Personal Loans in India Made Simple

To be eligible for a personal loan with MoneyKarma, you should be an Indian resident between 21-58 years of age with a regular source of income. You should have a minimum CIBIL score of 650, though scores above 750 will qualify you for our best interest rates starting at 10.25%. Salaried individuals should have a minimum monthly income of ₹25,000 (higher in metro cities like Mumbai and Delhi), while self-employed professionals should have a minimum annual income of ₹3 lakhs as per latest ITR.

The documents required for a personal loan application include identity proof (Aadhaar card with linked mobile number for eKYC, PAN card), address proof (utility bills, rental agreement), income proof (last 3 months' salary slips with bank credits, Form 16, latest ITR with computation for self-employed), and bank statements for the last 6 months. For fastest approval, keep your Aadhaar, PAN, and latest salary slips ready. All documents can be uploaded digitally through our secure online portal or our mobile app during the application process.

With MoneyKarma's digital application process optimized for customers, you can receive approval for your personal loan within minutes of submitting a complete application with Aadhaar-based eKYC. Once approved, funds are typically disbursed within 24 hours directly to your bank account via IMPS/NEFT. For salaried employees of our partner companies (including major IT firms, PSUs, and government departments), our instant loan option can provide even faster disbursals, sometimes within 2 hours of application approval through UPI.

Interest rates on our personal loans for customers range from 10.25% to 18% per annum (reducing balance method as per RBI guidelines), depending on your CIBIL score, income, employment status, relationship with our partner banks (SBI, HDFC, ICICI, Axis, etc.), and loan amount. Customers with excellent CIBIL scores (750+) typically qualify for our lowest rates. Government employees and PSU staff often qualify for special rates 0.5% lower than standard offers. You can check your personalized rate through our website without affecting your credit score through a soft inquiry process.

We charge a processing fee of 1-2% of the loan amount (plus applicable GST), which is deducted from the disbursed amount as per standard practice in India. There are no hidden charges, but in accordance with RBI guidelines, there may be applicable fees for late payments (2% of the EMI amount per month), prepayment penalties (2-5% of the outstanding principal for loans less than 1 year old), and documentation charges (₹500-1000 plus GST). All fees and charges are clearly communicated in your loan agreement in compliance with RBI's transparency requirements before you accept the loan offer.