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Why Do your Choose Us?
Flexible loans, instant credit score checks, and fast approvals. We make borrowing easy, transparent, and tailored to your needs
Flexible
Our loan options are designed to adapt to your financial situation. Choose flexible repayment terms and loan amounts that work for you.
Simple, Fast, and Secure
Get instant credit score updates and apply for loans with confidence. We ensure a smooth, secure, and reliable experience.
Personalized
Loans designed to match your unique financial needs. Enjoy flexible options, fast approvals, and a borrowing experience tailored just for you.
Loan Details
Personal Loan
Get instant funds for medical emergencies, travel, or home renovation with our flexible personal loan options.
Instant Approval
No Hidden Charges
100% Digital Process
Representative Example:
Borrow ₹50,000 over 12 months at 25.8% APR. Total repayment: ₹57,259.71 with monthly EMIs of ₹4,771.64.
EMI Calculator
₹50,000
12
25.8%
Monthly EMI
₹4,771.64
Total Interest
₹7,259.71
What is a Personal Loan?
A personal loan is an unsecured loan offered by banks and NBFCs to individuals for meeting various financial needs. Since it is unsecured, no collateral or security is required.
The borrower repays the loan amount along with interest through Equated Monthly Installments (EMIs) over a fixed tenure, typically ranging from 1 to 5 years.
Eligibility depends on factors such as:
- Applicant’s credit score
- Monthly income
- Employment stability
- Repayment capacity
Due to minimal documentation and quick processing, personal loans are one of the most popular financing options.
Financial Guide
Personal Loan Interest Rates
Personal loan interest rate offers on Six Finance start from 9.98% p.a. The interest rate is determined on the basis of an applicant's credit profile, income, and employer reputation.
5 Tips to Choose the Best Personal Loan
Choosing the best personal loan requires careful consideration of costs and flexibility. Here's how to choose right:
1
Compare APR, not just Interest Rate
Look at the Annual Percentage Rate (APR) which includes processing fees and insurance, giving you the true cost of the loan.
2
Check Pre-approved Offers
Banks where you have a savings account often provide pre-approved offers with faster disbursal and minimal documentation.
3
Understand Foreclosure Charges
Some lenders charge up to 4% if you close the loan early. Look for lenders with zero or low foreclosure charges.
4
Assess Affordability
Use an EMI calculator. Ideally, your total EMI outgo (including the new loan) should not exceed 40-50% of your net monthly income.
5
Read the Fine Print
Check for hidden costs like bounce charges, penal interest, and duplicate statement charges.
Personal Loan Eligibility Criteria
Personal loan eligibility criteria Eligibility criteria may vary across lenders. To give you a fair idea, here are some of the general requirements:
Credit Score: Preferably 750 and above
Salary: Usually Rs. 15,000–30,000 a month (Income eligibility may be lower for existing bank customers)
Income: Usually Rs. 3 lakh p.a. (varies for self-employed professionals)
Employment Stability: At least 1 to 2 years of total work experience with a stable current job
Employer Profile: Employees of Govt, PSUs, MNCs, and reputed corporates are favored.
Age Limit: Usually 21–60 years (up to 65 for self-employed/pensioners).
Personal Loan Processing Fees and Charges
While fees vary by lender and credit profile, here is a broad range of standard charges: For a detailed breakdown of personal loan fees, see below:
| Particulars | Charges |
|---|---|
| Processing Fees | 0.5% to 4% of loan amount + GST |
| Foreclosure Charges | Floating Rate: Nil Fixed Rate: 2% – 5% of principal outstanding |
| Penal Interest | 2% per month on overdue amount |
| Duplicate Statement | ₹ 200 - ₹ 500 per instance |
| Cheque Bounce Charges | ₹ 400 - ₹ 800 per bounce |
Other charges may include stamp duty and verification charges as per actuals.
