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Personal Loan

Personal Loan

A personal loan can help you meet various unplanned or emergency expenses. It is essentially an unsecured loan that can be used when individuals have a sudden requirement for cash.

At Finnable, we provide quick personal loans of up to 10 lakhs for salaried employees. This is also applicable to those who don’t have a history of loans. A good track record of employment and a few basic documents are all you need to apply for a personal loan.

Our processes are paperless and hassle-free. You can expect disbursement of your personal loans within 24 hours of application completion. What’s more, we will provide you with excellent support even after granting your loan, should you need a top-up for your loan or require help with the tenure.

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Several people are now looking for personal loans to cover their rising liabilities. A personal loan is becoming increasingly popular due, in part, to the fact that they are simple to process and do not warrant any security because they are unsecured loans. Secondly, you can obtain a personal loan from any bank or non-banking financial institution of your preference.

Here, Finnable has a key role to play as the fastest-growing startup in the domain of non-banking financial institutions in India. Now, you may get an instant personal loan online. Also, you can receive the money within 48 hours thanks to the development of Finnable’s infallible, hassle-free and state-of-the-art online services.

Financial institutions like Finnable offers unsecured personal loan to their customers based on their job profile, profession, ability to repay the loan, income level, and credit history and rating. You can utilise a personal loan, sometimes referred to as a consumer loan, to take care of any of your on-the-spot requirements.

There are several benefits of availing of a personal loan:

  • Personal loans require less paperwork and have a quicker approval process than other loan products like home loans and gold loans, which require several documents to fill up.
  • Several financial institutions like Finnable offer online personal loan services, and if the lenders are satisfied with your capability to repay the loan, the requested amount will be credited within a few hours to the mentioned bank account.
  • The ability to select the length of your loan, which is provided by the lenders, is another crucial aspect of personal loans. This loan product often has terms of one to five years. Consequently, there is flexibility to choose the duration of the loan amount based on your ability to make repayments.
  • The more the length of the personal loan is, the higher will be the personal loan interest rate clubbed to the principal amount. You should, therefore, select a shorter loan term to reduce your interest charges and pay off the balance earlier.

Your income level, your line of work, and the lender’s evaluation of your loan application all play a vital role in determining the maximum amount you should be eligible for a personal loan. Finnable typically approves loans based on its in-house calculations, making sure that EMI does not exceed 40% to 50% of the applicant’s monthly income.

When determining the loan amount, the lender also takes your parallel outstanding debts into account. If you run your own business or work for yourself, Finnable will base the loan amount on the revenue generated and incorporated it into the profit and loss account along with IT returns. Further, if you are a professional or consultant who receives a monthly salary, the said financial institution will calculate the amount depending on your income level and other liabilities.

You can submit a combined application form for a personal loan with your spouse or other family members, such as your parents or siblings. One advantage of submitting a personal loan application with a co-borrower is that the creditors will consider both applicants’ income when calculating the loan amount. It empowers you to submit a higher loan application. However, you should be aware that there is a chance that the lender will reject your loan application if the co-borrower has poor credit performance.

The lenders like Finnable may impose penalties known as foreclosure fees if you choose to prepay the personal loan before the stipulated term. Typically, this fine fluctuates between one and two percent of the remaining balances.

Personal Loan EMI Calculator

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  • Loan EMI

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  • Total Interest Payable

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  • Total Amount Payable

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You always have to pay interest when you take out any category of loan. The same rule applies to personal loans too. The principal loan amount must be repaid by you, the borrower, in the form of EMIs (Equated Monthly Instalments).

As the term suggests, an EMI is a fixed monthly amount that a borrower makes to a lender to pay off an outstanding debt within a predetermined tenure. The principal and accumulated interest portions of the outstanding loan are recovered by the lender using monthly instalments (EMI). Finnable also adopts the same policy in terms of managing personal loans sanctioned to its valued customers.

