Personal Loans in Gurgaon

A need for external financial assistance can arise anytime. Personal Loans in Gurgaon cater to an individual's financial needs and aspirations. The collateral-free loans can be used at one’s convenience without putting any financial burden. From eligibility criteria to the application process, find all the answers to your personal loan queries in this detailed piece.    

Gurgaon Personal Loan : An Overview

Banks and other financial institutions extend personal loans in Gurgaon to assist with an individual's financial obligations. While the tall corporate glass buildings take care of the professional needs of the people in Gurgaon, their personal financial needs can be looked after by lending institutions spread across the city. Banks offer collateral-free personal loans to salaried as well as self-employed individuals. With convenient applications from your home, getting personal loan finance in Gurgaon has never been easier.

Instant personal loans in Gurgaon can finance that 4 BHK high-rise apartment in the city’s posh residency, the new car parked elegantly behind the showroom glass, or land you in that foreign city whose posters have been up your wall with your loved ones. Any personal need for which you may be unable to gather sufficient funds can be financed using personal loans.

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Best Personal Loan Offers in Gurgaon - Jun 2024

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RBL Bank

RBL Bank Personal Loan in Gurgaon starting at.

14% - 23%

karnataka bank

karnataka bank Personal Loan in Gurgaon starting at.

12% - 17%

State Bank of India

State Bank of India Personal Loan in Gurgaon starting at.



IDBI Bank Personal Loan in Gurgaon starting at.

11% - 15.5%

karur Vysya Bank

karur Vysya Bank Personal Loan in Gurgaon starting at.

11% - 14%

YES Bank

YES Bank Personal Loan in Gurgaon starting at.

10.99% - 20%

Kotak Bank

Kotak Bank Personal Loan in Gurgaon starting at.



HDFC Bank Personal Loan in Gurgaon starting at.

10.5% - 24%


ICICI Bank Personal Loan in Gurgaon starting at.

10.5% - 16%

Axis Bank

Axis Bank Personal Loan in Gurgaon starting at.

10.49% - 22%


IDFC FIRST Bank Personal Loan in Gurgaon starting at.

10.49% - 36%

Federal Bank

Federal Bank Personal Loan in Gurgaon starting at.

10.49% - 17.99%

Punjab National Bank

Punjab National Bank Personal Loan in Gurgaon starting at.

10.4% - 16.95%

IndusInd Bank

IndusInd Bank Personal Loan in Gurgaon starting at.

10.25% - 26%


HSBC Personal Loan in Gurgaon starting at.

9.99% - 16%

Key Features of Personal Loans in Gurgaon

Personal loan finance in Gurgaon is a readily available and customer-centered credit facility. Some features that set it apart from other loans are listed below.

High Loan Amounts

Up to ₹50 lakhs can be raised using personal loans for up to 8 years. Personal loans can, therefore, efficiently take care of any urgent and unforeseen expenses of the applicant.

Zero Collateral

Personal loans are unsecured loans offered not against any security deposit but against an applicant’s credibility and financial consistency. Hence, for a loan seeker, a personal loan involves little to no risk.

No Usage Restrictions

Lenders do not restrict the end-usage of the loan amount. Personal loans are also called Multi-Purpose loans since they can be used to meet every financial obligation an individual may have.

Easy Application

Personal loans offer wide accessibility by covering salaried and self-employed individuals across organizations and sectors. Moreover, the Internet and mobile banking facilities can offer easy personal loans in Gurgaon.


Personal loans can be easily settled using EMIs, post-dated cheques and mobile apps within comfortable loan tenures. Lenders also allow applicants to make prepayments or foreclose loan accounts. However, certain prepayment/foreclosure charges may be applied by the bank.

Higher Interest Rates

Personal loan interest rates in Gurgaon are higher. These loans are unsecured in nature and hence, pose greater risks for the bank. Therefore, banks and other lenders secure themselves against such high risks by levying slightly higher interest rates.

Digital Loan Management

Some banks and lenders offer facilities specifically designed to digitally manage one’s personal loan. This helps save a significant amount of time and effort for the loan seeker.

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Interest Rate and Charges in Gurgaon for Personal Loan

A lending institution may apply all or some of the following charges on personal loan applications.

