A personal loan is an unsecured loan that you get without having to submit any collateral for the same. It can be given for numerous purposes such as marriage, education, medical emergencies, travel, home renovation, and any other personal use. Both salaried and self-employed can apply for a personal loan. The loan comes with attractive interest rates and flexible repayment options. You can either apply online or at the branch of the bank or non-banking finance company (NBFC). You will also need to pay the processing fee at applicable rates. The lender will assess the loan eligibility based on your income, credit score and repayment potential. After receiving the application, the lender will pull your credit report from CIBIL. Once you meet the eligibility criteria, the lender will disburse the loan amount in your bank account.

Top Banks Offering Personal Loan at Lowest Interest Rates 2025

**The below EMI calculations are based on a tenure of 5 Years.**

Yes Bank

Instant Apply

Interest Rates 11.25% - 21.00%

Loan Amount (in INR) Up to ₹ 40 lakhs

EMI Per Lakh (in INR) 2,187 - 2,705

Processing Fees Up to 2.5% of the loan amount plus GST

Prepayment Charges Up to 3% of the principal outstanding + GST

HDFC Bank

Instant Apply

Interest Rates 10.90% - 24.00%

Loan Amount (in INR) Up to ₹ 40 lakhs.

EMI Per Lakh (in INR) 2,169-2,877

Processing Fees up to INR 6,500/- + GST

Prepayment Charges - Up to 4% of the principal outstanding + GST

Standard Chartered Bank

Instant Apply

Interest Rates 11.49% Onwards

Loan Amount (in INR) Up to INR 50 Lakhs

EMI Per Lakh (in INR) 2,199 Onwards

Processing Fees up to 2.25% of the loan amount + GST

Prepayment Charges 1%-5% of the principal outstanding + GST

ICICI Bank

Instant Apply

Interest Rates 10.85% - 16.65%

Loan Amount (in INR) Up to INR 50 lakhs

EMI Per Lakh (in INR) 2,167-2,466

Processing Fees 2% of loan amount + GST

Prepayment Charges up to 3% of the principal outstanding + GST

State Bank of India (SBI)

Instant Apply

Interest Rates 10.30% - 15.30%

Loan Amount (in INR) Up to INR 35 lakhs

EMI Per Lakh (in INR) 2,139-2,395

Processing Fees - 1.5% of the loan amount + GST

Prepayment Charges Up to 3.00% of the loan amount+ GST

Kotak Mahindra Bank

Instant Apply

Interest Rates 10.99% - 16.99%

Loan Amount (in INR) Up to  INR 35 lakhs

EMI Per Lakh (in INR) 2,174-2,485

Processing Fees Up to 5.00% of the loan amount+ GST

Foreclosure Charges Up to 4% of the principal outstanding + GST

IDFC First Bank

Instant Apply

Interest Rates 10.99% Onwards

Loan Amount (in INR) Upto INR 1 Crore

EMI Per Lakh (in INR) 2,174 Onwards

Processing Fees Up to 3.5% of the loan amount plus GST

Prepayment Charges 5% of the Principal Outstanding Plus GST

SMFG India Credit

Instant Apply

Interest Rates 13.00% - 36.00%

Loan Amount (in INR) Up to INR 30 lakhs

EMI Per Lakh (in INR) 2,275-3,613

Processing Fees up to 5% of loan amount + GST

Prepayment Charges up to 7% of the principal outstanding

RBL Bank

Instant Apply

Interest Rates 17.50% - 26.00%

Loan Amount (in INR) Up to INR 20 lakhs

EMI Per Lakh (in INR) 2,512-2,994

Processing Fees 2.00%-2.5% of the loan amount + GST

Prepayment Charges 3%-5% of the principal outstanding

IndusInd Bank

Instant Apply

Interest Rates 10.49% Onwards

Loan Amount (in INR) Up to INR 50 lakhs

EMI Per Lakh (in INR) 2,149-3,328

Processing Fees upto 3.5% of the loan amount + GST

Prepayment Charges As applicable by the bank

Tata Capital

Instant Apply

Interest Rates 11.99% Onwards

Loan Amount (in INR) Up to INR 35 lakhs

EMI Per Lakh (in INR) 2,224 Onwards

Processing Fees Up to 5.5% of the loan amount + GST

Prepayment Charges 4% of the principal outstanding

DCB Bank

Instant Apply

Interest Rates 13.00% - 25.00%

Loan Amount (in INR) Up to INR 5 lakhs

EMI Per Lakh (in INR) 2,275-2,935

Processing Fees 2% - 3% of loan amount + GST

Prepayment Charges As Applicable by the Bank

Highlights of Personal Loans

Personal loans come with the following features and benefits that make one opt for the same. Let’s take a look at them.

Instant Loan Approval & Disbursal - The loan can be approved instantly provided you have the required income, desired credit score and repayment capacity as sought by lenders. Once the instant personal loan approval happens, the next course of action is sanction. The lender, after assessing your income and credit profile, sanctions a loan amount and communicates the same via an email or SMS. After sanction, the process of disbursal begins and you get the loan amount credited to your account within a few hours from the sanction.

