Personal Loan

Get a personal loan online at competitive interest rates. Choose flexible loan tenures that suit your repayment needs. With fast approval and quick disbursal, the loan amount can be credited directly to your bank account.

A personal loan can help you manage planned expenses, urgent payments, or short-term financial needs without pledging collateral. With Buddy Loan, you can check interest rates, fees, eligibility, documents, and repayment options. Compare offers from multiple lenders and choose a loan that fits your needs.

Apply for a personal loan online through a simple digital loan journey with flexible EMI options.

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Personal Loan Details

A personal loan is an unsecured loan that can be used for multiple needs such as medical bills, home repairs, education costs, wedding expenses, travel, debt consolidation, emergency finance & more.

Since there is no collateral requirement, lenders usually review your income, repayment capacity, credit history, and existing obligations before showing an offer. Buddy Loan helps borrowers compare lenders through a digital lending process.

Note: Rates, charges, and amounts can vary by lender, customer profile, and internal credit assessment. Always review the lender offer before accepting it.

Personal Loan EMI Calculator

An EMI calculator is a tool that helps you determine your monthly payments towards your loan.

The Personal Loan EMI Calculator helps you estimate the monthly repayment amount before you apply. Enter the loan amount, interest rate, and tenure to see the EMI, total payable amount, and total interest.

For example, a longer tenure can reduce the monthly EMI but may increase total interest. A shorter tenure can increase the EMI but may reduce total interest. Use the calculator before submitting the application so you can make a practical borrowing decision.

Types of Personal Loans in India

Let’s go through the different types of personal loan options from below:

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Also Read: Types of Personal Loans in India

Compare Best Personal Loan Offers

The best personal loan rates depend on your eligibility, income, credit score, employer category, location, and repayment history. Instead of choosing only by the lowest advertised rate, compare the processing fee, maximum amount, tenure, and total repayment cost.

Let’s go through some lender-wise loan options from below:

Lowest Income Requirement

Loan Amount up to

₹25 LAKHS

Processing Fee

Up to 2%

Interest Rate

9.99% to 20%

Tenure

1 to 5 Years

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100% Digital Process*

Loan Amount up to

₹25 LAKHS

Processing Fee

₹6500

Interest Rate

11% to 13%

Tenure

1 to 5 Years

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100% Digital Process*

Loan Amount up to

₹5 LAKHS

Processing Fee

0.1% to 3%

Interest Rate

16% to 30%

Tenure

Up to 5 Years

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100% Digital Process*

Loan Amount up to

₹5 LAKHS

Processing Fee

3% (Incl. GST)

Interest Rate

32% to 57%

Tenure

3 - 60 Months

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100% Digital Process*

Loan Amount up to

₹30 LAKHS

Processing Fee

Up to 3%

Interest Rate

11% to 27%

Tenure

Up to 6 Years

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Maximum Loan Amount

Loan Amount up to

₹50 LAKHS

Processing Fee

Up to 3%

Interest Rate

9.99% Onwards

Tenure

12 to 48 Months

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100% Digital Process*

Loan Amount up to

₹2 LAKHS

Processing Fee

Up to 4%

Interest Rate

14% Onwards

Tenure

Up to 3 Years

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100% Digital Process*

Loan Amount up to

₹10 LAKHS

Processing Fee

Up to 3%

Interest Rate

14% to 36%

Tenure

Up to 2 Years

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100% Digital Process*

Loan Amount up to

25,000

Processing Fee

Up to 3.75%

Interest Rate

24% to 36%

Tenure

Up to 12 Months

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Loan Amount

Up to ₹15 LAKHS

Interest Rate

14% to 43%

Tenure

1 to 5 Years

Processing Fee

-

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Loan Amount up to

₹5 LAKHS

Processing Fee

0.1% to 3%

Interest Rate

16% to 30%

Tenure

1 - 5 Years

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Loan Amount

Up to 3 Years

Interest Rate

16% to 30%

Tenure

Up to 5 Years

Processing Fee

Up to 5%

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Fast Approval

Loan Amount

Up to ₹2 LAKHS

Interest Rate

16% to 30%

Tenure

Up to 6 Months to 1 Year

Processing Fee

2% to 10%

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*T&C Apply

These offers are indicative values. Final offers are shown after lender-side checks and verification.

