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Types of Personal Loan in India 2026
With FIRSTmoney, get instant funds up to ₹15 lakhs
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Your monthly EMI
What are the different types of personal loans?
What are the different types of personal loans?
Personal loans are a type of unsecured loan designed to meet your financial needs, such as medical emergencies, travel, weddings, home renovation, education, debt consolidation, and lifestyle purchases. Different types of personal loans are categorised based on purpose, eligibility, flexibility, application process and lender type.
Read moreBorrowers can choose from instant personal loans, digital loans, flexi loans, pre-approved loans, or profession-based loans, according to their financial goals, eligibility, and repayment capacity.
Read lessFeatures & benefits of FIRSTmoney by IDFC FIRST Bank personal loan
100% digital loan process
The entire application journey is completely digital and requires no paperwork. Just apply using your PAN and Aadhaar number and show your original PAN card during video KYC.
Competitive interest rates
Interest rates start from just 9.99% p.a., helping borrowers manage repayment costs more efficiently.
Zero foreclosure charges
Borrowers can close their loans early without paying any foreclosure penalties.
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Flexible loan tenures
Choose repayment tenures ranging from 9 months to 60 months according to your financial comfort.
Loan amount flexibility
Eligible borrowers can access funds ranging from ₹50,000 to ₹15 lakhs according to their needs.
Multiple on-demand loan feature
Eligible customers can opt for additional funds conveniently from approved loan offers.
Smart cash flow management
Helps borrowers manage planned and unplanned expenses without disturbing savings.
Zero paperwork
The digital process eliminates paperwork and branch visits.
How to Apply for a Personal Loan
Get funds credited to your account in just 5 simple steps
Click on ‘Apply Now’ on the website or app
Provide your basic details
Choose your loan preferences including amount and EMI plan
Link your bank account for disbursal
Complete video KYC by showing your PAN Card
Watch this video to know more
Eligibility criteria for FIRSTmoney personal loan
Applicants need to be between 21 years and 60 years of age
Both salaried and self-employed individuals can apply
710 or above (if salaried)
760 or higher (if self-employed)
Use the personal loan eligibility calculator for better clarity on the loan amount you may avail.
Documents required for FIRSTmoney personal loan
PAN and Aadhaar number during the application process
Physical PAN card to be shown during video KYC
The simplified documentation process helps borrowers complete applications quickly.
Explore personal loans designed around your financial requirement
Medical personal loan
Medical emergencies can arise unexpectedly and may involve hospitalisation, surgeries, dental treatments, or recovery expenses. With FIRSTmoney personal loan by IDFC FIRST Bank, eligible borrowers can access instant digital loan up to ₹15 lakhs with disbursal in just 10 minutes, helping you manage these costs without disturbing your long-term savings.
Travel personal loan
Whether you are planning a family holiday, honeymoon, international trip, or solo vacation, a travel personal loan offering flexible tenures from 9 to 60 months helps cover travel bookings, accommodation, and related expenses comfortably.
Marriage personal loan
Indian weddings often involve significant expenses such as venue booking, jewellery, catering, photography, and décor. A marriage personal loan offering up to ₹15 lakhs with a quick digital process helps manage these costs smoothly.
Emergency personal loan
Emergency personal loans provide quick access to funds during urgent situations such as medical needs, temporary cash shortages, or unexpected personal expenses. With FIRSTmoney personal loan by IDFC FIRST Bank, you can get access to funds in a completely digital manner and get your loan amount disbursed in 10 minutes.
Home renovation loan
Planning a modular kitchen, furniture upgrade, painting work, or interior redesign? A renovation personal loan helps improve your living space conveniently. FIRSTmoney by IDFC FIRST Bank offers collateral-free loans with flexible repayment options from 9 months to 60 months and zero foreclosure charges.
Debt consolidation loan
Managing multiple EMIs and credit card bills can become stressful. Debt consolidation loans combine liabilities into a single structured repayment plan. FIRSTmoney by IDFC FIRST Bank helps you simplify multiple repayments into one manageable EMI with flexible tenure options from 9 to 60
Secured vs unsecured personal loans
| Aspect | Secured Loans | Unsecured Loans |
| Collateral | Requires pledging an asset (property, gold, securities) | No collateral required |
| Lender's claim | Lender holds a claim over the pledged asset in case of default | No asset-based claim; based purely on borrower's credit profile |
| Loan amount & rate | Linked to the value of the collateral pledged | Determined by CIBIL score, employment profile, and existing financial obligations |
| Approval basis | Value and type of asset pledged | Creditworthiness, income, and repayment history |
FIRSTmoney by IDFC FIRST Bank is an unsecured personal loan. Borrowers are not required to pledge any collateral or provide a guarantor to access funds.
