Expert Knowledge Base
In-depth guides, lender comparisons, and rate analysis — written by loan experts.
No fixed salary slip? Here's how freelancers, gig workers, and platform-based earners can still qualify for a personal loan in India.
No CIBIL score yet? Here's how students and first-time earners can still get approved, and how to start building a credit history for future loans.
Personal loans are unsecured loans offered by banks and NBFCs in India at interest rates ranging from 10.5% to 36% per annum. They require no collateral and can be used for any purpose — medical emergencies, travel, weddings, home renovation, or debt consolidation.
The key factors that determine your personal loan interest rate are your CIBIL credit score, monthly income, employment stability, and existing debt obligations. A CIBIL score above 750 typically qualifies you for the lowest rates (10.5%–12%), while scores between 650–700 attract rates of 15%–22% from specialised NBFCs.