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All About Personal Loan

Personal loans are short term loans that are unsecured in nature i.e. they don’t require a collateral. The collateral is the asset that you keep with the bank, like your home, car, etc., as a security for the loan period. Banks and other financial institutions grant personal loans on the basis of the credit history of the applicant. While personal loans are generally used for a variety of reasons, like covering expenses of a wedding, paying for an exotic family vacation, clearing existing debt, etc. they can be used to cover any expense. One can avail personal loan UpTo Rs. 30 Lakhs depending on the eligibility. You can check your Eligibility Here. The Minimum period for repayment of personal loan is 1 year while the maximum period of repayment is 5 years.

Why a Personal Loan?

There are innumerable ways in which you can use a personal loan. From buying a new phone to covering your business expenses, there are many ways in which a personal loan can help you. Here are some of the popular reasons why people opt for a personal loan:

  • To Buy Things (Electronics, Mobile, Furniture, Car, etc.)

  • Covering Sudden Expenses (Wedding Expenses, Hospitalisation Expenses, etc.)

  • Consolidating Debt (Paying Credit Card Bill, Paying down-payment for a Home Loan or Car Loan, etc.)

  • Protecting Assets (Renovating House, paying for registration at the time of possession, etc.)

  • Leisure (Covering for air tickets, hotel and travelling expenses, etc.)

As you can see, there is no limit on the number of ways in which a personal loan can be used. In short, a personal loan is a way to ease up the cash crunch during a financial emergency. Apart from this, no collateral, minimal documentation, and short tenure are some other reasons due to which people choose personal loans.

A representative example of the total cost of the loan, including all applicable fees -

If you apply for a loan of Rs.5 Lakhs for 5 years and it gets approved at 15% per annum, youll pay a monthly EMI of Rs.11,895. The total interest you pay over 5 years will be Rs.2,13,698 and the total amount payable with interest will be Rs.7,13,698.

Types of Personal Loan

While you can use a personal loan for fulfilling any of your financial requirements, banks do offer many different types of personal loans that are designed for specific needs. Some of the most common ones are-

Types of Personal Loan
Loans for Unemployed
  • For people who are unemployed temporarily
  • No collateral is required generally
  • High interest rate
Same Day Loans
  • For people who need cash immediately
  • Loan is approved within minutes
  • High interest rate
Personal Loan if you have a Low CIBIL Score
  • For people who have a poor credit history
  • Not granted easily
  • High interest rate
Business Start-up Loan
  • For SMEs and start-ups
  • Interest is not charged generally for an initial period of 15 months, after which an interest rate of 7.9%-19.9% is applicable
Small Business Loan for Women
  • Exclusively for women entrepreneurs
  • Many different schemes are offered by different banks to promote women entrepreneurs and the schemes are quite attractive
  • Interest rate is low
Government Approved Loans for Small Businesses
  • Generally for small scale businesses
  • Rate of interest is lower than the standard personal loan
Corporate Loan
  • For existing industrial houses and businesses
  • Unsecured (no collateral) as well as secured (collateral) loans available
Medical Loan
  • For covering sudden medical expenses, like surgery, hospitalization, etc.
  • No security or collateral required
  • Personal loans of up to 25 lacs
Home Improvement Loan
  • For furnishing, repairing or renovating home
  • Fixed interest rate can range between 9%-12.5%
  • Some banks cover 90% of the total improvement cost while others cover 100%

What to look for when applying for a Personal Loan?

Banks and other financial institutions offer a variety of personal loans and each has their own set of regulations. A loan offer that might look very attractive to you, might not be as great as you’ve imagined. Rather than making your life simpler, such personal loans can further add up to your financial troubles. There are a number of aspects of a personal loan that you should be careful about. Some of the most important ones are-

  • Make sure that a personal loan will actually make a difference to your financial condition

  • Plan your weekly, monthly, and yearly budget and ensure that you stick to it

  • Only borrow the amount that you need

  • Check your CIBIL score before applying to ensure that you get it on the first go

  • Thoroughly search the market for the different personal loan options. Check their interest rates, pre-payment charges involved, and other conditions.

  • Ensure that you compare multiple personal loans to choose a loan that suits you the best. Generally, it is recommended that you should compare at least three different personal loan quotes.

  • Try to go for a personal loan which does not involve any processing fee or pre-payment penalty. If you are not able to find such a personal loan, pick the one with the lowest cost. Many-a-times, there are several additional costs that combine together to make a substantial difference in the total amount you pay even when the interest rate is low.

