Secure Personal Loan


A personal loan allows you to borrow a lump sum of money to pay for a variety of expenses and then repay those funds in regular payments, or installments, over time.


Personal loans are different from other installment loans—such as student loans, car loans, and mortgage loans—that are used to fund specific expenses like education, vehicles, or homes.

Types of Personal Loans


Personal loans may be secured or unsecured.

A secured personal loan requires some type of collateral as a condition of borrowing. For instance, you may secure a personal loan with cash assets, such as a savings account or certificate of deposit (CD), or with a physical asset, such as your car or boat. If you default on the loan, the lender could keep your collateral to satisfy the debt.


An unsecured personal loan requires no collateral to borrow money. Banks, credit unions, and online lenders can offer both secured and unsecured personal loans to qualified borrowers. Banks generally consider the latter to be riskier than the former because there’s no collateral to collect. That can mean paying a higher interest rate for a personal loan.

Features of Personal Loan


  • Interest rates are usually offered @ 10.99% p.a. onwards.
  • Loan amount is mostly up to Rs 35 lakh.
  • Loan tenure generally ranges up to 5 years.
  • For personal purposes, other than speculation.
  • No collateral security is required for loan application.
  • Pre-approved instant personal loans to select customers.
  • Processing fee is charged up to 4%.

Documents Required for Personal Loan Application


  • Duly filled application form with photographs attached
  • Identity Proof- PAN Card/ Voter ID/ Driving License/Aadhaar Card/ Passport
  • Age Proof- Aadhar Card/Birth Certificate/SSC Certificate/Voter ID/PAN Card
  • Address Proof- Aadhar Card/copy of ration card /Voter ID/Driving License/ Passport/electricity bills/gas connection bills
  • Bank account statement for past 6 months
  • Salary slips for last 3 months
  • Form 16/ITR for last 3 years