Quick Approvals & Flexible Repayments, Trusted Support

Whether it’s managing unexpected expenses, funding a wedding, planning a holiday, or consolidating debts, Mera Loan Doctor helps you secure the right personal loan quickly and transparently. With our wide network of 100+ banking partners, you get the best interest rates, flexible repayment options, and complete peace of mind.

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Personal Loan

Features of Personal Loan

  • Unsecured Loan: No collateral or security required.

  • Flexible Usage: Can be used for multiple purposes such as debt consolidation, medical expenses, education, travel, or business needs.

  • Fixed Tenure: Repayment period usually ranges from 12 months to 60 months (varies by lender).

  • Easy Eligibility: Based on income, credit score, and repayment capacity.

  • Quick Disbursal: Many lenders offer instant or same-day approval and disbursal.

  • Fixed EMI: Repayment through monthly installments for predictable budgeting.

  • Competitive Interest Rates: Rates depend on creditworthiness and lender policies.

  • Prepayment/Foreclosure Option: Some lenders allow early repayment, often with minimal charges.

  • Minimal Documentation: Requires only basic KYC and income proof in most cases.

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

Fees and Charges for Personal Loan

  • Loan Processing Fees: ₹2,999 to 5% of loan amount

  • Loan Cancellation: Usually ₹3,000 to 5% of loan amount

  • Stamp Duty Charges: ₹150 to ₹300

  • Legal Fees: As per actuals

  • Penal Charges: Usually 2% per month

  • EMI / Cheque Bounce Charges: Approx. ₹499 to ₹599

Faq's for Personal Loan

What is a personal loan?

A personal loan is an unsecured loan that does not require any collateral or security. It can be used for multiple purposes such as debt consolidation, home renovation, medical expenses, education, travel, or business needs.

Eligibility depends on factors like age, income, employment status, credit score, and repayment capacity. Salaried individuals, self-employed professionals, and business owners can usually apply.

The loan amount varies depending on your income, credit profile, and the lender’s policies. It typically ranges from ₹50,000 to ₹50,00,000.

  • Identity proof (Aadhaar, PAN, Passport, etc.)

  • Address proof (Utility bills, Aadhaar, Passport, etc.)

  • Income proof (Salary slips, bank statements, ITR, etc.)

  • Passport-size photographs

Approval and disbursal can be instant or within 24–48 hours if all documents are in order.

Repayment tenure usually ranges from 12 months to 60 months, depending on the lender and borrower’s preference.