What Is a Personal Loan?

A loan that does not require collaterals to be availed and is used to meet planned or unplanned expenses of any kind is called a personal loan.

Personal loans can be used for paying emergency medical bills, buying home appliances that need to be replaced, renovating one’s home, or going on a long-awaited vacation. 

Benefits of Personal Loans

Loan amount: At Finnable, we offer personal loans of up to Rs. 10 lakhs to our customers.

Quick loan disbursal: We disburse instant personal loans within 24 hours of loan approval being approved.

Repayment flexibility: We offer flexible loan tenures with EMI plans of up to 60 months.

Data security: The whole process of applying and receiving the funds is done with 100% data security.

No collateral required: Personal loans do not require collateral as security while availing the loan.

Simple documentation: To avail of a instant loan online from Finnable, we require minimal documents. We only ask for address proof, identity proof, and salary proof/pay slips for 3 months.

100% digital: Our entire process from applying and receiving to managing and repaying your loan can be carried out without the need for any paperwork.

Affordable rates: Our personal loan interest rates are attractive for anyone looking for an easy personal loan to tide over an urgent cash requirement.

Perosnal loan

What is a Personal Loan and How Do They Work?

Personal loans are unsecured, meant to help out borrowers’ tide over sudden, unplanned, or emergency expenses. This means the borrower does not have to offer any collateral to avail such a loan. The borrower’s creditworthiness and repayment ability are the key factors that lenders look at when you apply for a personal loan. 

 Employment history, salary, and credit score all play a part when a lender evaluates creditworthiness. This, in turn, affects the interest rate at which the borrower grants the loan. Higher the creditworthiness of the applicant, higher the loan amount and lower the interest rates.

Types of Personal Loans

There are several different types of personal loans available in India. They can mainly categorized based on the following two aspects: 

Based on Risk: 

Depending on whether the lender is asking for a collateral asset, the risk factor of the personal loan changes. In the case of a collateral-backed personal loan, the risk assumed by the lender is limited, while it is riskier for lenders to give out personal loans without any pledged asset because they may bore heavy losses due to defaults. Accordingly, the two types of loans based on risk are as follows: 

  • Unsecured Personal Loans: These loans do not require collateral and are based on your creditworthiness. They can be used for various purposes, such as debt consolidation, home improvement, medical expenses, or vacations. Finnable exclusively offers unsecured personal loans with competitive interest rates and flexible repayment terms.  
  • Secured Personal Loans: Secured personal loans require collateral, such as a savings account, vehicle, or property. The collateral acts as security for the loan. Finnable does not ask for any assets when providing applicants with personal loans. 


Based on Use Case 

These types of personal loans are purely determined based on how the loan applicant plans to use the funds provided by the lender. They include the following different types of loans: 

  1. Debt Consolidation Loans: These loans are specifically designed to help consolidate multiple debts into a single loan. By consolidating your debts, you can simplify your repayments and potentially secure a lower interest rate. Finnable can offer debt consolidation loan options to help you manage your debts more effectively.  
  1. Education Loans: Wedding loans are tailored for financing wedding-related expenses, such as venue bookings, catering, decorations, or travel arrangements. Finnable offers education loan options that cater to your unique needs, ensuring your special day is memorable without financial stress. 
  1. Medical Loans: Medical loans are designed to cover medical expenses, including surgeries, treatments, or medical equipment. Finnable may provide specific medical loan options with favorable terms to assist you in managing your healthcare costs. 

Other loans, such as personal car loans, shopping loans, and travel loans are also available and Finnable provides most types of unsecured loans of between Rs. 50,000 and Rs. 10 lakhs. So, you can choose the loan amount and types based on your particular use case. 

How to Get a Personal Loan?

To get a personal loan from Finnable, simply follow these few simple steps: 

Step 1-Research: Compare various personal loan offers provided by Finnable to find the most suitable option for you.  

Step 2- Confirm Eligibility: Visit Finnable’s website to better understand our eligibility criteria and documentation requirements, and whether you can fulfill them. 

Step 3- Documentation: Gather the required documents, which include proof of identity, address, income, bank statements, and employment details.   

Step 4- Application: Fill out the loan application form online on our website or using our mobile app. Finnbale provides a 100% digital loan application process and quick approval and disbursal.   

Step 5- Verification and Approval: Our experts will review your application and documents and contact you for further verification or clarification if needed.   

Step 6- Approval and Disbursement: Once your loan application is approved, you’ll receive the loan agreement outlining the terms and conditions. Upon accepting the agreement, the loan amount will be disbursed to your designated account.

No collateral: Being an unsecured loan in nature, personal loans do not require collateral. 

Interest rates: A personal loan rate of interest matters when it comes to repayment of the loan. From the borrower’s point of view, the lower the interest rates offered the better it is for him/her. 

Loan amount: When getting a loan, it is important to get the maximum amount that is required. At Finnable we offer personal loans of up to Rs. 10 lakhs. 

Minimal documentation: All lenders will look for customer documents before approving a personal loan. We, at Finnable, require only three basic types of documents. Documents that serve as your identity proof, address proof, and proof of income that is credited to your bank account are the basic requirements at Finnable. 

Tenure: When choosing a Personal Loan, do keep in mind your repayment tenure. A loan that allows you to repay based on your requirement would be the best fit.

Conclusion: Personal loans can be quite handy when you have a sudden financial requirement. At Finnable, we require minimal personal loan documents to approve the loan. Our attractive personal loan interest rates will help you manage your overall costs.  

We have designed our personal loans to suit the various needs of our customers. Personal loans from Finnable come with features such as flexible tenures, high loan amounts, a simple application process, and quick disbursal. No matter what you need, get in touch with us at Finnable. If you want to know how to get an instant loan of Rs 50,000? We will assist you with your personal loan needs.

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Personal Loan FAQs

You need to meet the following criteria if you want to apply for a personal loan with Finnable: 

  • Age Requirement: To be eligible for a mobile phone loan from Finnable, you must be at least 21 years old or at the most, 62 years old.  
  • Employment Status: Finnable typically requires applicants to be permanently employed with a private or public organisation for the past six months.  
  • Credit History: Finnable prefer applicant with a good credit history is beneficial and a credit score of 700 or more.  
  • Documentation: Finnable requires you to submit certain documents for verification, such as identification proof, address proof, income proof, and past six months’ bank statements.

The loan amount you can borrow through a personal loan depends on several factors, such as your income, creditworthiness, and the lender's policies. Finnable provides personal loans of between Rs. 50,000 and Rs. 10 lakhs. 

The interest rate for personal loans can vary based on factors such as your credit score, loan amount, repayment tenure, and the lender's policies.

The repayment tenure for personal loans typically ranges from 1 to 5 years, but it can vary based on the lender's terms and conditions. Finnable allows flexible repayment terms and customizable loan terms based on your preferences.

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