Instant Online Personal Loan in 1 Day @10.45% Onwards
Quikkloan offers a free service and therefore, we do not charge any fee from customers
Instant Personal Loan Approval
100% Online Process
No Hidden Charges
Minimum Documentation Process
Instant Online Personal Loan
in 1 Day @10.45%* Onwards
Quikkloan offers a free service and therefore, we do not charge any fee from customers
√ Instant Personal Loan Approval
√ 100% Online Process
√ No Hidden Charges
√ Minimum Documentation Process
How it Works!
Quikkloan made the effortless process for the customers. Apply Personal Loan Online, Compare the best personal loan offer from the various Banks & NBFC’s, upload the documents online, get disbursal in 24Hrs.
Eligibility Criteria
Salaried Individuals between 21 to 58 years, Minimum Net Monthly Salary of Rs. 20,000 and Employed for at least 1-2 years
Get ready with Documents
PAN & Aadhaar Card, Latest 3 month Bank statement, Two latest salary slip / latest Form 16, Cancelled Cheque
Get Disbursal in 1 Day*
Personal Loan up to 25 Lakh, Instant approval and Fast Disbursal through Partnered Banks / NBFC, No Collateral and Minimum Documentation
What is a Personal loan?
Personal loan is an unsecured loan without any guarantor
A personal loan is an unsecured loan that comes handy to fulfill various personal needs. This multi-purpose loan can be availed online at an attractive interest rate and flexible tenure options. It is a collateral-free loan, which means it can be availed without submitting any collateral/security to the lender. Both salaried and self-employed individuals are eligible to get personal loan by submitting the required KYC documents. Many leading banks, NBFCs and Fintech Companies offer personal loans online for purposes like-wedding, travel, home renovation, debt repayment, child education, medical treatment, home appliances,etc.
The loan comes with instant approval and disbursal soon after you met the required eligibility criteria. Different lenders have different eligibility norms which are important for an applicant to meet so as to have a hassle-free personal loan journey. Lenders basically evaluate the loan application of an applicant on factors like-age, income, credit score, monthly expenses, employment type, other financial liabilities, job stability, category of the employer, etc. Once an applicant meets the criteria based on the points above, it would be easy for him to apply online for a personal loan at an attractive interest rate. However, while availing a loan, a borrower also needs to pay certain charges like-processing fee, prepayment/part payment charges. Make sure you are aware of them prior to have a smooth personal loan journey.
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Top Banks
Offering Lowest Personal Loan Interest Rates in India
| Lenders | Interest Rates | Loan Amount | Tenure | Processing Fee | Apply Online |
| SBI | 9.60% to 13.60% per annum | Up to 15 Lakh | Up to 5 Years | Nil – 1% of the Loan Amount + GST | Apply Now |
| ICICI | 11.25% to 22.00% per annum | Up to 20 Lakh | Up to 5 Years | Up to 2.25% of loan amount+GST | Apply Now |
| HDFC | 10.75% to 21.30% per annum | Up to 15 Lakh | Up to 5 Years | Up to 2.50% of the loan amount | Apply Now |
| Axis Bank | 12%-24% per annum | Up to 15 Lakh | Up to 5 Years | As applicable by the bank | Apply Now |
| Kotak Bank | 10.99%-24% per annum | Up to Rs.15 Lakh | Up to 5 Years | Upto 2.50% of loan amount + GST | Apply Now |
| YES Bank | 10.99% per annum | Up to Rs.40 Lakh | Up to 5 Years | Up to 2.50% of the loan amount +GST | Apply Now |
| Tata Capital | 10.99% per annum | Up to Rs.25 Lakh | Up to 6 Years | Up to 2.50% of the loan amount+GST | Apply Now |
| IDFC Bank | As applicable by the bank | Up to Rs.25 Lakh | Up to 5 Years | 3.50% of the loan amount | Apply Now |
| IndusInd Bank | 11.25% per annum | Up to Rs.15 Lakh | Up to 5 Years | Up to 2.50% of the loan amount+GST | Apply Now |
| DCB Bank | 10.22% per annum (one year MCLR) | Up to Rs.5 Lakh | Up to 5 Years | 2% of the loan amount+GST | Apply Now |
| Bajaj Finserv | 12.99% per annum | Up to Rs.25 Lakh | Up to 5 Years | Up to 4.13% of the loan amount+GST | Apply Now |
| Aditya Birla Finance | 14%-26% per annum | Up to Rs.50 Lakh | Up to 5 Years | Up to 2% of the loan amount+GST | Apply Now |
| IIFL | 16% per annum | Up to Rs.25 Lakh | Up to 5 Years | Up to 2% of the loan amount+GST | Apply Now |
| HDB Financials | Up to 36% per annum | Up to Rs.20 Lakh | Up to 5 Years | Up to 2 % of the loan amount | Apply Now |
| Fullerton India | 12.99%-36% per annum | Up to Rs.25 Lakh | Up to 5 Years | Up to 3% of the loan amount | Apply Now |
Purpose of Personal Loan
Personal Loan Is Multinature in use. As Personal Loan is an unsecured loan so it can be used for various following purposes.
