• Click on the ‘Compare and Apply’ option 
• Fill up a registration form with necessary details
• Get the latest personal loan offers and choose from them. 
• Apply for the loan plan that you have chosen. 
• Fill up a simple form online 
• Provide necessary personal loan document.

Once the application form is received, you will be contacted by the Bank’s representatives.

Occupation: Salaried employees, self-employed professionals, self-employed non professionals, and business owners

 Age: Minimum 21 years at loan application and maximum 60 years at loan maturity 

Monthly income: More than 20,000 

Job/business continuity: 2 years continuous job or 3 years continuity in business

ITR: Last 2 years IT returns

Credit score: 700 & above

*Personal loan eligibility criteria may differ from bank to bank.

1. Credit score: This is the most crucial eligibility factor. A credit score of 700 or above is typically considered a good score for personal loans. The better your credit score, the higher are your chances to get a loan online.

2. Income: People with higher income are more eligible for a higher loan amount than those who have low income.

3. Employment: Employees of listed companies, Central and State Governments, and public sector undertakings are eligible for a higher amount.

4. Work continuity: You should be a long-term employee of your current organisation. In case you are self-employed, the continuity of business and income is the most critical

5. Age of the borrower: The minimum age requirement is 21 years. Banks have their criteria for deciding the maximum age limit. In most cases, your age at the end of the repayment period should not exceed 65 years.

6. Loan amount: Applying for a loan amount that you can service comfortably makes you more eligible for a personal loan and improves your chances of approval.

An unsecured loan like a personal loan can affect your CIBIL score negatively. So, even with the Best Personal Loan In India, you need to keep some tips in mind: 

• Avoid taking personal loans for business requirements 
• Repay personal loans on time to avoid issues with your CIBIL score. 
• Apply for a personal loan only when you have no other resources for financing. 
• Only apply for the loan amount that you need immediately.

You can consider applying for a personal loan for a marriage in your family, to bear educational expenses, for vacation abroad, debt consolidation, home renovation, or any other purposes.

Pre-approved personal loans are instant loans disbursed by banks to their select customers. These loans require minimum documentation and no collateral or security.

Approving any loan is the prerogative of the bank. There are various reasons for rejection of the Personal Loans.

• You might be having many loans outstanding. The possible solution is to bring in a co-borrower. Your working spouse can join as a co-borrower. You can also try to reduce your existing liabilities by closing some of your loans.
• You might have an adverse credit score. Check your credit report and go through it in detail. There can be errors in your report. Dispute them if necessary and take the steps needed to rectify your credit report. Remember, you need a minimum credit score of 650 to 700 to be eligible for a Personal Loan.

• Foreclosure is the situation where the borrower wishes to close the entire principal outstanding before the completion of the tenure of the loan. Part-prepayment is when the customer does not close the entire loan but attempts to repay a portion of the outstanding amount.
• Many banks charge a prepayment penalty ranging from 2% to 5% of the loan outstanding when you try to prepay your loan liability. Some banks have a lock-in period when you cannot foreclose the loan.

Generally, the minimum loan amount is around 50,000,and the maximum amount can go up to 50 Lakhs depending on your eligibility. The banks like to have a personal discussion with borrowers before approving higher Personal Loan limits.

A credit score is a 3-digit number varying between 300-900. It represents a borrower's creditworthiness. A higher credit score signifies a good credit history and responsible repayment behaviour. It also increases the borrower's chances for loan approval as lenders believe that you have the ability to repay your loan.

The banks do not have any collateral to fall back on in case of default. The only recourse available to the banks is to file a civil suit in the court of law.

Each bank or NBFC offers various features and benefits. To find the Best personal loan in India, it is best that you compare all the current offers and choose one that suits you the best.

If you have a good CIBIL score and necessary personal loan eligibility, you can apply for a personal loan on lending apps to get quick disbursal. 

You can get loans of up to Rs.50 Lakhs. However, the maximum loan quantum depends on the lender and the eligibility factors that the borrower fulfills. 

No. Personal loans are unsecured loans. So, you do not have to provide any security or collaterals.