The following are some distinct features that determine personal loan EMI:

  • Principal Loan Amount: It’s the sum that the borrower has received as a personal loan. The borrower decides to opt for this loan amount and bases it on his financial needs. The EMI increases or decreases depending on the principal loan amount.
  • The interest rate: It is the personal loan interest rate in the form of liability accrued on the borrower at the point lender has sanctioned the personal loan. It differs between individual lenders as well as the diverse customer base of the same lender. Besides, it also depends on several variables, including the customers’ eligibility criteria and credit score.
  • The Loan’s Duration: It refers to the time frame, expressed in months or years, is how long the borrower wants the loan to last, and the tenure of the personal loan disbursed. The borrower makes a decision based on his purpose for the loan requirement. The longer the tenure of the loan, the lower will be the EMI.

Fixed and floating interests are the two interest categories that apply to personal loans. You have the option to choose the interest bracket that you intend to pursue. If you apply for a loan with fixed interest, your monthly instalment stays the same throughout the loan’s term, regardless of fluctuations in the interest rate.

In contrast, the EMI for a personal loan with floating rate changes as the interest rate does. It is usually advisable to calculate your EMI before applying for any loan so that you are aware of how much you will need to pay in interest each month and whether you will be able to do so comfortably.

You may calculate the EMI of a personal loan using the Personal Loan EMI Calculator, which is particularly beneficial for borrowers. It’s an internet resource. To use this calculator, you’ll need to enter information like the principal amount, interest rate, and loan term.

The EMI Calculator is used to calculate EMI. The EMI calculation formula on an excel spreadsheet is as follows:

EMI = [P x r x (1+r)^n]/[(1+r)^n-1]

  • P is the principal sum that the borrower borrowed as a personal loan.
  • r is the interest rate applied to the said loan amount (rate of interest calculated on monthly basis).
  • n is the loan’s repayment period (monthly tenure is considered for calculation)

Every time you receive a personal loan, you must pay it back in EMIs. An EMI calculator is used to figure out how much you must pay as EMI each month.

There are several benefits of using the Personal Loan EMI Calculator:

You can save time and effort by using the personal loan EMI calculator. You may have to resort to a time-consuming and complicated self-prepared formula to compute the EMI. There are chances that you may get inaccurate computations.
You will need to spend countless hours performing calculations concerning your loan amount if you do them manually. With only one mouse click, you may complete this task by using an online Personal Loan EMI Calculator. Also, it doesn’t cost you a single penny.

You get the information in advance regarding your loan’s EMI, which will help you decide whether you can accept that much in the way of credit. When evaluating the loan alternatives provided by various competent lenders like Finnable’s, it is advantageous to know how much your EMI will be since this information can assist in your decision-making. The majority of personal loan EMI calculators also offer information in graphic form and reveal multiple elements like outstanding principal, term, interest, etc. in a visual format.

Apply Personal Loan Online

To provide you with a seamless application journey, Finnable has created a fully digital solution. Your loan disbursal is at your doorsteps, so you no longer need to visit the branch or speak with our sales representative regarding your loan. You may note that the application and disbursal processes for our loan products are incredibly quick and effective, with approval times of less than 5 minutes and 30 minutes, respectively.

With our online solution, Finnable has made it simple and convenient. You can now apply for a personal loan online by completing an application form that includes a few mandatory questions that allow us to assess if you are a qualified applicant for the loan.

Personal Loan Interest Rate and Charges

There are so many banking and non-banking institutions in India that provide their customers with personal loans, and you can quickly apply for one online. However, before you apply for a personal loan, you should compare the interest rates provided by the various institutions, which range from 7.90% to 49% per annum.

Are you trying to apply for a personal loan? Have you compared the processing costs and interest rates? You need to check the personal loan interest rates and other charges before applying for a loan from a specific bank, financial institution, or non-banking financial company like Finnable.

