Get the Personal Loan You Need to Achieve Your Goals! Apply for a Personal Loan Today!

Explore our wide range of Personal Loan Options designed to fit your unique requirements.

Personal Loan Features

Offers for New Customers

3 Unique Variants

Loan of up to Rs. 40 Lakh

Tenure of up to 84 Months

No Guarantor / Collateral

No Hidden Charges

Features and Benefits of our Personal Loan

A personal loan is an unsecured loan that is not backed by collateral or security. This makes it a flexible financing option, as there are no limitations on its use.

The followings are the ways a personal loan can be useful:

  • Debt consolidation:  Combining multiple debts into a single loan with a lower interest rate to save money on interest payments and make it easier to manage debts.
  • Home renovation:  Using a personal loan to fund home renovation projects can increase the value of your home and improve your living conditions.
  • Medical expenses:  If you have unexpected medical expenses, such as emergency surgery or hospitalization, a personal loan can help cover the costs.
  • Emergency expenses:  A personal loan can help cover unexpected expenses like medical emergencies or car repairs to avoid financial hardship.

Personal Loan Eligibility and Documents

Read on to know the criteria required to apply for our Personal Loan.

Personal Loan Eligibility Criteria

To qualify for a personal loan, you have to meet certain criteria. Below are the important factors that lenders take into consideration to decide your eligibility for a personal loan.

  • Age should fall under the range of 21 years to 60 years
  • Net monthly income should be 15,000/- for salaried and self-employed, yearly transactions should be a minimum of 20 lakhs  
  • Credit score must be above 650
  • Debt-to-income ratio
  • Employment stability
  • Maintained a good credit score
  • Clear repayment history
  • Must be a Resident Citizen of India

Documents required to apply for Personal Loan

  • Identity Proof  - Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card

  • Proof of Residence or Address Proof - Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card, Electricity Bill, Telephone Bill, Ration Card 

  • Age Proof -  Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card

  • Income Proof - 1 year Bank statement, 3 months Salary Slips

  • Employment Proof - Employment Certificate, Office address proof

  • GST or VAT Registration for Self-employed

  • Photograph - Passport-size photographs

  • Business proof - Business registration documents such as a partnership deed, Memorandum of Association (MOA), Articles of Association (AOA), etc.

  • Income tax returns – Documents of the past 2-3 years to verify income and tax payment history

EMI Calculator for Personal Loan

An EMI calculator is a useful tool that can help you estimate the monthly installments you will have to pay towards your personal loan within a specific period. By using the Ruloans Personal Loan EMI calculator, you can calculate your EMI beforehand, which can help you plan your finances better. Additionally, you can check your eligibility and compare different loan options using Ruloans Personal Loan calculator.

Fees and Charges for Personal Loan

The fees and charges of personal loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to personal loans:

Particulars
Charges
Loan Processing Fees
4999/- to 5% of Loan Amount
Loan Cancellation
Usually 3000 to 5% of Loan Amount
Stamp Duty Charges
150/- to 300/-
Legal Fees
As per actuals
Penal Charges
Usually 2% per month
EMI / Cheque Bonus
Approx 499/- to 599/-

Personal Loan Reviews

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During the COVID 19 times, I was in urgent need of some funds for the treatment of my brother and I was not able to get it from anywhere. Even the bank I have my salary account refused to provide me a personal loan, then my friend told me about RULOANS and after contacting them, I was able to get a personal loan in a span of three days from standard chartered bank.

NEELIMA JAIN

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RULOANS helped me in getting a personal loan for my wedding. I was pretty impressed by the rate of interest, terms and conditions they got me by negotiating from the bank. I can surely refer all of my colleagues to RULOANS for applying any type of loan.

SHEETAL JAIN

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I took a personal loan through RULOANS and used it to clear my credit card dues. This way I saved some money as the interest charged on my credit card was much higher than the personal loan.

RAJESH DODIYA

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starstarstarstar4/5

The comparison table, which RULOANS have provided on their website, is best. As it is very useful for every loan seeker. Using that table i applied with YES bank as it suited best to my requirements.

