Instant Personal Loans up to ₹40 Lakhs

Personal Loan — Frequently Asked Questions

What is a personal loan?

A personal loan is an unsecured credit facility that lets you borrow a lump sum from a bank or NBFC without pledging any collateral. You repay the amount in fixed monthly EMIs over a chosen tenure. Personal loans can be used for any purpose — medical emergencies, weddings, travel, home renovation, debt consolidation, or education expenses.

What is the minimum and maximum loan amount?

Through Samridhya, you can apply for personal loans ranging from ₹10,000 to ₹40,00,000 (₹40 Lakhs). The exact amount you qualify for depends on your income, credit score, existing liabilities, and the specific lender's assessment criteria.

What interest rate will I get on a personal loan?

Interest rates on personal loans through Samridhya start from 10.99% p.a. and go up to 36% p.a. depending on your credit profile, income, employer category, and the lender. A CIBIL score above 750 typically qualifies you for the lowest available rates.

What is the loan tenure period?

Personal loan tenures range from 12 months to 84 months (7 years). Longer tenures reduce your monthly EMI but increase the total interest paid over the life of the loan. Use our EMI calculator to compare different tenure options.

What documents are required?

You need: (1) PAN Card, (2) Aadhaar Card, (3) Last 3 months' bank statements, (4) Last 3 months' salary slips (for salaried individuals), (5) Address proof such as a utility bill or rental agreement, and (6) Employment certificate if applicable. The entire process is digital — you upload documents through the app.

How long does approval take?

Most personal loan applications on Samridhya are processed within 10 minutes using AI-powered credit assessment. Once approved, funds are typically disbursed to your bank account within 24 hours. Some lenders may disburse same-day for pre-approved customers.

Is there any prepayment penalty?

Prepayment and foreclosure policies vary by lender. Some lenders charge 2-5% of the outstanding principal for fixed-rate loans, while floating-rate personal loans often have zero prepayment charges as per RBI guidelines. The exact terms are disclosed before you accept an offer.

Can I apply with a low credit score?

While a CIBIL score of 750+ is ideal for the best rates, Samridhya connects you with multiple lenders — some of whom consider applicants with scores as low as 600. Applicants with lower scores may receive offers at higher interest rates or lower loan amounts.

What can I use a personal loan for?

Personal loans are versatile — you can use them for medical emergencies, wedding expenses, home renovation, travel, higher education fees, debt consolidation, purchasing electronics or appliances, or any other personal expense. There are no restrictions on end-use.

How is personal loan EMI calculated?

EMI is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the tenure in months. Use our free Personal Loan EMI Calculator for instant results.

What happens if I miss an EMI payment?

Missing an EMI payment results in a late payment fee (typically ₹500-₹1,200 per instance) and a penal interest charge of up to 2-3% per month on the overdue amount. Repeated defaults will negatively impact your CIBIL score and may lead to legal recovery proceedings by the lender.

Can I get multiple personal loans simultaneously?

Yes, you can hold multiple personal loans from different lenders. However, each new application triggers a hard inquiry on your credit report, and lenders will evaluate your total existing debt obligations (debt-to-income ratio) before approving additional credit.

Is Samridhya a direct lender?

No. Samridhya is a digital loan aggregation platform registered on the ONDC network. We connect borrowers with multiple RBI-registered banks and NBFCs, allowing you to compare offers and choose the best rate. The loan agreement is directly between you and the lender.

Do I need a guarantor or collateral?

No. Personal loans are unsecured — you do not need to pledge any property, gold, or other assets as collateral. You also do not need a guarantor. Approval is based entirely on your creditworthiness, income, and repayment capacity.

What is the processing fee for a personal loan?

Processing fees typically range from 0.5% to 4% of the loan amount (plus applicable GST), depending on the lender. Some lenders offer zero processing fee promotions during festive seasons. The fee is clearly disclosed in the loan offer before you accept.