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Personal Loan in India at Lowest Interest Rates - Compare & Apply Online

October 2016 deals for Unsecured Personal Loan online from Rs 50,000 to Rs 40 lakhs with interest rates starting from 11.49% given by the major banks and financial institutions according to your profile. Apply for an Online Personal Loan now.

Personal loans are unsecured loans, disbursed by most banks and NBFCs where the loan quantum could vary from Rs. 50,000 to Rs. 40,00,000. These are unsecured loans which mean you need not mortgage anything or even keep any asset as a security with the Bank. There are multiple reasons for which a personal loan is taken such as weddings, medical emergency, travel, home renovation, balance transfer, debt consolidation and so on. Read more on how to get a personal loan and an instant personal loan online approval.

The basic requirement to get a loan sanctioned is a good credit history and an adequate salary. Other factors like years of employment, company you work for, city you stay in, etc will all determine the important factors like eligible amount, tenure and lowest interest rates for personal loan. Personal Loan Interest Rates vary from around 11.49% during offers to 28% across different banks and NBFCs. To be able to offer the best deal for personal loan in your city, most banks require you to be at least 21 years with over a year of work experience. Personal loans are usually repaid monthly over a pre-decided tenure. While most banks charge you a pre-closure charge of 4% - 5% of the outstanding loan amount, some of the banks give you the flexibility to pre-close the loan without any additional charges.

Basic Documents Required for Personal Loan

  • Three passport size photographs
  • ID proof – Passport/Voter ID/Aadhar or Drivers Licence
  • Residence Proof – Passport/ Landline Bill/ Post-paid Mobile Bill/ Rental agreement or Bank Statement
  • Pan Card copy
  • Age Proof – Passport/ Drivers Licence/ School Certificate or Pan Card copy
  • Income Proof - Latest 3 months salary slips
  • Banking Statement - 6 months bank statements
  • Job Stability & Continuity – Offer Letter, Relieving Letter and Form 16

Basic Eligibility Criteria for Personal Loans

  • Age of the applicant should be between 21-60 Years
  • Salaried individual with minimum income of Rs 15,000. Salary bracket would again depend on the city you live in and the company you work for. Eg. If you are in a Metro the salary requirement will be higher than non-metro and again if you are working in a top MNC the salary requirement would be lesser than one working with a startup.
  • Should be staying in the city for at least 1 Year
  • Total work experience should be at least 2 Years
  • You would require basic documentation such as your address proof, identity proof, latest bank statements etc

Compare now to check the best interest rates online for your personal loan requirement

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There are multiple banks which offer a personal loan such as HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, Citibank, RBL Bank and NBFCs such as Bajaj Finserv, Tata Capital, Fullerton and many more which offer personal loans which are all unsecured loans. So if you are wondering how to get a personal loan or are looking for instant personal loan online approval then read more and either call us or leave your details using our simple form.

Also the interest rates for your Personal Loan depends on a lot of factors according to your profile. They vary from your salary to your credit history and includes many other important parameters.

Personal Loan Interest Rates Explained

Personal loan interest rates is one of the first parameters that one considers along with other value adds like pre-closure options, part payments etc. Interest rates are the rate at which the bank is willing to lend money to you which in turn is their source of income. Let us have a basic understanding of how personal loan interest rates are calculated.

The Bank has deposits from customers like you in the form of Fixed Deposits, balance in the savings account and so on. The bank has a certain payout for these deposits. This payout is considered as the cost of capital for the banks and they lend at an interest higher than their cost of capital accounting for the risk involved with the customer who they are lending to.

To elaborate this further with numbers, consider a bank giving you 8% for the fixed deposit that you have with them. The bank would ideally like to make an addition of 6% to 8% on this fixed deposit. Having an interest rate of 16% for all customers again is not justified as the bank is not accounting for the company where the borrower is working, the borrower's salary, their past credit history and so on. Therefore the interest rates for personal loan vary based on multiple criteria and different categories.

To take this further, different banks have interest rate offers for different profiles. Personal loan interest rates are usually fixed for a tenure which varies from 1 year to 5 years. Also, the interest is calculated on the principal outstanding and not the on the initial loan amount. This form of interest rate is termed as fixed and reducing. Different banks have offers on a monthly basis to attract the cream of customers. This could be as offer for companies, for loan amount taken, for a certain salary or even for a transfer of a loan from one bank to another.

