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Go with what’s SAHI for you.

11.4% This rate is available for loan amount more than INR 10 Lacs and net salary above INR 75,000. The final offer is subject to approval from the respective Bank/NBFC along with credit profile of the customer.
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  • Loan Disbursed in
    72 Hours
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Getting Started

A systematic step-by-step process for personal loan success

It’s important that you determine the maximum personal loan amount you’re eligible for before comparing offers from different banks and financial institutions. Although every bank and NBFC would have its own exact eligibility criteria for personal loans, there are some broad guidelines that all lenders follow with regard to their approvals. Some of the basic parameters that are taken into account during personal loan approval process include age of the individual, his/her income stability, financial situation, credit score and employer type. As personal loans are unsecured in nature, these parameters are the only things that lenders can depend upon to gauge your credit-worthiness.

Maximum Loan Eligibility

Find out the maximum Personal loan amount you’re eligible for.

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EMI & Repayment Calculator

Find out the different EMI and repayment options available.

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Personal Loans Eligibility Criteria

There are multiple different factors that affect the personal loan amount you’re eligible for

Monthly income

Your monthly income will be factored-in to determine your repayment capacity, and hence the personal loan amount.

Company employed

Working with a big public sector company or a reputed and well-established private company would improve your eligibility.

Banking account

Having a longstanding banking relationship with the potential lender can be instrumental in negotiating better loan terms.

Credit score

A good CIBIL score indicates good financial health, and is critical in determining the personal loan eligibility.

Documents Required for Personal Loans

Personal loans are one of the most-frequently bought lending products from the banks and NBFCs in India. They can be used for all purposes ranging from vehicle purchase, wedding expenses, loan repayment, vacations to even medical procedures. However, lenders will need to determine your financial stability and analyze the credit risk before approving and disbursing a personal loan. This is done through the pertinent documents submitted by you. These documents are required to verify details like income, age, employer and address. As personal loans are unsecured in nature, implying that the lender doesn’t take anything as a collateral, the lender needs to be double sure about the facts stated by you. Please note, the documentation requirements for personal loans may vary from lender to lender. However, there are some standard set of documents that are requested by all the lenders. Let’s go through them below:

Documents required for salaried individuals

  • Personal loan application form
  • Photo Id proof
  • Residence address proof
  • Bank statement
  • 2 passport size photograph
  • Job continuity proof
  • Income proof

Documents required for self-employed professionals

  • Personal loan application form
  • Photo Id proof
  • Residence address proof
  • Investment proof/s
  • 2 passport size photograph
  • Office address proof
  • Office ownership proof
  • Business existence proof
  • Income proof
  • Bank statement

Documents required for senior citizens or pensioners

  • Personal loan application form
  • Photo Id proof
  • Residence address proof
  • Income proof
  • 2 passport size photograph
  • Age proof

Comparing Personal Loans

As personal loans (unlike home loans) are unsecured in nature, their interest rates are comparatively higher. Therefore, it’s very important to compare and evaluate different banks and financial institutions’ personal loan offers before going with any one of them. This comparison must be done on multiple parameters including interest rate, approval time, disbursal time, approval success rate, processing fees and no. of documents asked for. It is only when you carry out such comprehensive comparisons that you can arrive at a personal loan deal that not only meets all your specific requirements but also doesn’t put any extra financial burden on your shoulders. Considering the great number of lenders in the marketplace today, doing these comparisons one by one, visiting each and every lender’s website can be a very tedious task. We’ve simplified this process and allow you to compare the best personal loan offers of top-rated banks and NBFCs, on multiple (above-mentioned) parameters, all on one page.

Interest rate

Application approval time

Loan disbursal time

No. of documents required

Approval success rate

Processing fees