Personal Loan FAQs

1. Is taking a personal loan a good idea?

Yes, a personal loan can be a helpful financial tool during emergencies or when planning major expenses—such as weddings, home renovations, or medical situations. They’re quick to process, require no collateral, and are easy to access.

2. What is the best personal loan?

There’s no one-size-fits-all. The ideal personal loan depends on your credit profile, including credit score, income, employment type, and more. The best loan is one that fits your financial needs and eligibility.

3. How can I get a personal loan?

To qualify, you typically need to:

• Be aged between 18/21 to 50/55 years

• Be salaried or self-employed

• Have a credit score of 600+

• Earn a minimum monthly income of ₹14,500 (non-metro) or ₹18,000 (metro)

• Be in your current job for at least 6-12 months, or run your business for at least 1 year

4. How does a personal loan affect my credit score?

Personal loans impact your credit score. Missing EMIs or making late payments can hurt your credit. Since these are unsecured loans, timely repayment is especially important.

5. How long does loan approval take?

With digital applications, approvals are often instant. However, disbursement may take 2–3 business days, depending on document verification.

6. What’s the best personal loan to apply for?

The best loan is one that offers a good interest rate, flexible tenure, and suits your profile. Services like IndiaLends can help you compare options and choose the right lender.

7. Can I repay my personal loan early?

Yes, you can prepay your loan before the tenure ends. Keep in mind that some lenders charge prepayment penalties, which vary.

8. What’s the average interest rate on personal loans?

Interest rates typically range from 6.5% to 24%, depending on the lender and your creditworthiness.

9. What do banks check when approving a personal loan?

Banks assess:

• Age

• Monthly income

• Credit score and history

• Supporting documents

10. Who offers the best interest rates on personal loans?

Borrowers with strong credit scores, stable income, and good repayment history usually get the best rates. Each lender has different criteria.

11. Which bank has the lowest interest rate for personal loans?

As of now, HDFC Bank offers rates starting from 11.75%, subject to change based on your credit profile.

12. How do I apply for a loan from Bajaj Finance?

You can apply directly on the Bajaj Finance website or through platforms like IndiaLends for faster processing and approval.

13. What is the minimum salary required?

You need a minimum monthly income of:

• ₹14,500 in non-metro cities

• ₹18,000 in metro cities

14. Who can apply for this loan?

Any Indian citizen residing in Delhi, Mumbai, Pune, Bangalore, Hyderabad, or Chennai can apply.

15. How do I apply for this loan?

It’s a completely digital loan—you can apply through our website.

16. What documents are required?

You’ll need to provide:

• PAN card

• Aadhaar (or Voter ID, Passport, or Driving License)

• 6 months’ bank statement

17. Will you contact my employer?

No. We do not contact your employer or require employment verification from them.

18. How much loan amount will I qualify for?

We usually offer up to 50% of your monthly salary after deducting existing financial obligations. This ensures affordability for repayment.

19. Is this a single-bullet loan?

No, we offer short-term EMI-based loans with tenures of 61 or 90 days.

20. Can I take another loan if one is already running?

No. You must repay your current loan in full before applying for a new one.

21. How soon can I apply for another loan after repayment?

You can apply for a new loan immediately after successfully repaying your existing one.

22. Are there any prepayment charges?

No. You can repay your loan early without any extra charges.