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Personal Loan

Fast, unsecured, and the most expensive money in this list.

A personal loan needs no security and can be in your account within days, which is exactly why it is priced higher than everything else we arrange. Used for the right thing, it is the cleanest solution there is. Used as a substitute for a cheaper secured loan, it costs you dearly.

10.49%
Indicative rate p.a.*
No cap
On loan amount*
84 mo
Maximum tenure
48–72 hr
Typical disbursal
What you get

What actually determines your rate

Two people can walk into the same bank on the same day and be quoted rates several points apart. Credit score, employer category, existing obligations and how long you have banked there all feed the decision.

  • From ₹50,000 upward, with no fixed upper cap; the ceiling is set by your income and existing obligations
  • Tenure up to 84 months, longer lowers the EMI but raises total interest
  • No collateral and no end-use restriction, beyond speculation
  • Largely paperless where your salary account and KYC are already digital
  • Disbursal commonly within 48–72 hours on a complete file
  • Consolidating credit-card balances usually cuts the effective rate sharply
Talk to an Advisor

Indicative Rate

10.49% p.a.*
  • No upper cap on amount
  • No collateral required
  • Disbursal in 48–72 hours
Is this the right loan for you?

Speed and no collateral; you pay for both

Because nothing secures the loan, the lender prices in the risk. Rates across the market typically run from around 10.5% to well over 20% depending on your profile.

A good fit if

  • You need funds quickly for a medical emergency, wedding or education
  • You can clear it comfortably inside the tenure you choose, up to seven years
  • You are consolidating costlier credit-card debt into one lower-rate EMI
  • You have a salary credit history and a CIBIL score comfortably above 750
  • You own no property to pledge, or do not wish to pledge it

Worth a rethink if

  • You own property and the need is large, a Loan Against Property will cost far less
  • You are buying a vehicle, where a car loan is cheaper and secured against the car
  • You are funding a business, a business loan is cheaper and the interest may be deductible
  • You are borrowing to service other borrowing, which rarely ends well
What you’ll need

Documentation requirements

Have these ready and we can put a complete file in front of a lender the same week. Missing documents are the single most common reason a good application stalls.

Identity & address

  • PAN card
  • Aadhaar or passport
  • Current address proof
  • Passport-size photograph

Income

  • Last 3 months’ salary slips
  • Last 6 months’ bank statements
  • Form 16 or latest ITR
  • Employment confirmation, where asked

Obligations

  • Existing loan and credit-card statements
  • Sanction letters for running loans
  • Any co-applicant’s income proof
  • Rent agreement, if the address is rented
Where we add value

The cheapest personal loan is often the one you do not take

We would rather move you to a secured product at half the rate than place a personal loan we can earn on. That is the whole point of an advisor who is not tied to one bank.

Honesty

We will tell you if it is the wrong product

If a Loan Against Property or a top-up on your home loan is cheaper, we will say so.

Rate

Profile-matched lenders

Pricing varies enormously by employer category and score band. We approach the lenders that price your profile well.

Protection

One application, not six

Scattering applications creates multiple hard enquiries and drags your score down exactly when you need it up.

Questions borrowers actually ask

Personal loans, answered honestly

Why is the rate higher than a home loan?+
Nothing secures it. If a home loan goes bad the lender has the house; on a personal loan it has only a claim against you. That risk is priced into the rate, which is why personal loans sit several points above every secured product.
What credit score do I need?+
Most lenders want 750 or above for their advertised rates. Between 700 and 750 you will usually be approved but priced higher. Below 700 the options narrow considerably and the cost rises steeply.
Can I prepay early?+
Usually yes, though unlike floating-rate home loans, personal loans commonly carry a foreclosure charge, often a percentage of the outstanding, and sometimes with a lock-in of a few EMIs. Always check this before signing.
Does applying hurt my credit score?+
A formal application creates a hard enquiry, which knocks a few points off temporarily. Several applications in a short window compound the damage and look like distress borrowing. Checking eligibility with our calculators does not affect your score.
Is a longer tenure better?+
It lowers the EMI and raises the total interest, sometimes dramatically. Take the shortest tenure whose EMI you can comfortably sustain, not the longest one you are offered.
Can I use it for business?+
Technically yes, but it is usually the wrong choice. A business loan is generally cheaper, sized to your turnover, and the interest may be a deductible business expense. Speak to your accountant.

All rates, limits and timelines on this page are indicative, vary by lender and by your profile, and do not constitute a loan offer or a commitment to lend. Finnect Capital is an authorised Direct Selling Agent and referral partner, not a bank or NBFC. Every credit decision rests solely with the partner Bank/NBFC. Ask any lender for the Key Facts Statement (KFS) setting out the all-inclusive APR before you sign. See our DSA Disclosure.

Before you take one, let us check the alternatives.

It takes one conversation to find out whether something cheaper is available to you.

Talk to an Advisor