Your loan should match your income, EMI comfort, loan eligibility, digital application preference, fast loan disbursal need, and flexible EMI repayment plan. Review every loan offer carefully before accepting.

Why Choose Buddy Loan

Buddy Loan makes it easier to find the right loan by connecting you with verified lenders through one simple digital platform.

• Compare loan options from 30+ verified banks and NBFCs to choose the best option.
• Receive personalised offers based on your profile, income, credit score, location, and repayment capacity.
• Get personal loan options up to ₹35 lakhs.
• Apply online with a quick, 100% digital and paperless process.
• Interest rates start from 9.99% p.a. onwards.
• No need to apply separately with multiple lenders or worry about multiple credit checks.
• Check your eligibility and access your loan journey through the Buddy Loan website or app.

Note: Buddy Loan is a loan aggregator, not a direct lender. Final approval, interest rate, processing fee, loan amount, tenure, and disbursal timeline depend on the lending partner and applicant eligibility.

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Personal Loan Interest Rates by Banks

Comparing bank-wise personal loan interest rates helps you shortlist lenders before applying for a loan. Public sector banks, private sector banks, foreign banks, and small finance banks may follow different pricing, approval, and documentation policies. Take time to explore and compare the different rates available to secure a better deal.

Personal Loan Interest Rates by Public Sector Banks

Public sector banks are often preferred by borrowers looking for transparent charges, stable service, and competitive rates. Approval may depend on income, employer profile, credit score, and internal bank policies.

Note: Final interest rates and processing fees vary based on individual credit scores (CIBIL), monthly income, and loan tenure as set by each respective lender’s Key Fact Statement (KFS). All processing fees listed are subject to 18% GST extra unless explicitly stated as inclusive by the lender.

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Personal Loan Interest Rates by Private Sector Banks

Private sector banks often provide faster digital processing, higher loan amounts, and broader customer segments. These lenders may be useful when you want online loan approval with a smoother digital journey.

Note: Final interest rates and processing fees vary based on individual credit scores (CIBIL), monthly income, and loan tenure as set by each respective lender’s Key Fact Statement (KFS). All processing fees listed are subject to 18% GST extra unless explicitly stated as inclusive by the lender.

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Personal Loan Interest Rates by Foreign Banks

Foreign banks usually focus on salaried borrowers, premium customer segments, and clean credit profiles. Review the processing fee and eligibility requirements before applying.

Note: Final interest rates and processing fees vary based on individual credit scores (CIBIL), monthly income, and loan tenure as set by each respective lender’s Key Fact Statement (KFS). All processing fees listed are subject to 18% GST extra unless explicitly stated as inclusive by the lender.

Personal Loan Interest Rates by Small Finance Banks

Small finance banks can be useful for borrowers looking for accessible credit options across different income segments. Rates and charges may vary widely based on risk and borrower profile.

Note: Final interest rates and processing fees vary based on individual credit scores (CIBIL), monthly income, and loan tenure as set by each respective lender’s Key Fact Statement (KFS). All processing fees listed are subject to 18% GST extra unless explicitly stated as inclusive by the lender.

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Personal Loan Interest Rates by NBFCs

NBFCs and digital platforms are often preferred for fast loan disbursal, simplified checks, and short-term borrowing options. They may be useful for borrowers who want quick cash funding, but the rate and fee can vary significantly. As always, it is best to compare the total cost before you select an offer.

Note: Final interest rates and processing fees vary based on individual credit scores (CIBIL), monthly income, and loan tenure as set by each respective lender’s Key Fact Statement (KFS). All processing fees listed are subject to 18% GST extra unless explicitly stated as inclusive by the lender.

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Personal Loan Eligibility Criteria

Loan eligibility is checked through basic personal, income, employment, and credit information. A higher income, stable job or business, good credit score, and low debt burden can improve approval chances.

Let’s go through the personal loan eligibility criteria for salaried and self-employed professionals from the table below:

Meeting the basic criteria does not guarantee approval. Lenders may also assess employer category, business vintage, salary mode, city, bank statement pattern, existing EMIs, and repayment behaviour.

