Apply for Personal Loan

Benefits of Personal Loan with Paisabazaar

• Compare offers from 30+ lenders side by side
• Interest rates starting from 9.98% p.a.
• Loan amount from Rs. 10,000 to Rs. 50 lakh
• Flexible repayment tenure from 12 to 84 months
• 100% online process (no branch visit needed)
• Earn Rs. 1,000 cashback on your first EMI

The interest rate on your personal loan depends on your CIBIL score, income, employer category, loan amount, and tenure. Below is a comparison of current personal loan interest rates offered by top banks and NBFCs in India:

Note: Rates are indicative and subject to change. Final rate offered depends on your credit profile.

Last updated:  25th April 2026.

Use Paisabazaar's free personal loan EMI calculator to plan your repayments before you apply. Enter your loan amount, interest rate, and tenure to instantly see your monthly EMI.

EMI Formula Explained

The EMI (Equated Monthly Instalment) for a personal loan is calculated using the reducing balance method:

EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]

Where: P = Principal loan amount | R = Monthly interest rate (Annual rate / 12 / 100) | N = Loan tenure in months

Sample EMI Calculation

Example: You borrow Rs. 10,00,000 at 12% p.a. for 4 years (48 months)

• Monthly rate R = 12/12/100 = 0.01
• EMI = [10,00,000 x 0.01 x (1.01)^48] / [(1.01)^48 - 1]
• EMI = Rs. 26,334 per month
• Total repayment = Rs. 12,64,032 | Total interest paid = Rs. 2,64,032

Quick EMI Reference Table

Personal loans are offered to borrowers to fulfill their financial requirements for varied purposes. Here is a list of various personal loan types available in India:

Instant Personal Loan

Instant personal loan is designed for quick approval and disbursal, often within hours and is best for emergencies. It requires minimal documentation and relies heavily on your credit profile.

Flexi Personal Loan

Flexi loans are an overdraft-style facility where the applicant gets a credit limit approved and can withdraw as needed. Interest is charged only on the amount used. This can be a preferred option for managing irregular expenses.

Pre-approved Personal Loan

These loans are offered to existing bank customers based on their credit and relationship history. They come with pre-set loan amounts and faster processing times and available to select borrowers with good credit profiles.

Top-up Loan

An additional loan amount is offered on top of an existing personal loan to eligible borrowers. These loans are available after a certain repayment history and are useful when you need extra funds without taking a fresh loan.

Personal Loan Balance Transfer

These loans allow you to transfer your existing personal loan to another lender at a lower interest rate to reduce your EMI or total interest burden. These are most effective when done early in your loan tenure.

You can use a personal loan for different financial needs. Here are the most common purposes:

Choose the Right Loan Amount

Lenders evaluate multiple factors before approving your personal loan application. Here's what you need to qualify:

For Salaried Individuals

For Self-Employed Individuals

Also Check: Personal Loan Eligibility for all banks & NBFCs

Your CIBIL Score is a critical factor that not only determines your loan approval but also the rates and loan terms. Let us understand how CIBIL score impacts loan approval.

Note: The information provided above is only indicative and actual results may vary.

Tip: Check your FREE CIBIL score on Paisabazaar before applying. This is a soft inquiry and does not affect your score. Click here to check your CIBIL score now.

Salaried Employees

• KYC: Aadhaar Card, PAN Card, Passport, Voter ID (any one)
• Address Proof: Aadhaar, Utility Bill, Rent Agreement
• Income Proof: Last 3 months' salary slips
• Bank Statement: Last 6 months with salary credits
• Employment Proof: Offer letter or ID card
• Photograph: 1–2 passport-size photos

Self-Employed Individuals

• KYC: Aadhaar Card, PAN Card
• Business Proof: GST registration, trade licence, MSME certificate
• Income Proof: Last 2 years' ITR with computation
• Financial Statements: Audited P&L and Balance Sheet (2 years)
• Bank Statement: Last 12 months for business account
• Address Proof: Business address proof

Also Check: Complete list of documents required for a personal loan.

Applying for a personal loan via Paisabazaar app or website is quick, hassle-free, and completely free - taking less than 5 minutes.

