Personal Loan is an unsecured credit facility offered by Banks and NBFCs to meet the personal financial needs of salaried and self-employed individuals. It can be availed for various purposes such as medical emergencies, wedding expenses, travel, home renovation, education, debt consolidation, lifestyle purchases, or any other personal requirement—without the need to specify end use.

Personal loans are primarily unsecured loans, which means borrowers are not required to provide any collateral or security to avail funds. The loan approval is based on factors such as income, employment stability, credit score, repayment capacity, and overall financial profile of the applicant.

Banks and NBFCs offer a wide range of Personal Loan products, including Salaried Personal Loans, Self-Employed Personal Loans, Instant Personal Loans, Balance Transfer Loans, Top-Up Loans, and Pre-approved Personal Loans. These loans come with flexible tenures, quick disbursal, and minimal documentation, making them one of the most preferred financing options in India—especially during festivals like Diwali or wedding seasons.

The minimum personal loan amount generally starts from as low as ₹10,000, while eligible borrowers can avail loans up to ₹40–50 lakhs, depending on their income and creditworthiness. Personal loans are offered by Public and Private Sector Banks, NBFCs, Small Finance Banks, and digital lending platforms at competitive interest rates, with repayment tenures ranging from 12 months to 60 months.

Personal loans provide quick access to funds, easy EMI options, and the freedom to use the money as per individual needs—making them an ideal solution for short- to medium-term financial requirements.