Personal Loan in India
A personal loan is an unsecured borrowing option you can use for weddings, medical bills, travel, home repairs, or debt consolidation. On this hub you'll find plain-English guides, eligibility checklists, real bank rates, and calculators to help you plan repayment.
Last updated: 15 June 2025
Guides & explainers
Decision
Best personal loan banks
Ranked list of the top 5 banks for personal loans.
Rates
Personal loan interest rates
Rate comparison across HDFC, SBI, ICICI, Axis and more.
Basics
What is a personal loan?
Basics, uses, and how repayment works.
Basics
Secured vs unsecured personal loans
Which one costs less and why.
Eligibility
Personal loan eligibility criteria
Income, age, credit score minimums.
Apply
Documents required
KYC, income proof and address proof checklist.
Segment
Personal loan for self-employed
ITR-based underwriting and best lenders.
Top providers
HDFC Bank Personal Loan
Interest from 10.75% p.a.
View detailsICICI Bank Personal Loan
Interest from 10.85% p.a.
View detailsSBI Personal Loan (Xpress Credit)
Interest from 11.15% p.a.
View detailsAxis Bank Personal Loan
Interest from 10.99% p.a.
View detailsKotak Mahindra Personal Loan
Interest from 10.99% p.a.
View detailsRelated calculators
Comparisons
When a personal loan makes sense
A personal loan is a good fit when the expense is time-bound and you can comfortably absorb an EMI without stretching your budget. It is not a good fit for long-horizon spending (like buying property) or for recurring lifestyle expenses.
Because it is unsecured, the interest rate is typically higher than a secured loan such as a home loan or a loan against securities. Rates today start around 10.5% for salaried borrowers with strong credit scores.
Typical loan size and tenure in India
| Parameter | Typical range |
|---|---|
| Loan amount | ₹50,000 to ₹40 lakh |
| Tenure | 12 to 60 months |
| Interest rate | 10.5% to 24% p.a. |
| Processing fee | 0.5% to 2.5% |