Fixed rate vs floating rate loans
| Aspect | Fixed Rate | Floating Rate |
| Interest rate | Remains the same throughout the loan tenure | Linked to an external benchmark; can change over the tenure |
| EMI behavior | Consistent month-on-month | Can increase or decrease based on market conditions |
| Predictability | Easier to plan repayments | Less predictable, depends on market movement |
FIRSTmoney personal loans by IDFC FIRST Bank carry fixed interest rates, calculated on a monthly reducing balance basis. Interest is applied on the outstanding principal at the end of each month, which means the interest component reduces progressively as repayments are made.
Pre-approved personal loans
A pre-approved personal loan is an offer extended by a lender to select customers based on an assessment of their credit profile, repayment history, and banking relationship, before a formal application is submitted.
• The lender reviews existing data such as credit score, income pattern, and account behaviour to determine pre-approval
• Processing is generally faster since a portion of the eligibility assessment is completed prior to application
• The borrower still selects the loan amount and tenure, and completes the verification process before funds are disbursed
• Pre-approval does not guarantee final sanction; changes in financial status or discrepancies during verification may affect the outcome
IDFC FIRST Bank may extend pre-approved FIRSTmoney personal loan offers to eligible customers through the bank's app or registered contact details, based on internal credit and profile criteria.
Flexi loans
A flexi loan is a lending structure that provides the borrower with an approved credit limit, from which funds can be withdrawn in parts as needed. Interest is charged only on the amount utilised, not on the total approved limit.
• An approved loan offer is set based on the borrower's eligibility, ranging from 50,000 to ₹15 lakhs
• Borrowers can make multiple withdrawals from the approved limit without reapplying each time
• Interest accrues only on the withdrawn amount, not on the total sanctioned limit
• Each withdrawal is repaid through EMIs over a chosen tenure ranging from 9 to 60 months
• Once a withdrawal is fully repaid, that amount is added back to the available loan offer
• Zero foreclosure charges apply, allowing early repayment without penalty
FIRSTmoney by IDFC FIRST Bank operates on this flexi structure, giving borrowers the ability to access funds on demand within their approved limit across multiple instances.
Borrow the right amount for your financial goals
Every borrower has different financial requirements. FIRSTmoney personal loan by IDFC FIRST Bank offers flexible loan amounts according to individual eligibility and needs.
Commonly preferred personal loan amounts
• ₹50,000 personal loan: Good for smaller expenses like buying gadgets, handling emergencies, or covering short-term needs.
• ₹1 lakh personal loan: Often used for home furnishings, buying appliances, travel, or other planned expenses.
• ₹2 lakh personal loan: Popular for wedding costs, medical treatments, education fees, or family needs.
• ₹3 lakh to ₹5 lakh personal loan: Helpful for home renovations, consolidating debt, supporting a business, international travel, or bigger planned expenses.
• ₹6 lakh to ₹10 lakh personal loan: Good for bigger goals like premium purchases, higher education, major renovations, or several planned commitments.
• ₹12 lakh to ₹15 lakh personal loan: Best for major life events, large medical bills, business funding, or consolidating significant debts.
How to get a personal loan that suits your professional profile
Different professions come with different income patterns and financial responsibilities. FIRSTmoney by IDFC FIRST Bank supports diverse borrower requirements.
Personal loan for salaried employees
Salaried professionals often use personal loans for lifestyle purchases, emergencies, travel, and planned financial goals. With FIRSTmoney by IDFC FIRST Bank, eligible salaried individuals between 21 and 60 years of age with a CIBIL score of 710 or above can apply for a personal loan.
Personal loan for self-employed individuals
Self-employed professionals and business owners may require funds for business expansion, operational support, or temporary cash flow management. To apply for a FIRSTmoney personal loan, self-employed professionals will require a stable income with a CIBIL score of 760 or higher.
Personal loan for women
Women borrowers often explore personal loans for entrepreneurship, education, financial independence, and professional growth opportunities.
Personal loan for government employees
Government employees usually prefer personal loans due to stable income structures and predictable repayment capacity.
How does your salary affect your loan eligibility?
Personal Loan eligibility is often linked to monthly salary, repayment capacity, and financial profile.
Key factors influencing personal loan eligibility
• Monthly in-hand salary
• Existing EMIs and financial obligations
• Credit score and repayment history
• Employment stability and work experience
• Overall repayment capacity
• Employer profile and income consistency
FIRSTmoney by IDFC FIRST Bank allows eligible borrowers to link bank accounts through Account Aggregator to unlock higher loan offers.
Get access to personal loans across major Indian cities
FIRSTmoney by IDFC FIRST Bank supports borrowers across multiple Indian cities with a completely digital loan process.
With digital processing and instant disbursal, you can apply conveniently without any paperwork or branch visits.