Documents Required For Personal Loan
Mentioned are the personal loan documents for salaried and self-employed.
Complete Online Application
Fillup the Online loan Application in just 2 minutes
Provide Identity Proof
Voter id/ Passport/ Driving License / Aadhaar Card
Address Proof
Aadhaar /Passport/ Telephone or Electricity Bill/ Ration Card
Bank Statement
Latest 3 Months Bank Statement or Passbook
Income Proof
For Salaried – Latest 3-month Salary Slip
For Self Employed – ITR and Current Bank Statement of 3 months
Feature & Benefit Of Personal Loan
Attractive Interest Rates: Personal loan instant comes at an attractive interest rate which means repaying the loan would be easy on your pocket. With competitive rates, expect to have pocket-friendly EMI hence less burden on your shoulders.
Instant Approval: This unsecured loan can be availed instantly if you meet the required criteria. The process is quite simple and hassle-free hence with fewer formalities, one can get the loan fast.
Fastest Disbursal: Once your loan is approved fastly, you can expect to have instant disbursal as well. The loan will be disbursed as soon as your application is approved and the amount will be credited to your bank account.
Flexible Tenures: Online personal loan has flexible tenure options to choose from. Hence, repaying this loan is absolutely easy as you can choose the tenure as per your choice.
Multi-purpose Loan: Single loan can be availed to cater various personal needs such as wedding, travel, home renovation, credit card debt, education, medical expenses, etc.
Collateral-free Loan: This loan is collateral-free, which means a borrower doesn’t need to pay any security to the lender while availing it.
Minimal Documents: No more lengthy documents and hassle of submitting the same. Now with just a few KYC documents, you can apply for personal loans online.
Fewer Loan Charges: The loan comes at minimal fee and charges which means no extra burden when it comes to repaying the same.
Factors that affect Personal Loan Eligibility
Age: Lenders do consider your income before deciding on the eligibility. After all, your age will decide how closer you are to earning so that you can easily repay the loan easily.
Monthly Income: Your monthly income is one such critical aspect that lenders will always take into account before approving the loan. If your income is good, higher chances of you getting the loan and considered to be more eligible.
Monthly Expenses: Your ability to pay back your loan is also judged by evaluating your monthly expenses. If your expenses are relatively lower than your income, higher chances of you getting a loan easily.
Any Other Financial Liability: Lenders also evaluate any other financial liabilities that you have. Is there any other financial burden you have on your shoulder or not.
Cibil Score: Your three digit numeric summary is also taken into account by the lenders before deciding your eligibility. In the case of personal loans, a score above 750 is considered to be fair enough in grabbing the best deal. So make sure your credit health should be in a good state for a smooth loan journey.
Job Stability: How stable you are in your job and how frequently you change it is also taken into account by the lender. Your job stability shows your seriousness towards the job which is also taken for loan repayments.
Category of the Employer: The category of your employer is also a big concern for the lenders. Borrowers working in Fortune 500 or 100 companies are preferred by the lenders as they have income and job stability. Hence can easily repay the loan.
Relationship with the Lender: How good you are at maintaining the fruitful relationships with the lender also works in your favour. Your good terms and understanding go a long way in negotiating for deals and low interest personal loan.