The following are some variables that may affect personal loan interest rates:

  • Borrowers who want low-interest personal loans must have credit scores of 700 or above. As a borrower, you have negotiation leverage if your credit score is high. The odds of being offered the highest interest rate increase with a decent credit score.
  • Lenders always analyse your monthly income. The majority of financial organisations like Finnable would provide you with a personal loan if your monthly salary is more than Rs. 15,000. The amount of the loan and the interest rate levied will depend on your monthly income.
  • Consider that you make Rs. 1, 00,000 per month. However, your current loan obligations absorb around 80% of your wages. It indicates that your debt-to-income ratio is higher than average, which may have an impact on the final interest rate that is provided.
  • Before servicing a loan, Finnable always determines whether you are employed or unemployed. Customers who have a consistent source of income (whether salaried or self-employed) are eligible for lower interest rates than candidates who do not have a consistent monthly income.

You have the following alternatives for reducing the interest rate that the lender is offering:

  • Pay your debts off on schedule to raise your credit score above 700. Make sure you’re making your EMI payments on time. Establish auto-debit to ensure timely EMI payments.
  • Always be on the lookout for offers for personal loans. To attract customers, Finnable frequently rolls out fresh loan offers with lower interest rates.
  • If you have a high credit score or a strong business bonding with the lender, negotiation may be possible. Take advantage of the opportunity to bargain with the lender if you have one of these two qualities or both.
  • Continue remitting timely EMI instalments. Before setting the final rate, lenders frequently assess your commitment to effective and honest financial management.

Eligibility to Apply For a Personal Loan at Finnable

Finnable uses several variables when determining whether you qualify for a personal loan, including your age, income, credit score, employment, and employer profile. The qualifying requirements and eligibility for a personal loan are shown below:

  • For salaried, the age limit should be 21-60 years.
  • The minimum income for salaried is fixed at Rs. 15,000/- month.
  • Service continuity for the salaried employee should be 1 year (6 months with current employer).
  • The credit rating for all should be 700 and above.

The eligibility for a personal loan given above is illustrative. The eligibility criteria may vary from one customer to another at the discretion of the Finnable management.

Documents Required For a Personal Loan

  • Identity documentation (copy of voter ID card, driving licence, passport, or Aadhaar card)
  • Address proof (copies of passport, voter ID, driving licence, or Aadhaar)
  • A bank statement for the last three months or bank Passbook for the previous 6 months
  • The most recent Form 16, the last 2 months’ salary slips, and a current-dated salary certificate

Personal Loan features

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Low EMI's

Enjoy lower EMI’s with interest charged on reducing balance method. As opposed to Flat rate of interest, Reducing balance ensures EMI amount remains low.

Personal Loan Assistant

Get loans quickly

Apply for a personal loan in a few clicks by submitting only a few basic documents and get the loan money transferred in your account as quickly as 2 hours. The entire process is 100% digital.

High Loan Amount

High Loan Amount

Apply for personal loans with minimum documentation and get high loan amounts of upto Rs.10 Lakhs. The loan tenure can be anywhere between 60 months.

Get rewards

Personal loan Assistant

Please write to your personal loan assistant at makeiteasy@finnable.com for any support. We aim to provide you a seamless and hassle-free experience.

Get rewards

Low EMI's

Enjoy lower EMI’s with interest charged on reducing balance method. As opposed to Flat rate of interest, Reducing balance ensures EMI amount remains low.

Instant Personal Loan

Get loans quickly

Apply for a personal loan in a few clicks by submitting only a few basic documents and get the loan money transferred in your account as quickly as 2 hours. The entire process is 100% digital.

High Loan Amount

High Loan Amount

Apply for personal loans with minimum documentation and get high loan amounts of upto Rs.10 Lakhs. The loan tenure can be anywhere between 6 and 60 months.

Personal Loan Assistant

Personal loan Assistant

Please write to your personal loan assistant at makeiteasy@finnable.com for any support. We aim to provide you a seamless and hassle-free experience.
Finnable Reviewers
4625 people have applied for loan in the last 24 hour
5/5
Over 5000 customers have rated us 5 stars in Play store

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EMI Calculator

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Personal loans can be used for multiple purposes- to fulfil your desires or meet urgent financial needs. This is why we bring you a range of products to suit your needs and desires.