1. Check Eligibility: Enter your mobile number, income, and basic details to see your personalised loan offers from 30+ lenders.
2. Compare Offers: Review interest rates, EMIs, processing fees, and disbursal duration side by side. Choose the best match for your needs.
3. Select Lender & Amount: Choose your preferred lender, loan amount, and tenure. Click 'Apply Now'.
4. Upload Documents: Upload your KYC, income, and bank statement documents digitally.
5. Loan Disbursal: After lender verification, funds are credited directly to your bank account in as little as a couple of hours.

Before apply for personal loan understand all the charges involved in a personal loan:

Also Check: all applicable fees and charges for the personal loan

Existing customers of a bank or NBFC with a strong credit profile get pre-approved personal loan offers. These loans come with:

• Instant approval as no additional underwriting is needed
• Minimal or zero documentation
• Competitive interest rates based on your existing relationship
• Funds in your account within hours

Check your pre-approved offers from multiple lenders on Paisabazaar. These loan offers are generated instantly based on your credit profile and without impacting your CIBIL score.

1. Low CIBIL Score: Scores below 650 can lead to rejection immediately. You should improve your score by paying EMIs on time, reducing credit utilisation, and clearing outstanding dues.
2. High FOIR (Fixed Obligation to Income Ratio): Lenders may reject applications when the fixed income to obligation ratio breaches the 50-55% mark including the EMI of the proposed loan. You should therefore either prepay existing EMIs or apply for a lower loan amount.
3. Unstable Employment History: Frequent job changes or a duration of less than 6 months to a year in the current job can raise red flags for the lender. You should apply for a loan after stabilising your current employment for at least 12 months.
4. Incomplete or Incorrect Documents: Name, address, or income details mismatch can lead to the loan rejection. Double-check all details, match them from your PAN and Aadhaar and keep additional proof ready if reauired.
5. Multiple Recent Loan Applications: Every application initiates a hard enquiry. Multiple hard enquiries in the credit report can signal credit desperation. Instead of applying with multiple lenders, you can compare offers from them at Paisabazaar and apply for a loan that meets your requirements the most
6. Loan Amount Higher than Eligibility: Repayment capacity plays an important role in loan approval. Applying for a loan beyond the repayment capacity can trigger rejection. Instead, use an EMI calculator to assess the right loan amount based on your ability to repay

1. Maintain a CIBIL score of 760+: CIBIL score above 760 portrays lower risk and in turn best rates, quick approval and relaxed loan terms.
2. Keep your FOIR below 50%: Make sure your existing obligations along with the EMI of the new loan is lower than 50-55% of your monthly income.
3. Apply for an Optimal Loan Amount: Higher loan amounts carry higher risks thus need stricter scrutiny. Apply for a feasible loan amount with low risk to prevent from loan rejection.
4. Choose the Right Lender: Lenders follow their set of rules while approving a loan application. Compare offers on Paisabazaar and check for “Chances of Approval” to select the most suitable lender who is most likely to approve your application.
5. Keep Documents Ready Beforehand: Check for documents required by a lender before applying for the loan. Keep salary slips, bank statements, KYC documents, etc. ready to speed up the verification process.

Consider all factors mentioned above to get your application approved without any difficulties.

Existing borrowers paying high interests on their personal loans can balance transfer their personal loan outstanding balance to a new lender offering lower rates and reduce their EMI burden and total interest paid significantly.

When Does Balance Transfer Make Sense?

• Your current rate is 2-3% higher than what new lenders are offering
• You are early in the loan tenure (high interest amount is still left for deduction)
• Your credit score has improved considerably since you took the original loan
• The new lender’s processing fee is offset by the interest savings on your loan

Example: On a Rs. 10L loan, moving from 18% to 12% rate in year 2 of a 5-year loan can save over Rs. 80,000 in total interest. (indicative figures only)

Paisabazaar offers personal loans to eligible borrowers in more than 860 cities in India including all metro and Tier - I cities:

Personal Loan in Delhi Personal Loan in Hyderabad Personal Loan in Bangalore Personal Loan in Chennai Personal Loan in Kolkata Personal Loan in Mumbai