Interest rates & charges for personal loan
Understanding loan charges before borrowing helps improve financial planning and repayment management.
| Charges & Fees | Details |
| Low Interest Rate | Interest rates starting from 9.99% p.a. onareducing balance basis |
| Processing Fee | Processing fees 0% to 3.5% of loan amount (incl. GST) (0 processing fee is available on select loan amounts) |
| Special Benefit | 0 processing fee available on select loan amounts |
| Flexible Loan Tenure | 9 months to 60 months |
Explore More - Personal Loan Blogs & Guides
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FAQs on Types of Personal Loan
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Types of Personal Loans
Features
Eligibility
Interest Rates
Application
Documentation
What are the different types of personal loans?
Common types include medical loans, travel loans, wedding loans, emergency loans, renovation loans, debt consolidation loans, instant personal loans, digital loans, flexi loans, and pre-approved loans. Borrowers can choose a suitable loan type according to their financial requirement and repayment capacity.
Which type of personal loan is best?
Personal loan meant for emergencies, travel, wedding, medical expenses or debt consolidation are commonly chosen based on varied financial needs. The right option depends on factors such as your purpose of borrowing, repayment capacity and loan amount required. Borrowers should compare interest rates, tenure flexibility, and repayment terms before choosing a loan.
What is the most common type of personal loan?
The most commonly used personal loans are instant personal loans and general-purpose unsecured personal loans. Borrowers usually use them for emergencies, weddings, medical expenses, home renovation, travel, education, and lifestyle purchases due to their flexibility and quick disbursal process.
Are personal loans unsecured?
Yes, most personal loans are unsecured loans. This means borrowers do not need to pledge collateral such as property, gold, or investments to access funds. Loan approval is generally based on factors like income, repayment capacity, credit profile, and employment status.
Can I get a personal loan instantly?
Yes, many lenders now offer instant personal loans through digital platforms. Eligible borrowers can complete the application, verification, and approval process online and can receive quick disbursal. The speed usually depends on eligibility, profile verification, and lender policies. With FIRSTmoney by IDFC FIRST Bank, you can get the loan amount disbursed in 10 minutes.
What personal loan is best for medical emergencies?
Medical emergency personal loans are specifically suitable for handling hospitalisation, surgeries, treatments, dental procedures, and urgent healthcare expenses. Instant personal loans are also commonly preferred for medical emergencies because of their quick approval and disbursal process.
Can salaried employees get better personal loan offers?
Salaried employees may receive competitive loan offers due to stable monthly income and predictable repayment capacity. Factors like salary amount, employer profile, credit score, and banking relationship can influence loan eligibility and repayment terms. If you are considering FIRSTmoney by IDFC FIRST Bank, salaried applicants would generally need to be between 21 and 60 years of age and maintain a CIBIL score of 710 or above to be eligible.
Can self-employed individuals apply for a personal loan?
Yes, self-employed professionals and business owners can apply for personal loans. Eligibility is generally assessed based on business stability, income proof, repayment capacity, banking history, and financial profile. Self-employed individuals with a stable income, repayment and a CIBIL score of 760 or above can apply for a FIRSTmoney personal loan.
What documents are required?
Documentation requirements may vary between lenders. Generally, applicants need PAN and Aadhaar numbers during the application process and show physical PAN card during Video KYC for digital personal loan applications like FIRSTmoney by IDFC FIRST Bank.
What is the interest rate for different personal loans?
Personal loan interest rates vary according to lender policies, borrower profile, repayment capacity, credit score, employment type, and loan amount. Lenders like FIRSTmoney by IDFC FIRST Bank offers competitive interest rates starting from 9.99% p.a. on a reducing balance basis.
Which personal loan has the fastest approval?
Instant digital personal loans usually have the fastest approval process because the application, verification, and disbursal journey is completed online. Pre-approved personal loans may also offer quicker approvals for eligible customers.
FIRSTmoney by IDFC FIRST Bank offers instant approvals and disbursal in 10 minutes.
Can I get a pre-approved personal loan?
Yes, eligible customers may receive pre-approved personal loan offers based on their banking relationship, repayment history, credit profile, and internal assessment criteria of the lender.
How do I choose the right type of personal loan?
You should evaluate your financial requirement, level of urgency, repayment ability, interest rate, tenure flexibility, and loan features before choosing a personal loan. Comparing EMI affordability and repayment terms can also help in making a better borrowing decision.
Can a personal loan be used for multiple purposes?
Yes, personal loans are highly flexible and can be used for multiple purposes, such as medical expenses, weddings, travel, education, debt consolidation, home renovation, gadgets, or emergency financial requirements.
How can I apply for a personal loan online?
You can apply for a personal loan online by visiting the lender’s website or app, entering basic details, selecting your preferred loan amount and EMI plan, completing verification, and finishing video KYC. Eligible borrowers may receive approval and disbursal digitally. If you are applying for a personal loan on FIRSTmoney by IDFC FIRST Bank, simply follow these steps:
Step 1: Click on ‘Apply Now’
Step 2: Register using your basic details
Step 3: Choose your preferred loan amount and EMI plan
Step 4: Link your bank account to receive the funds
Step 5: Complete Video KYC by showing your PAN card