Exploring the World of Personal Loans in Gurgaon

The global personal loan market is estimated to grow at a rate of 11.79% till 2027.[1] This massive growth, while visible worldwide, is expected to be particularly concentrated in developing economies. As a major commercial hub in India, Gurgaon is a rapidly growing economic centre in the north of the country, attracting big earners and investors. Considering the scope for growth of personal loans in Gurgaon, let us have an expansive look at the personal loan market in the thriving city. 

As an evergreen instrument for personal fundraising, personal loans are powerful financial tools. Whether it’s for home renovations, medical emergencies, education expenses, or even planning a dream vacation, a personal loan can be a savior, especially in a fast-paced city like Gurgaon.

Personal Loan Eligibility in Gurgaon

Generally, lenders consider the following criteria when evaluating personal loan applications in Gurgaon. 

  • Age Criteria: Usually between 21 to 60 years.
  • Employment Type: Salaried employees and self-employed individuals fulfilling certain conditions.
    • Salaried: Minimum work experience often required (6 months-2 years).
    • Self-employed: Stable business history may be necessary.
  • Minimum Income: Regular and sufficient income is crucial. Specific income thresholds vary among lenders. Approximately Rs. 15,000 monthly salary in India.
  • Credit Score: High credit scores (above 700) improve personal loan eligibility.
  • Employment Stability: Stable employment history at a recognised private or public organisation is preferred (at least past 6 months).

Documents Required

  • Identity proof (Aadhar card, passport)
  • Address proof (utility bills, rental agreement)
  • Proof of income (salary slips, tax returns)
  • Bank statement for the previous 6 months

Personal Loan Providers in Gurgaon

Lender Loan amount Interest rate Repayment term
Up to INR 10 Lakhs
From 16%
12-60 Months
Up to INR 20 lakhs
11.40% - 16.95%
Up to 72 months
INR 50,000 - INR 40 lakhs
10.5% - 21.5%
12 - 60 months
INR 24,000 - INR 20 lakhs
11% - 14%
12 - 60 months

Banks: Banks are the most traditional type of personal loan provider. They offer a wide range of personal loan products, and they typically have the most competitive interest rates. Natio-wide banks, such as ICICI and HDFC, also seem more reliable to borrowers and their interest rates, more attractive. However, banks can be more difficult to get approved for a personal loan from than NBFCs or online lenders.

Non-banking financial companies (NBFCs): NBFCs, like Finnable, are a type of financial institution that is licensed by the Reserve Bank of India (RBI), but not monitored like banks are. NBFCs offer a wide range of financial products, including personal loans. They typically have more lenient eligibility criteria than banks, and they can be a good option for borrowers with bad credit.

Online lenders: Online lenders are a relatively new type of personal loan provider. They offer personal loans through their websites or mobile apps. Online lenders typically have the most competitive interest rates, but they may not have as many loan options as banks or NBFCs.

Factors to Consider When Choosing A Personal Loan in Gurgaon

When looking for a personal loan in Gurgaon, you should research and evaluate all of the following factors to ensure that you get the best deal available:

Interest rate

The interest rate is the most important factor to consider. The lower the interest rate, the lower your monthly payments will be.

Repayment terms

The repayment term is the length of time you have to repay the loan. The longer the repayment term, the lower your monthly payments will be, but you will pay more interest overall.


Some lenders charge fees for things like origination fees or late payment fees. It is important to factor these fees into the overall cost of the loan.

Prepayment penalty

Some lenders charge a prepayment penalty if you repay the loan early. This is something to be aware of if you think you may want to consider repaying the loan early.

Lender’s reputation

It is important to choose a lender with a good reputation. You can read reviews of different lenders online or ask your friends and family for recommendations.

Online Accessibility

Check if the lender provides online application and management options. Online platforms can make the loan process more convenient.

EMI Calculator

Use an online EMI calculator, like the one provided by Finnable, to determine your loan terms. Make sure that you choose loan and EMI amounts that are suitable and easy to pay every month.


Gurgaon’s dynamic economy offers substantial growth potential for personal loans. These versatile financial tools address varied needs in the fast-paced city, from medical expenses to travel dreams. Meeting eligibility criteria is crucial, encompassing factors like age, income, and credit score. Various lenders, including banks, NBFCs, and online platforms, cater to different preferences. When choosing a personal loan, consider interest rates, repayment terms, fees, and lender reputation. Embracing online accessibility simplifies the process. Overall, personal loans empower Gurgaon’s residents to navigate financial challenges and pursue aspirations confidently in this bustling economic centre.

Amit Arora


I am a seasoned retail banker with over 21 years of global experience across business, risk and digital. In my last assignment as Global Head Digital Capabilities, I drove the largest change initiative in the bank to deliver the end-to-end digital program with over US$1 billion in planned investment. Prior to that, as COO for Group Retail Products & Digital, I implemented a risk management framework for retail banking across the group.
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