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Key Highlights for Personal Laon

Interest Rate Typically starting from 10.49% p.a.
Loan Amount Can go up to Rs 40 lakh; certain lenders may extend offers for even higher loan amounts.
Tenure Up to 5 years (Can go upto 8 years)
Processing Fees Fix Fees or Variable Fees

Unlock Your Financial Potential with Personal Loans from Loanmaart

Are you in need of immediate financial assistance? Look no further! At Loanmaart, we understand that life can throw unexpected curveballs, and sometimes you need extra funds to navigate through them. Our personalized personal loan services are designed to provide you with quick and convenient access to the money you need, when you need it the most.

Factors affecting personal loan interest rates:

  1. Credit Score: A higher credit score usually leads to lower interest rates, reflecting better creditworthiness.

  2. Income: Higher income levels may qualify for lower rates, indicating better repayment capability.

  3. Debt-to-Income Ratio (DTI): A lower DTI ratio suggests more disposable income to handle additional debt, potentially leading to lower interest rates.

  4. Loan Amount and Term: Larger loan amounts or longer terms may result in higher rates, as they pose greater risk to the lender.

  5. Market Conditions: Economic factors and market conditions can influence interest rates, leading lenders to adjust rates based on factors such as inflation and central bank policies.

Common uses of personal loans:

It's important to use personal loans responsibly and only borrow what you can afford to repay. Before taking out a personal loan, carefully consider your financial situation, needs, and repayment ability, and compare loan offers from multiple lenders to find the best terms and rates.


Home Repairs

Emergency Expenses

Education Expenses

Travel & Vacation

Eligibility for Personal Loan in India

Eligibility criteria for personal loans in India may vary slightly depending on the lender, but generally, they include the following:

  1. Age: Most lenders require applicants to be within a specific age range, typically between 21 and 65 years old. However, this can vary depending on the lender's policies.

  2. Income: Lenders usually require applicants to have a steady source of income to ensure they can repay the loan. There may be minimum income requirements, which can vary based on factors such as the loan amount and the applicant's location.

  3. Employment Type: Lenders may have preferences regarding the type of employment. Salaried individuals, self-employed individuals, and professionals may have different eligibility requirements. Some lenders may require applicants to have a certain length of employment or business operation.

  4. Credit Score: A good credit score is often a crucial factor in determining eligibility for a personal loan. Lenders typically prefer applicants with a credit score above a certain threshold, as it indicates a history of responsible borrowing and repayment.

  5. Credit History: In addition to the credit score, lenders may consider the applicant's credit history, including any existing loans or credit card accounts, repayment behavior, and any instances of defaults or late payments.

  6. Residential Stability: Lenders may require applicants to have a stable residential address. Some may specify a minimum duration of stay at the current residence or may prefer applicants who own their residence.

  7. Existing Financial Obligations: Lenders may assess the applicant's existing financial obligations, such as loan repayments, credit card dues, or other liabilities, to determine their repayment capacity.

  8. Documentation: Applicants are usually required to submit certain documents, such as identity proof, address proof, income documents (such as salary slips for salaried individuals or income tax returns for self-employed individuals), and bank statements.

It's important for individuals considering a personal loan to review the eligibility criteria of different lenders and assess their own financial situation to determine their likelihood of approval. Meeting the eligibility criteria does not guarantee approval, as lenders also consider factors such as loan amount, tenure, and overall risk assessment


Documents Required

  • Identity Proof: Passport/ PAN Card/ Voter’s ID/ Aadhaar Card/ Driving License
  • Address Proof: Passport/ Aadhaar Card/ Lease/ Property Purchase Agreement/ Utility Bills (not more than 3 months old)/ Passport/ Driving License
  • Income Proof For Salaried Individuals: Salary Slips/ Bank Account Statement/ Form 16
  • Income Proof For Self-employed Professionals: Previous Years’ ITR/ P&L Statement and Balance Sheet/ Bank Account Statement
  • Business Proof For Self-employed Individuals: Business Incorporation Certificate/ Professional Degree/ Certificate of Practice/ Partnership Deed/ GST Registration and Filing Documents/ MOA & AOA/ Shop Act License