Flexible Repayment Tenures - The best part about a personal loan is that you are given time to repay the dues. You will get a loan tenure ranging from 1 to 5 years.

Attractive Interest Rates - Personal loans are available at attractive interest rates starting from 10.30% per annum. As the cost of funds for banks has come down rapidly, the rate of personal loan interest rates has also come down like secured loans.

No Collateral/Security Required - You won’t need to submit any collateral or security to get a personal loan, which is unsecured in nature. As a result, the loan sanction and disbursal depend firmly on your income and credit score.

Use the Personal Loan the Way You Want - The loan amount disbursed can be used by the borrower in the way he/she wants. You can get the loan for numerous purposes such as marriage, travel, home renovation, etc.

Prepayment Allowed in a Loan - You can prepay the loan anytime after the successful payment of the first 12 EMIs. The prepayment means the payment of the outstanding loan balance before the completion of the original loan tenure. Now it depends on the lender whether it allows you to prepay in full or parts.

Fees & Charges

A personal loan comes with a list of charges that you can see below.

Interest Rate - The first charge that most of us contemplate is the interest rate at which the loan will be available. The effect of the interest rate will be seen in the monthly installment as well as the overall interest outgo.

Processing Fee - It’s a one-time fee that banks and other financial institutions levy to process the loan amount. The fee can either be a flat amount or account for a certain percentage of the loan amount. The personal loan disbursal amount is different from the applied amount because the processing fee payable is deducted from the latter. But the interest rate will be charged on the applied amount.

Late Payment Charges - If you pay the EMI after the due date, 2% plus GST charged monthly on the overdue amount calculated on a daily to daily basis.

Foreclosure Charges - If you close the loan before the original tenure, it will be called foreclosure and charges will apply on the same.

Personal Loan Eligibility Criteria

As the loan comes to you without collateral, lenders like to be absolutely convinced of your ability to pay off the EMI. So, the lender can place conditions regarding age, earning amount, the period of employment, residence stability, credit score, the type of organization, etc. Instant personal loans can be granted if you tick all the boxes. Let’s check out each of these aspects below.

Age - The age of the applicant is an important criterion for personal loan approval. There’s a difference when you apply for a personal loan in your 30s compared to the time when you go past 50. The difference is the job prospects are greater when you are younger. The greater job prospects make lenders more confident of your repayment capacity. Lenders can allow you to apply for a personal loan when you attain a minimum age of 21 years (salaried) and 24 years (self-employed). However, the maximum age of the applicant must not be more than 58 years if you are salaried and 65 years if you are self-employed.

Earning Amount - Different lenders can have different minimum income requirements for borrowers to meet. Not only the amount varies, but also the definition of income. Yes, there are some banks assessing eligibility based on the gross monthly income of an individual. Whereas, some banks assess eligibility based on the net monthly income. Salaried can get their personal loan sanctioned on earning a minimum net monthly income of INR 15,000-20,000. One more thing, lenders don’t consider your variable income such as incentives while assessing personal loan eligibility. In the case of self-employed, loan eligibility is based on the profit that comes after the incidence of tax.

Check Your Existing Loan Obligations - The lender assesses the personal loan eligibility of candidates based on their existing loan obligations too. In case you have a running loan, the lender will check the EMI amount and add it to the EMI of a personal loan you want. If the combined value comes within 50% of your net monthly income, the lender would approve the loan easily. In case it is beyond, your personal loan eligibility will be lower.

Period of Employment - Personal loans are offered to borrowers having worked in the organization for at least 1 year. Apart from that, lenders would also want your overall work experience to be of around 2-3 years so that the loan can be sanctioned.

Residence Stability - You must have stayed in your current residence for at least 1-2 years.

Credit Score - A credit score represents the creditworthiness of borrowers. The high creditworthiness enhances the possibility of a timely repayment track. For instant personal loan approval, it is important the credit score must be 750 and above. However, if the score is between 700 and 750, the loan can still be approved albeit at a slightly higher rate of interest. So, if you are having a credit history of 1 year and above, you must have a credit score. Whatever debt obligations you might have, be it a credit card, home loan or even a personal loan, make sure to pay dues on time. This will help build a strong credit history and a good score.

Type of Organization - The personal loan approval is also contingent on the type of organization you are working with. You can get the approval quickly if you are working in a top organization compared to someone working with a very less known company.

Type of Business - Self-employed applicants will need to be in the business that runs across seasons. This will ensure a greater degree of confidence amongst lenders about your repayment capacity. Some businesses are seasonal and can thus impact repayment negatively. Lenders remain wary of disbursing loans to such applicants.

Note - The eligibility criteria explained above can vary from one lender to another.

Loans made Pocket-friendly

Choose your desired EMI first... then identify the loan that fits your pocket!

