Personal Loans

Personal Loans starting at 10.99%*

Apply now for personal loan at lowest interest rate and 24hrs loan disbursement.

Personal loan

When we were younger, we would observe our parents pinching pennies toward realizing a lifelong dream. Only for it to become an unfulfilled desire. 

Gone are those days! 

Work hard and party harder!

Nowadays, people want to enjoy life to the fullest and make their desires come true instantly. For themselves and their families. 

An overseas vacation, home renovation, a grand wedding, good schooling, etc. They want it all. 

And, banks and NBFCs are willing to help them! 

But, what if you don’t have any assets to pledge for a loan?

This is where Personal Loans come in!

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Please provide your basic details, to analyze your Profile, Need and suggest right solution

What is Personal Loan

A personal loan is an unsecured loan or a loan that doesn’t require you to pledge any assets to secure a loan. Hence, it is quite a convenient option for anyone looking for liquidity for personal expenses.

Pros of Personal Loans

Of course, you should always do your research before taking any type of loan. To help you in this quest, Finneeds lists some important aspects to consider before you go in for a personal loan.

Asset-less and rocking! Just because you don’t have assets, you don’t have to give up on the things that matter to you. Personal loans let you live life your way without the need for pledging assets.

Lightning-fast approval, sanction and disbursal! If you are in urgent need of money, a personal loan is manna from heaven for you. If you are eligible for a personal loan, then the days from approval, to sanction and, finally, to disbursal can be a minimum of 24 to 72 hours. However, the number of days might vary depending on various factors like the financial institution, formalities, etc.

Large sums for your larger needs! Nowadays, banks and NBFCs have increased the maximum personal loan amount to up to Rs. 50 lakhs. So, quit worrying and start planning meticulously how you want to spend it.

You decide where to spend! Contrary to other loans like home loans, car loans, etc., there is no stipulation to use a personal loan for the mentioned purpose. Therefore, you can use it for splurging on luxuries or for any emergency contingencies. 

A comfortable repayment tenure! To each his own, so choose a repayment tenure for your personal loan that doesn’t bog you down. Generally, tenures range from 12 to 72 months.

Cons of Personal Loan

Higher interest rates! Since there is no asset involved in personal loans, the banks and NBFCs charge higher interest rates in lieu of the risk involved.

Types of Personal Loans

  • Educational loans to pursue your academic aspirations
  • Wedding loans to start a new chapter
  • Travel loans to broaden your horizons
  • Home renovation loans to carve your dream home
  • Consumer durable loans to make your life comfortable
  • Medical emergency loans to safeguard yourself and your family.
  • Festival loans to cherish and celebrate memorable occasions

Eligibility criteria

Eligibility criteria for a personal loan are quite simple. Generally, your employment status, monthly salary, credit score, age, etc. are some of the determining factors.

Who can apply?

  • Any salaried person aged 21 and below 58 years of age
  • Any self-employed person aged 25 years and below 65 years of age

Since banks and NBFCs think you have more growth prospects when you are younger; hence, younger people have an advantage here.

How much do we need to earn?

  • Salaried persons with a minimum salary of Rs. 15, 000- Rs. 20,000 (might vary from bank to bank)
  • Self-employed with a minimum annual income of Rs. 1 lakh (might vary from bank to bank)

Mostly, banks prefer the EMI of your loan amount to be less than half of your monthly income.

How long should I have been in employment?

  • If salaried, a minimum employment period of 2 years in total and 1 year in the current organization
  • If self-employed people, a minimum of 2-3 years in the present profession or business

Does where I live and work matter?

Banks and NBFCs prefer customers who have been living in their current residence for a couple of years. They also prefer customers working in a reputed organization or having a business that has good market demand, as this raises their trust in you.

Does my past credit history matter?

Yes, much like the Chitragupta of our mythology, government bureaus like CIBIL keep your credit scorecard. Prompt repayment of your earlier loans will increase your credit score. Defaulting or delaying your payment decreases it. Your credit score will play a critical role in determining if, when and how much of a loan you will get and at what interest rates.


Though you don’t need to worry about documentation with Finneeds to help you, let us give you a basic idea of what you need.

For salaried individuals:

  • Payslips for 3 months
  • Bank statement for 6 months
  • Identity proof such as driving license, PAN card, etc. 
  • Address proof such as electricity bills, Aadhar card, passport, voter card, etc.
  • Photos in passport size

Interest rates & Charges

While the interest rates change from bank to bank depending on their norms and your eligibility, the general trend ranges between 10.25% to a maximum of over 30%. 

Additional charges that you need to be aware of: 

  • Processing fees- It is generally a percentage of the loan amount plus GST