Personal Loan
Compare personal loan offers from 100+ RBI-registered NBFCs and explore the option that best fits your profile. Through SwipeLoan’s partner network you can borrow ₹1 lakh to ₹10 lakh, repaid in fixed monthly EMIs over a term you choose. Check your eligibility online in minutes with zero impact on your credit score — SwipeLoan is a marketplace, not a lender, and checking costs you nothing
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Personal Loan Online
A personal loan is an unsecured loan that gives you a lump sum to use for eligible personal expenses. You repay the amount through monthly EMIs over an agreed tenure. Because the loan is unsecured, you generally do not need to pledge a house, car, gold or investment as collateral.
People may use a personal loan for expenses such as medical treatment, a wedding, home renovation, education, travel or debt consolidation. The right loan amount and tenure depend on what you need and, more importantly, what you can comfortably repay.
SwipeLoan helps you explore personal loan options online by matching your profile with lending-partner criteria. The network facilitates personal loan options from ₹1 lakh to ₹10 lakh, subject to the lending partner’s assessment and terms.
Your income, employment, existing EMIs, credit history and other information can affect the options available to you. Different lenders use different eligibility rules, so an option that is available to one borrower may not be available to another.
What SwipeLoan does: SwipeLoan is an AI-powered credit-matching loan marketplace. It does not lend money, set interest rates or make final approval decisions. The lending partner decides whether to approve an application and sets the applicable loan terms. Your loan agreement is with that lending partner.
Key Features & Benefits of a Personal Loan Through SwipeLoan
- No collateral required. A personal loan is generally unsecured, so you do not pledge an asset as security.
- ₹1 lakh to ₹10 lakh. SwipeLoan facilitates personal loan options within this range through its lending-partner network. For smaller amounts, Insta Funds is available within its stated product range.
- Flexible repayment tenure. The available tenure depends on the lending partner and your profile. Choose a repayment period that keeps the EMI manageable without unnecessarily increasing the total interest cost.
- Fixed or defined EMI schedule. The EMI and repayment schedule are set out in the lender’s offer and loan agreement.
- Online application. You can check options and continue the application process online, subject to the lender’s requirements.
- Faster processing where supported. Some lending partners use digital verification and automated processes. Approval and disbursal timelines depend entirely on the lending partner.
- Eligibility check before formal application. Checking available options through SwipeLoan is intended to help you review potential matches before deciding whether to submit a formal application.
- No borrower fee from SwipeLoan. SwipeLoan does not charge borrowers for matching or checking available personal loan options. Any lender-specific fees are disclosed by the lender.
Instant Personal Loan: How It Works
An instant personal loan is a personal loan that can be processed through a digital journey with limited manual steps. Depending on the lender, identity, income and other information may be verified electronically, which can make the application process faster than a traditional branch-based process.
The word “instant” should not be read as a guarantee of approval or disbursal. The lending partner still has to verify your information and assess your eligibility. The final decision, interest rate, loan amount, tenure and disbursal timeline are determined by that lender.
Instant personal loans are often considered for time-sensitive expenses such as medical bills, urgent repairs or other unexpected costs. Even when speed matters, compare the EMI, total repayment, fees and other terms before accepting an offer.
A pre-approved loan can be convenient, but convenience does not automatically make it the lowest-cost option. Likewise, a credit line may work well for recurring needs but can have different fees and repayment rules from a standard personal loan. Always compare the actual terms before accepting an offer.
Personal Loan EMI Calculator
(Interactive calculator widget sits here — three inputs: loan amount, interest rate, tenure. Output: monthly EMI, total interest, total repayment. Ship the widget above the explanation, not below it.)
Before taking a personal loan, calculate the EMI and look at the total repayment amount. Your EMI is mainly determined by the loan amount, interest rate and repayment tenure. A lower EMI is not always cheaper if it comes from a much longer tenure.
A pre-approved loan can be convenient, but convenience does not automatically make it the lowest-cost option. Likewise, a credit line may work well for recurring needs but can have different fees and repayment rules from a standard personal loan. Always compare the actual terms before accepting an offer.
