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Personal Loan
Smart ways to borrow: Get a personal loan that won’t drain your savings
Key Takeaways
Wondering how to get a personal loan without straining your finances? This article covers how to borrow smartly and avoid long-term debt traps.
- Understanding your repayment capacity is crucial. Learn how to assess your income, expenses, and existing EMIs before taking on a new loan.
- Choosing the right loan amount and tenure can make a huge difference — learn how to balance manageable EMIs with the total cost of your loan.
- If you're a salaried professional, a FIRSTmoney personal loan from IDFC FIRST Bank offers flexible terms, low EMIs, and no prepayment penalties for added peace of mind.
If you’re in your late 20s or early 30s, juggling rent, EMIs, travel plans, or even a wedding, you’ve likely wondered: how do I get a personal loan without compromising my financial stability?
A personal loan can offer quick relief during life’s curveballs—but only when handled wisely. Without proper planning, your EMI could become a monthly burden instead of a financial solution.
Here’s how to get a personal loan smartly—with low EMIs, transparent terms, and no budget strain.
READ MORE
Step1: Assess your repayment capacity before applying
Many applicants focus on how to get a personal loan fast—but overlook whether the monthly EMI fits their actual budget.
Let’s take Aman, a salaried professional in Bangalore earning ₹70,000/month. His expenses:
- Rent: ₹20,000
- Groceries & Utilities: ₹12,000
- Existing Car EMI: ₹10,000
- Investments: ₹10,000
Remaining: ₹18,000
If he opts for a ₹5 lakh loan with a ₹10,500 EMI, it eats up more than 50% of his disposable income. Experts recommend keeping total EMIs within 40-50% of your net salary to avoid financial strain.
Step 2: Borrow what you need, not what you’re offered
Lenders often offer higher loan amounts than necessary—but bigger loans mean larger EMIs and more interest.
Imagine Neha, a 28-year-old content strategist in Mumbai. She needs ₹2.5 lakh for a home renovation. Her lender offers her ₹4 lakh. While tempting, that extra ₹1.5 lakh costs more in interest—and may disrupt her budget.
Loan Impact Example (at 11% p.a.)
Loan amount |
Tenure |
EMI (at 11% p.a.) |
Total interest payable |
₹3 lakh |
3 years |
₹9,822 |
₹54,578 |
₹3 lakh |
5 years |
₹6,523 |
₹91,364 |
Pro tip: Longer tenure = lower EMI but higher interest. Balance EMI affordability with total repayment cost.
Step 3: Compare personal loan interest rates and hidden charges
When deciding how to get a personal loan, many people focus only on interest rates. Sure, that matters. However, it’s not the only number you should be concerned about.
Look at -
- Processing fees
- Prepayment and foreclosure charges
- Loan disbursal speed
- Flexibility in repayments
Make sure to watch out for hidden charges when choosing a persona loan as well: documentation fees or pre-closure penalties can quietly increase your total cost. Some lenders also have additional hidden fees in their personal loans, which you should check before signing up.
Step 4: Choose low EMI, flexible loans
Life is unpredictable. You might land a better job or receive a large bonus next year. A rigid loan won’t adjust to your needs.
Flexible repayment options like part-prepayments, zero foreclosure charges and adjustable tenures can save you a lot in the long run.
For instance, if Aman gets a ₹1 lakh bonus next year, a loan that lets him prepay without charges helps him save interest—and close the loan faster.
It’s a smart move when choosing how to get a personal loan that doesn’t become a burden.
FIRSTmoney: A smart personal loan that’s fast, flexible and fully digital
With so many lenders out there, which one ticks all these boxes? Here’s why a FIRSTmoney personal loan from IDFC FIRST Bank is built for working professionals juggling multiple expenses.
Feature |
FIRSTmoney smart personal loan |
Typical personal loan |
Loan approval |
Instant (within 10 minutes) |
1-2 days or more |
Loan amount |
Up to ₹15 lakh |
₹1 lakh – ₹15 lakh |
Interest rate (p.a.) |
Starting from 9.99% |
11%–18% typically |
EMI flexibility |
Starting at ₹2,174 per lakh |
Higher EMIs for same amounts |
Prepayment/foreclosure fee |
Zero charges |
2%–5% |
Process |
100% digital, PAN + Aadhaar |
Often, physical paperwork involved |
Loan tenure |
Up to 60 months |
Up to 5 years |
Collateral requirement |
None |
None |
Eligibility |
Salaried and self-employed, aged 21–60, CIBIL 710+ |
Salaried, variable CIBIL cut-offs |
Loan amount flexibility |
Borrow what you need, from as low as ₹50,000, from your loan offer. Pay interest only on what you use |
Limited flexibility to choose your required loan amount |
FIRSTmoney is especially ideal for anyone searching for a personal loan for salaried professionals, offering competitive rates, easy digital access, and the ability to prepay when it suits you.
Real-Life Example:
Ravi, a 29-year-old techie in Pune, needs ₹3 lakh for his sister’s wedding. Here’s what he gets:
Lender |
Rate |
EMI (3 yrs) |
Processing Fee |
Foreclosure |
Other lenders |
11.5% |
₹9,893 |
2% |
₹5,000 |
FIRSTmoney |
10.99% |
₹9,820 |
0% |
₹0 |
Thanks to FIRSTmoney, Ravi prepays half his loan using a bonus—saving on interest without extra charges.
The takeaway
Getting a personal loan isn’t the problem—mismanaging it is. By understanding how to get a personal loan that suits your budget and financial goals, you protect your peace of mind.
If you assess your repayment capacity, borrow only what’s needed, compare total costs (including all personal loan hidden fees), and pick a flexible, digital-friendly option like FIRSTmoney, you’re not risking a debt trap. You’re making a smart, informed financial decision.
So next time you’re figuring out how to get a personal loan, remember to take control of your borrowing. Let your loan work for you, not against you.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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