Unsecured personal borrowing for salaried and self-employed applicants. Useful for a genuine personal requirement — and usually the wrong product if you run a business and need more than ₹10 lakh.
Required disclosures
Rates, repayment period and a representative example
Repayment period: personal loans arranged through Transakt have repayment periods from 12 months to 72 months.
Maximum Annual Percentage Rate (APR): [CONFIRM BEFORE PUBLISHING — the maximum APR including interest and all applicable fees, across the lenders you actually place personal loans with].
Representative example: [CONFIRM BEFORE PUBLISHING — on a loan of ₹5,00,000 over 36 months at an interest rate of X% a year, with a processing fee of Y% (₹Z) and no other charges, the monthly instalment is ₹A, the total amount repayable is ₹B, and the representative APR is C%.]
Note for the Transakt team: these three disclosures are required by Google’s advertising policy for personal loans, and the policy applies to lead generators and brokers as well as to lenders. Do not run personal loan advertising until the bracketed figures above have been replaced with real numbers from your own lender arrangements.
Who this suits
A personal loan makes sense for a genuine one-off personal need — a wedding, a medical expense, an education cost, consolidating expensive credit card debt. It is quick, needs no security, and the money is not tied to a purpose.
It is an expensive way to fund a business. If you run a business and need more than about ₹10 lakh, a business loan or a loan against property will almost always cost you considerably less, over a longer period, with EMIs that suit how a business actually earns. Here is the comparison.
Personal loans for self-employed applicants
Most personal loan content online is written for salaried applicants, which is not much use if you run your own business. The assessment is genuinely different:
- Lenders look at two years of ITRs with computation, rather than salary slips.
- Your bank statements matter more, and they are read for consistency rather than just for balance.
- Business vintage counts even for a personal loan — most lenders want at least two to three years.
- The amount is usually sized on your declared personal income, not on business turnover, which is why the numbers can feel low relative to the business.
If those numbers feel low, that is precisely the signal that a business product is the better route.
Work out the EMI
₹68,490
per month · 84 months
- Total interest
- ₹17,53,139
- Total repayment
- ₹57,53,139
In the first year, about 51.1% of what you pay goes to interest rather than reducing the loan.
Which options may suit this?Indicative only. Final eligibility, interest rate, charges and sanction are decided by the lender after full assessment of your profile and documents. Transakt does not lend and does not approve loans.
What you will need
Step 2 — Who is applying?
9 documents for a personal loan as a salaried
About you 4
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For a company or firm, the entity PAN as well as the PAN of each director or partner.
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The name on Aadhaar should match PAN. A mismatch is one of the most common causes of delay.
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Electricity bill, rent agreement, passport or voter ID. It must match the address you put on the application.
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Recent, plain background. Some lenders still want physical copies.
Money 4
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They should show your name, the employer name and the net credit that appears in your bank.
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The account your salary is credited to. A PDF downloaded from net banking is usually accepted; a scanned printout often is not.
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Or income tax returns if you have other income as well.
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Offer letter, appointment letter or employee ID.
Sometimes asked for 1
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Some lenders ask. There is no wrong answer, but it should be consistent with what you have said elsewhere.
Actual documents vary by lender and by your profile. Your advisor will confirm the exact list before anything is submitted.
Questions people ask
What interest rate will I get on a personal loan?
Personal loan rates in the market currently range from roughly 10.5% to 26% a year. Where you land depends on your credit score, your income, your employer or business profile and your existing obligations. Nobody can tell you your rate before a lender has assessed you, and you should be sceptical of anyone who tries.
Can I get a personal loan if I am self-employed?
Yes. You will need two years of income tax returns with computation, twelve months of bank statements, and usually two to three years of business vintage. The amount is sized on your declared personal income rather than business turnover, which is why self-employed applicants often find the figure lower than they expected.
Should I use a personal loan for my business?
For a small, short-term need it can be reasonable. For anything above about ₹10 lakh it is usually an expensive mistake — a business loan or a loan against property will cost less, run longer, and be structured for how a business actually generates cash. We will tell you when that is the case rather than arranging the easier product.
Does a personal loan affect my chances of getting a home loan later?
Yes. The EMI counts towards your obligations, which reduces the home loan you can support, and the enquiry sits on your credit report. If a home loan is on the horizon in the next year or two, factor that in before taking unsecured borrowing now.
Can I prepay a personal loan?
Usually yes, though many lenders charge a foreclosure fee, often after a minimum number of instalments. Check the specific charge before you sign — it varies considerably between lenders and it is one of the terms worth negotiating.
If a business loan would serve you better, we will say so.
Send your file to an advisor
Your file
- One advisor, not five lenders. Your details are not sold or shared.
- A call within one working day, on the number you give us.
- No documents needed yet. No PAN, no Aadhaar, no statements.
- Ask us to delete your file at any time and we will.