Personal Loan: compare offers from RBI-regulated lenders

Personal loan at a glance

APR and a representative example

The Annual Percentage Rate (APR) is the yearly cost of credit to the borrower. It includes the interest rate and all other charges taken when the loan is set up, such as the processing fee and documentation charges. Because it captures fees, APR is the fairest way to compare two loan offers.

EMI and APR calculator

Move the sliders or type a value. The APR updates as you add the processing fee and other upfront charges.

The calculator is for illustration only. APR is computed as the rate at which the EMIs equal the amount you actually receive (loan amount minus upfront charges), shown as a yearly rate.

How is EMI calculated?

Banks and NBFCs use the reducing-balance method: EMI = P × R × (1 + R)^N ÷ [(1 + R)^N − 1], where P is the loan amount, R the monthly interest rate (annual rate ÷ 12 ÷ 100) and N the number of monthly instalments.

Example: ₹10,00,000 at 12% p.a. for 48 months. R = 0.01, N = 48. EMI = ₹26,334. Total repayment = ₹12,64,032, of which interest is ₹2,64,032.

EMI reference table

Indicative EMIs, excluding fees. Actual EMI depends on the lender's rate and terms.

Who can apply

• Age: usually 21 to 58 years for salaried and up to 65 for self-employed applicants, depending on the lender
• Residence: Indian resident with a serviceable pincode
• Income: regular income credited to a bank account; most lenders look for at least ₹15,000 to ₹25,000 a month for salaried applicants
• Work history: commonly 6 to 12 months with the current employer; 2 to 3 years of business continuity for self-employed
• Credit score: 700+ improves approval chances; 750+ usually gets the lowest rates
• Existing EMIs: lenders prefer total EMIs, including the new loan, below about 50–55% of monthly income

Meeting the criteria does not guarantee approval. Each lender applies its own credit policy.

Documents required

KYC is completed on the lender's platform, usually through Aadhaar-based e-KYC, DigiLocker or video KYC.

How your credit score affects approval

Indicative ranges. Lenders also weigh income, employer and existing debt.

Fees and charges

A lender cannot charge any fee that is not disclosed in its Key Fact Statement. CreditSaathi does not charge you any fee.

Our lending partners for personal loans

Each lender sets its own rate and fees within the ranges shown above, based on your profile. Grievance contacts for each lender are on our partners page.

Types of personal loans

• Instant personal loan: fully digital, for eligible applicants; approval in minutes to hours
• Pre-approved loan: offered by a lender to existing customers based on their history
• Top-up loan: an additional amount on an existing loan with a good repayment track record
• Balance transfer: moving an existing loan to another lender for a lower rate; compare savings against new fees
• Debt consolidation loan: one loan to repay several costlier debts

How to apply through CreditSaathi

1. Tap Check my loan offers and verify your mobile number with an OTP.
2. Enter your PAN, date of birth, pincode, employment type and income, and give consent for a credit check.
3. See the lenders whose criteria you match, ranked for you.
4. Choose a lender. You continue on the lender's own secure page to complete KYC.
5. Review the lender's Key Fact Statement, then e-sign the agreement.
6. The lender disburses the loan directly to your bank account.

Your rights under RBI's digital lending rules

• Key Fact Statement: a standard KFS with APR, all fees, the repayment schedule and grievance contacts before you sign.
• Direct disbursal and repayment: money moves only between your bank account and the lender's. No pass-through or pooled account of any LSP is used.
• Cooling-off period: you can exit the loan within the look-up period stated in the KFS by repaying principal and proportionate APR, without penalty.
• No automatic limit increases: credit limits cannot be raised without your explicit consent.
• Data protection: data is collected only with your consent, for a stated purpose, and stored in India. LSPs cannot access your contacts, files or media.
• Fair recovery: you are told the name of any recovery agent before they contact you. Harassment or threats are prohibited.
• Grievance redressal: each lender and LSP has a nodal grievance officer. If a complaint is not resolved within 30 days, you can approach the RBI Integrated Ombudsman.

Mistakes to avoid

• Borrowing more than you need; it raises both EMI and total interest.
• Comparing only interest rates instead of APR.
• Applying to many lenders at once; each formal application can add a hard enquiry.
• Choosing an EMI above what your monthly budget can carry.
• Signing without reading the KFS, foreclosure terms and penal charges.
• Paying anyone an "advance fee" to get a loan sanctioned. This is always fraud.

Why personal loan applications get rejected

• A low credit score or recent missed payments
• Income below the lender's minimum, or irregular credits
• High existing EMIs (debt-to-income above about 55%)
• Many recent loan or card enquiries
• Mismatched or incomplete documents
• Pincode not serviced by the lender

Frequently asked questions