Personal Loan


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What Is A Personal Loan?

When there is urgent need for cash and your own funds are not enough, your best option is a personal loan. A personal loan is a one stop solution to all of your immediate needs. These loans are unsecured in nature. This means that there is no collateral required to avail a personal loan. Due to no collateral, the rate of interest is higher than the other types of loans. The tenure for such loans is basically short term in nature. Hence the tenure ranges from 5-7 years*.
A Personal loan is one of the most famous loans out of the remaining type of loans. This is because it is a multipurpose loan that can be used to cover many expenses. Also you don’t need to disclose to the Bank/NBFC any reason for why you need the loan. Anyone with all the documents and who fulfills the criteria can avail a personal loan in Indore. The rate of interest usually begins from 11.29%* onward.
Indore is known as the “Cleanest city of India” due to them winning the Swachh Bharat Abhiyan award twice. It is also hub to premier educational institutions and the third oldest stock exchange in India. Hence the people can avail a personal loan in Indore to utilize funds in terms of education, trading and other expenses.

Why Choose Ruloans To Apply For Personal Loan in Indore?

You can choose Ruloans as your trusted guide as we have been in this industry over a decade. Hence we know what we are doing and make it a point to help all of our customers borrow right. We are up to date with the trends in the market and hence provide you with the best guidance. Our team is very skilled and knowledgeable in the field of loans. We use this expertise in order to provide services to our customers that are “much more than money”.

Hassle free process

We have designed our online web portal in a user friendly way. This helps an average customer to go about with the loan process without any hassle. Right from calculating the loan amount to uploading the documents, we have made the process easy to understand and use.

Benefits of applying with us

Your major benefit on applying with Ruloans for a personal loan in Indore lies in our experience in this field. We have partnered with over 50 plus private Banks and NBFCs. Hence the customers can expect the best deals and offers from our partnered banks.

Compare your loan options

When a customer wants a personal loan in Indore, he/she need not run behind every lender. He/she only has to log on to our web portal and they can compare loan options of different lenders offering different rates of interest.

Free expert guidance and advice

We offer the best guidance to our customers. This is because we have been in this loan field over a decade and hence have a lot of experience and expertise. We use this to help our customers borrow right without charging them anything. Yes, we at Ruloans charge nothing from our customers for the guidance we offer.

Privacy policy

Ruloans has maintained a strict privacy policy towards customer’s data. None of our customer’s data is given to anyone else apart from the lender of their choice and with us.

What are the Features & Benefits of taking a Personal Loan in Indore?

A personal loan in Indore helps an individual with every short term obligation. All the priorities can be handled with the help of this multipurpose loan. There are many benefits of taking a personal loan in Indore. We have listed few major benefits below;

  • Easy availability: Personal loan is a multipurpose loan. Hence it is easily and quickly available to any person living in Indore. With all the correct documents, you can avail for a personal loan within 24-48 hours* and utilize the amount for your needs.
  • Minimum documentation: Any loan with collateral involved needs many documents to be submitted to the lender. This is a long and tedious process. But for a personal loan in Indore, there is no collateral involved and hence it is called as an unsecured loan. Hence the documents required are minimum.
  • The loan is approved quickly: Every loan has a specific requirement set by the lender. Only after the individual fulfilling all these requirements, they can avail for a personal loan in Indore. Once they are approved by the Bank/NBFC, in 24-48 hours* a personal loan in Indore can be given.
  • Multi-purpose loan: Since a personal loan can fulfill all your short term obligations no matter how important it is, they are given the name of a multipurpose loan that suits your needs no matter what it is.
  • Flexible type of loan: Flexibility in a personal loan in Indore is provided by the lender on the basis of your relationship with the bank and your credit score. If you are an old customer and your credit history has always been good, then you can expect flexibility in terms of interest rates and pre payment charges of the loan.

What are the Eligibility Criteria to avail a Personal Loan in Indore?

A personal loan in Indore can be availed by any individual who can avail the criteria set by the Bank/NBFC. You must be very careful and accordingly fulfill the criteria set by the bank. The criteria differ from lender to lender. However there is a generic list of documents that are similar for all the lenders. We have listed these documents below;


Particulars Salaried Borrowers Self-Employed Borrowers
Age 21 years to 60 years 23 years to 60 years
Income Rs. 15,000 (Rs. 20,000 in metros) Turnover of minimum Rs. 24,00,000 (differs for professional and non-professional)
Maximum Loan Amount Approved Rs. 15,00,000 Rs. 15,00,000 to 20,00,000
Minimum Loan Amount Approved Rs. 75,000 Rs. 75,000 to Rs. 3,00,000
Loan Tenure 12-72 months 12-48 months
*Please note that the eligibility criteria will always differ from lender to lender. The above details listed are generic and hence are not specific to just one lender.

What are the Documents Required to avail a Personal Loan?


We have listed few documents that an applicant will need to submit to the Bank/NBFC in order to avail for a personal loan in Indore.
Particulars Salaried Borrowers Self-Employed Borrowers
Identity Proof Passport, Driving License, Voters ID or PAN Card Passport, Driving License, Voters ID or PAN Card
Address Proof Passport or utility bills Passport or utility bills
Bank Statement Latest 3 months of Salary Account Last 6 months
Additional Documents Salary slips for last 3 months Proof of highest professional degree
2 year employment continuity document Latest Income Tax Return Balance sheet
Profit and Loss for last 3 years certified by CA
*Please note that the eligibility criteria will always differ from lender to lender. The above details listed are generic and hence are not specific to just one lender.

How to Apply For a Personal Loan in Indore on Ruloans?

You only have to go through 5 steps to apply for a personal loan in Indore on Ruloans:


How to Apply For a Personal Loan in Indore on Ruloans?
Step 1 First, you will have to visit the ‘Personal Loan in Indore’ page on our website and click on ‘Check Your Eligibility’ box.
Step 2 Then you will need to fill out personal and financial information. Once you complete those details, our loan calculator will check your eligibility with its highly efficient algorithm.
Step 3 As per the details entered by you, our loan calculator will provide you with a list of banks and NBFCs that are most suitable for you as per the eligibility criteria. This list will include names of all the financial institutions, their interest rates on offer, required list of documents etc.
Step 4 Once you go through the list, research and choose the lender of your choice. You can start filling up the form and then upload the required documents. In case you feel you have a doubt or need any assistance, please do not hesitate in calling our experts for advice. You can also drop us an email and our representative will help you. The contact details are given on our website.
Step 5 As we spoke above about privacy and how we are strict regarding it, your application will be sent electronically to the bank you selected. There is complete privacy. Also, you will be informed about the status of your application via SMS, email or you can track it via our website too.

Frequently Ask Questions

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