  • Interest Charges: Personal loan interest rates in Gurgaon are a source of income for lenders. Bank rates can vary from 99%-35% on personal loans. The interest payments are made along with the principal amount through EMIs via the loan repayment process.
  • Processing Fee: Banks can charge a processing fee of 1%-3% of the loan amount. Banks levy processing charges to recover the administrative costs incurred in the loan approval process.
  • GST: An 18% GST is charged by banks and other lenders for extending financial services such as prepayment, loan processing and account foreclosure. Interest is not customer service. Hence, no GST applies to it.
  • Prepayment Charges: Banks incur a loss on interest incomes when a borrowed amount is settled before maturity. Hence, they recover their costs through prepayment charges. Usually, prepayment charges are applied when the entire loan amount is paid off, but these policies are subject to changes.
  • Default Penalties: Delays in loan repayments invite penalties from the bank. In case of missing a scheduled instalment or not paying up the full amount, a bank may levy penal charges.
  • Stamp Duty Charges: Banks must comply with the State’s Stamp Act to make a loan agreement legally valid. A 0.1% stamp charge is applied on loan amounts less than ten lakh rupees and 0.2% for every ten thousand after that.
  • Cheque Bounce Charges: The bank may levy additional charges if a repayment instalment is missed owing to cheque bounces. The cheque bounce charge ranges from ₹500-600 per bounce.
  • Duplicate statement charges: Banks charge additional fees for issuing duplicate statements of the repayment schedule, pending balance and other requirements.
  • Verification charges: Any expense incurred by the bank on verifying an applicant’s credit history and the information submitted by them is recovered in the form of verification charges.

Top Lenders Offering Personal Loans in Gurgaon

Banks and Non-Banking Financial Institutions (NBFCs) offer personal finance in Gurgaon. A comparative guide is provided below to help you choose the best lender.

Top Bank Offerings

The following banks offer easy personal loans in Gurgaon.

Bank Amount (in ₹) Tenure Interest Rates (per annum) Processing Fee
HDFC Bank Up to 40 lakhs Up to 5 years 10.5%-21% 2.5%
Axis Bank Up to 40 lakhs Up to 5 years 10.49% 2%
State Bank of India Up to 30 lakhs Up to 6 years 11.05% 1.50%- 3%
Kotak Mahindra Bank 50,000-40 lakhs Up to 6 years 10.99% Up to 3%
Yes Bank Up to 40 lakhs Up to 6 years 10.99%-20% Up to 2%

Top NBFC Offerings

Personal loans via NBFCs in Gurgaon can be obtained from the following companies.

Lender Amount (in ₹) Tenure Interest Rates (per annum) Processing Fee
KreditBee 5,000-4 lakhs Up to 2 years As per T&Cs As per T&Cs
L&T Finance 50,000-7 lakhs Up to 4 years 12% onwards 2%+GST
Poonawala Fincorp Up to 30 lakhs Up to 5 years 9.99% 2%
TATA Capital Up to 35 lakhs Up to 6 years 10.99% 3%
Bajaj Finance Up to 40 lakhs Up to 8 years 11%-35% 3.93%

What are the Eligibility Criteria for a Personal Loan in Gurgaon?

Personal loan finance in Gurgaon is subject to certain basic minimum requirements. Once applicants fulfil the criteria below, they can easily apply for a personal loan.

  • Applicants must be between 21-60 years old.
  • Offered to salaried and self-employed individuals.
  • Minimum salary of ₹10,000 per month.
  • Previous work experience and current stable employment.
  • Indian citizenship.
  • A credit score of 750 or higher.

What are the Documents Required for Getting a Personal Loan in Gurgaon?

An applicant will need the following documents to apply for a personal loan.

  • Duly filled loan application
  • PAN card
  • Address proof: Driving license/ Utility bills/ Voter ID/ Aadhar card
  • Income proof: Bank statements/salary slips
  • Employment proof: Offer letter/Employee ID
  • Identity proof: Aadhar card/Voter ID/ Driving license
  • Co-application (in required cases)
  • Passport size photographs

Application Process and Approval Timeline in Gurgaon

Gone are the days when loan approvals were a hassle. Today, the cheapest personal loans in Gurgaon can be instantly accessed with just a click of a button.

Online Applications

Instant personal loans in Gurgaon can be obtained using a bank’s Internet and mobile banking services. Online applications simplify documentation through digital KYC facilities and offer instant loan approvals. Follow these simple steps to apply for a personal loan online.

  • Log onto the lender’s official website/sign in the lender’s mobile application.
  • Under the Loans/Borrowings category, find ‘Personal Loan’ and click on Apply now.
  • Enter the details like mobile number, PAN number, loan amount, employment type, account number and OTP.
  • Choose the suitable loan amount, interest rate and loan duration.
  • Apply after digitally uploading the documents.