PRITESH DESAI

Personal Loan FAQs

Depending on several factors, including the loan amount, loan term, income, and employment history, different lenders have different minimum credit score requirements to be approved for personal loans. Most lenders consider a credit score of 650 or above to be strong enough to qualify for a personal loan. To be eligible for a personal loan with low-interest rates and advantageous terms, some lenders may require a credit score of 700 or better.

The minimum salary required to be eligible for a personal loan can vary depending on the lender and their specific eligibility criteria. However, in India, most lenders have a minimum salary requirement of Rs. 15,000 per month to qualify for a personal loan. This means that if you earn less than Rs. 15,000 per month, you may not be eligible for a personal loan from these lenders.

Yes, pensioners who have a pension account with one of India's leading banks may be eligible to apply for a personal loan. Many banks and financial institutions in India provide personal loans to retirees, with some lenders catering specifically to this demographic.

Personal loans for pensioners may have different eligibility criteria, terms, and conditions than regular personal loans. Lenders, for example, may impose age restrictions or require proof of pension income to qualify for a loan. Before applying for a personal loan, pensioners should carefully review the eligibility criteria as well as the terms and conditions. They should also compare various lenders and loan options to determine which one best meets their needs and financial situation.

Students are eligible to apply for a personal loan. However, depending on the lender and the student's financial situation, the eligibility criteria and loan terms may differ. If the student is employed or has a steady source of income, procuring a personal loan may be easier. A good credit score can also increase the likelihood of approval and result in lower interest rates.

On the other side, the student might require a co-signer if they have little to no income to be accepted for a personal loan. A co-signer is a credit-worthy individual who consents to accept financial responsibility for the loan if the borrower is unable to pay it back.

Even if you already have a home loan, you can still apply for a personal loan. But, while determining your capacity to repay the personal loan, the lender may consider your current financial obligations, including your mortgage. While assessing your eligibility and the terms of the loan, your credit rating, income, and other variables could also be taken into account.

Yes, it is possible to apply for a personal loan without a salary slip, but you will need to provide other financial documents to validate your income. Some lenders may accept an income certificate from your employer, bank account statements showing regular deposits, Income Tax Returns (ITR) or Form 16 as proof of your income. However, it's important to note that the lender may have specific requirements regarding the type and amount of documentation needed to verify your income. Additionally, having alternative forms of income may affect your eligibility and the terms of the loan, such as the interest rate or loan amount.

Yes, you can use a personal loan for marriage expenses. Because weddings may be extremely pricey, personal loans are frequently utilized to pay for them. However, it's important to consider whether you can afford to repay the loan, as defaulting on a loan can negatively impact your credit score and financial future. 

When applying for a personal loan for marriage expenses, you may need to provide the lender with an estimate of the total costs and a breakdown of how the funds will be used. The terms of the loan, such as the interest rate and repayment period, will depend on factors such as your credit score, income, and the amount you are borrowing. It's a good idea to compare different lenders and their loan offers before applying to find the most favorable terms for your financial situation.

Yes, you can obtain personal loans from two different banks at the same time, provided you meet the eligibility requirements for each loan and can afford the repayments for both. However, it's critical to keep an eye on your overall debt level and avoid taking on more debt than you can handle.

Yes, there may be fees associated with prepaying a personal loan, which are commonly referred to as prepayment penalties. Some lenders charge these fees if you repay your loan before the end of the term. The prepayment penalty varies by lender and can be a fixed fee or a percentage of the outstanding loan amount. It is crucial to carefully read the loan agreement to determine whether there are any prepayment penalties associated with the loan and what the charges would be if you decided to repay the loan.

Personal loans typically do not demand security or collateral because they are unsecured loans. Instead, lenders rely on the borrower's creditworthiness, income, and other factors to determine whether to approve the loan and what interest rate to offer. However, if the borrower has bad credit or a high debt-to-income ratio, certain lenders could want collateral or a cosigner before approving a personal loan. If the borrower defaults on the loan, the collateral or cosigner acts as a guarantee that the lender would be compensated.

