• FAQs

Instant Personal Loan Online

Personal Loan is an unsecured loan, which is usually availed in case of financial emergencies. Since it’s an unsecured loan, you need not pledge any collateral/security. Be it planning your wedding the royal way, financing a trip to your dream destination, refurbishing your home or dealing with a medical emergency, a Personal Loan will always help you fulfill your requirements. You can apply for a Personal Loan online based on your credit score and the ability to repay the loan amount.

Our Lending Partners

  • Bajaj Finserv Ltd.
  • Fullerton India Credit Co. Ltd.
  • Lendingkart Finance Ltd.

Factors affecting the Disbursal Limit of Personal Loans

Here are the main factors that affect the disbursal limits of Personal Loans:

  • Income:

    Higher income level of the applicant leads to an increase in the disbursal amount. 

  • Current EMI payable:

    Disbursal amount can decrease basis the higher EMI payouts.

  • Number of dependents:

    Higher number of dependents can lead to a decrease in the disbursal amount. 

Requirement for Online Personal Loan Application

To apply for a Personal Loan, you must fulfill the required eligibility criteria and submit necessary documents.

Eligibility Criteria:

Following are the criteria that you must fulfill in order to apply for a Personal Loan:

  • You must be an Indian citizen.
  • You must be a salaried individual.
  • You must be between 25-58 years of age.

Documents Required:

  • Address Proof:

    Card/Passport/Driving License

  • Identity Proof:

    PAN Card/Voter ID Card
  • Bank Statement:

    Last 3 months

Personal Loan Application Process

Applying for a Personal Loan online at Finserv MARKETS is really simple. Following are the steps.

  • Step 1:

    Enter your personal and professional details such as your name, mobile number, date of birth, occupation type, current city, monthly income

  • Step 2:

    Choose your preferred loan amount and repayment tenure

  • Step 3:

    Get an instant approval on your loan and money in your account in 24 hours.

Personal Loan Verification Process

Here are the main steps involved in the Personal Loan verification process:

  • Step 1:

    Your online application will be processed, once you submit the same on Finserv MARKETS website/App.

  • Step 2:

    Post the complete processing of your online application, you must schedule a meeting, wherein the executive will verify the application details and collect your necessary documents, required for further processes.

  • Step 3:

    Once the documents have been collected and successfully verified, the Personal Loan application will be approved and your loan will be disbursed in no time.

Types of Personal Loans

There are various types of Personal Loans available in India, that can be used for variety of purposes. Here are some of them.

Wedding Loan

Wedding is a special event in one's life and the day deserves the best of everything. Weddings can be expensive, but with a Wedding Loan, you can take care of all the marriage expenses like arrangements, accommodation, decorations and make it the most memorable day of your life.

Travel Loan

A Travel Loan will help you meet the financial requirements associated with travelling. You can cover your travel expenses like that of flight tickets, booking hotels and much more. Keeping in mind that most people today travel either for holidaying or business-related activities, most banks and NBFCs offer Travel Loans at attractive interest rates. 

Home Renovation Loan

With a Home Renovation Loan, you can get your home refurbished, purchase new furniture, thus increasing the economic value of your home.

Hybrid Flexi Personal Loan

Hybrid Flexi Personal Loan is a customized version of a term loan and can be availed in case of financial emergencies. In this case, you need to pay only the interest as EMI for the initial period and you get complete freedom over the payment of the principal amount. Also, you can withdraw/deposit as many times you need. 

  • Partner Name
    Key Feature
    Key Feature Description
  • Fullerton India 

    Eligibility Criteria

    1. The applicant must be a resident of India.
    2. The applicant’s age must be between 21 and 60 years.
    3. He must be a salaried individual working in a private limited company or public sector enterprise, or be self-employed.
  • Fullerton India 

    Basic Documents Required

    1. Bank Statement of last 3 months for salaried individuals and Income proof for self-employed individuals.
    2. Identity Proof: PAN/Voter ID  
    3. Address Proof: Aadhaar Card/Driving License/Passport 
  • Fullerton India 

    Disbursal Time

    30 minutes

  • Bajaj Finance Limited

    Interest Rate

    12.99% p.a onwards

  • Bajaj Finance Limited

    Associated Charges

    Processing Fees: Up to 3.99% of the loan amount Foreclosure Charges: 4% of the outstanding loan amount + applicable taxes

  • Bajaj Finance Limited

    Repayment tenure

    12-60 months

  • Bajaj Finance Limited

    Eligibility Criteria

    1. He must be a salaried individual.
    2. The applicant must be an Indian resident.
    3. The applicant’s age must be between 25 and 58 years.
  • Bajaj Finance Limited

    Basic Documents Required

    1. Bank Statement of last 3 months
    2. Identity Proof: PAN/Voter ID
    3. Address Proof: Aadhaar Card/Driving License/Passport 
  • Bajaj Finance Limited

    Disbursal Time

    24 hours

  • Fullerton India 

    Interest Rate

    11.99% p.a onwards

  • Fullerton India 

    Associated Charges

    Processing Fees: Between 0% - 6% of the loan amount

    Foreclosure Charges: 0-7% of the outstanding loan amount

  • Fullerton India 

    Repayment tenure

    12-60 months

Personal Loan FAQs

What will happen if I don’t pay a Personal Loan EMI?

Not paying your Personal Loan EMIs can invite penalty charges on the outstanding debt. It can also negatively impact your credit score.

What are the pros and cons of Personal Loan Balance Transfer?

With the Personal Loan Balance Transfer facility, you will have to pay a lower rate of interest to the bank/NBFC you have chosen. However, you may have to pay prepayment charges to your current bank/NBFC..    

Are Personal Loans tax exempted?

According to the Income Tax Act law, there is no particular deduction on Personal Loans. In case of Home Renovation Loan, you can claim deductions of up to Rs. 2 Lakhs. This deduction will be applicable on the interest component as per Section 24(b) of the Income Tax Act.

What do the terms settlement, default and closed mean with respect to a Personal Loan?

Settlement: Settlement means that you are not able to pay the loan. You and your lender come to an agreement that you pay a certain portion of dues and not the complete outstanding amount. Settlement has an adverse effect on your Credit Score. Default: Default means that you were unable to pay the loan in the stipulated time and have not come on an agreement with respect to the outstanding dues. Defaulting can reduce your chances of getting a loan in the future. Closed: This means that you have repaid your loan in the stipulated time period.

What does prepayment mean and are there any charges for it?

Prepayment is the payment that is done before the specified due date. The prepayment charges usually range from 1% to 5% on the outstanding principal loan amount.

What do partial prepayment and foreclosure mean?

Partial prepayment is the payment of certain portion of loan amount before the due date. Foreclosure is the payment that is done before the designated due date.

Can I cancel a Personal Loan after the loan amount is disbursed?

Though it depends on the policies of the Bank/NBFC, most of them do not provide the said facility. In case it is done, you may have to pay cancellation charges.