  • Know how the bank proceeds if at all, you are unable to pay-off the loan

Fixed Rate vs. Floating Rate Personal Loan

One of the most confusing aspects of a personal loan is to choose between a fixed rate and a floating rate personal loan. It all comes down to your appetite for risk. As the banks and other financial institutions incur a reduced amount of risk with a floating rate loan, they might try their best to make it sound more appealing to you as compared to a fixed rate loan. However, it is important for every borrower to do their homework before choosing between the two.

PLR (Prime Lending Rate) is used by the banks to determine the fixed rate interest. On the other hand, the floating interest rate is fixed on the basis of the last Auction Rate of the Government Treasury Bill which lasts for a duration of 91 days. The PLR is governed by the regulations of the RBI, whereas, the floating interest rate signals the current inflation rate of the country. There are a number of other advanced aspects that are taken into consideration for determining the two types of interest rates. However, a fixed rate interest is generally recommended as it allows the borrowers to have a clear idea about their future financial condition and enables them to plan things accordingly.

If you take a floating rate personal loan, the interest rate is generally revised every 6 months if the PLR has changed. However, this has no effect on the EMI that you pay every month. For instance, if the PLR reduces, the interest levied on your EMI will reduce and the principal component will increase. This will help in reducing the total tenure of your personal loan and vice versa if the PLR increases. The bank will provide you with an annual statement with details about the principal and interest payments that you’ve made throughout the year. But you’ll be required to plan the budget with an uncertainty of the floating interest rate, which according to financial experts is not the correct way to plan your finances.

Another reason for choosing a fixed interest rate over floating rate is the fact that the interest rates have already been reduced multiple times in the last couple of years. So, the likelihood of the rates falling by 2%-4% to make any considerable difference on your loan is very bleak. Also, statistics suggest that only about 1% of the total loan disbursements are of the floating interest type. People prefer going for the fixed interest rate as it provides them with the ability to plan their finances in a better way.

Personal Loan Interest Rates

The interest charged on the personal loan is higher than most other type of loans mainly due to the reason that it is an unsecured loan. As a matter of fact, only the interest charged on credit cards are higher than the interest rate on the personal loans. Maximum Annual Percentage Rate (APR), which generally includes interest rate plus fees and other costs for a year, or similar other rate calculated consistently with local law for personal loans can range from interest rates of 11.49% to 24% depending on your profile. There is a minor difference in the rate of interest charged by different banks and other factors, like the loan amount, the total tenure of the loan, credit history, and current income also plays a role in determining the interest rate.

Benefits and Features of Personal Loan

  • Your CIBIL score will play a major role in determining your eligibility for a personal loan and will also have an effect on the interest charged on the loan amount. If you have a good credit history, there is a high possibility that your personal loan will not only be granted by the bank, but the interest rate can also be lower than the standard rate as you will be a low-risk borrower for the bank.

  • There are many factors, like current income, CIBIL score, loan tenure, and loan amount that determine the interest rate that will be charged on your personal loan. Thus, there can be a difference between the interests charged on the personal loan taken by two different individuals from the same bank.

  • The total tenure of a personal loan is fixed and can range anywhere between 1 and 5 years.

  • While taking a personal loan, you’ll generally be required to pay a processing fee which can be up to 1% of the total sum borrowed. However, there are banks that do not charge the processing fee. Apart from the processing fee, other additional charges can include late payment charges, pre-payment penalty, charges for documentation, and a penalty for cheque bounce.

  • Personal loans do not require a lot of paperwork and is generally approved within 48 hours of submitting the application.

Eligibility Criteria

If you are an Indian national who is self-employed, salaried or a professional, then you are eligible for a personal loan. Moreover, there are personal loans for unemployed individuals as well. But as a personal loan is an unsecured loan, banks and financial institutions avoid lending money to high-risk borrowers. Thus, they consider a number of factors for determining the eligibility of a borrower. Some of the most important factors are-

  • Ability to Repay the Loan- The applicant should be employed in an organisation or should be a part of a business for a certain period of time.

  • Age- Lending institutions have an age bracket and the applicant should fall within this bracket.

  • Income- The applicant is also required to have a certain amount of monthly salary to get his personal loan approved

  • CIBIL Score- It is also very important for the applicant to have a good CIBIL score. Usually, a CIBIL Score of 750 and above is regarded as a good score for granting a loan.