Personal Loan EMI Calculator
Calculate your monthly loan payment
Your Monthly EMI Payment
₹16,134
Personal Loan EMI Formula
For a reducing-balance loan, the standard EMI formula is
EMI = [P × R × (1 + R)^N] ÷ [(1 + R)^N − 1]
Where:
- P = Principal loan amount
- R = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
- N = Tenure in months
Worked example
For illustration, consider a personal loan of ₹3,00,000 at 14% p.a. for 3 years:
- Loan amount: ₹3,00,000
- Annual interest rate: 14% p.a.
- Tenure: 3 years = 36 months
- Monthly rate: 0.011667
- Estimated EMI: about ₹10,253
- Estimated total repayment: about ₹3,69,118
- Estimated total interest: about ₹69,118
This is an example, not a loan offer. Your actual EMI depends on the rate, amount and tenure offered by the lending partner.
Personal Loan EMI Reference Table
Indicative monthly EMIs across common amounts, rates and tenures:
| Loan Amount | 12% p.a. (1 yr) | 14% p.a. (2 yrs) | 16% p.a. (3 yrs) | 18% p.a. (4 yrs) | 15% p.a. (5 yrs) |
|---|---|---|---|---|---|
| ₹1,00,000 | ₹8,885 | ₹4,801 | ₹3,516 | ₹2,937 | ₹2,379 |
| ₹2,00,000 | ₹17,770 | ₹9,603 | ₹7,031 | ₹5,875 | ₹4,758 |
| ₹3,00,000 | ₹26,655 | ₹14,404 | ₹10,547 | ₹8,812 | ₹7,137 |
| ₹5,00,000 | ₹44,424 | ₹24,006 | ₹17,579 | ₹14,687 | ₹11,895 |
| ₹7,50,000 | ₹66,637 | ₹36,010 | ₹26,368 | ₹22,031 | ₹17,842 |
| ₹10,00,000 | ₹88,849 | ₹48,013 | ₹35,157 | ₹29,375 | ₹23,790 |
Note: These figures are illustrative calculations using the reducing-balance formula. The rates are examples, not offers. Your actual rate, tenure and EMI are set by the lending partner.
An instant personal loan is a personal loan that can be processed through a digital journey with limited manual steps. Depending on the lender, identity, income and other information may be verified electronically, which can make the application process faster than a traditional branch-based process.
The word “instant” should not be read as a guarantee of approval or disbursal. The lending partner still has to verify your information and assess your eligibility. The final decision, interest rate, loan amount, tenure and disbursal timeline are determined by that lender.
Instant personal loans are often considered for time-sensitive expenses such as medical bills, urgent repairs or other unexpected costs. Even when speed matters, compare the EMI, total repayment, fees and other terms before accepting an offer.
What a longer tenure actually costs you
The tenure changes both your monthly EMI and your total interest. For example, consider the same ₹5,00,000 loan at 15% p.a.:
| Tenure | Monthly EMI | Total interest paid |
|---|---|---|
| 1 year | ₹45,129 | ₹41,550 |
| 2 years | ₹24,243 | ₹81,840 |
| 3 years | ₹17,333 | ₹1,23,976 |
| 4 years | ₹13,915 | ₹1,67,938 |
| 5 years | ₹11,895 | ₹2,13,698 |
A longer tenure makes the monthly payment smaller, but it can substantially increase the total interest. Choose a tenure that balances affordability with the overall cost of borrowing.
Types of Personal Loans
Lenders package personal loans in several shapes. Which ones are available to you depends on the partner and your profile.
Short-Term Personal Loan
- Built for short-horizon needs, with tenures from a few months to a couple of years.
- Useful for expenses that will resolve quickly — a medical bill, a deposit, a gap before a known inflow.
- Because the tenure is short, total interest paid is lower than on a long loan of the same size. The monthly EMI, however, is significantly higher. Look at the tenure table above before assuming short is affordable.
Pre-approved Personal Loan
- Offered by a bank or NBFC to selected existing customers, based on their credit profile, income, repayment behaviour and relationship with that lender.
- Because the lender already knows your behaviour, documentation is minimal and processing is faster.
- A pre-approved offer is not automatically the cheapest offer. It is the most convenient one. Compare it against the field before accepting it.
Flexi Personal Loan
- Instead of receiving the full sanctioned amount up front, you draw funds as needed within an approved limit.
- You pay interest only on what you have actually drawn, which suits irregular or staged expenses — a renovation paid in phases, for example.
