24 April, 2025 | 11:10 IST
Personal loans in India are a popular way to fund major expenses such as weddings, education, home renovations, and medical emergencies. Unlike secured loans, personal loans do not require collateral, making them an attractive option for many borrowers. Lenders determine personal loan eligibility based on credit history, income, and banking relationships. While some banks offer loans starting from Rs 50,000, the loan amount can go as high as Rs 50 lakh or more, depending on the lender and the applicant's financial profile.
For those seeking personal loans, comparing lenders is crucial to securing the best deal. Through Moneycontrol’s online lending platform, borrowers can access personal loan offers up to Rs 50 lakhs from various lenders, with interest rates starting at 10.5% per annum. The entire application process is digital.
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For salaried individuals, personal loan eligibility depends on factors like job stability, credit score, existing debts and age. Lenders assess these before deciding how much loan to approve. In some cases, they may offer only a part of the eligible amount to reduce risk.
For business owners, loan amounts depend on the financial health of the business. A credit score of 750 or above improves chances of approval and better interest rates for all borrowers.
Lenders also check a borrower's history with banks. Those with good repayment records may get better loan terms. While eligibility criteria vary, most lenders offer easy online applications with minimal paperwork.
The maximum personal loan amount depends on multiple factors such as credit score, income, age and existing debts. Certain professions may also qualify for higher loan limits.
For instance, some banks follow a salary-based rule, where the loan amount is calculated as a multiple of the borrower's monthly income. This means an individual earning Rs 50,000 per month may qualify for a loan of around Rs 7.5 lakh instead of the full limit of Rs 10 lakh.
On the higher end, some financial institutions offer personal loans up to Rs 50 lakh, depending on the borrower’s financial profile. Digital lending platforms allow borrowers to compare offers from multiple lenders, with interest rates starting at 10.5% per annum.
Borrowers can access personal loan offers up to Rs 50 lakhs from eight lenders through Moneycontrol’s online lending platform.
Personal loan interest rates in India typically start above 10% per annum. Borrowers must also consider processing fees, which include GST, adding to the overall cost.
For example, a loan of Rs 55 lakh with a tenure of 96 months at an interest rate of 10% results in an EMI of approximately Rs 83,400. Shorter tenures increase the EMI, impacting financial planning.
If the tenure is shorter, the monthly EMI value will increase, adding more financial strain on the borrower.
To conclude, interest rates vary across lenders. EMI calculations also depend on the loan amount, tenure and interest rate, influencing the borrower’s financial planning. To get the best deal, comparing lenders is crucial. Digital lending platforms like Moneycontrol’s online loan service simplify the process by providing access to multiple offers, competitive rates, and a hassle-free application experience.
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