Personal LoanTailored to Your Financials
Get customised personal loan options based on your banking and income data, with no hard CIBIL inquiry before you see your quote.
What is a Personal Loan?
A personal loan is an unsecured loan approved mainly on the basis of your income, banking behaviour, and credit profile. It usually comes with fixed monthly EMIs over a defined tenure, and it can be used for a wide range of needs such as medical costs, weddings, travel, debt consolidation, or home improvement.
No collateral is required, and approval depends on your eligibility and lender policy.
Key Features
of a Personal Loan
No collateral required
No property, gold, or other asset is needed as security.
Competitive interest rates
Personal loan rates typically start from around 9.50% p.a., subject to profile and lender policy.
Flexible tenure
Repayment tenures usually range from 12 months up to 84 months.
Flexible end use
Use the loan for planned or unplanned expenses without lender-imposed end-use restrictions in most cases.
Quick approval and disbursal
Personal loans are often processed faster than secured products, subject to documentation and eligibility.
Flexible repayment structure
Available as traditional fixed EMI loans or overdraft-style facilities depending on eligibility and lender policy.
Personal Loan EMI Calculator
Loan Amount
₹Rate of interest (per annum)
%Tenure
YYour EMI
₹ 16,607
per month
₹ 5,00,000
₹ 97,858
Total payable
₹ 5,97,858
Types of Personal Loan
Some borrowers need predictable EMIs. Others need flexible access to funds. Orenda helps you compare both before you proceed.
Fixed EMI loan
Repayment
Monthly EMI over defined tenure
Interest charged on
Entire sanctioned loan amount
Personal loan overdraft
Repayment
Withdraw, repay, and reuse within limit
Interest charged on
Only the amount utilised
Balance transfer
Repayment
New EMI with new lender
Interest charged on
Transferred balance
Debt consolidation
Repayment
Single EMI
Interest charged on
New consolidated loan amount
Common Use Cases
of a Personal Loan
A personal loan can be used for a wide range of personal and financial requirements. Some of the most common use cases include:
Medical Emergencies
Personal loans are often used to manage unexpected medical expenses such as hospitalisation, surgeries, or hospital expenses that are not fully covered by medical insurance policies.
Wedding & Family Functions
Borrowers frequently opt for personal loans to cover wedding-related costs including venue arrangements, catering, travel, and other family events.
Debt Consolidation
To restructure existing financial commitments into a single, well-planned repayment structure for improved financial management.
Home Renovation & Repairs
Funds can be used for home improvements, repairs, or interior upgrades without pledging any asset as collateral.
How Our AI Matching Works
Lender Criteria Built In
Our platform is pre-loaded with eligibility rules from multiple banks and NBFCs.
AI-Based Assessment
Our AI securely evaluates your profile against these criteria—without unnecessary hard checks.
Smart Lender Matching
Get personalised quotations based on your requirement. We match borrowers with the most suitable lenders.
Eligibility Criteria
Personal Loan Eligibility Criteria
Age
usually 21 to 60 years.
Income
stable salaried or self-employed income, often starting around ₹15,000 per month.
Credit score
650+ mandatory. 750+ preferred for better terms.
Residency
Indian citizen or eligible resident.
Repayment history
consistent and timely repayments improve approval and pricing.
Documents Required
Requirement
Salaried individuals
Income proof
Latest 3 months salary slips
Bank statement
Latest 6 months bank statement
No credit bureau inquiry is done at this stage. Indicative quotation is shared before formal login.
Personal Loan Interest Rates and Charges
Item
Details
Interest rate
Starts from 9.50% p.a. Onwards; final rate depends on profile, lender policy, income stability, and repayment capacity.
Processing fee
Usually 0.05% to 2% of loan amount; some lenders may cap it.
Prepayment / foreclosure
Typically 1% to 5% of outstanding principal; some lenders offer waiver when prepaid from own funds.
Stamp duty / legal charges
As per state law or lender policy.
Other charges
May include documentation, verification, duplicate statement, or NOC-related charges.
Questions? We've Got Answers.
See Personal Loan Options
That Fit Your Profile
Compare offers before you commit, with expert guidance from shortlist to disbursal.
