Types of Personal Loans

Wedding loan

Your big day should be perfect, not stressful! Whether for marriage celebrations or your honeymoon, take a personal loan for weddings instead of draining your savings. Use it towards all wedding-related expenses and repay with ease.
 

Why it matters: Wedding expenses can quickly add up to lakhs. A wedding loan lets you celebrate without worry and keeps your emergency savings intact for the future.

Home renovation loan

Want to make your house feel like a brand-new home? This personal loan for home improvement helps you handle the costs of maintenance, repair, remodelling, refurnishing, painting, and more.
 

Pro tip: Home renovations often cost 20-30% more than expected. Having a loan approved beforehand prevents mid-project financial stress.

Travel loan

Life is too short to skip that dream vacation! Fund family trips and vacations in India or abroad with a personal loan for travel.

Why choose this: Travel loans let you book the best deals when you see them, rather than waiting months to save up. Sometimes the perfect vacation package can't wait!

Medical loan

Health emergencies don't send advance notice. With instant approval and low personal loan interest rates, this loan can be of great help during healthcare emergencies.
 

Why it matters: Medical treatments can be expensive and urgent. A medical loan ensures you get the best care possible without delay or compromise.

Debt consolidation loan

Tired of juggling multiple credit card bills and loan EMIs? Consolidate all your existing debt into a single loan and manage your monthly instalments better. Use our personal loan EMI calculator to compute and plan repayment.
 

Smart move: Instead of paying 18-24% interest on credit cards, you could pay much lower rates with a personal loan. Plus, one EMI is much easier to track than five different payments.

Higher education loan

Investing in education is investing in your future. A personal loan for higher education helps you finance other aspects of studying in India or abroad like accommodation, travel, and living expenses, as well as tuition fees.

Why this helps: Education loans often don't cover living costs, travel, or equipment. A personal loan fills these gaps so you can focus on studying, not money worries.

Small personal loan

Sometimes you need just a little extra boost. Choose this loan when you need additional funds, be it for festive spending or your child's education expenses.

Perfect for: Festival shopping, school admissions, unexpected repairs, or any small financial gap that pops up in daily life.

Used car loan (Downpayment)

Want to buy a reliable second-hand car? Apply for this personal loan online to conveniently fund the downpayment of a second-hand car.

Unsecured nature

One of the biggest advantages of personal loans is that they are typically unsecured, meaning you don't need to put up collateral like your house or car. This makes them accessible to a much wider range of borrowers who may not have significant assets to pledge.

Why this matters: You don't risk losing your home or car if you face repayment difficulties. Your assets stay safe while you get the money you need.

Fixed interest rates

Most personal loans have fixed interest rates, which means the interest rate stays exactly the same throughout your entire loan term. This predictability helps you plan your budget effectively, as your monthly payments remain consistent and never surprise you.

Smart budgeting: With fixed rates, you know exactly what you'll pay each month for the entire loan period. No nasty surprises or changing EMIs.

Variety of uses

Personal loans are incredibly versatile and can be used for almost any purpose you can think of, including consolidating debt, funding home improvements, paying for medical expenses, or covering unexpected emergencies. Lenders usually don't restrict how you use personal loan funds, giving you complete flexibility.

Freedom to choose: Unlike home loans (only for property) or car loans (only for vehicles), personal loans give you the power to spend on whatever matters most to you.

Structured repayment plans

When you take out a personal loan, you agree to a clear repayment schedule. This usually includes fixed monthly payments over a set period, typically ranging up to 96 months. Such structured repayment plans help you manage your money better by spreading the cost of a large expense over many manageable months.

Why this helps: Instead of paying Rs. 5 lakh at once, you might pay Rs. 10,000 monthly for 5 years. Much easier on your monthly budget.

Quick approval and disbursement

Compared to other types of loans, personal loans often have a much quicker approval process. Many lenders offer online applications with instant decisions, and once approved, funds can be sent to your account promptly, sometimes within just a few business days. This speed makes personal loans a convenient option for urgent financial needs.

Speed matters: When you need money for an emergency or a time-sensitive opportunity, waiting weeks for approval isn't an option. Personal loans get you funds fast.
 

Eligibility criteria

• Nationality: Indian
• Age: 21 years to 80 years.
• Employed with: Public, private, or MNC.
• CIBIL Score: 685 or higher.
• Customer profile: Self-employed or Salaried

*You should be 80 years or younger, at the end of the loan tenure.

Documents required

Keep these documents required for personal loan ready to make your application super smooth:

• KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
• PAN card
• Employee ID card
• Salary slips of the last 3 months
• Bank account statements of the previous 3 months
• Piped gas bill
• Pension order
• Letter of Allotment of Accommodation Issued by Employer
• Property / Municipal tax receipt
• Utility bill
• Phone bill
• Real-time image / photograph
• Ration card

Check your eligibility for personal loan using just mobile number and OTP – 100% online process.