  • Current Loans- Banks generally prefer granting personal loans to applicants who do not have an existing loan of any type. Even if an applicant does have an existing loan, they can still get a new personal loan provided they have good repayment capability.

Checklist for Personal Loan

As mentioned above, a personal loan can be used for a variety of financial requirements and is an excellent way to escape from a cash crunch, which all of us experience at some point in our life. If you’ve decided to take a personal loan, make sure that you keep the below-mentioned points in mind.

  • How much do you need: Make sure that you work out your repayment capacity based on your current income level and understand your actual loan requirement before contacting a bank.

  • Processing Time- If you are in a financial difficulty and need money immediately, it is very important to know the total processing time of the loan.

  • Eligibility- The eligibility criteria of banks are different. So, make sure that you choose the one that suits you the best.

  • Additional Charges- Apart from the interest rate, it is also very important to know the additional charges that you’ll be required to pay. Make sure that the bank doesn’t hide any additional charges.

  • Prepayment Penalty- Remember that the banks are not allowed to charge a prepayment penalty if you’ve taken a floating rate personal loan. However, they can charge a penalty of about 3%-5% of the remaining loan amount if you are prepaying a fixed rate personal loan. But, there are some banks that do not charge a penalty. So, if you are planning to take a fixed rate personal loan, try to search for such banks.

  • History of Repayment- If you have a good repayment history, the chances of getting a personal loan are very high. So, try to collect as many documents as possible to prove to the banks that you have a good repayment history.

  • Documents- Make a note of all the documents that a bank requires and make sure you provide them with each one of them to accelerate your loan approval process.

About CompareRaja

CompareRaja eliminates the need to visit banks or their websites in search of the best interest rates offered on the personal loans. This website allows you to compare all the different types of personal loans as per your preference on a single platform to make sure that you are able to choose the best deal. You can know more about the loan you wish to consider, its terms and conditions, additional charges, etc. and even apply for the same through the website itself.

Why choose CompareRaja for Personal Loan?

  • Instant Comparison- By allowing potential borrowers to compare the personal loans offered by numerous leading banks, CompareRaja allows them to make an informed financial decision.

  • User-Friendliness- For enhanced convenience, the loans are divided into various sections, like eligibility, EMI, fees, the total amount that can be borrowed, additional charges, and a lot more. As a result, it is very convenient for you to understand and apply for a personal loan even if you are applying for a loan for the first time.

  • Assistance- While CompareRaja is extremely easy to use, assistance service is also offered to further ease up the process.

  • Free Quotes- CompareRaja has partnered with more than 10 leading banks in India to provide you with a variety of free quotes to choose from.

  • Quick Turnaround- If you would like to know more about a particular personal loan offered by a bank, CompareRaja can arrange a call back within 48-hours from a representative of that bank.


If you are an Indian national who is self-employed, salaried or a professional, then you are eligible for a personal loan. Moreover, there are personal loans for unemployed individuals as well. But as a personal loan is an unsecured loan, banks and financial institutions avoid lending money to high-risk borrowers. Thus, they consider a number of factors for determining the eligibility of a borrower. Some of the most important factors are-

1. Form

2. Photo

3. ID proof: Any one or more of the following documents are required to be submitted

  • Driving License issued in India

  • PAN card (as Identity Proof)

  • Passport (as Address Proof)

  • Voter ID card (as Identity Proof)

  • Adhaar card (as Identity Proof)

  • Ration card (as Identity Proof)

  • Utility Bills (as Address Proof)

4. ID proof: Any one or more of the following documents are required to be submitted

  • Certificate of passing Secondary School (10th Standard)

  • Voter ID

  • Adhaar Card

  • Ration Card

5. Address Proof: Any one of the following documents:

  • Ownership documents of a property

  • Electricity Bill

  • Telephone Bill (Only BSNL and MTNL)

  • Passport

  • Employee Residence Proof (Only for Govt. employees)

6. Income Proof for Salaried Individuals: All of the following Documents may be required:

  • Last 6 months Salary Slip (some banks also allow for only 3 months)

  • Income tax return copies of last 2-3 years

  • Copy of appointment letter by a reputable company (at the sole discretion of the bank)

  • Last 6 months bank statement showing flow of funds in the account

7. Income Proof for Self Employed:

  • Last 2-3 years of income tax return Copy

  • Profit and Loss statement of last 2-3 years

  • Last 6 months bank statement

  • Last 2 years of Sales (only for businessmen)