Personal Loan
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- Serving Individuals Across India with Fast & Reliable Loan Support
- Trusted by Salaried Professionals, Business Owners & Self-Employed Individuals Nationwide
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overview
What is a Personal Loan?
A personal loan is a flexible, unsecured financial solution that helps you meet immediate or planned expenses without pledging any collateral. Whether you need funds for medical emergencies, home renovation, education, travel, or business needs, personal loans provide quick access to money with minimal documentation.
For individuals in Chennai — from salaried professionals in OMR and Guindy to self-employed business owners in T. Nagar or Anna Nagar — personal loans are a convenient way to manage financial requirements efficiently. With fast approvals, competitive interest rates, and easy EMI options, you can handle expenses without disrupting your savings.
Missing repayments, however, can impact your credit score and lead to penalties, so choosing the right loan and repayment plan is essential. Swasthik Capitals ensures a smooth, transparent, and hassle-free loan process tailored to your needs.
💡 Did you know? Personal loans are one of the fastest-approved loans in India, often disbursed within 24–48 hours with minimal paperwork.
Benefits
A personal loan is an unsecured loan that is not backed by collateral or security. This makes it a flexible financing option, as there are no limitations on its use.
Debt consolidation
Combining multiple debts into a single loan with a lower interest rate to save money on interest payments and make it easier to manage debts.
Home renovation
Using a personal loan to fund home renovation projects can increase the value of your home and improve your living conditions.
Medical expenses
If you have unexpected medical expenses, such as emergency surgery or hospitalization, a personal loan can help cover the costs.
Emergency expenses
A personal loan can help cover unexpected expenses like medical emergencies or car repairs to avoid financial hardship.
Eligibility Criteria
Personal Loan Eligibility Criteria
To qualify for a personal loan, you have to meet certain criteria. Below are the important factors that lenders take into consideration to decide your eligibility for a personal loan.
- Age should fall under the range of 21 years to 60 years
- Net monthly income should be 15,000/- for salaried and self-employed, yearly transactions should be a minimum of 20 lakhs
- Credit score must be above 650
- Debt-to-income ratio
- Employment stability
- Maintained a good credit score
- Clear repayment history
- Must be a Resident Citizen of India
Documents Required
Document Checklist
Keeping your financial documents organized helps ensure a smooth and faster personal loan approval process.
Identity Proof – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card
Proof of Residence or Address Proof – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card, Electricity Bill, Telephone Bill, Ration Card
Age Proof – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card
Income Proof – 1 year Bank statement, 3 months Salary Slips
Employment Proof – Employment Certificate, Office address proof
GST or VAT Registration for Self-employed
Photograph – Passport-size photographs
Business proof – Business registration documents such as a partnership deed, Memorandum of Association (MOA), Articles of Association (AOA), etc.
Income tax returns – Documents of the past 2-3 years to verify income and tax payment history
- Audited Financial Statements
- Board's Report
- Annual Return (MGT-7/7A)
- Form AOC-4
- Form MGT-7
- Digital Signature Certificate
EMI Calculator for Personal Loan
Loan Details
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Loan Summary
Principal
Interest
Monthly EMI: ₹ 0
Principal Amount: ₹ 0
Total Interest: ₹ 0
Total Payment: ₹ 0
Fees and Charges for Personal Loan
The fees and charges of personal loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to personal loans:
| Particulars | Charges |
|---|---|
| Loan Processing Fees | ₹2,999 to 5% of Loan Amount |
| Loan Cancellation | ₹3,000 to 5% of Loan Amount |
| Stamp Duty Charges | ₹150 to ₹300 |
| Legal Fees | As per actuals |
| Penal Charges | Usually 2% per month |
| EMI / Cheque Bounce Charges | ₹499 to ₹599 (approx.) |
*Other fees and charges that lenders may levy on your personal loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.
Personal Loan Process
Step-by-Step Loan Assistance Process
Swasthik Capitals ensures a smooth and hassle-free personal loan experience — from application to disbursal. Here’s how we help you:
1
Eligibility Assessment
We evaluate your income, credit score, and financial profile to identify the best loan options with higher approval chances.
2
Document Collection
Our team assists you in gathering and verifying all required documents such as ID proof, income proof, and bank statements.
3
Lender Selection
Based on your profile, we connect you with the most suitable banks or NBFCs offering competitive interest rates and flexible terms.
4
Application Submission
We handle the complete loan application process, ensuring accurate submission to avoid delays or rejections.
5
Approval & Verification
The lender reviews your application, conducts verification, and approves the loan based on eligibility and creditworthiness.
6
Loan Disbursal & Support
Once approved, the loan amount is quickly disbursed to your account. We continue to assist you with any queries even after disbursal.
FAQ
Frequently Asked Questions
Depending on several factors, including the loan amount, loan term, income, and employment history, different lenders have different minimum credit score requirements to be approved for personal loans. Most lenders consider a credit score of 650 or above to be strong enough to qualify for a personal loan. To be eligible for a personal loan with low-interest rates and advantageous terms, some lenders may require a credit score of 700 or better.
The minimum salary required to be eligible for a personal loan can vary depending on the lender and their specific eligibility criteria. However, in India, most lenders have a minimum salary requirement of Rs. 15,000 per month to qualify for a personal loan. This means that if you earn less than Rs. 15,000 per month, you may not be eligible for a personal loan from these lenders.
Yes, pensioners who have a pension account with one of India's leading banks may be eligible to apply for a personal loan. Many banks and financial institutions in India provide personal loans to retirees, with some lenders catering specifically to this demographic.
Personal loans for pensioners may have different eligibility criteria, terms, and conditions than regular personal loans. Lenders, for example, may impose age restrictions or require proof of pension income to qualify for a loan. Before applying for a personal loan, pensioners should carefully review the eligibility criteria as well as the terms and conditions. They should also compare various lenders and loan options to determine which one best meets their needs and financial situation.
Students are eligible to apply for a personal loan. However, depending on the lender and the student's financial situation, the eligibility criteria and loan terms may differ. If the student is employed or has a steady source of income, procuring a personal loan may be easier. A good credit score can also increase the likelihood of approval and result in lower interest rates.
On the other side, the student might require a co-signer if they have little to no income to be accepted for a personal loan. A co-signer is a credit-worthy individual who consents to accept financial responsibility for the loan if the borrower is unable to pay it back.
Even if you already have a home loan, you can still apply for a personal loan. But, while determining your capacity to repay the personal loan, the lender may consider your current financial obligations, including your mortgage. While assessing your eligibility and the terms of the loan, your credit rating, income, and other variables could also be taken into account.
Yes, it is possible to apply for a personal loan without a salary slip, but you will need to provide other financial documents to validate your income. Some lenders may accept an income certificate from your employer, bank account statements showing regular deposits, Income Tax Returns (ITR) or Form 16 as proof of your income. However, it's important to note that the lender may have specific requirements regarding the type and amount of documentation needed to verify your income. Additionally, having alternative forms of income may affect your eligibility and the terms of the loan, such as the interest rate or loan amount.
Yes, you can use a personal loan for marriage expenses. Because weddings may be extremely pricey, personal loans are frequently utilized to pay for them. However, it's important to consider whether you can afford to repay the loan, as defaulting on a loan can negatively impact your credit score and financial future.
When applying for a personal loan for marriage expenses, you may need to provide the lender with an estimate of the total costs and a breakdown of how the funds will be used. The terms of the loan, such as the interest rate and repayment period, will depend on factors such as your credit score, income, and the amount you are borrowing. It's a good idea to compare different lenders and their loan offers before applying to find the most favorable terms for your financial situation.
