Personal loan
Compare personal loan offers from banks and NBFCs
A personal loan is an unsecured loan — you borrow a fixed amount and repay it in equal monthly instalments, without pledging any asset. Because there is no collateral, lenders price the loan on your income, credit history and repayment record, which is why the same applicant can see very different rates from one lender to the next. PaisaFin puts those offers next to each other so the comparison is on total cost, not just the headline rate.
Why borrowers pick it
What a personal loan gives you
No collateral needed
Nothing is pledged or mortgaged. Approval rests on your income and credit profile rather than an asset.
Use it for anything
Weddings, medical bills, travel, education, home repair or consolidating costlier debt — lenders do not restrict end use.
Fixed EMI, fixed tenure
Your instalment is set at disbursal and does not move, which makes the loan easy to budget around.
Compared on total cost
Two loans at the same rate can differ by thousands once the processing fee and tenure are counted. We surface the total payable.
Eligibility
Who qualifies for a personal loan
Criteria differ by lender. These are the ranges our partners commonly apply — the exact rule is shown on each offer.
Salaried applicants
- Within the lender's age limits at loan maturity
- A steady net monthly income that meets the lender's minimum
- Stable work experience with your current or previous employers
- A good credit score and a clean repayment history
Self-employed applicants
- Within the lender's age limits at loan maturity
- An established business with continuous operations
- Income that meets the lender's minimum, as filed in your returns
- Audited or CA-certified financials where the lender asks for them
Paperwork
Documents you will need
Keep soft copies ready before you apply — most partners complete verification digitally.
Salaried applicants
- PAN card and Aadhaar (or another accepted address proof)
- Recent salary slips
- Recent bank statements for the salary account
- Employment proof — offer letter, ID card or appointment letter
Self-employed applicants
- PAN card and Aadhaar (or another accepted address proof)
- Recent income tax returns with computation of income
- Recent current account statements
- Business proof — GST registration, Udyam certificate or shop licence
Costs
Interest, fees and charges
The rate is only part of the cost. Read this table alongside the total payable shown on each offer.
| Charge | What lenders typically apply |
|---|---|
| Processing fee | A percentage of the sanctioned amount + GST, set by the lender |
| Interest rate | Set by the lender based on your profile |
| Prepayment / foreclosure | As per the lender's terms, after a minimum number of EMIs |
| Late payment charge | As per the lender's terms |
| Bounce charge | As per the lender's terms |
Figures in brackets are placeholders. Final rates and fees are set by the lending partner and are disclosed in the sanction letter before you accept an offer.
FAQs
Personal loan questions, answered
Will comparing personal loan offers hurt my credit score?
No. Finding offers on PaisaFin uses a soft enquiry, which is not visible to other lenders and does not affect your score. A hard enquiry is recorded only when you formally apply with a lender you have chosen.
How is my personal loan EMI calculated?
EMI is derived from three inputs: the principal, the monthly interest rate and the number of instalments. The standard formula is EMI = P × r × (1+r)^n / ((1+r)^n − 1). Our EMI calculator applies it and also shows total interest and total payable.
What credit score do I need for a personal loan?
Most partner lenders look for a good score, though a few consider lower scores at a higher rate. A longer, cleaner repayment history helps as much as the number itself.
Can I prepay or foreclose a personal loan?
Usually yes, after a minimum number of EMIs set by the lender. Foreclosure charges are levied on the outstanding principal — the exact terms are shown on each offer before you apply.
How long does disbursal take?
Fully digital lenders can disburse soon after KYC is approved. Bank processes usually take a little longer, depending on verification.
Compare personal loan offers side by side
Checking offers is a soft enquiry, so your credit score is not affected.