- Terms, including how the limit reduces over time and whether the “interest-only” period ends, vary considerably by lender. Read them.
Top-up Personal Loan
- An additional amount borrowed on top of an existing loan with the same lender, generally offered to borrowers with a clean repayment record.
- Approval is often faster because the lender already holds your history.
- The catch worth naming: a top-up usually resets or extends your repayment horizon. Check what it does to your total interest, not just your EMI.
Personal Loan Balance Transfer
- Moving an existing personal loan to a different lender, usually to secure a lower rate, a lower EMI, or better terms — sometimes with a top-up alongside.
- Before transferring, compare the interest saved against the processing fee on the new loan plus any foreclosure charge on the old one. A transfer that saves 1% and costs 2% in fees is a loss.
Personal Loan Eligibility & Documentation
Criteria are set by each lending partner, not by SwipeLoan, and they differ meaningfully between partners. Nearly all of them assess the same six things.
Personal Loan Eligibility Criteria
| Factor | What lending partners generally assess |
|---|---|
| Age | Typically 21 years at application to around 60 at loan maturity, varying by lender |
| Employment type | Salaried, self-employed professional, or self-employed business owner. Some partners serve only one of the three. |
| Income | A monthly or annual minimum that varies sharply by lender, and often between metro and non-metro cities |
| Credit score | A higher score opens more lenders and better pricing. A lower score narrows the list without always closing it. |
| Existing obligations | Your FOIR — the share of monthly income already committed to EMIs |
| Employment / business stability | Continuity of employment for salaried applicants; a track record of business operation for the self-employed |
Meeting the basic criteria does not guarantee approval. Every lending partner makes its own decision.
How much personal loan can I get on my salary?
| Option | When it may make sense |
|---|---|
| Credit card, paid in full | When you can comfortably clear the full balance within the interest-free period, where applicable |
| Instant loan | When you need structured repayment through a fixed EMI and defined tenure |
| Card revolving balance | Usually worth avoiding when a lower-cost structured option is available |
| Card cash advance | Often expensive because fees and interest can apply immediately |
Lenders don’t answer this with a multiple of your salary. They answer it with your FOIR — Fixed Obligation to Income Ratio, the debt-to-income ratio by another name.
FOIR is the share of your monthly income already committed to EMIs and fixed obligations. Add the EMI on the loan you’re asking for. If the total crosses the lender’s ceiling, they cut the amount or decline.
The arithmetic, worked:
- Monthly take-home: ₹60,000
- Existing EMIs: ₹12,000 (car loan)
- At a 50% ceiling, total EMIs may go to ₹30,000
- Room for a new EMI: ₹18,000
That ₹18,000 of monthly headroom is one factor a lender may consider when determining the affordable EMI and loan amount. Your salary alone does not determine the final amount.
Three things quietly move the number:
- Tenure. A longer term shrinks the EMI, so you qualify for more — and pay more total interest. Borrowing the maximum over the longest term is usually the most expensive way to solve a problem.
- Credit score. A higher score doesn’t only improve your rate; it widens the pool of lenders willing to look at you at all.
- Income stability. Salaried applicants are read from salary credits; self-employed applicants from ITRs and business banking. The same rupee of income is assessed differently.
Documents Required for a Personal Loan
The exact list comes from the lending partner once you’re matched. The standard set:
| Requirement | Salaried applicants | Self-employed applicants |
|---|---|---|
| Proof of identity | PAN card, plus Aadhaar, passport, voter ID or driving licence | PAN card, plus Aadhaar, passport, voter ID or driving licence |
| Proof of address | Aadhaar, passport, utility bill or registered rent agreement | Aadhaar, passport, utility bill or registered rent agreement |
| Proof of income | Recent salary slips and Form 16 [VERIFY: typically 3 months of slips] | ITR with computation of income, P&L and balance sheet [VERIFY: typically 2 years] |
| Bank statements | Salary account [VERIFY: typically 3–6 months] | Business account [VERIFY: typically 6–12 months] |
| Business proof | Not applicable | GST registration, business registration, or professional practice certificate |
| Photograph | Passport-size | Passport-size |
Minimum CIBIL Score Required for a Personal Loan
There is no single minimum CIBIL score for a personal loan in India. Each bank and NBFC sets its own floor, and those floors differ widely — which is precisely why a rejection from one lender tells you almost nothing about your chances with the next.
