02 September, 2025 | 11:59 IST
When you are applying for a personal loan, several questions might come to your mind, from the application process to the documentation required. One thing that concerns the borrower the most is whether a guarantor is needed to get the loan approved.
This question becomes even more important for borrowers who are applying for the loan for the first time and don't have a guarantor to support their application. So, let's understand how you can still get a personal loan.
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A personal loan is a type of loan given to borrowers when in need of urgent cash, often for personal expenses or during emergencies. The application process is hassle-free and doesn't require many formalities if you meet the lender's eligibility criteria.
However, the interest rates on personal loans tend to be a bit higher compared to other loans, such as car loans or home loans, as personal loans are unsecured and do not require collateral. And in many cases, you don't even need a guarantor.
You can get instant access to personal loans up to Rs 50 lakhs via Moneycontrol's digital lending platform. Moneycontrol has collaborated with 8 top lenders to offer access to multiple loans through its app and website. You can apply for the loans in a 100% digital, paperless process—choose your EMI, fill in your details and complete online KYC. Interest rates begin at 10.5% annually.
A guarantor is someone who gives assurance to the lender that they will repay the loan if the primary borrower fails to do so. However, the need for a guarantor happens only if the borrower doesn't meet certain requirements, such as having a low credit score, unstable income, or incomplete documentation.
However, if you have a good credit score, typically above 750 and a stable income, then you can easily get a personal loan without a guarantor.
Each bank and lending institution has certain requirements that the borrower must fulfill before applying for a personal loan.
1. Your age must be between 21 and 60 years.
2. Whether you are salaried or self-employed, you should have a regular income and proof to show, such as a salary slip or ITRs.
3. The credit score must be above 650.
4. You must provide basic documentation such as ID proof, address proof and income proof.
5. You must have a minimum of 2 years of total work experience, with at least 1 year in the current organisation.
1. The first step is to go through the websites of multiple banks and lending organisations and compare their personal loan offers.
2. Once you have selected the bank, either visit the bank branch or the website.
3. Select your occupation.
4. Enter your basic details, such as mobile number, date of birth, and PAN number.
5. The bank will then verify your income and if you meet the requirements, you will proceed to the next step.
6. Check the loan offer and choose the plan according to your financial requirements.
7. Complete the KYC.
8. Once the verification is done, the loan will be disbursed into your bank account within 24-72 hours, sometimes in minutes too.
Moneycontrol has teamed up with 8 trusted lenders to offer personal loans of up to Rs 50 lakh. The process is 100% digital—just pick your EMI, enter your details, and complete e-KYC. Interest rates start from 10.50% per annum.
1. Quick approval and disbursal
The process of a personal loan is hassle-free. The loan can be approved quickly if you have a good credit score and have submitted all the required documents and will be disbursed within 24 to 72 hours.
2. Minimum documentation
Unlike other types of loans, personal loans require less documentation. You just have to provide proof of income, proof of identity, and proof of address. Once all these are verified, the amount will be credited to your account.
3. Flexibility
One of the biggest advantages of a personal loan is that there are no restrictions on how the funds can be used. Whether it's for home renovation, travel, medical expenses or higher education, you can choose an amount and repayment tenure as per your needs.
4. No collateral required
The personal loans are unsecured loans, which means you don't have to pledge any collateral, such as property or gold.
5. Improves credit score
Timely repayment of EMIs can help you improve your credit score. This will help you in improving your chances of getting better loan offers in the future.
Securing a personal loan without a guarantor is common nowadays if you fulfill the lender's minimal requirements for eligibility. You can easily obtain a personal loan if you have a strong credit score, steady income, and the proper documentation.
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