Personal loan at Lowest Interest Rates

Quick Personal loan from multiple lenders at lowest interest rates and zero pre-closure charges after 3 EMIs. Compare and apply Online!

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 ₹20,000 - ₹1 lakh    3 months - 1 year    Zero Pre-closure

Personal loan with fast and quick approvals

A personal loan is unsecured credit advanced by institutions and/or individuals without requiring a security or an asset guarantee. The loan is given based on an individual’s credit and financial position with expectation of return within a fixed time period. Personal loan applications are qualified for approval to meet a variety of requirements including travel, marriage/weddings, medical needs, home renovation, goods purchases, debt consolidation and others.

Basic eligibility required include a good credit history, adequate salary and a steady bank record. Other factors like years of employment, employer, city you stay in, etc also determine important factors like eligible amount, tenure and interest rate. Interest rates for personal loans vary from around 10.99% to 30% across different banks, NBFCs and P2P platforms with processing fees of between 2% to 7% of the loan amount approved.

Loans amounts can range between Rs. 10,000 to Rs. 30,00,000 for periods between 1 to 60 months depending on the type of requirement and eligibility. To apply for a loan, you must be atleast 21 years of age and have a stable source of income. Occupation is not a barrier, but it is relatively easier for salaried employees to get a personal loan as compared to businessmen or self-employed professionals.

Personal Loan Categories

Depending on the amount and repayment period, called tenure, personal loans can be divided into 3 different categories. You can avail for a loan based on the type of requirement:

Long-term loan: These loans are given for a tenure between 12 to 60 or sometimes even 72 months with amount ranging between Rs. 1,00,000 to Rs. 30,00,000. They help meet your large requirements and have lower interest rates due to the high amounts.

Short-term loan: These loans are given for a tenure between 3 to 12 months with amounts ranging between Rs. 20,000 to Rs. 1,00,000. They are perfect to help you with small requirements and interest rates charged are slightly higher given the shorter tenure.

Salary Advance loan: An advance is just an ultra-short-term loan given for periods between a few days and upto 3 months. The loan amount is generally used as bridge between salaries to meet expenses and attract high interest rates.

Cashkumar P2P Lending

Cashkumar through its RBI licensed, NBFC P2P lending platform brings together borrowers and lenders to transact in short-term personal loans. The model allows a lot of people who have been financially excluded to participate in the credit system. People with money get access to a new asset class and can invest by lending small amounts to multiple borrowers. Cashkumar undertakes the credit analysis of the applicants and approves borrowers based on multiple traditional & alternate data points. As compared to banks, P2P lending allows people from all segments to apply and avail a loan with a quick, online process.

Why do you need a Personal Loan?

A personal can be taken for a variety of purposes and requirements. Some of these include:

  • Travel Loan: Going out and exploring the world is not a privilege anymore but a necessity for most of you tired of a busy life. Funds are not a constraint anymore as personal loans can be taken for a luxurious vacation as well as quick P2P loans for short holidays
  • Home Improvement Loan: These help for reasons as wide ranging from getting a fresh coat of paint for the house to small repairs or remodelling and buying household equipment. It is easy to get a couple of lakhs to a few thousands via P2P Lenders, any number of Banks or NBFCs
  • Marriage Loan: It is known that weddings or marriages can cost a lot and it is not easy to arrange for such funds always. Extended parties or travel can also cost additional funds which can be met by applying for a personal loan
  • Debt Consolidation Loan: Most of you would have opted for borrowing money in life to meet a requirement or transact through credit cards. Debt consolidation loans help bring all obligations together under a single loan. Short-term loans also provide a great way to pay off high-cost credit card obligations.
  • Balance Transfer Loan: Banks and NBFCs offer a chance to transfer high interest loans to their institutions at a lower interest due to improved financial or work situation. These balance transfers provide respite by reducing interest rate or the tenure of the loan.
  • Rent deposit Loan: Increasingly young people are travelling to find employment in metro cities where rent deposits can be quite high. It is normal for deposits to be charged in the range of Rs. 1,00,000 for a single house. Given such profile are new to credit, short-term P2P loan providers are the best option to approach and get a loan sanctioned
  • Medical Loan: Life is never predictable, and you might come across accidents and emergencies from time to time. Personal loans which are unsecure in nature are a good option for people facing such emergencies. It is easy to get a few lakhs for serious treatments to a few thousands for cosmetic procedures.