Personal Loans Interest Rates from multiple banks

HDFC Bank Interest Rates
11.49% to 20%
ICICI Bank Interest Rates
11.49% to 20%
Axis Bank Interest Rates
13.99% to 24%
Citibank Interest Rates
11.49% to 19%
Kotak Bank Interest Rates
14% to 19.65%
Standard Chartered Bank Interest Rates
12.25% to 15%
IndusInd Bank Interest Rates
12.99% to 20%
RBL Bank Interest Rates
14% to 21%
Capital First Interest Rates
13% to 18.5%
Tata Capital Interest Rates
12.75% to 19.5%
Fullerton India Interest Rates
19.5% to 37%

The above rates are approximate only. Final rates will vary based on your monthly takehome salary, your current experience, your credit history and more parameters etc.

You can check our Flat Rate vs Reducing Balance Interest Rate Calculator below for more details.

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Customer Stories

Here are some stories of our customers with insights to help you make better financial decisions,

Karthik, the customer with a recent job and living alone!

When you work in the financial industry, everyday is an eye opener and a learning experience. You would think that having a salary upwards of 1lakh/month will be enough to get you a personal loan but this is not always the case. Banks/NBFCs have different criteria apart from salary and this was demonstrated in a recent case we encountered. This case study is for educational purposes only so we will not reveal the names of the exact person involved…so lets call him just Mister Karthik!!!

So Karthik was looking out for a loan to pay off some credit card debts he had incurred while buying new furniture and fittings which he had bought for his new house. Home renovation loans are quite prevalent in India today which is a better alternative to buying expensive items on a card. Anyway Karthik now wanted to avoid paying high credit card interest and convert it into a personal loan. We managed to put Karthik in touch with one of our partners which is an NBFC. We wanted to get him a Tata Capital personal loan as Karthik also wanted a part-payment facility which was available with Tata. We were confident of this going smoothly as Karthik earned over 1 lakh a month as net take home salary.

The unexpected issue we encountered was something neither us nor Karthik could anticipate. Karthik had his passport as his address proof which he had taken through a tatkal route many years ago. Since it was taken this way, and at that point in time, it did not resemble a normal passport even though it was stamped for travel to a foreign country. This necessitated the credit dept to ask for more documents including proof of work ex for 5 years which the customer did not have. The entire thing went into a tailspin and a case which was clean became complicated.

Cashkumar got all stakeholders on a single line and asked for the problem to be solved. The solution which was arrived at was to let Karthik produce which ever documents possible that were available to prove his work experience. Moreover a letter was to be produced from the HR of his current company that they had vetted him and his profile. Finally we validated that the travel document was genuine and had been stamped by a valid govt authority. This done, finally everything was found to be in place and then the loan was disbursed. Thankfully everything could be arranged to get Karthik a loan who left a happy customer pleased with Tata Capital for finding a solution.

Raghu, the highly leveraged customer

Raghu (name changed) was working with IBM for over 4 years. He had taken a loan back in 2014 where the interest rate for the personal loan was 13%. Due to a medical emergency in the family, he was looking for an additional personal loan at a better interest rate and also an option to move the existing loan to the new bank. Raghu tried in a couple of places for this loan but was declined due to the current high obligation; no bank was willing to give him a larger loan amount. A small loan would not help him meet the medical need at hand. This is when Raghu approached us for help.

We mapped his eligibility to a couple of banks where he had not approached before and spoke to the respective bank teams about the case. ICICI Bank was offering a personal loan at an interest rate of 11.49% in case of a balance transfer from another bank. However, ICICI too had a constraint on the loan amount that they would disburse. This is when we got into the fray and spoke to the credit and the sales team to understand alternatives to help Raghu. We proposed to get his wife in as a co-applicant but the challenge there was that she was already running a home loan as a co-applicant with her mother. The bank was not comfortable with this. We took this up to understand the repayment schedule and found that her mother was paying the full EMI for the home loan. This is when we approached ICICI Bank again asking them to reconsider the case since the entire home loan EMI was paid by Raghu’s mother-in-law. ICICI bank reconsidered the case and gave an approval for 18 lakhs including a balance transfer of the previous loan. This is how Raghu got a personal loan at a great interest rate in quick time.