What is consistent is the direction of travel: a higher score opens more lenders and cheaper pricing; a lower score narrows the field and raises the rate. Some digital-first NBFCs specifically underwrite thin-file and new-to-credit applicants using alternative data, so a low score or no score is not automatically a closed door.
| CIBIL score range | Approval likelihood | What it typically means in practice |
|---|---|---|
| 750 – 900 | Very high | Widest choice of lenders, best pricing, pre-approved offers likely |
| 700 – 749 | High | Most lenders will consider you; the sharpest rates may not be offered |
| 650 – 699 | Moderate | A narrower set of lenders, at higher rates and stricter terms |
| 600 – 649 | Low | Limited options, materially higher rates |
| Below 600 / no score | Difficult | Options may be limited, and some lenders may have stricter criteria. Improving your credit profile before borrowing can increase your future options. |
Indicative only. Each lending partner applies its own policy.
Personal Loan Fees & Charges
The interest rate is not the cost of a loan. The cost of a loan is the interest plus everything below. SwipeLoan charges you nothing — every charge here comes from the lending partner, and every one of them must appear in the Key Fact Statement (KFS) they give you before you sign.
Hidden Charges to Watch Out For
Nothing here is genuinely hidden — it is all disclosed in the KFS. It is just easy to skip. Before you accept an offer, find each of these in writing:
- The processing fee, and whether it is deducted from disbursal or charged separately
- Foreclosure and part-prepayment charges, and any lock-in period before prepayment is allowed at all
- Late payment and penal charges, stated as an amount or a percentage
- EMI bounce fees
- Any insurance premium bundled into the loan. It is usually optional. Ask.
- GST on all of the above
- The APR — the annualised percentage rate, which folds fees into the rate. APR can help you compare the overall cost of different offers when the calculation and disclosed charges are understood.
Compare the annualised cost carefully. A monthly rate should be converted and compared on the same annual basis as other offers. Monthly framing makes expensive credit look cheap, and it is the single most common way borrowers misprice a loan.
Why Apply for a Personal Loan Through SwipeLoan?
- 100+ RBI-registered lending partners on a single platform, compared in one pass.
- Matched by eligibility fit, not advertising spend. You see the lenders whose criteria your profile actually fits, shown according to the available matching criteria and information.
- ₹1 lakh to ₹10 lakh, subject to the lending partner’s assessment.
- A focused application process can help you avoid unnecessary formal applications. The core benefit, explained in full below.
- Eligibility check with no credit-score impact. A soft enquiry, not an application.
- 100% online. No branch visit, no physical paperwork.
- You pay us nothing. SwipeLoan charges borrowers no fee for matching, eligibility checks or applications.
- Support through the process from application to disbursal, with a published grievance route at grievance@swipeloan.in.
How to Apply for a Personal Loan Online via SwipeLoan
Four steps, and only the last one touches your credit report.
- Tell us what you need. Loan amount, purpose, and basic details about your income and employment.
- We match your profile against partner criteria. Every lender has different rules — minimum income, minimum score, employment type, city, age band. The matching engine reads your profile against those rules across 100+ RBI-registered partners.
- You see the lenders likely to approve you — not a directory of every lender in India, but lending partners whose stated criteria may fit your profile, with their indicative terms.
- You apply to the one you choose. Apply only after reviewing the available options.
Why the order matters more than it sounds
When you formally apply, the lender pulls your credit report. That is a hard enquiry, and it is recorded. Several hard enquiries close together read as credit hunger to whoever looks next — so the fourth lender is warier than the first would have been, purely because you approached the first three.
The pattern that costs people money:
- Lender A rejects you — your income is under their floor.
- Lender B rejects you — they don’t lend to your employment type.
- Lender C rejects you — your city isn’t in their service area.
- Lender D rejects you — partly because of A, B and C.
None of the first three said anything about your creditworthiness. They were criteria mismatches, knowable in advance. That is the entire reason to match before you apply
Applying via the SwipeLoan app
- Download the SwipeLoan app from the Google Play Store [VERIFY: confirm current iOS availability before listing the App Store].
- Register or log in with your mobile number and verify the OTP.
- Open the Personal Loan section and enter your personal, employment and income details.