Personal Loan Interest Rates

The most important factor that needs to be considered while taking a loan is the interest rate, which determines the extra amount that you must pay on the principal. It is basically a fee paid for using some other person’s money. Personal loan interest rates generally differ between institutions and are also linked to your personal profile. To provide a basic understanding, banks take money from depositors, NBFCs might raise money from the market and P2P companies gather funds from individuals. The basis for charging interest is based on the cost of this capital which is the interest or returns paid to depositors and/or investors. In the case of P2P companies, the interest might be directly decided by the lender or the platform depending on the risk in a case.

There are two methods of charging interest on loans which are flat rate and a rate on reducing balance. A flat rate means a constant percentage charge on the full loan amount every month irrespective of the payments already done. A reducing balance method involves levying interest only on the principal outstanding in a loan at the beginning of a month. Most banks and NBFCs use the reducing balance method in charging interest while short-term loans through P2P lending use the flat rate.

Cashkumar calculates a flat interest rate on loans which are fixed by us for a loan. This means that borrowers and lenders do not have to bargain which can lead to unwanted delays on loan disbursals. Rates might differ according to the risk category warranted by a borrower profile ranging from very safe to slightly risky. Interest rates can thus vary from 18% to 30% per year and charged on the principal amount. This is included in the EMI for a month and is directly transferred to the lenders.

Features of Personal Loan

Some important Personal Loan features are:

  • Amount can vary between ₹ 10,000 to ₹ 30,00,000
  • Tenure for a loan depends on the type of loan and can vary from a few days to 72 months
  • Loans are unsecured in nature, so you will not need any collateral or security to apply
  • Rate of interest can be calculated as a flat rate or reducing balance and can vary from APR 10.99% to 30%
  • One-time processing fees on the loan amount can range from 2% to 7%
  • Pre-closure is allowed by most institutions allow pre-closure after a set period with a percentage charge on outstanding principal. Some institutions allow pre-closure without a charge and even allow partial payments with or without charge
  • Loans can be taken for a variety of personal reasons and to meet life requirements
  • Documentation process is reasonable with banks and purely online with certain platforms

Benefits of Personal Loan

Some important Personal Loan benefits are:

  • Choice of loan amounts as well as repayment tenures can help you meet a variety of needs and requirements
  • Since no collateral is required, any person with a good profile can apply for a loan without limitations
  • Loans with facility for zero charges on pre-closure and part-payment help clear debts quickly as well as cheaply providing peace of mind
  • Low and easy documentation helps quicken processing times and disbursal especially with online loan providers
  • Easy loan approvals and larger eligibility base helps you get a loan quickly in times of need

Documents Required for Personal Loan

Documents are proof of the reliability and establish the complete profile of a borrower. Financial institutions require these to decide on approving a loan request. While most banks currently use an offline process and need physical documents, NBFC and P2P companies might need a completely online submission. Most documents are common to institutions and require:

  • Pan Card
  • KYC (Identity and Address proof)
  • Salary slips
  • Income Proof - Latest 3 months salary slips, Receipts, Form 16 etc (for self-employed professionals)
  • Bank Statements - 6 months bank statements
  • House ownership proof (if any)
  • Business existence proof, P&L, Balance sheet, IT statement, Audit report etc (for businesspeople)

Personal Loan Eligibility Criteria

  • Age: Atleast 21 years (for salaried) and 23 years (for self-employed/business) at the time of taking a loan and maximum 60 (for salaried) and 65 years (for self-employed/business) at the time of loan closure
  • Occupation: Salaried or self-employed/business
  • Minimum income: Rs. 15,000 in non-metro cities, Rs. 20,000 in metro cities and annual income of atleast Rs. 5 lakh for self-employed. Business people need to show annual revenues of above Rs. 50 lakhs
  • Salary credit: As account transfer for salaried employees applying with Banks/NBFCs, account transfer and cheque to online NBFCs. No cash salaries
  • Rate of Interest: Can be calculated as a flat rate or reducing balance and can vary from APR 10.99% to 30%
  • Work Experience: Total work experience of 1 year (for salaried) and 3 years business vintage (for self-employed)

Simple tips while applying for a Personal Loan Online

While personal loans look exciting, there are a few points that one should keep in mind before proceeding with a loan,

Explore multiple options – Do not go ahead with the first personal loan offer that comes your way. Use aggregation platforms to explore different options based on your eligibility and take an informed decision.

