Personal Loan

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What Is Personal Loan ?

A personal loan is a type of unsecured loan provided by banks, NBFCs (Non-Banking Financial Companies), or online lenders that can be used for various personal needs. Unlike home or auto loans, a personal loan does not require any collateral or security. It is granted based on the borrower’s creditworthiness, income, employment status, and repayment capacity.

Key Features of a Personal Loan:

Purpose: Can be used for medical emergencies, weddings, education, travel, debt consolidation, or other personal expenses.
Tenure: Usually ranges from 12 to 60 months.
Loan Amount: Varies from ₹10,000 to ₹50 lakhs (depending on lender and eligibility).
Interest Rate: Typically ranges between 10% to 24% per annum.
Quick Processing: Many lenders offer instant approval and fast disbursal (sometimes within 24–48 hours).

Personal Loan Eligibility

Age of the Applicant
- Must be between 21 to 60 years (varies by lender)
Employment Type
- Salaried individuals (working in private or public sector companies)
- Self-employed professionals (doctors, CA, business owners, etc.)
Minimum Income
- Typically ₹15,000 to ₹25,000 per month (may vary based on city and lender)
Work Experience / Business Vintage
- Salaried: Minimum 1 to 2 years of total work experience
- Self-employed: Minimum 2 to 3 years in current business
Credit Score
- A CIBIL score of 700 or above is generally preferred
Residential Status
- Indian resident (some lenders also provide to NRIs)
- Must have stable residential address (owned/rented)
Debt-to-Income Ratio
- Your existing EMIs and debts should not exceed a certain percentage (usually 40–50% of your monthly income)

FAQs on Personal Loan

What is a personal loan?

A personal loan is an unsecured loan that you can use for various personal expenses like weddings, travel, education, or emergencies without pledging any asset as security.

Who can apply for a personal loan?

Salaried professionals, self-employed individuals, and business owners who meet the lender's eligibility criteria can apply for a personal loan.

How much personal loan can I get?

The loan amount typically ranges from ₹10,000 to ₹50 lakhs, depending on your income, credit score, and repayment ability.

What is the tenure of a personal loan?

Personal loans usually come with a repayment tenure of 12 to 60 months.

What documents are required to apply for a personal loan?

Common documents include identity proof, address proof, income proof (salary slips or bank statements), and PAN card.

How long does it take to get a personal loan approved?

Many lenders offer instant approval and disbursal within 24–48 hours, especially if you apply online.

Will taking a personal loan affect my credit score?

Yes, it can. Timely repayments will improve your credit score, while missed EMIs can lower it.

We believe that financial support should be simple, personalized, and stress-free. That’s why our team works closely with every client to understand their specific goals and challenges.

At Nial Finance, we don’t just provide loans—we build lasting relationships built on trust, clarity, and a shared vision for growth.