🏦 Personal Loan

Guide: Eligibility, Benefits, and Why Choose IRB

What is a Personal Loan?

A personal loan is an unsecured loan offered by banks, credit unions, or financial institutions to meet personal financial needs. These can range from medical emergencies, education, travel, home renovations, debt consolidation, or even big-ticket purchases.

Since personal loans are unsecured, you don’t need to provide collateral. Loan approval is generally based on your credit score, income, and repayment capacity.

✅ Eligibility for a Personal Loan

Eligibility criteria may vary from one lender to another, but typically include:

1. Age

• Applicant must be between 21 to 60 years old.

2. Employment Type

• Both salaried and self-employed individuals are eligible.
• Salaried employees must be working with a recognized company or government organization.
• Self-employed applicants must have a stable business history.

3. Minimum Income

• Salaried: Minimum monthly income of ₹15,000 – ₹25,000, depending on the city.
• Self-employed: Proof of consistent income through bank statements or ITR.

4. Credit Score

• A credit score of 650 and above is generally preferred.
• A higher score improves your chances and may reduce the interest rate.

5. Work Experience

• Salaried: Minimum 1-2 years of work experience.
• Self-employed: At least 2-3 years in the current business.

6. Residential Stability

• Applicants should have a stable residential address, preferably owned or long-term rented.

🌟 Why Apply for a Personal Loan from IRB?

If you’re considering a personal loan, here’s why IRB might be your best option:

1. Quick Disbursal

• Funds can be disbursed within 24 to 48 hours of approval.

2. Attractive Interest Rates

• Competitive rates starting from 10.75% p.a., depending on your credit profile.

3. Minimal Documentation

• IRB ensures a paperless and hassle-free loan process with digital verification.

4. Flexible Tenure

• Loan repayment tenure ranging from 12 to 60 months, allowing you to plan EMIs comfortably.

5. No Hidden Charges

• Transparent processing fee and no prepayment penalties on select loan products.

6. Pre-approved Offers

• Existing customers may get pre-approved personal loans with instant disbursal.

💬 Frequently Asked Questions (FAQs)

Q1. How much personal loan can I get?

A: Loan amounts typically range from ₹50,000 to ₹25 lakhs, depending on income, credit score, and repayment history.

Q2. Do I need to provide collateral for a personal loan?

A: No. Personal loans are unsecured, meaning no collateral is needed.

Q3. What is the average interest rate on personal loans?

A: Rates usually start from 10.75% and vary based on creditworthiness and loan tenure.

Q4. How long does it take to get loan approval?

A: If all documents are in place, approval can be given in a few hours, with disbursal in 1-2 working days.

Q5. Can I foreclose or prepay my personal loan?

A: Yes. IRB allows prepayment or foreclosure with minimal or zero charges depending on the loan type.

Q6. Can I apply for a personal loan online?

A: Absolutely! You can apply online on IRB’s official website using your Aadhaar, PAN, and income proof.

Q7. What if my credit score is low?

A: A lower credit score may reduce approval chances or increase interest rates. Improving your repayment history or applying with a co-applicant may help.

📌 Final Thoughts

A personal loan can be a smart financial tool when used responsibly. Whether it’s an unexpected emergency or a planned purchase, IRB’s personal loans offer a flexible, fast, and secure solution tailored to your needs.

Before applying, always:

• Check your eligibility
• Compare interest rates
• Understand the terms and conditions
• Use a personal loan EMI calculator