Now manage your finances by availing Personal Loan easily with minimal documentation. Apply with Legal251 and stay stress-free.

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Now manage your finances by availing Personal Loan easily with minimal documentation. Apply with Legal251 and stay stress-free.

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What is Personal Loan?

You can get Personal Loan under a nonsecured form of credit, where you don't have to pledge any collateral, with simple eligibility criteria and minimal documentation. This instant loan comes with end-usage flexibility. Hence you can finance a trip to your dream location or a grand wedding, renovate your home or deal with any medical emergency using this money.

Get it done with Legal251, where we will connect you with the lending partner of your choice. Our team of experts will guide you proficiently throughout the process. Pick from our catalog of Personal Loan Partner Banks and NBFCs as per your needs and comfort.

Loan Eligibility

Personal Loan Eligibility Criteria

Personal Loans are a nonsecured form of multifaceted credit that one can utilize to encase multiple personal expenses. Now you can obtain a personal loan by qualifying the minimal predefined eligibility criteria. Following are the basic eligibility criteria.


Your age plays a significant role when applying for a Personal Loan. According to the rule, a salaried person aged between 21 to 58 years and a self-employed professional aged between 25 to 65 years are eligible to obtain a personal loan.


Your tenure of employment is one of the most important measures of your credibility to pay back a loan in time. The criteria for a salaried employee is 2-3 years of working experience in an MNC or a Private or Public Limited Company. Similarly, self-employed individuals require a minimum of 3 years of experience for personal loan eligibility.


A minimum salary range is another vital eligibility criterion for getting a personal loan, which can differ from person to person. However, your monthly salary must be Rs. 20,000 to acquire a personal loan.

Credit Score

Your credit score defines your reliability to repay a personal loan. The lenders assess your credit score before granting a personal loan by deriving it in your credit report from your credit history. Your credit score can directly affect your loan amount, interest rate, period of credit, and terms offered to you.

Rate Of Interest

Personal Loan Interest Rates

Personal Loans offered by our banking partners are multi-use. We have varying loan options lined up, offering diverse interest rates based on the value of the loan you decide to apply for and the period of your loan. However, the interest rates rely on your eligibility to avail of the loan, credit score, income, and other factors.

Bank Name Interest Rate Processing Fees
HDFC Bank Ltd 10.25% Upto 2.50% Min Rs. 999
Shinhan Bank 10.4% 0.01
IDFC FIRST Bank Ltd 10.49% Upto 2.00%
ICICI Bank 10.5% "Upto 2.25% of Loan Amount
Axis Bank Ltd 10.5% Rs.4999
IndusInd Bank 10.5% Min 0.75% to Max 1.75%
Tata Capital 10.99% Upto 2.50% of Loan Amount
IndusInd Bank 10.99% Min 0.75% to Max 1.75%
Yes Bank 10.99% 0.01
Standard Chartered Bank 11% 0.01
Kotak Mahindra Bank Ltd 11.15% Starting from Rs.3999
Axis Finance Ltd 11.5% 0.02
RFSPL 12.75% 0.02
Bajaj Finance Ltd 12.99% Starting from 1.50% - Up to 3%
Upwards 13% 0.02
Aditya Birla Finance Limited 13% 0.01
Fullerton 13.99% 0.02
HDB 14% Upto 3.5%
Hero 14% 0.025
Loantap 15% 0.015
Muthoot 15% 0.035
Incred Finance 16% 0.03
Finnable 18% Upto 3% of Loan Amount
Paysense 18% Upto 3% of Loan Amount


Personal Loan Documents Required

We at Legal251 India are committed to making your borrowing simpler, faster, and smoother with our minimal Personal Loan requirements.

Now, say no to heavy paperwork, as you can apply for a Personal Loan with a few documents. The required documents for salaried or self-employed individuals can vary according to the loan criteria. Here are the desired documents to apply for Personal Loan.