Instant vs Regular Personal Loan
Understanding the difference between pre-approved instant loans and standard personal loans.
| Instant Personal Loan | Regular Personal Loan |
|---|---|
| Disbursed in minutes/seconds | Disbursal takes 2-4 days |
| No documentation (KYC based) | Requires income proofs & bank statements |
| Offer amount is fixed/capped | Higher amounts based on eligibility |
| Existing customers only | Open to new & existing customers |
Why Apply for a Personal Loan on SIX Finance?
SIX Finance provides personal loan offers from 30+ lenders, ranked in order of chances of approval. This helps borrowers compare offers and also apply for the best-suited loan with certainty. Through deep integrations with India's top banks & NBFCs, we facilitate a seamless experience.
Benefits of Applying for Personal Loans
- No need to visit multiple lender websites
- Compare offers from leading Banks & NBFCs
- Get curated loan offers based on your eligibility
- Know your chances of approval instantly
- Check pre-approved offers with zero documentation
- Seamless end-to-end digital processes
Types of Personal Loans
A personal loan can be used for a variety of needs such as medical expenses, education, travel, or debt consolidation. Since it's unsecured, you're free to utilize it for almost any requirement.
Documents Required for a Personal Loan
Lenders ask applicants for certain documents to establish their identity, income, repayment capacity and place of residence.
| Requirements | Salaried Individuals | Self-employed Professionals / Non-Professionals |
|---|---|---|
| Proof of Identity | Passport, Voter ID, Driving License, Aadhaar Card or PAN Card | Passport, Voter ID, Driving License, Aadhaar Card or PAN Card |
| Proof of Residence | Aadhaar Card, Voter ID, Passport or Utility Bills | Aadhaar Card, Voter ID, Passport or Utility Bills |
| Proof of Income | Salary Slips (last 3 months), Bank Statements (last 6 months) | ITR (last 2 years), P&L Statement, Balance Sheet, Bank Statements |
Things to Know before You Apply
Pre-approved Loan Offers
- Many banks prefer providing instant loans to existing customers.
- Require minimal to no documentation.
- Quick disbursal process.
- Often come with lower interest rates for relationship customers.
Credit Score Impact
- A score of 750+ is preferred by lenders.
- Higher scores mean better chances of approval and lower interest rates.
Tenure vs EMI
- Longer tenure means lower EMIs but higher total interest payout.
- Choose a tenure that balances monthly cash flow and interest cost.
Foreclosure Rules
- No charges on floating rate loans (RBI mandate).
- Fixed-rate loans may attract foreclosure charges up to 4%.
Pre-approved Personal Loan Offers
Compare interest rates of pre-approved personal loans available on Six Finance. These loans often require zero documentation for existing customers. Check your eligibility for a pre-approved personal loan today.
| Bank/NBFC | Interest Rates (p.a.) |
|---|---|
| HDFC Bank | 10.50% onwards |
| ICICI Bank | 10.75% onwards |
| Aditya Birla Capital | 12.99% onwards |
| IndusInd Bank | 11.00% onwards |
| Tata Capital | 11.99% onwards |
Personal Loan for First Time Borrowers
Individuals with no credit history may find it challenging to avail credit for the first time.
Salaried consumers can connect with the Bank that holds their salary account for a personal loan.
Some fintech companies also offer loans to first time borrowers, usually salaried.
The ticket size of these loans, however, are generally small and interest rates are comparatively higher.
Personal Loan for Pensioners
Most PSU banks and a few NBFCs extensively offer personal loans to pensioners having their pension accounts with them.
Most PSU banks generally waive off the processing fees for pensioners.
Loan proceedings can be used to meet personal requirements like medical emergencies with no end-usage restriction.
Personal Loan for Different Borrower Segments
For Salaried Employees
Salaried employees can choose from multiple Banks and NBFCs.
Applicants with strong credit profiles and stable employment have higher chances of approval.
Government employees and MNC workers are preferred due to job security.
For Self-employed Individuals
Lenders offer unsecured loans to self-employed individuals for business or personal needs.
Interest rates are likely higher due to lesser income certainty.
Documentation is slightly more extensive compared to salaried employees.