Tips to Avoid Personal Loan Rejection
Apply After Understanding Eligibility: Given its wide-ranging utilities, a personal loan can be looked upon anytime. But the application will go through successfully only if you meet the eligibility criteria set by a particular lender. So, there lies your duty to understand the eligibility of a lender before you apply for personal loans online.
Do Check Your Credit Score Before Applying: As it’s an unsecured loan whose approval depends greatly on your credit score, it’s important you know the same so that you can apply without any fear of the application getting rejected. But ensure you don’t check the score often as that creates a credit hungry impression. This impression can play spoilsport by reducing the score much more than you can think of. The credit score should at least be more than 700 so that the approval for a personal loan can be granted. If the score is above 750, not only the application can be approved quickly but it can also help you get lower interest rates on the loan.
Avoid Making Multiple Applications: When the application is made multiple times, there will be multiple hard credit enquiries. And if the application gets rejected, the credit score will reduce drastically.
Personal Loan Eligibility
For a hassle-free, instant personal loan journey, it is important that an applicant should meet the required criteria
| Eligibility Criteria | Salaried | Self-employed |
| Minimum Age | 21 | 24 |
| Maximum Age | 58-60 | 65 |
| Minimum Income | Rs.20,000 monthly | Rs.2 lakh(annual) |
| Credit/Cibil Score | Above 750 (out of 900) | Above 750 (out of 900) |
| Minimum Job/Business Stability | 1-2 Years | 2-3 Years |
| Minimum Work/Business Experience | 1-2 Years | 3 Years |
| Minimum Profit After Tax | NA | Rs.1-2 lakh(annual) |
Frequently Asked Questions
How long does a bank take to approve an application for a personal loan?
It depends from bank to bank as each lender has its own process. Usually a loan application is approved within 5-7 working days.
How is a personal loan repaid?
The personal loan can be repaid by paying the loan amount back to the bank in the form of Equated Monthly Instalments (EMIs). A borrower can opt for an auto-debit payment, wherein the EMI amount will automatically be debited from your bank account.
Can I get the balance transfer facility with my personal loan?
Availing a balance transfer facility depends on the bank. There are some banks that offer the balance transfer facility if the customer has made at least 12 EMI payments. It is advisable that you check with your bank before you apply for the loan.
Are there any additional charges that an applicant has to pay when he/she gets a personal loan from a bank?
Yes, there are a couple of different additional charges. Most banks charge an applicant an interest fee that ranges from 2% to 2.5% of the total amount that they wish to borrow. The fee is deducted from the amount that has to be disbursed to you.
Can I receive Tax Benefits on my personal loan?
Unless the personal loan is used for a home renovation project, tax benefits are not associated with personal loans. You can, however, avail tax benefits under Section 24 of the Income Tax Act on the interest that is paid on the loan but not on the principal amount that is paid.
What are the Factors That Can Influence Personal Loan Interest Rates?
These factors include your income, repayment potential, credit score, etc.
Is the GST Levied Over the Interest Rate on a Personal Loan?
No, the Goods and Services Tax (GST) is not levied over the interest rate on a personal loan.
What are the Types of Personal Loan Interest Rates That Lenders Offer to Borrowers?
Personal loans can be offered on a flat and reducing balance basis. In a flat rate, the interest will be charged on the principal outstanding all the time irrespective of which stage the loan is in. Whereas, in a reducing balance, the interest is charged on the principal outstanding left after the EMI payment.
What is an EMI?
An Equated Monthly Installment (EMI) is a sum of principal and interest payable every month to the lender. Greater the rate of interest, the higher will be the EMI amount and vice-versa.
How Soon Can You Apply for a Personal Loan?
Anyone working in a public or private entity can apply for a personal loan as soon as he/she attains the minimum age of 21 years. Self-employed, on the other hand, will need to be a minimum of 24 years at the time of loan application.
How Much Work Experience is Required to Get a Personal Loan in India?
You must have worked for a minimum of 2-3 years to get a personal loan in India. However, lenders also want you to have a minimum of 1-year work experience with the current organization.