Personal Loan Scheme for Public 2025: Apply Online & Get Instant Approval

Personal Loan Scheme for Public: This is a fast-forward world where any person may have an emergency need of sudden financial resources either it is in medical condition, education of the children, home repairs or even marriage. It is here that personal loan come in. To facilitate the life of the common people, most banks and financial institutions have now launched Personal Loan Schemes to the Public and on increasing time limits coupled with the ease of approach and low-interest rates.

To get all you need to know about these schemes be they the eligibility, how to apply and the interest rates, repayment schedules and also tips to fast track your approval try this guide.

What is a Personal Loan Scheme for the Public?

A personal loan scheme to the general population is an unsecured loan by the banks, NBFCs (Non-Banking Financial Companies), which cater to salaried portfolio, self-employed as well as to the pensioners. There is no collateral and security needed. They are viewed as general-purpose loans and they are applicable on:

• Education fees
• Medical treatment
• Wedding expenses
• Home renovation
• Business support
• Travel and more

Who Offers These Loans in India?

Here are some of the top banks and institutions that provide personal loan schemes for the public:

• State Bank of India (SBI)
• HDFC Bank
• ICICI Bank
• Bank of Baroda
• Punjab National Bank (PNB)
• Kotak Mahindra Bank
• Bajaj Finserv
• Tata Capital
• IDFC First Bank

These institutions offer competitive interest rates and flexible repayment options depending on your income and credit profile.

📌 Key Features of Personal Loan Scheme for Public

Let’s take a look at the main highlights:

Feature	Details
Loan Amount	₹10,000 to ₹40,00,000+
Tenure	12 months to 84 months (7 years)
Interest Rate	Starts from 10.25% p.a.
Processing Time	24 to 72 hours
Collateral Required	Not required
Credit Score Needed	650+ preferred
Application Mode	Online or Offline

Who Can Apply for This Loan?

Here’s the eligibility criteria:

For Salaried Individuals:

• Age: 21 to 60 years
• Monthly income: ₹15,000 or more
• Should be working in a private or government firm
• Minimum 6 months job experience

For Self-Employed:

• Age: 21 to 65 years
• Minimum annual income: ₹2 lakh+
• Should be in the business for at least 2 years

For Pensioners:

• Age: Up to 75 years (varies by bank)
• Regular pension income

Note: Eligibility can differ from one bank to another. Some banks also offer special schemes for women, senior citizens, and government employees.

Documents Required

Keep these documents ready for smooth approval:

1. ID Proof: Aadhaar Card, PAN Card, Voter ID, Passport
2. Address Proof: Utility bill, Rent agreement, Passport, Aadhaar
3. Income Proof:
   • Salaried: Salary slips (last 3 months), bank statement
   • Self-employed: ITR (last 2 years), bank statement
4. Photograph: Recent passport size
5. Loan Application Form (online/offline)

Some banks may ask for additional documents based on your profile.

Interest Rates & Charges

Interest rates vary by lender and your credit score. Here’s a rough idea:

Bank/NBFC	Interest Rate (p.a.)	Processing Fee
SBI	From 10.90%	1% of loan amount
HDFC Bank	From 10.50%	Up to ₹4,999
ICICI Bank	From 10.75%	2% + GST
Bajaj Finserv	From 11.00%	Up to 3.99%
Tata Capital	From 10.99%	₹999 onwards

Tip: A good credit score (above 750) can help you get lower interest rates.

How to Apply for a Personal Loan Scheme?

You can apply both online and offline.

online Method (Most Preferred):

1. Visit the official website or app of the bank/NBFC
2. Go to the “Personal Loan” section
3. Fill in your basic details (name, age, income)
4. Upload required documents
5. Wait for verification & approval
6. Loan gets disbursed to your account within 1-2 working days

Offline Method:

• Visit the nearest branch
• Fill out the loan form
• Submit documents
• Complete KYC
• Wait for approval

Tips to Get Quick Approval

• Check your credit score before applying
• Avoid applying to multiple banks at once
• Maintain a low debt-to-income ratio
• Keep all documents ready and updated
• Opt for pre-approved offers if available

Things to Keep in Mind Before Taking a Loan

• Don’t borrow more than you need
• Always check the total repayment amount
• Understand the EMI schedule and prepayment charges
• Compare interest rates on portals like PaisaBazaar, BankBazaar, etc.
• Make sure you can repay comfortably — don’t overstretch your budget

Government-Backed Personal Loan Schemes (Special Mention)

Although most personal loans are offered by private banks, there are some public schemes you should know:

1. PM Mudra Yojana

For micro-business and small entrepreneurs. Offers up to ₹10 lakh loan without security.

2. Stand-Up India Scheme

For SC/ST/Women entrepreneurs – loans between ₹10 lakh to ₹1 crore.

3. State-Level Personal Loan Schemes

Many state governments offer personal loan assistance to farmers, students, or women.

These are usually routed through cooperative banks and government-backed institutions.

EMI Calculator – Know Before You Borrow

Use a free online personal loan EMI calculator to plan better. Just enter:

Home Loan EMI Calculator 2025

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• Loan amount
• Tenure
• Interest rate

It will show you the exact EMI and total repayment amount.

Final Words

An individual loan program to the population is a savior during difficult financial conditions. Nevertheless, a person has to borrow intelligently. Compare offers always, know the terms and ensure you are able to pay.

The emergence of digital banking has seen that it is easy and quicker to take a personal loan. No matter what your status is salaried employee, self-employed, pensioner there is something to suit you.