- Check eligibility and compare matched offers.
- Select the offer you want and submit the application, uploading documents if required.
- On successful verification and approval, the lending partner disburses to your bank account.
How to Choose the Best Personal Loan
- Check your eligibility before you apply. Age, income, employment stability and credit score all gate approval. Knowing where you stand stops you from spending hard enquiries on lenders who were never going to say yes.
- Borrow only what you need. The amount you’re offered is not the amount you should take. Every extra rupee carries interest for the full tenure.
- Compare the annualised rate, not the monthly one. And compare APR, which includes fees, not the headline interest rate.
- Pick the shortest tenure you can service comfortably. Use the tenure table above. The difference between three years and five, on the same ₹5 lakh loan, is over ₹89,000 in interest.
- Read the fee schedule, not just the rate. Processing fee, foreclosure charge, penal charges, bounce fees. A lower rate with a 3% processing fee can cost more than a higher rate with none.
- Compare multiple offers. One offer is not a market. This is the entire purpose of a marketplace.
- Read the Key Fact Statement in full before you sign. If a number in it doesn’t match what you were told verbally, stop and ask. Use the KFS and loan agreement as the documents to review before accepting the loan.
Common Mistakes to Avoid When Taking a Personal Loan
- Borrowing more than you need because you were approved for more. The EMI and the total interest both scale with the amount.
- Accepting the first offer. Compare the field before committing a hard enquiry.
- Comparing on interest rate alone. Compare APR. Fees are part of the price.
- Applying to several lenders at once. Each application is a hard enquiry, and clustered enquiries reduce your chances with the next lender.
- Choosing the longest tenure to get the lowest EMI. It is the most expensive way to make a loan feel affordable.
- Setting an EMI with no margin. If the payment only works when nothing goes wrong, it doesn’t fit your budget.
- Not reading the Key Fact Statement. Every charge you’ll later be surprised by is disclosed in it.
- Ignoring the foreclosure terms at signing, then discovering at month 14 that clearing early costs a percentage of outstanding principal.
Why Personal Loan Applications Get Rejected
A personal loan can be declined even when you appear to meet the criteria. The common reasons:
- Low credit score. The most frequent single cause. It narrows which lenders will consider you at all.
- Low or unstable income. Lenders assess repayment capacity, not just income. Irregular credits are read as risk.
- High existing debt. If a large share of your income already goes to EMIs, your FOIR leaves no room for another one.
- Too many recent applications. Clustered hard enquiries read as credit hunger.
- Incomplete or inconsistent documentation. A mismatch between the name on your PAN and your bank account is enough to stall an application.
- Employment or business profile outside the lender’s policy. Some partners lend only to salaried applicants at listed employers; some don’t serve certain cities. Neither is a judgement on you.
- Errors in your credit report. Worth checking before applying, not after being declined.
RBI Guidelines for Personal Loans
Personal loans in India are regulated by the Reserve Bank of India, which supervises the banks and NBFCs that lend. The current framework for digitally sourced loans is the RBI (Digital Lending) Directions, 2025, issued 8 May 2025, which superseded the 2022 Digital Lending Guidelines. The protections that matter most to a borrower:
- Key Fact Statement (KFS). Every lender must give you a KFS before you sign, disclosing the interest rate, the APR, the loan amount, tenure, EMI, and every fee. Nothing may be charged that isn’t in it.
- Transparent fees. All charges must be disclosed upfront. No hidden charges.
- Consent for data use. Your data may only be collected and used with your explicit consent, and only for the stated purpose.
- Direct disbursal and repayment. Loan funds must move directly between your bank account and the lender’s, without passing through a third party’s account.
- Cooling-off period. You may exit a digital loan within the cooling-off window by repaying the principal and proportionate APR, without penalty.
- Recovery conduct. Lenders and their recovery agents must follow RBI’s conduct rules. Harassment is not permitted, and the lender remains accountable for its agents.
- Grievance redressal. Every regulated entity must publish a grievance mechanism and a nodal officer, with escalation to the RBI Ombudsman if unresolved.
- Prepayment on floating-rate loans. RBI’s 2025 directions bar foreclosure and prepayment charges on floating-rate loans to individual borrowers for non-business purposes. Most personal loans are fixed-rate, so charges may still apply — check your KFS.
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