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Personal Loan FAQs

To be eligible for personal loans, the individual should:
Be a resident of India
Be employed full time in a private or government sector
 Have minimum work experience of 6 months in total and more than 3 months in their current organisation
 Have a salary of more than Rs. 20,000/- per month if living in a tier 1 cities and Rs.15,000/- per month if living in tier 2 cities
Receive Salary in a bank account

Personal loans are unsecured loans. Hence, do not require any security or collateral to apply for a personal loan.

Customers looking for a personal loan need to create an account with Finnable. To create an account all you need to do is set up your profile and fill in the information required. Once that is done, select the loan amount/product and the tenure for which you need the instant loan and upload the required documents.

You can get a loan of up to Rs. 10 lakhs.

You need to apply at Finnable personal loan app. You need to set up your profile, fill in the required details related to your KYC documents and income proof. Select the kind of loan you want, the amount required, the tenure and you’re done. You can get the loan disbursed to your account within 6 hours.

For salaried individuals living in tier 1 cities a salary of Rs. 20,000 per month is the minimum salary requirement. For individuals living in tier 2 cities, the salary requirement is Rs. 15,000 per month.

Not everyone requires a CIBIL score to avail of a personal loan. Lenders look at an individual's CIBIL score when granting a higher personal loan amount. A general minimum CIBIL score for higher amounts is 675. Finnable also offers instant loans online to first-time borrowers who do not have a CIBIL record yet.

To avail a personal loan from Finnable, you require minimal documentation. We offer quick and instant personal loans, have a short disbursal time, and offer high loan amounts with flexible repayment tenures.

Personal loans can be used for unplanned or emergency expenses. The funds from a personal loan can be used for home renovation, going on a vacation, education loan, shopping  or even for emergency medical loan.

  • Identity proof such as Aadhar Card and Pan Card
  •  Income proof, which can be 3 months’ pay slip and 3 months’ bank statement showing salary deposits

No matter which lender you pick, the procedures for obtaining a personal loan are usually the same. However, at Finnable, we offer hassle-free and prompt personal loans up to 10 lakhs for salaried individuals. Here are 9 easy steps to getting a loan:

  • Understand numbers
  • Review your credit report
  • Explore your lender alternatives
  • Compare prices
  • Verify your interest rate
  • Select a lender, preferably Finnable and apply
  • Accept the loan
  • Use the money
  • Commence scheduled repayments

To qualify for a personal loan at Finnable, a person must meet the following requirements: 

  • Be an Indian citizen
  • Work full-time in the private or public sector 
  • Have at least 6 months of overall work experience and at least 3 months in their current position
  • Earn more than Rs. 20,000 per month in Tier 1 cities and Rs. 15,000 per month in Tier 2 cities
  • Should have a salary account in any authorised bank

When you apply for a personal loan, the Finnable won't ask you about the intended usage. A personal loan, however, has the advantage of not requiring any security or collateral, such as real estate deeds, FDRs, stock or gold.

Finnable may approve your application for a personal loan after taking your income, expenses, and credit score into account. The maximum personal loan amount you are eligible for is determined by using one of two methods: the multiplier technique or the fixed obligation-to-income ratio. A Personal Loan typically necessitates a minimum earning of Rs.20, 000 in net monthly income.

  • Register and download the Finnable personal loan app and sign up. Give some basic information.
  • Get Approval Right Away and also get authorised quickly.
  • Once your KYC is complete, all you need to do is decide how much money you want to get transferred to your bank, and you're done!

You will be able to assess loan offers from various lenders if you have greater knowledge about personal loans. However, Finnable asserts that it is the best financial technology because it has worked with NBFCs and financial institutions that are under the authority of the RBI and are recognized as such. Our practices and offerings adhere to all applicable laws and regulations. Our Online personal loan offers might help you get the money you require to cover your immediate expenses.