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personal Loan Overview

A Personal Loan is an unsecured financial product designed to meet a wide range of personal requirements such as medical expenses, travel, home renovation, weddings, education, debt consolidation, or emergency needs. Unlike secured loans, a personal loan does not require any collateral or guarantor, making it one of the most flexible and easily accessible loan options for individuals with steady income and a good credit track record.

At Mitra Loans, we partner with top banks and NBFCs to offer customized personal loan solutions at competitive interest rates and convenient repayment tenures. With minimal documentation, rapid processing, and transparent communication, we ensure customers receive the right loan suited to their financial capacity and repayment preferences.

Personal loans are typically offered with tenures ranging from 12 to 72 months, allowing borrowers to choose comfortable EMIs based on their income. Loan approval is primarily based on credit score, existing obligations, employment stability, and banking history. Our experts assess the customer’s profile, compare multiple lender offerings, and guide them in selecting the most suitable option with the lowest interest rate and favourable terms.

Mitra Loans ensures a seamless end-to-end experience by assisting with application submission, documentation, verification follow-up, and disbursement tracking. Whether you need funds urgently or are planning a major personal expense, our personalized advisory ensures you receive the financial support you need with maximum convenience.

Eligibility Criteria

For salaried Individuals

  • Minimum age: 21 years; Maximum: 58–60 years
    • Minimum monthly salary: ₹15,000 to ₹25,000 (depending on lender)

    • Employment with a private company, MNC, PSU, or government organisation

    • Minimum 6–12 months of continuous employment

    • CIBIL score of 700 or above preferred

    • Clean banking with no cheque bounces

For self employed Individuals

  • Minimum age: 25 years; Maximum: 65 years

  • Minimum business vintage: 2–3 years

  • Stable financial statements and cash flow

  • CIBIL score of 700 or above

  • Minimum annual turnover as per lender policy

  • Proof of consistent bank transactions

Document required

For Salaried Individuals

KYC Documents
  • PAN Card

  • Aadhaar Card

  • Address proof (Passport / Voter ID / Driving License)

Income Proof
  • Last 3–6 months salary slips

  • Form 16 or ITR (if required)

Bank Statements
  • Salary account bank statements for last 6 months

Additional Documents
  • Employee ID card

  • Loan repayment history (if refinancing

For Self employed Individuals

KYC Documents
  • PAN Card (personal)

  • Aadhaar Card

  • Business proof: GST certificate, Shop Act, MSME registration, partnership deed, etc.

Income Documents
  • ITR for last 2–3 years

  • Financial statements (P&L and balance sheet)

  • Sales invoices, purchase bills (if required)

Bank Statements
  • Business account statements (12 months)

Additional Documents
  • Business profile

  • Office address proof

emi cALCULATOR

Mitra Loans — Home Loan EMI Calculator (Elementor)
Enter the principal loan amount. Minimum ₹1,00,000.
Slide or type to set annual interest rate (7.50% – 18%).
Maximum: 360 months (30 years). Choose months or years mode.
Calculation runs only when you click Calculate EMI. All numbers are indicative.
Estimated EMI
₹0
Principal & Interest breakdown
Total Principal
₹0
Total Interest
₹0
Total Payment
₹0
Representative example
Loan Tenure
0 months

Customer Reviews

Shilpa Reddy – Hyderabad
Shilpa Reddy – Hyderabad
@Shilpa
I received my personal loan approval within one day. Mitra Loans handled everything professionally and efficiently.”
Aravind Kumar – Bangalore
Aravind Kumar – Bangalore
@Aravind
“They compared multiple lenders and secured the best interest rate for me. Very transparent service.”
Meghana Das – Pune
Meghana Das – Pune
@Megha
“Great staff support. The documentation was smooth, and the team guided me clearly at every step.”
Vijay K – Chennai
Vijay K – Chennai
@Vijay k
“Quick response and excellent service. The loan disbursal process was fast and hassle-free.”

faq's

What is the maximum personal loan amount I can get?

Depending on income and profile, individuals can get between ₹50,000 to ₹50 Lakhs.

No, personal loans are completely unsecured.

A score of 700+ significantly increases approval chances.

With complete documents, approval may take as little as 24 hours.

Can I foreclose my personal loan?

Yes, but some lenders may charge foreclosure fees.

Yes, as long as your debt-to-income ratio is within acceptable limits.

Not usually, unless the profile is low-income or high-risk.

Ranges between ₹15,000 to ₹25,000 depending on lender policies.

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