Documentation Process

Documentation is an important aspect of a personal loan as negligence on the same can lead to rejection of the loan application. So while applying for a personal loan, don’t forget to submit the documents required by the lender.

Documents for Salaried

• Identity Proof - PAN Card/Voter ID/Aadhaar Card/Passport/Driving License
• Residence Proof - Voter ID/Aadhaar Card/Passport/Driving License/Electricity Bill/Telephone Bill
• Income Proof - Salary slips for the last 3 months, bank statement for the last 3 months
• Recent passport size photographs

Documents for Self-employed

• Identity Proof - PAN Card/Voter ID/Aadhaar Card/Passport/Driving License
• Residence Proof - Voter ID/Aadhaar Card/Passport/Driving License/Electricity Bill/Telephone Bill
• Office Address Proof - Electricity Bill/Landline Bill/GST or VAT Registration
• Income Proof - Salary slips for the last 3 months, bank statement for the last 3 months
• Recent passport size photographs

How to Calculate the Personal Loan EMI?

It’s important to know the Equated Monthly Installment (EMI) in advance so that you can adjust your budget accordingly and arrange the required amount for timely payment. You can calculate the EMI using the Personal Loan EMI Calculator. All you need to do is enter the loan amount, rate of interest and tenure in the calculator. The EMI is a portion of both principal and interest payable towards a loan every month.

For example, you get a 5-year personal loan of INR 7 lakh at an interest rate of 12% per annum. As per these details, you will most likely pay an EMI of INR 15,571. Over 5 years, the interest obligations will amount to INR 2,34,267. The total amount payable will be INR 9,34,267.

Types of Personal Loans

Personal loans are often branded as the following loans.

Wedding Loan - You can get this loan to meet all your wedding expenses, which can be anything from guest accommodation to buying jewellery for the grand event. You can find special offers from lenders on this loan type.

Travel Loan - Travelling remains on top of everyone’s mind. But we often find short of savings to ensure the same. This is where a travel loan can help you! It provides you with the required funds for meeting your expedition desires.

Consumer Durable Loan - It varies from other personal loan types. This loan is financed upto 80%-90% of the purchase price of the consumer durable. So, it’s not financed fully, unlike other loan types where a 100% finance is possible provided you have the required income, credit score and repayment potential.

Home Renovation/Improvement Loan - You can get this loan to renovate or extend your existing housing unit.

Medical Emergency Loan - Medical emergency can be very hard to deal with if you don’t have savings to spend on the same. To ensure you recover from this, banks and NBFCs offer you a medical emergency loan. If all goes well, the loan can be approved and disbursed faster than what may be the case with other personal loan types.

Festive Loan - Festivals are celebrated with elan in India. Keeping that in mind, lenders come with exciting festive loan offers for borrowers wanting cash to meet their festive needs.

How to Apply for a Personal Loan at Wishfin?

Applying for a personal loan online has become easier at Wishfin, a neutral financial marketplace that offers unbiased advice on loans and other financial products. And where most digital platforms have the conventional loan application, Wishfin has WhatsApp mode of application besides the usual loan application. Let’s read about both these application modes.

Online Personal Loan Application Form

Check out the steps you need to follow while filling the online personal loan application form at Wishfin.

• Visit the official website of Wishfin
• Go to ‘Personal Loan’
• Fill the details against ‘Desired Loan Amount’, ‘Employment Status’, ‘Monthly Income’ and ‘City’
• Click on ‘Get Quotes’
• Based on your details, different loan quotes will appear on the screen
• Choose the one that you think is best for you
• Wishfin representatives will contact you and take your personal loan application to the concerned lender

How to Apply via WhatsApp?

Wishfin endeavours to give you a unique experience of an online personal loan application. In its endeavour, it has tapped into the potential of WhatsApp that we use to chat with friends and colleagues. With WhatsApp application, you can do away with a lengthy online application form. All you need is to give a missed call on 9717616161 and start applying personal loan via WhatsApp.

Why Should I Apply for a Personal Loan at Wishfin?

The question is answered partly above. You can read further to know all such reasons that call for an online personal loan application at Wishfin.

Trustworthy Platform - The growing number of satisfied wishers tells the success of Wishfin. As of now, the count of total satisfied wishers is more than 3 crore. As much as $3 billion worth of loan is disbursed till now.

Tie-ups with Banks/Financial Institutions - In its journey so far, Wishfin has made tie-ups with as much as 43 banks and financial institutions.

Easy Platform to do 3 Cs (Check, Compare and Choose) - When you get a platform that shows the loan details of different banks and financial institutions, it becomes easier to compare the offers and choose from the best personal loans online.

Unbiased Expert Advice - Wishfin takes pride in offering unbiased advice to customers with regards to personal loans and other products. Our wish experts use their market knowledge to advise you which lender will be the best for your cause.

Multiple Application Process - As told above, there is more than one way by which you can apply for personal loans online at Wishfin.