Everything you wanted to know about personal loan in Delhi

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The national capital of Delhi is home to a plethora of banks and non-banking financial companies which offer various kinds of loans including personal loan. Thus, there are many avenues to get a Personal loan in Delhi. A personal loan is an unsecured loan because there are no assets that are kept as collateral. The money can be used by the borrower as per his/her requirements. The personal loan becomes necessary in times of financial emergency such as paying medical bills, wedding costs, home renovation, travel expenses and other kinds of expenditure. A personal loan enables the person to tide over financial issues.

Interest rates, maximum amount and tenures of personal loan

The minimum amount which can be applied for Personal loan in Delhi is Rs 10,000/-. The maximum amount can be Rs 40 lakh offered by many banks and NBFCs. The tenure in which the loan amount needs to be repaid ranges between 1 to 5 years. The interest rates differ from one financial institution to another.

The list of current interest rates of personal loans for some popular banks and NBFCs is as follows.

  • SBI- 11.65%- 15.05%
  • ICICI Bank- 10.99%- 16.50%
  • HDFC Bank- 10.75%- 20.75%
  • Tata Capital- 11.25%- 19%
  • Kotak Mahindra- 10.50%- 17.25%
  • Bajaj Finserv- 11.99% onwards
  • Citibank- 10.99%
  • Fullerton India- 11.99%- 26%
  • Standard Chartered- 11.50%- 18%
  • IndusInd Bank- 11.25% onwards


In order to be eligible for a Personal loan in Delhi, the person must be at least 21 years old and should be an Indian citizen. The person should be either be a salaried professional or self-employed. The minimum monthly income requirement is set by the bank or NBFC and is usually between Rs 7500 to Rs 50,000 depending upon the loan amount. The credit score of the person should be above 750 in order to be eligible for a personal loan.

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Documents required

The following documents are required to apply for a personal loan in Delhi.

  • Identity proof such as Aadhar card, PAN, passport, driving license or voter identity card.
  • Residence proof such as electricity bill, telephone bill, ration card, passport, driving license or Aadhar card.
  • For salaried individuals, bank account statements of 3-6 months, salary slips for the last 3 months and ITR for the last 3 months are required.
  • For self-employed individuals, income proof for the last 2 years, profit and loss account and other important documents as needed by the bank or NBFC are required.

Online application

Banks and NBFCs offer online mode to apply for Personal loans in Delhi. The person simply needs to register with the concerned bank or NBFC through its website, select the loan amount and view the applicable EMI and tenure. Thereafter, he/she simply needs to upload the required documents. The application is reviewed and the documents are verified. A verification call is made to the applicant. If and when the loan is approved, the amount is disbursed within 2 days. It is better to compare the interest rates, minimum salary requirements and other factors between various banks and NBFCs before applying for a personal loan.

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