Personal Loan at a glance
- What it is
- A personal loan is an unsecured loan – no collateral is pledged – that can be used for most personal needs such as medical costs, a wedding, travel or consolidating debt, and is repaid in fixed monthly instalments.
- Who it is for
- Salaried and self-employed individuals with a regular income and a healthy credit history.
- How Early Grow helps
- We match your income and credit profile with partner banks and NBFCs, explain the total cost including fees, and help you complete the application.
- Next step
- Book a free consultation or call +91 93541 57455.
Personal loans: what to expect
A personal loan is an unsecured loan from a bank or NBFC that you repay in fixed monthly instalments. You don’t pledge any asset, so the lender relies on your income and credit history instead. That makes personal loans quick to arrange, but they usually cost more than secured loans. Compare the full cost before you borrow.
Early Grow helps you compare personal loan offers from partner lenders and apply to the one that suits you. The lender approves the loan, sets the rate and disburses the money.
Common uses
- Medical expenses, weddings and family events.
- Home repairs, travel or large purchases.
- Consolidating several higher-cost debts, such as credit card balances, into one EMI.
- Short courses and skill programmes. For degree courses, an education loan is usually more suitable.
Typical eligibility
Each lender sets its own criteria. They usually consider:
- Your age and employment type (salaried or self-employed).
- Your monthly income and how stable your job or business is.
- Your credit score and repayment history.
- Your existing EMIs compared with your income.
- For salaried applicants, your employer’s profile.
Documents usually required
- PAN, and Aadhaar or other address proof.
- Recent salary slips and bank statements (salaried), or ITRs and bank statements (self-employed).
- Employment proof, such as an employee ID or offer letter, if the lender asks for it.
How Early Grow helps
- We understand how much you need, what it is for, and how much EMI you can comfortably afford.
- We review your profile and shortlist lenders whose criteria you are likely to meet. This avoids multiple applications, each of which creates a credit enquiry.
- We compare the offers on interest rate, processing fee, tenure and prepayment terms.
- We help you complete the application and documents. The lender verifies them and decides.
- Once the loan is approved and the agreement is signed, the lender disburses it to your bank account.
Compare before you borrow
- Look at the annual percentage rate (APR) and the Key Fact Statement that RBI requires lenders to give you, not just the headline interest rate.
- Check the processing fee, the part-prepayment and foreclosure charges, and the late-payment charges.
- Borrow only what you need. Missed EMIs damage your credit score.
- Be wary of apps or agents that ask for upfront fees before approving a loan. You can check whether a lender is regulated on RBI Sachet.
Official references
Frequently asked questions
Most lenders allow any legitimate personal purpose, such as medical costs, a wedding, travel, home repairs or debt consolidation. Speculative uses, such as trading in shares or crypto-assets, are usually not permitted.
Salaried and self-employed individuals with a steady income and a reasonable credit history. Each lender sets its own minimum age, income and credit criteria.
Each loan application creates a hard enquiry on your credit report, and several enquiries in a short period can lower your score. Shortlisting lenders before you apply helps you avoid unnecessary applications.
It depends on the lender and how complete your documents are. Some lenders disburse quickly for existing customers, but there is no guaranteed timeline.
Usually there is a processing fee, plus charges for late payment and, depending on your agreement, for prepayment or foreclosure. All charges should appear in the Key Fact Statement the lender gives you before you sign.
Often, yes. Personal loan rates are usually lower than the interest charged on revolving credit card balances, so some people use a personal loan to repay card debt. Compare the actual rates and fees before you decide.
Many lenders allow early repayment, sometimes after a minimum period and sometimes for a fee. Check the foreclosure terms in your agreement.
Talk to an Early Grow adviser
Tell us what you need and we will explain your options, the documents required and the next steps. The first consultation is free.