Identity Proof: Aadhaar, PAN, Passport, or Voter ID.
Address Proof: Utility bill, Aadhaar, or rental agreement.
Income Proof: Last 3–6 months’ salary slips, Form 16, or ITR for self-employed.
Bank Statements: Last 3–6 months.
Photograph: Passport-size.
Some banks like HDFC or ICICI may offer paperless processes for pre-approved customers.
What is the interest rate for personal loans?
Rates typically range from 10.40% to 24% p.a. depending on:
Credit score (higher score = lower rate).
Lender type (public banks like PNB often cheaper than NBFCs).
Loan tenure and amount.
Example: Axis Bank starts at ~10.49%, while NBFCs like Bajaj Finserv may start at ~11%.
How much loan amount can I get?
Ranges from ₹50,000 to ₹50 lakh, depending on:
Income and repayment capacity.
Existing liabilities (other loans/credit card dues).
Lender policies (e.g., ICICI offers up to ₹50 lakh, Bank of India up to ₹10 lakh).
Banks ensure EMIs don’t exceed 35–50% of your monthly income.
What is the tenure for repayment?
Typically 1 to 7 years.
Longer tenures reduce EMI but increase total interest paid.
Example: Kotak Mahindra offers up to 5 years, SBI up to 7 years.
What are the processing fees?
Usually 0.5%–4% of the loan amount (plus GST).
Some banks (e.g., Bank of Baroda) waive fees during festive offers or for select customers.
Example: HDFC charges ~2.5%, while Tata Capital may charge ~1.5%–3%.
Can I prepay or foreclose a personal loan?
Yes, but terms vary:
Fixed-rate loans: May have penalties (1%–5% of outstanding amount) if prepaid within 6–12 months.
Floating-rate loans: Usually no prepayment charges (per RBI guidelines).
Banks like Axis and YES Bank allow penalty-free prepayment after 12 EMIs.
Check the loan agreement for specific terms.
How long does it take to get a personal loan?
Pre-approved loans: Disbursed in 10 seconds–4 hours (e.g., HDFC, ICICI).
Standard applications: 1–7 working days, depending on verification.
Digital processes (e.g., IndusInd Bank) can approve within hours if documents are complete.
What happens if I miss an EMI?
Penalties:
Late payment fees (₹500–₹2,000 or 2% of EMI).
Interest on overdue amount (24%–36% p.a.).
Credit Score Impact: Missed payments lower your CIBIL score, affecting future loans.
Contact the lender immediately to negotiate grace periods or restructuring.
Can I get a personal loan with a low credit score?
Possible but challenging:
Lenders may offer loans at higher interest rates (18%–24%).
NBFCs like Bajaj Finserv or Mahindra Finance are more flexible than banks.
Alternatives: Add a co-applicant, provide additional income proof, or opt for a smaller loan.
Are personal loans taxable?
No, the loan amount is not considered income and is not taxable.
However, interest paid is not tax-deductible (unlike home loans), except for loans used for business purposes (self-employed).
What are the common uses of personal loans?
Medical emergencies, weddings, education, travel, home renovation, debt consolidation, or purchasing gadgets.
Lenders like Standard Chartered market loans for specific needs (e.g., travel, weddings).
How do I compare personal loans?
Check:
Interest rate (fixed vs. floating).
Processing fees and hidden charges.
Tenure flexibility.
Prepayment/foreclosure terms.
Use online tools like Paisabazaar, BankBazaar, or bank websites for EMI calculators and comparisons.
Can self-employed individuals get personal loans?
Yes, but requirements are stricter:
Minimum business vintage: 2–3 years.
ITR for 2 years showing stable income.
Higher rates may apply compared to salaried applicants.
Banks like Union Bank and NBFCs like Tata Capital cater to self-employed professionals.
What is a pre-approved personal loan?
A loan offered to existing customers based on their credit profile and banking history.
Features: Instant disbursal, minimal documentation, no additional checks.
Common with banks like HDFC, ICICI, and SBI for account holders.

List of Personal Loan Banks in India