Once the application is submitted, the lender will contact the applicant to take the application process further.

Pre-Approved Personal Loans

Pre-approved loans are quickly approved personal loans extended by lenders to their existing customers. Since the borrower’s details are already in the bank’s online database, the documentation process takes less time, and loans are quickly approved. After checking if a bank offers pre-approved loans, a pre-approved loan application can be submitted offline and online.

Offline Applications

The old-school branch visit method is still available to apply for personal loans. It has become even more smooth and consumer-friendly with well-versed bank agents available at customer service. One can easily apply for personal loan finance in Gurgaon using the bank representative’s guidance and carrying the required documents. Once the loan application is filled and submitted, the bank will initiate the further process of approval.

Tips for Choosing the Right Personal Loan in Gurgaon

The following tips and suggestions can help a loan seeker obtain some of the cheapest personal loans in Gurgaon.

  • Credit Rating: Your credit score is vital to your loan approval. Maintaining a good credit score and lowering the debt-to-income ratio before applying for a personal loan can go a long way.
  • Compare and Choose: Prospective borrowers can compare the different personal loan offerings free of cost over the lender’s website. It can help choose the most suitable option that fits one’s needs.
  • Verify Your Eligibility: A prospective borrower may use online Eligibility Calculators before approaching a bank to gauge how much loan can be extended to them and on what terms.
  • Document Management: Document inconsistencies delay most personal loan applications. An applicant should keep the documents handy and provide up-to-date information while applying for a personal loan.
  • Apply at Fewer Places: Banks become hesitant upon noticing that an applicant has applied to many lenders. Hence, loan seekers are advised to apply only to select suitable lenders.
  • Repayment terms: A home loan seeker must go through their loan repayment terms before signing the loan agreement. A loan seeker can easily decide an amount within their repayment capacities using online EMI calculators.
  • Check for Hidden Costs: Banks and other lenders sometimes impose additional charges without informing the borrower. A borrower must enquire about all the charges demanded by the lender to maintain transparency between the parties.
  • Co-obligation: Co-obligation provides additional credibility to applicants who do not fully meet the bank’s requirements. It is a very specific demand which is not needed in every case. Hence, one must confirm with one’s bank whether a co-obligant is required while applying for a personal loan.


Life in Gurgaon is fast-paced, occupied, and always running. Personal loans in Gurgaon can offer quick and instant financial aid of up to ₹50 lakhs to people with no time to spare. With the lending institutions’ simple eligibility criteria, convenient application processes and customer-centred services, one can sit back and relax. Using the right guidance, a loan seeker can make wise and well-informed decisions while looking for personal loan finance in Gurgaon.

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How long does it take for a personal loan to be approved in Gurgaon?

A personal loan application usually gets approved within 1-5 working days. However, in the case of some lenders, digital applications may get approved within a few minutes of the loan application.

Can I get a personal loan with a bad credit score in Gurgaon?

Lenders generally do not extend loans to candidates with poor credit ratings. If they do, higher interest rates and fees are charged on the loan. Loan seekers with bad credit scores must try to gain a lender’s trust and establish credibility.

Can I prepay or foreclose a personal loan in Gurgaon?

Yes, prepayment and foreclosure options are a common feature of personal loans. However, applicable prepayment/foreclosure charges must be checked before making advance repayments.

What happens if I default on my personal loan in Gurgaon?

Apart from levying late payment penalties, lenders can take legal action against a personal loan defaulter. The inability to repay a loan negatively affects a candidate’s credit ratings and makes it difficult to obtain loans in future.

Can I apply for a personal loan from multiple lenders in Gurgaon?

Yes, multiple loan applications can be made, but they often cause more harm than good. Candidates with multiple loan applications with different lenders invite suspicion and delays in loan approval. Hence, it is advised that after thorough research, one must apply for a personal loan from a few suitable lenders.

Can self-employed individuals or freelancers apply for a personal loan in Gurgaon?

Yes, personal loans can be extended to self-employed and freelancing individuals, provided they fulfil the eligibility criteria and establish their repayment potential.

Can I transfer my existing personal loan to another lender in Gurgaon?

Yes, personal loans can be transferred from one lender to another. A personal loan can be easily transferred after applying for a loan transfer at one’s existing bank and collecting a NOC. Also, new interest rates and net savings are key factors before transferring the loan.

What is the process for closing a personal loan in Gurgaon?

Once the loan is fully repaid, banks usually close a loan account independently. However, one must not forget to obtain a No Objection/ No Dues Certificate from the bank upon the closure of the loan account.

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