How Credit Score Affects Your Personal Loan Application

Your credit score is one of the key factors lenders check before approving a your loan. Since a personal loan is usually an unsecured loan, lenders use your score to understand how responsibly you have handled past EMIs, credit cards, and other borrowings.

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Minimum Credit Score Required for Personal Loan

There is no fixed minimum credit score required for every personal loan. Each bank and NBFC sets its own eligibility criteria, and your income, employment, existing EMIs and repayment history also influence approval.

A lower score does not automatically mean rejection. Lenders may assess your overall profile before deciding the loan amount, interest rate and tenure. Buddy Loan connects you with 30+ verified lenders, helping you compare suitable personal loan options based on your eligibility.

Documents Required to Apply for a Personal Loan

The documents required for a personal loan can vary depending on the lender, applicant type, loan amount, and verification process. Since most lenders now support a digital personal loan application, keeping your KYC, income proof, and bank statements ready can help make the process smoother. Here’s a list of documents required for a your loan.

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Location-Wise Personal Loan

Loan offers may vary by city because lenders consider location, income range, employer presence, and serviceability. You can check city-specific options to compare offers available for your profile.

A thorough selection of personal loan choices is available on our website, organised by your city & location. This makes evaluating many offers and selecting the best one simpler.

Additionally, you have the option to apply for a loan hassle-free online through our website.

Tips to Avoid Personal Loan Rejection

Rejection can happen due to low credit score, insufficient income, high existing EMIs, incorrect details, unstable employment, or incomplete documents. Here are some tips to improve your chances of getting a loan:

Overall, maintaining a good credit score, a stable employment history, choosing the right lender, providing accurate information, and keeping your debt-to-income ratio low can improve your chances of getting a personal loan.

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Steps to Apply for a Personal Loan with Buddy Loan

Here’s the step-by-step process that you can follow to apply for a personal loan on Buddy Loan:

As per the details provided, suitable lenders will be allocated, and their respective details will be shared for future proceedings.

Personal Loan Prepayment & Foreclosure

Personal loan prepayment means paying part of your loan early, while foreclosure means closing the full loan before the tenure ends.

As per RBI’s latest guidelines, no pre-payment or foreclosure charges apply to loans sanctioned or renewed on or after January 1, 2026. Under these directions, lenders cannot charge prepayment or foreclosure fees on eligible floating-rate loans to individual borrowers. RBI had also earlier barred banks from charging such penalties on floating-rate term loans to individuals.

For fixed-rate personal loans, charges may still apply as per the lender’s policy and loan agreement. Before paying early, check your rate type, lock-in period, outstanding balance, prepayment fee, GST, and closure process. Always collect a no-dues certificate after full repayment.

Personal Loan Repayment

Repayment for a personal loan is usually done through fixed monthly EMIs. Choose a tenure that keeps the EMI affordable without increasing the total interest unnecessarily. Timely repayment for personal loans can protect your credit score and improve future loan eligibility.

Common repayment modes include:

• Auto-debit or NACH: EMI is deducted from your bank account on the due date.
• Online banking: Repay through the lender website, app, or net banking.
• UPI or payment gateway: Some lenders may allow digital repayment options.
• Branch payment: Some lenders may support in-person payment at selected branches.

Before accepting the offer, check due date, bounce charges, late payment fee, foreclosure terms, part-payment rules, and customer support process.

How to Access Your Personal Loan Statement Online

A personal loan statement helps you track your loan account, EMI payments, outstanding balance, interest charged, due dates, and repayment history. Most lenders allow borrowers to download it online through their website or mobile app.

Here is a step by step guide to show how you can access it:

• Visit the lender’s official website or mobile app.
• Log in using your registered mobile number, customer ID, loan account number, or email ID.
• Complete OTP or password verification.
• Go to the loan account, service request, or statement section.
• Select your personal loan account.
• Choose the statement period, if required.
• Download the loan statement in PDF format or request it by email.