Vinay, the guy who got the lowest interest rates for his personal loan

Have you ever wondered if the loan you get is at the best interest rate? This is what most of our customers wonder when they talk to us. So how do we ensure the best interest rates? Pretty simple, we work with most of the lending institutions to ensure that a customer gets the best interest rate for every personal loan that we disburse. We also ensure some aggressive interest rates for personal loans taken via the p2p lending network. So let us highlight a case of a customer who had an offer at 14% from a Bank and approached us post that. Let us call this customer Vinay. He had got a call from an offline bank agent who had proposed a loan from Bank A. The agent got a higher commission payout from Bank A and hence was pushing Vinay to take a loan from there. In fact, the agent insisted on the documents being processed immediately as the offer was for a limited time. The customer succumbed to the same and gave the documents. Fortunately, the customer got this hunch to check if there were better interest rates for his personal loan requirement.

That is when he applied on Cashkumar where the team got in touch with him in less than a few minutes of applying online. In course of the discussion, the team understood that Vinay had already applied to Bank A but could get a far better deal from HDFC bank as there was an offer on personal loan interest rates for the customer. We quickly got the HDFC team to pick up the documents and process the same. The loan was disbursed in 4 days of applying. The irony was the customer saved 1.5% interest and also got a loan much quicker than Bank A. While Bank A is a very reputed bank and offers good personal loan interest rates, in Vinay’s case HDFC bank was the clear winner. So please do always validate the best interest rates for personal loans with our team.

Suven, the customer who asked "Kithna deti hai!"

Do you guys remember that advertisement for a car which goes "Kithna deti hai" where an engineer is highlighting the amazing features of a space shuttle but the customer wants to know much mileage does the rocket give indicating the pragmatism of all Indians. This is the case in most of our purchases including a case where one wants to take a personal loan where interest rates are for us most important. This made it very evident that one inherent need of every individual is to get the maximum from each transaction. Let us tell you a case of Suven (name changed) who was working at CTS and had a need for a personal loan. He had approached the bank where he had a salary account and got an offer of a personal loan at an interest of 12.5%. He had decided to go ahead with this bank but this is when one of his friend's told Suven to check Cashkumar. On applying with us, he got an offer of 12.5% itself from Standard Chartered Bank. He did not seem keen on taking this as he already was getting the same interest rate for his personal loan. We had a quick chat with Standard Chartered bank and got the processing fee down to 0.5% and also gave him a zero pre-closure option after 12 months. The customer was very happy with this and grabbed this offer. In this case, the customer did not look at the fine print where he had the best personal loan interest rate offer but the processing fee and pre-closure options were not exciting. We are glad we could help Suven get a great deal.

Dhiren Makhija
Co-Founder, Cashkumar

Some simple tips while applying for a Personal Loan

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

Explore multiple options – Do not go ahead with the first personal loan offer that comes your way. Using our platform you can explore different options based on your eligibility which will help you make an informed decision. Apply for personal loan online now.

Do not focus only on the interest rate – While the interest rate is important please do note the processing fee as well as the pre-closure charges that would be applicable with 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. Currently Axis Bank does not have any pre-closure charges, provided the loan has been serviced for a certain tenure.

Do not hide key information, as the banks 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 could backfire.

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 EMI’s please reconsider taking a smaller amount. A default or delayed EMI payment could result in effecting your CIBIL Score which will hamper the possibility of you getting loans in the future. You can always check on the EMI’s that you would pay using our EMI calculator. You will also find a lot of information on EMI at

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

The final and most important suggestion is not to approach and apply for a loan with multiple banks/NBFCs. If your applications are rejected, it could affect your credit rating in a major way. Instead, visit an aggregator site like Cashkumar and we can suggest which banks/NBFCs will accept or reject your application and also the best options among them. It will save you credibility, physical trouble and mental distress along with providing you the best deal available.

We also help you get personal loans in India from private finance through the vast network of lenders that have been aggregated on this platform. So whatever your need whether it be to check the best personal loan companies in India or get in touch with personal loan lenders in India of the individual capacity, we will be able to help you with the request. It is also prudent as a loan seeker to be cautious of personal loan agents in India or any other city. While most are honest and try to get you a loan, they might not be able to compare and get you the best deal at all times. Also when you search for personal loan agents Bengaluru, you might not get in touch with the best of them.

