Overview Features & Benefits Eligibility Criteria Documentation Q & A


A Personal Loan is an unsecured loan borrowed from a bank or financial institution to cover a wide range of expenses or financial needs like education, marriage, medical expenses, home renovation etc. CreditsIn brings Personal loan offers from leading Banks and NBFCs to cater to diverse consumer segments .Now get a personal loan online at your fingertips with a competitive Interest Rate.Compare the key loan features offered by top lenders and then, apply for the best option available on their credit profiles.

Features & Benefits

* Hassle-free loan processing
* Instant disbursal
* Collateral-free loan
* No end-use restriction
* Loan amount of up to Rs.50 Lakhs, which can exceed depending on the lenders discretion
* Minimal documentation
* Quick disbursals
* Easy Repayment tenure of up to 60 months, which may exceed on case to case basis

Eligibility Criteria

Criteria Salaried Self-Employed
Age 21 years to 60 years 22 years to 55 years
Net Monthly Income Rs.15,000 p.m Rs.50,000 p.m
CIBIL Score Above 650 Above 650
Employment Type Salaried employees working with reputed organizations, government organizations, and PSUs Self employed-Business Continuity of at least 2 years for self-employed professionals.


*Identity proof / address proof (copy of Passport/Voter ID card/Driving license/Aadhaar Card)
*Latest 3 months’ salary credited Bank statement
* Latest 3 months salary slip/current dated salary certificate with the latest Form 16

Frequently Asked Questions

1) How is Personal Loan eligibility calculated? Following are the 5 main factors to determine your eligibility for Personal Loan:

  • Geographic location
  • Monthly Income
  • Existing credit
  • Employer
  • Credit history

  • 2) What is the tenure for which I can avail a Personal loan?
    A personal loan can be availed for a flexible tenure ranging from 12 to 72 months.

    3) Will I be charged a processing fee?
    Yes. You will be charged a Processing fee by the Bank/NBFC depending on loan amount.

    4) What is the maximum & minimum loan amount?
    Personal loan amounts range from Rs. 50,000 up to Rs. 60 lakhs. The loan amount is determined based on factors like your age, income, credit score and job type.

    5) How is the loan amount calculated?
    The loan amount is calculated using either the multiplier or fixed obligation income ratio method. The amount of interest is calculated using the flat rate or reducing balance method.

    6) How is the Interest Rate ,Processing Fee and Pre Closure charges determined on the personal Loan ?
    Below are the top dependent factors :-
  • Loan amount disbursed
  • Company categorization of employer
  • Tenure of the loan
  • Net Take Home Salary
  • Salary Account Bank

  • 7) What is the difference between Pre Closure and Part-Prepayment?
    Pre closure means that a customer wants to close the entire principal outstanding amount at one go. Whereas part payment means that a customer wants to repay only a certain portion of the outstanding amount.

    8) What is personal loan disbursement process?
    In normal circumstances, a personal loan is disbursed within 24 hours of the application being approved. However depending on the lender, one may receive the funds within few seconds or Hours of approval while some lenders will take up to a day.

    9) Do we need to provide any collateral security for personal loan ?
    No, this is unsecured loan. There is no need for any security and guarantee for it.

    10) How to improve Personal Loan eligibility?
    The best way to improve your Personal Loan eligibility is by maintaining a healthy repayment history.