A personal loan is one of the most popular financial products in India because it requires no collateral, comes with quick approval, and can be used for any purpose – weddings, medical emergencies, education, travel, or debt consolidation.
In 2025, both banks and loan apps are offering instant personal loans online with competitive interest rates and flexible EMIs. But how do you choose the best personal loan option for your needs?
This detailed guide covers:
✔ Top personal loan types
✔ Best banks & loan apps in India
✔ Eligibility, documents, interest rates
✔ Tips to get low EMI personal loans
✅ Types of Personal Loans in India
1. Instant Personal Loan Without Salary Slip
Many NBFCs and loan apps now provide instant personal loans without income proof. Instead of salary slips, you can show bank statements, Aadhaar, PAN, and a good CIBIL score.
👉 Best for freelancers, gig workers, and self-employed professionals.
2. Personal Loan Without CIBIL Score
If you don’t have a credit history or have a low score, some lenders still provide loans at higher interest rates.
👉 Best for first-time borrowers or those with bad credit history.
3. Personal Loan for Self-Employed
Self-employed individuals can show ITR (Income Tax Returns), GST registration, or business proof instead of salary slips.
👉 Best for business owners, shopkeepers, and freelancers.
4. Top Instant Loan Apps
Popular apps like:
- MoneyTap – Credit line loan, flexible repayment
- KreditBee – Instant approval for small-ticket loans
- CASHe – Salary-based instant loans
- EarlySalary – Short-term instant personal loan
- PaySense – Low-documentation loans
👉 Best for quick cash with minimal paperwork.
5. Low Interest Personal Loan from Banks
Top Indian banks like SBI, HDFC, ICICI, Axis Bank offer personal loans with interest rates starting at 10% p.a., long tenure, and higher loan amounts.
👉 Best for people with stable income and good credit score.
✅ Best Banks for Personal Loan in India (2025)
| Bank | Loan Amount | Interest Rate | Tenure | Processing Fee |
|---|---|---|---|---|
| SBI Personal Loan | ₹50,000 – ₹20,00,000 | 10.55% onwards | Up to 6 years | 1% of loan amount |
| HDFC Bank | ₹50,000 – ₹40,00,000 | 10.50% onwards | Up to 5 years | Up to ₹5,000 |
| ICICI Bank | ₹50,000 – ₹25,00,000 | 10.75% onwards | Up to 6 years | 2.5% |
| Axis Bank | ₹50,000 – ₹25,00,000 | 10.49% onwards | Up to 5 years | 1.5% |
| Kotak Mahindra Bank | ₹50,000 – ₹25,00,000 | 10.99% onwards | Up to 5 years | 2% |
✅ Personal Loan Eligibility Criteria
- Age: 21–60 years
- CIBIL Score: 700+ recommended
- Employment: Salaried or self-employed
- Income: ₹15,000–₹25,000 minimum per month (varies by bank)
✅ Documents Required
- Aadhaar & PAN card
- Bank statement (last 3–6 months)
- Salary slips or ITR (for self-employed)
- Passport-size photo
✅ Tips to Get the Best Personal Loan
✔ Maintain a high CIBIL score (750+)
✔ Compare interest rates and processing fees across banks
✔ Choose longer tenure for lower EMI
✔ Avoid applying to multiple banks at the same time
✔ Use balance transfer option if another bank offers a lower rate
✅ FAQs
1. Can I get a personal loan without salary slip?
Yes, many loan apps and NBFCs offer personal loans without income proof, using bank statements instead.
2. What is the maximum tenure for personal loans in India?
Usually up to 5–6 years, depending on the bank.
3. Which bank gives the lowest personal loan interest rate?
As of 2025, SBI and HDFC offer some of the lowest personal loan EMIs in India.
✅ Conclusion
Choosing the best personal loan option depends on your income, credit score, and repayment capacity. If you need quick approval, go for instant loan apps. If you want low EMI and large loan amounts, apply through top banks.