A personal loan is one of the hottest financing tools of salaried and self-employed people in India nowadays, with the current high level of speedy life in the world. Whether it’s to cover medical emergencies, weddings, education, or travel, instant personal loans offer a flexible way to manage unexpected expenses.
However, it is important to know how the requirements are determined and how you should document the application before making an application. This guide contains everything you should know about the topic of personal loans starting with the list of documents necessary to take the loan and end with interest rates, eligibility, and low-credit options.
What is a Personal Loan?
A personal loan is an unsecured credit product offered by banks and NBFCs to meet urgent individual financial needs—like medical emergencies, home renovation, or weddings—without any collateral. In India, the market for personal loans is robust; as of 2024, the personal loan sector has seen double-digit annual growth, with digital platforms fueling much of this expansion.
Key Documents Required
Most banks and NBFCs require the following documents for a personal loan application:
- KYC Documents: Aadhaar card, Voter ID, Passport, Driving License.
- Proof of Address: Utility bills, Rent agreement, Aadhaar card, Passport.
- Proof of Income: Latest 2-3 months’ salary slips, last 3-6 months’ bank account statement, Form 16 / Income Tax Returns.
- Employment Proof: Appointment letter, Employee ID, Job continuity proof.
- Recent Passport Size Photographs.
- Self-employed applicants require additional business continuity and income proof, such as audited balance sheets, Profit & Loss statements, and business registration documents.
Personal Loan Eligibility Criteria
Eligibility typically depends on:
- Age: Minimum 21 years, maximum up to 60 years (salaried) or up to 80 years at loan maturity (for some NBFCs).
- Employment: Salaried or self-employed individuals with stable income.
- Income: Minimum monthly income often starts at ₹15,000.
- Credit Score: Most lenders prefer applicants with a good credit score, but some do offer personal loans without credit check, albeit at higher rates and stricter terms.
- Citizenship: Indian resident or NRI, with specific documents for NRI applicants.
Instant Personal Loan Online: Speed & Convenience
Instant personal loans are disbursed quickly—sometimes within a few hours—especially when applied online and with all documents ready. Digital channels and fintech partners like MoneyBeing support seamless application, quick eligibility checking, and real-time approval, catering to urgent financial needs.
Personal Loan Interest Rates
- Interest rates for personal loans in India typically range from 10.5% p.a. to 24% p.a., depending on the applicant’s credit profile, income, and the lender’s policies.
- Pre-approved or privileged customers may get lower rates and reduced documentation requirements.
- Rates for instant and no-credit-check loans are generally higher due to greater perceived risk.
Low-Interest & Quick Approval Personal Loans
- Applicants with strong profiles (good credit score, stable income) qualify for personal loans with low interest and quick approval.
- Using a reputed channel partner like MoneyBeing can help negotiate better terms and ensure smooth processing across multiple lenders.
The Role of MoneyBeing
MoneyBeing stands out as an official channel partner to top banks and NBFCs in India, making your search for the right personal loan effortless. Whether seeking a standard or instant personal loan, MoneyBeing ensures:
- Expert guidance on eligibility and documentation.
- Quick approval with minimal hassle.
- End-to-end support—from application to disbursement—while helping you compare and select the lowest interest rates available.
“MoneyBeing is an official channel partner to leading banks and NBFCs across India. We offer seamless access to personal, business, and property loans with expert guidance and end-to-end support.”
Statistics & Trends
- The digital lending market in India crossed ₹4 trillion in annual disbursals in 2023.
- Instant personal loans now constitute up to 28% of all new retail loan applications.
Can You Get a Personal Loan Without a Credit Check?
A few lenders and fintech platforms provide personal loans without credit checks or for those with “new-to-credit” profiles, often at higher rates or with stricter income proofs. Bank statements, fixed deposits, and employment records become more pivotal for such borrowers