Even if you applied through Buddy Loan, remember that Buddy Loan is a loan aggregator. The loan statement is usually issued by the final lending partner that approved and disbursed your loan. You can access the statement from that lender’s official app, website, customer portal, or customer support channel.

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People Also Ask

Let’s go through some common personal loan queries which people may ask for:

1. Which bank will give a personal loan easily?
   There is no single bank that approves everyone easily. The loan approval depnds on your creditworthiness and the lender’s policies. Buddy Loan helps you compare options from 30+ verified lenders, including banks and NBFCs, based on your profile.
2. How to get 40,000 rupees urgently?
   You can compare various verified lenders and apply online for a ₹40,000 personal loan through Buddy Loan. Ability to compare and choose your loan offers can help you with better chances of loan approval. Complete the digital application and check eligible offers from multiple lenders in one place.
3. Can I get a ₹20,000 loan without income proof?
   It depends on the lender. Some may accept alternative documents such as bank statements or other income details instead of a salary slip. Comparing these lender options can be a effective way and Buddy Loan helps you do that.
4. How can I get a personal loan immediately?
   Apply online and keep your KYC and required financial details ready. Digital processing can be faster, but approval and disbursal are subject to lender verification and eligibility.
5. Can I get a 5 lakh loan for a 20,000 salary?
   It is possible with some lenders but not guaranteed. A lender may consider your ₹20,000 income, credit score, existing EMIs, employment and repayment capacity before deciding the eligible amount.
6. Can I get a personal loan quickly?
   Yes, online personal loans can be processed quickly when you meet the lender’s criteria and have the required documents ready. Buddy Loan helps you compare 30+ verified lenders through one digital platform.
7. Can I get a ₹50,000 personal loan without a salary slip?
   Possibly. Some lenders accept alternative income documents or bank statements, depending on your employment profile. The required documents vary by lender.
8. Is 700 a bad CIBIL score for personal loan?
   A 700 credit score is not necessarily bad. It depends on your creditworthiness and lender’s eligibility criteria.
9. Can I get a loan if I’m unemployed?
   A personal loan can be difficult without regular income because lenders assess repayment capacity. You may still qualify if you have another verifiable source of income, subject to lender criteria.
10. Which loan app is safe?
    Choose an app that clearly identifies its lending bank or NBFC and is associated with an RBI-regulated entity. RBI recommends verifying this association and avoiding loan apps received through SMS or social-media links. Buddy Loan connects borrowers with 30+ verified lenders.
11. How to successfully get a personal loan?
    Check your eligibility, choose an affordable loan amount, maintain a healthy credit score and submit accurate documents. Buddy Loan offers personal loan options up to ₹35 lakhs, with interest rates starting from 9.99% p.a. onwards, subject to lender eligibility.
12. Can I get a loan with no income verification?
    Usually, no. Lenders need to assess your repayment capacity, so they may verify income through salary slips, bank statements, tax records or other financial documents. Requirements vary by lender.
13. Can I get a ₹3 lakh loan without a credit score?
    It can be difficult, but some lenders may consider applicants with limited or no credit history using other factors. Approval depends on income, repayment capacity and the lender’s criteria. Buddy Loan helps you compare options from 30+ verified lenders.
14. How much EMI for a ₹7 lakh loan?
    Your EMI depends on the interest rate and tenure. For example, a ₹7 lakh loan for 5 years would have an EMI of about ₹14,869 at 9.99% p.a. and ₹16,288 at 14% p.a. Actual EMI varies by lender and offer.
15. Can a 650 credit score get a loan?
    Yes, a 650 credit score does not automatically mean rejection, but loan options may be more limited and the interest rate may be higher. Lenders also consider income, existing debt and repayment history.

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“The app experience was smooth and easy to understand.”

Rahul Mehta

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“Simple interface and decent offers shown.”

Aman Verma

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“I liked how clearly the loan details were shown.”

Suresh Patil

Pune

“Very helpful app for comparing lenders.”

Karthik Reddy

Hyderabad

“Easy to use and clean design.”

Mohit Sharma

Hyderabad

“It guided me step by step which was helpful.”

Neha Gupta

Rangareddy

“I found the app quite simple to use.”

Pooja Singh

Jaipur