Cashkumar is a platform which helps you get in touch with every kind of lender on a single platform without the hassle of contacting and going through an agent. What is more is that our services of free of charge and you do not have to pay us anything in terms of a fee or a percentage. So for all your needs and requirements and to get a good deal for a personal loan in India, contact us through our site of call us on the numbers provided. We will help fulfil your requirement whether through a bank, NBFC, peer-to peer lending, private lenders or private loan companies in India.

Cashkumar Personal Loan Reviews

Cashkumar Personal Loan is rated     4.4 / 5.0  by 24 users

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Your reviews motivate us and help us make our service even better

Good site to get loans online. My Personal loan was processed in a week's time and I got best offers for being an Infosys employee. Good work team!

It was a smooth process till the documentation and approval but the disbursal took a very long time. This could be due to multiple holidays last week. Happy with the support. Thanks.

Diligent follow ups and quick process by the team, helped me get my Personal Loan with IndusInd Bank in time. Thank you Cashkumar!

A medical emergey in the family couple of weeks back ended up in I running helter skelter to arrange for money or a personal loan. A medical loan search heled me identify a good option via you guys. Thank you for helping me in quick time. May no one need a peronal loan for medical purpose but if they do, I am sure you guys would be of great help

Quick and prompt. Very happy with your service and turn around. Thanks a million. Hope you do more than personal loans going forward.

I was planning a travel with my family to Europe from the 15th August to the 4th of September. I had budgeted for approximately 6 lakhs but the spend was not over shooting the budget by approximately 2 lakhs. Thants when a friend told me about personal loans that can be used for travel. I guess the travel loan was a blessing in disguise as I got to do morethan what I had initially planned with my family. Thank you Cashkumar team for assisting me on this. Also, thans for the great offer on the currency exchange bit.

With my kids admission to a school round the corner, I needed a quick loan to account for a few expenses. I managed to get that 75,000 very quick which helped me pay up for a few things. I also appreciate the prompt supoprt through the process. Thanks again.

I was looking at renovating my house with a modular kitchen, new flooring and a mini lawn. The overall cost was approximately 8 lakhs and I had a hunch that I would get a lon for rennovating my house. A quick seach helped me find you guys and you sure did a good job in helping me with the best offer on my perosnal loan. The interiors is on right now and I woudl remember you guys everytime someone appreciates the house. Thanks for the quick support and turn around time. Cheers!

I needed couple of lakhs from my dad's knee operation and you guys helped me in quick time. The operation was successful and my dad is up and running (literally). It sure is a feel good when money can help and you gusy sure helped me get t his personal loan in quick time. Thanks a ton.

A fancy marriage requires splurging a little more and you guys helped me with it. Thanks a lot for my perosnal loan which helped me with a memrable experience for the rest of my like. The HDFC folks were also very supportive and the process was very smooth.

Thank you for your help on a loan. Needed it to clear my credit card outsandting and this sure helped me a great deal. It was also a great deal with ICICI. Thanks a lot. Cheers!

Easy platform and great service. Thanks for helping me really quick. Shall recommend to my friends for certain.

Getting a personal was a breeze. I applied with Cashkumar and go a call back in less than 20 minutes. The team highlighted the process and also gave me some sound advice on the do's and don't's about a personal loan. Got my loan from Kotak in quick time and the process was very smooth. I sure would recommend you guys to my friends. Good job!

I thought I was contacting Cashkumar as axis bank personal loan agents in Bangalore when I searched on google and they got me loan from that bank in a quick and easy way.

I got two options to take a loan which was through the online method and the way of icici bank personal loan agents in Bangalore but finally the online method through Cashkumar gave me a better rate of interest

I was looking for personal loans bajaj finance in Bangalore and there were many options available to me. But cashkumar personally contacted me after I placed a request and helped me through the entire process from application to document collection.

I am searching for a loan from personal loan agents in Bangalore hdfc sir I want help will you help me. Pls let me know.


Hello Velkumar, Please call us on +91 9535800900 or mail us at

Cashkumar Team

I checked with Cashkumar whether there are options or a chance that they work with personal loan agents in Bangalore hsbc to get a requirement fulfilled but they took my requirement and proposed different options for a loan. A very good service from the team.