Documentation for Salaried Individuals

Photo Identity Proof

Proof of Residence or Address Proof

Income Proof

Employment Proof

Form 16

Tax Return Certificates

Passport-Size Photographs

Documentation for Self-Employed Individuals

Photo Identity Proof

Aadhar Card Proof of Residence or Address Proof

Proof of Business:

Certificate of Incorporation, Certificate of Registration with Appropriate Registration Body

Income Proof :

2 years of Income Tax Returns, Certified Profit And Loss Statement.

Passport-Size Photographs

Documentation for NRI Applicants

Photocopy of Passport and Visa of NRI

Yours and Co-Applicant's Proof of Identity

Yours and Co-Applicant's Address Proof

Income Proof

6 Months Indian and International Bank Account Statement for the last six months

Salary Certificate in English or 6 Months Salary Slips

Employment Proof

Appointment Letter

Job contract

HR's email ID or official email ID

Labour | Identity card | CDC for NRIs working in the Middle East or employed in Merchant Navy

You must provide Power of Attorney attested or notarized locally if present in India during the application. In case away, you will have to provide the Power of Attorney attested by the Indian Consulate of NRI's Resident Country.

Passport-Size Photographs

Documentation Pensioners

Photo Identity Proof

Proof of Residence or Address Proof

Proof of Income

Form 16

Tax Return Certificates

Passport-Size Photographs

Don't have all these documents?
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*Other documents might be required additionally by the department

Balance Transfer

Personal Loan Balance Transfer

Legal251, along with its banking partners, offers you numerous Personal Loan Balance Transfer options to select from, allowing you to get better and lower interest rates with better loan tenures. A personal loan balance transfer gives you the opportunity to transfer the entire outstanding amount of your loan from your lender to a new lender of your choice who is offering you better terms, conditions, and facilities.

Transferring Personal Loan Balance from one bank to another does not require any security or collateral. However, your new lender will charge you a repayment charge stipulated in your loan agreement. Also, your new lender may charge processing fees and stamp duty on your loan agreement, if applicable, during the transfer.

We offer you a myriad of lender options if you are not happy with your current lender or your relationship does not seem right. Yet, before selecting the correct alternative, evaluate the offering interest rates and loan terms. Most importantly, look for hidden costs such as processing fees and other charges that may increase the cost of your Personal Loan. Also, consider the lender's reputation and compatibility with your service expectations before making a balance transfer decision.


The documents required for a Personal Loan may vary per the terms and conditions. The primary documents you will need to get a Personal Loan are:
Proof of identity
Address proof
Proof of income
Proof of business (applicable only for self-employed individuals)
Any other documents requested by the lender
There are four major factors one must consider before applying for a Personal Loan:
Credit Score and History
Employment type and tenure.
Things you should consider before applying for a personal loan are:
Interest Rates
Customer Service
Processing Fee
Repayment Flexibility
Most banks and financial institutions give their borrowers the flexibility to choose between 1 to 5 years, based on their convenience.
A good credit score allows you to get a personal loan at the lowest interest rates, indicating your credibility and ability to repay the loan and maintaining a balanced credit score of 720-750 to apply for a personal loan. Someone with a low credit score may not get a loan, while those with an average credit score can get a personal loan but with high-interest rates.
The Balance Sheet shows the assets, liabilities, and shareholder equity at a given time. In contrast, a P&L statement summarizes a company's revenues, expenses, and costs during a particular period.
Pre-Closure stands for closing the entire principal outstanding amount in one go by the customer. On the other hand, Part Pre-Payment stands for repaying only a specific portion of the outstanding amount. For more information, you can contact our best loan advisors, who will help you out.
Usually, the minimum limit for a personal loan is Rs. 50,000, and the maximum limit is Rs. 3,00,000. However, a higher loan amount depends on the discussion the bank may want to have with the borrower and then takes the final call on the decision.
Not necessarily, only if you continue paying your EMIs on time, however, it is advised that you must inform your loan manager about the same, and he will help you manage your loan better.
Generally, the bank will proceed with the application within 30 days after submitting all the required documents. However, the processing time may vary as per the lender type. You can contact our professionals for more information.