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Home/Loans/Personal Loan
Personal Loan

Any Need.
Instant Funds.

No collateral. Minimal documents. Money in your account within 24–48 hours. For salaried employees and self-employed professionals.

10.50% p.a. onwards  ·  Up to ₹50 Lakhs  ·  7-Year Tenure
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10.50%
Interest From
₹50L
Maximum Amount
48h
Typical Disbursal
0
Collateral Required
What Is a Personal Loan?

Unsecured Credit
On Your Terms

A personal loan is an unsecured loan — no property, no gold, no guarantor needed. Based purely on your income and credit profile. Used for medical emergencies, weddings, travel, education, home renovation, or debt consolidation.

🏥 Medical Emergency — Quick funds when health comes first
💒 Wedding Expenses — Make the day memorable without stress
🏠 Home Renovation — Upgrade your home without collateral
✈️ Travel & Education — Invest in experiences and skills
Eligibility At a Glance
✓ Net income ₹20,000+/month   ✓ Age 21–60 years
✓ Credit score 700+ preferred   ✓ 1+ year employment
✓ FOIR below 50%   ✓ Salaried or self-employed
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Reference: —
Required Documents

Document Checklist

👔Salaried Employee Employee
Aadhaar Card + PAN Card
Last 3 months salary slips
6 months bank statements (salary account)
Form 16 / latest ITR
Employment letter / appointment letter
Address proof (utility bill or rental agreement)
Passport photos (2)
🏭Self-Employed Business
Aadhaar Card + PAN Card
Last 2 years ITR with computation
Profit & Loss statement + Balance Sheet
6 months current account bank statements
GST registration certificate
Business address proof
Office photos (some lenders require)
FAQs

Personal Loan Questions

What can I use a personal loan for?⌄
Any personal purpose — medical, wedding, travel, renovation, education, electronics, debt consolidation, or business needs. No end-use restriction or proof required.
Is any collateral required for a personal loan?⌄
No. Personal loans are completely unsecured — no property, gold, guarantor, or security deposit required. Approval is based solely on income and credit profile.
How quickly is a personal loan disbursed?⌄
Pre-approved customers: 30 minutes to 4 hours. New applicants with complete documents: 24–48 hours. We submit to lenders who match your profile for fastest approval.
What credit score do I need for a personal loan?⌄
750+ is excellent and gets you the best rates. 700–749: approved at slightly higher rates. Below 650: very difficult through banks. We assess your profile honestly and guide you on the best path.
What is FOIR and how does it affect personal loan eligibility?⌄
FOIR (Fixed Obligation to Income Ratio) = total existing EMIs ÷ gross monthly income. Banks require FOIR below 40–50%. If FOIR is already high from existing loans, new loan eligibility reduces. We calculate yours precisely.
Can a self-employed person get a personal loan?⌄
Yes. Doctors, CAs, architects, business owners are eligible. Income assessed via ITR and bank statements. Minimum 2 years of stable income history typically required. Rates may be slightly higher than salaried profiles.
What happens if I miss a personal loan EMI?⌄
Penalty charges (1–3%) + negative impact on credit score. After 90+ days, account classified as NPA — severely affecting future borrowing. Always inform your lender in advance if you face difficulty. Restructuring options exist.
Can I close my personal loan early?⌄
Yes. Early closure (foreclosure) is allowed. Some lenders charge a foreclosure fee of 2–5% of outstanding amount (usually after 12 EMIs). For floating rate loans, no foreclosure charge as per guidelines. Always check before applying.
How is personal loan interest rate decided?⌄
Key factors: (1) Credit score — 750+ gets lowest rate, (2) Employer type — MNC/PSU employees get preferential rates, (3) Income level, (4) Loan tenure, (5) Existing relationship with the bank. We negotiate on your behalf.
Can I get a personal loan with an existing home loan?⌄
Yes, as long as your FOIR remains below 50% after adding the new EMI. Having a home loan actually helps — it demonstrates responsible credit behaviour and builds credit history.
What is the difference between personal loan and credit card?⌄
Personal loan: fixed amount, fixed EMI, 1–7 years, 10–18% rate. Credit card: revolving credit, minimum payment trap, 24–48% annualised rate if not paid fully. Personal loan is always cheaper for needs above ₹50,000.
How does Srikara help me get a better personal loan rate?⌄
We know which lenders offer the best rates for your specific income, employer, and credit profile. We avoid unnecessary applications that hurt your credit score. We negotiate for waivers on processing fees where possible.

Important Legal Notice

For your guidance and assistance only. Srikara Financial Services is an independent financial guidance and assistance platform. We help individuals understand and access loan and insurance products offered by banks, housing finance companies, and registered insurance providers. We do not lend money, we do not underwrite or issue insurance policies, and we do not make credit or underwriting decisions of any kind.

All loan sanctions, disbursals, and credit approvals are made solely by the respective financial institutions based on their own credit assessment policies. All insurance policies are issued solely by the respective registered insurance companies based on their own underwriting criteria. Approval is never guaranteed. Interest rates and premiums shown are indicative and subject to change.

No liability for financial outcomes. Srikara Financial Services and its representatives are not liable for any financial loss, claim rejection, policy lapse, loan default, or any other financial outcome arising from products accessed through our guidance. All financial decisions are the sole responsibility of the customer. We strongly recommend reading all product terms, conditions, and key information documents before making any financial commitment.

Tax information. Tax benefits and exemptions mentioned on this website are based on prevailing Income Tax Act provisions applicable to resident Indians. Tax rules are subject to change by the government. NRI tax treatment varies by country of residence. Please consult a qualified chartered accountant or tax advisor for personalised tax guidance. This website provides general information only and does not constitute legal, financial, or tax advice.