Such a long time it took for loan to be credited. Dont know what the bank guys were doing. Cashkumar people daily said we will check but nothing happens. atleast they called

They have quoted a really high interest rate which is ridiculous. Not satisfied cashkumar

The good thing about cashkumar is that they keep in touch with you no matter what. Otherwise it is the same as banks have same process

I was looking for sbi personal loan agents in Bangalore and came upon this site which provides loan from everyone. I contacted them and got a loan at a very good interest rate from hdfc bank itself. Thanks to cashkumar for arranging this.

I guess one of the mistakes is to just look for a personal loan provider and go with the first one. In thiis case, I was well guided on which would be the best option and the way forward on the proccess. I applied for a loan and based on my eligibility I was suggested to take a loan from ICICI and I sure got a good deal. The complete exercise took about 5 days and CK team and ICICI guys were very prompt. Thanks for the help

Stumbled upon Cashkuamar on a quick search. I had never heard about you guys and I was skeptical if I would get a personal loan quickly. I must admit that you guys sure surprised me. I was very happy with the offer and the turn around time. All the best to you guys.

Personal Loan by Cashkumar has been rated  4.4/5.0  by 24 users

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  • Basics

  • What is a Personal Loan?

    A personal loan is an unsecured credit instrument that is given by Banks and NBFCs to individuals in need of ready funds. The financial institutions charge interest on the money lent that has to be returned along with the principal at periodic intervals (EMIs) over a period of time (tenure). The loans are unsecured so as a borrower you need not provide any collateral, asset or guarantor.

  • What can I use the Personal Loan money for? Will the bank ask for a reason?

    Unlike other type of loans, a personal loan is an extremely flexible financial instrument. By their nature these advances are for personal use and hence you need not provide a reason nor do the lenders ask for a purpose on how the loan amount will be spent. The loan seeker is free to use the money for any reason as long as the amount is paid back.

  • What is an EMI?

    An Equated Monthly Instalment or EMI as it is popularly known is the amount paid by you to the bank/NBFC every month to repay your loan. EMI is calculated as a sum total of the principal plus interest divided by the total number of months in the tenure of the loan. Check out our helpful EMI calculator here

  • Loan Eligibility

  • What is the most important criteria banks look for when giving a personal loan?

    The most important criteria banks look for when awarding a loan is the repayment capacity and your credit rating (also called CIBIL Score). The first criteria most major banks/NBFCs look at is that the overall EMIs (including any current ones) should not exceed 60%-65% of your net income. The second important criteria is your CIBIL rating which should be more than 650 points. These are the two things major banks/NBFCs will consider first to decide whether advancing a loan can be considered. They will look at other criteria if these two basic ones are met.

  • What criteria should I look for when taking a loan?

    It is important as a loan seeker to look at multiple criteria when availing a loan. The most important obviously is the rate of interest which will decide how high or low EMI will be. But apart from these there are other criteria you should look for like pre-closure if an early payment if anticipated, part payment facility and amount (if your needs are flexible). It is important to think of all these and not hasten into getting a loan. You can seek advice about all this when you call us to get a loan

  • Loan Repayment

  • What is pre-closure?

    A. The act of paying off all of your outstanding amount before the end of the loan tenure is called pre-closure. It is a great option if you have the money as it will save you from paying interest for the rest of the tenure. Most banks/NBFCs allow you to pre-close a loan only after a certain number of EMIs have been paid with a small charge on the outstanding principal. A few banks/NBFCs will allow an earlier pre-closure with no charge so it is important to realize one’s payment plan before availing a loan.

  • What is part pre-closure?

    Some lenders also allow you to part pre-close a loan which means that you will be able to pay off a part of the outstanding amount instead of the full amount. This is really helpful when you anticipate small amounts of extra money coming to you at periodic intervals. It helps lessen the interest burden and cuts down your EMIs at periodic intervals. Some institutions allow for a single payment a year while some others allow multiple payments. It is important to stress again that you plan your payments before taking a loan as such a facility can be really helpful.

  • How can I payback my loan?

    There are three options that most banks provide as a facility to pay your EMI. If you get a loan from the same bank where you have a banking account then a direct debit option is available. If not then you can pay EMIs through post-dated cheques (PDCs) or Electronic Clearing Service (ECS). In the case of NBFCs then only the last two options are available.


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