It's important to carefully consider the repayment period and interest rate when choosing a personal loan, as they can greatly affect the total cost of the loan. Followings are the repayment period options for a personal loan

  • Short-term loans:  These are typically for a period of 12 months or less, and are designed to be repaid quickly. Short-term loans usually have higher interest rates than longer-term loans.
  • Medium-term loans:  These loans typically have a repayment period of 1-5 years. They are often used for larger purchases or to consolidate debt.
  • Long-term loans:  These loans typically have a repayment period of 5-10 years or more. They are often used for large purchases such as a house or car, or to pay for education expenses.
  • Revolving credit:  Revolving credit is a type of loan where the borrower is given a credit limit and can borrow and repay funds as needed. The borrower only pays interest on the amount borrowed, and the repayment period can be ongoing as long as the borrower continues to make payments.
  • Payday loans:  Payday loans are a type of short-term loan that typically have a repayment period of a few weeks. They are often used to cover unexpected expenses and usually have very high interest rates.

Here are the points to help you calculate the EMI for your personal loan:


  • Plan your budget:  Once you know the EMI amount, plan your budget accordingly to ensure that you can repay the loan on time without defaulting.
  • Check the loan tenure:  Find out the duration for which you will be repaying the loan, which is known as the loan tenure.
  • Find out the interest rate:  Check with the lender to know the interest rate applicable to your personal loan.
  • Use an EMI calculator:  You can use Ruloan’s EMI calculator  to calculate your EMI. Input the loan amount, loan tenure, and interest rate in the calculator, and it will give you the EMI amount.
  • Understand the components of the EMI:  Your EMI consists of two components - principal repayment and interest payment. In the initial years, the interest component will be higher, and gradually, the principal component will increase.

The maximum loan amount that you can borrow through a personal loan in India depends on several factors, such as your income, credit score, repayment capacity, and the lender's policy. Typically, lenders offer personal loans ranging from Rs 10,000 to MAX. However, the maximum loan amount that you can borrow will depend on your eligibility, and it is advisable to borrow only what you need and can repay comfortably.

If you submit an application for a personal loan online or through a lender's website, you can get an immediate approval, and the loan amount might get disbursed in your account in a few business days. However, depending on the lender's internal processes, the application process may take several days or even weeks if you apply for a loan in person at a bank or credit union.


Having all the required paperwork prepared and making sure the application is accurate and complete will help the loan application process go more quickly. If the lender requests it, you should be prepared to provide further supporting documents or information to speed up the process.

Yes, you can negotiate the interest rate for your personal loan. However, the outcome of the negotiation will depend on various factors such as your credit score, income, and the lender's policies. It's always worth trying to negotiate for a better rate by comparing offers from different lenders and leveraging your good credit score and financial standing. You can also consider securing the loan with collateral to get a lower interest rate.

Yes, you can apply for a personal loan online. Applying for a personal loan online is becoming more and more popular due to its convenience and ease of use. To apply for a personal loan online, you will typically need to visit the website of the financial institution/Bank and fill out an online application. The application process usually involves providing personal information such as your name, address, social security number, and employment information. You may also be asked to provide information about your income and expenses, as well as the purpose of the loan.

If you default on your loan payments, it can have serious consequences on your credit score and financial situation. Here are some of the potential consequences of defaulting on a personal loan:


  • Late Fees and Penalties:  If you fail to make a payment or are late, the lender may charge you late fees and penalties. These fees can quickly add up and make it difficult to catch up on your payments.
  • Negative Impact on Credit Score :  When you default on a loan, the lender may report the missed payments to credit bureaus, which can hurt your credit score. A lower credit score may make future credit applications more difficult, as well as result in higher interest rates and fees.
  • Legal Action:  If you continue to miss payments, the lender may decide to sue you. A wage garnishment or a lawsuit is examples of this. Legal action can be costly, and you may be found liable in court.
  • Collection Calls:  If you default on a loan, the lender or a debt collection agency may contact you. These calls can be stressful, and they may continue until the debt is cleared.
  • Collateral Seizure:  If you have secured your loan with collateral, such as a car or home, the lender may seize the collateral if you default on your loan payments. This can result in the loss of your property.
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