Eligibility & applying
How to Apply for a Personal Loan
Step-by-step online and branch application — from checking eligibility to disbursal and the cooling-off period.
Updated 27 September 2026 · 8 lenders trackedLowest personal loan rate
9.99%
Axis Bank Personal LoanWhat you need to know
Pre-approved loans from your own bank can reach your account within minutes (SBI RTXC, ICICI instant loans, IDFC FIRSTmoney). For new-to-bank borrowers, approval usually takes a few days after documents are verified.
Steps
- Check eligibilityUse an eligibility calculator and pull your credit report.
- Compare offersCompare APR, fees and foreclosure terms.
- Apply on official channelsLender’s own app, website, branch or listed partner.
- KYC and income verificatione-KYC or video KYC; payslips, bank statements or account aggregator.
- Review the KFSAPR, EMI schedule, all charges and the cooling-off period.
- e-Sign and disbursalMoney goes straight from the lender to your account.
- Cooling-off periodAt least 1 day on digital loans to exit by repaying principal + proportionate APR.
RBI protections
| Protection | What it means for you |
|---|---|
| Key Facts Statement (KFS) | Mandatory for all retail and MSME term loans since 1 Oct 2024; shows the all-inclusive Annual Percentage Rate (APR), EMI schedule and every fee |
| Charges not in KFS | Cannot be levied without your explicit consent |
| Validity | At least 3 working days for loans of 7 days or more — time to compare offers |
| Floating-rate reset (RBI, Aug 2023) | At a rate reset you can choose a higher EMI, a longer tenure (without negative amortisation), switch to fixed rate, or prepay; you get quarterly statements |
Frequently asked questions
How long does approval take?
Minutes for pre-approved digital loans; 2 – 7 working days for new customers depending on verification.
For information and comparison only. Loan terms, rates and rules change — confirm with the lender and read the Key Facts Statement before borrowing.