Do not focus only on the interest rate – While the interest rate is important it is good to note that the processing fee as well as the pre-closure charges are applicable on each transaction. In case you propose to pre-close your loan, choosing a bank which has no pre-closure charges would make more sense even though the interest rate might be a little higher.

Do not hide key informationas, the financial institutions will find out and that would result in a lot of mental trauma as well as financial overheads.

Do not borrow personal loan for investments as this move could backfire if the potential investment turns bad for some instance..

Calculate your repayment potential before taking a loan. Though you might be eligible for a higher loan amount but you are not sure if you could pay the existing projected EMIs, please reconsider taking a smaller amount. A default or delayed EMI payment could result in effecting your CIBIL/Credit Score, which will hamper the possibility of you getting loans in the future. You can always check on the EMIs that you would pay using our EMI calculator. You will also find a lot of information on EMIs at

Check the loan agreement thoroughly: There are multiple signatures that you would need to sign on any loan agreement. Please ensure that you read all the Terms & Conditions before signing the document. In case of any queries, check with the company officials who would be more than happy to help you.

Do not file multiple applications: The final and most important suggestion is not to approach and apply for a loan with multiple banks/NBFCs or lending platforms. If your applications are rejected, it could affect your credit rating in a major way.

Cashkumar helps you get personal loans in India from private finance through the vast network of lenders that have been aggregated on this platform. Get information on personal loans through peer to peer lending sources with us. We do not charge a registration fee for use of our services. For all your short-term loan needs and requirements and to get a good deal for a personal loan in India, apply through this site or download the app.

Cashkumar Personal Loan Reviews
Your reviews motivate us and help us make our service even better

Cashkumar Personal Loan is rated  4.7 / 5.0  by 446 users

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Manikandan Puthenpurakkal 5/5

Destination for those who struggling to get personal loan from Banks / Bank formalities

Aum Ahluwalia 5/5

Thank you so much for all the help. Quick disbursements and really to the point. Great service. Really happy


Great experience !! Fast Process.Sure to be recommended.

Arun Surya 4/5

It was really a great app, if the following documents are all correctly submitted, no doubt your loan will be approved, my loan amount was approved initially low, but still happy with the services, very courtesy staff, specifically Vikram Ji and Arpitha ji, very polite explained very well about the loan process, low rate of interest%, great well done, I wish your company to grow up to heights, last but not least please Conway my sincere thanks to all the leaders........

Shivu Kudari 5/5

Nice and am happy with loan disbursement all Team support me every time they talking very cool and friendly thanks so much all cashkumar team. One more point processing fee little bit more comapre to other loan . Otherthan very nice department.

shivling giri 5/5

I Applied For short Term Loan with Cash Kumar. Had Interaction With MR. Vikas. MR Vikas And his Team Disbursed me short term Loan Within 2 Working Days itself. Really Impressed for Service and quick Turnaround.

Raj Vision 5/5

Great support from Cashkumar Team.I have just applied for loan.They not only support me for getting loan and also need to improve my credit score.They suggest me in the best and possible way to get a loan,And the process was taken for few days and i got my loan amount in my bank account. Its one of the best service provider for loan and all the best for your future.I am looking forward to make good relation. Thanks once again to the team who made my process in possible way

Tamil Selvan 4/5

Nice within 10 days, i got it.

Adithya Chengalath 5/5

Really appreciate the work done by cash Kumar.Got the funds when I had a medical emergency. Special thanks to ms Trupthi and ms Sharmila for their support. They had answers for all the queries

Arun Satla 5/5

Thanks to cash Kumar, helped me in my emergency time

Mummareddy Sunil 5/5

Gud response and on time disperse of money..thanx to Trupti madam for helping in getting d loan

shrikanton ramesh 5/5

They have a good service and the amount is credited with in a day.

Naveen Kumar P 5/5

It was a great experience compared to any banking institutions. Each and every point corresponding team will communicated with me to make sure all details are correct and everything happened in 3-4 days including loan disbursement. Really appreciate you guys for the job and not so many firms followup customers to make sure they got loan or not but you guys did from start to end. Highly recommended to use cashkumar

Heeralal Patidar 5/5

Fast and smooth process

Shabbir Hasan 4.5/5

It's Perfect Platform, for Instant Loan Seeker. As Great Experience with Cashkumar. Loan Disbursed Smoothly. Flexibility of Loan Repayment. Supportive Staff's.

Personal Loan by Cashkumar has been rated 4.7 / 5.0  by 446 users

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