Steps to Take before Applying
The following are the key steps to take before applying for a personal loan:
Check offers from banks where you have deposits or credit cards.
Compare interest rates on marketplaces like Six Finance.
Check whether the tenure matches your repayment capacity.
Compare processing fees and foreclosure charges.
Check turnaround time for disbursal.
How to Calculate Personal Loan EMI Online?
You can calculate your personal loan EMI using a free online personal loan EMI calculator. You just need to enter your interest rate, loan amount and tenure in the calculator to get instant and accurate results.
Personal Loan vs Credit Card Loan
While both offer unsecured credit, the terms vary significantly. Understanding these differences helps in choosing the right tool for your financial needs.
| Parameter | Personal Loan | Credit Card Loan |
|---|---|---|
| Interest Rate | 10.50% - 24% p.a. | 36% - 42% p.a. (Finance charges) |
| Loan Amount | Up to ₹ 40 Lakhs | Limited to available credit limit |
| Repayment Tenure | 12 to 60 months | 3 to 24 months (usually) |
| Processing Fee | 0.5% - 2.5% | Often Nil or low processing fee |
Success Stories by Verified Six Finance Borrowers
Priya Shukla — For Medical Emergency
"Two years ago I faced a medical emergency at my home. I had an emergency fund but soon I ran short of it. I applied for a personal loan through Six Finance and got an instant reply. They guided me through the entire process and helped me get the loan in time."
Manish Singh — For Home Renovation
"I have a 20-year-old home which required immediate repair. I applied for a personal loan of Rs. 10 lakh for 5 years. The team was extremely cooperative and helped me get the lowest interest rates possible with disbursal in 24 hours."
Manoj Sharma — Pre-approved Offer
"When I checked the Six Finance app, I found myself eligible for a pre-approved loan from a top bank with zero documentation. The process was hassle-free, quick, and the money was in my account within minutes."
5 Tips to Increase Your Chances of Getting a Personal Loan
Those planning to avail personal loan can improve their chances of approval through these tips:
- Maintain your credit/CIBIL score above 750.
- Check for inaccuracies in your credit report to avoid rejection.
- Compare the offers available from banks and NBFCs before finalising.
- Apply for the loan from a bank where you have an existing relationship.
- Avoid making multiple loan applications within a short span of time.
Quick Facts about Personal Loans
- Borrowers with income below Rs. 5 lakh opted for unsecured personal loans more.
- Largest share of outstanding loans is contributed by borrowers earning Rs. 5-15 Lakh.
- Almost 50% of the borrowers availing personal loans have an additional loan outstanding.
- Processing time is usually under 24 hours for pre-approved customers.
- No collateral or security is required for personal loans.
Personal Loans
Personal Loans for Every Need
Choose from our wide range of personal loan options designed to meet your specific requirements with flexible terms and competitive rates.
Medical Loan
Get immediate access to funds for medical emergencies, treatments, or elective procedures. Our healthcare financing covers hospital bills, surgeries, and medical expenses with compassionate repayment plans.
Travel Loan
Turn your travel dreams into reality with financing for vacations, adventures, and getaways. Cover flights, accommodation, and experiences with flexible payment options tailored for explorers.
Debt Consolidation Loan
Simplify your finances by combining multiple debts into one manageable loan. Lower your interest rates, reduce monthly payments, and take control of your financial health.
Wedding Loan
Create your dream wedding without financial stress. Our wedding loans cover everything from venue to honeymoon, with manageable repayment plans.
Overdraft Loan
Access flexible credit with our overdraft facility. Get instant funds for short-term needs with interest charged only on the amount you use, when you use it.
Flexi Loan
Enjoy ultimate borrowing flexibility with our revolving credit line. Withdraw, repay, and re-borrow as needed, paying interest only on the utilized amount.
Short Term Loan
Bridge temporary financial gaps with quick-access short-term financing. Perfect for urgent needs with straightforward application and rapid disbursement.
Term Loan
Secure structured financing with fixed repayment schedules. Ideal for planned expenses with predictable monthly installments and transparent terms.
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