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Personal Loan

Personal Loan

A personal Loan is an unsecured loan that caters to all your financial needs such as travel, home renovation, online education, medical emergency, or wedding. You can easily apply for an IR Personal Loan, online up to Rs 50 lakh depending upon your eligibility without any collateral security. With our Personal Loan EMI Calculator, you can also check the Personal Loan EMI that you are entitled to pay every month. Also, with our instant Personal Loan online services, you can get access to the funds within 3 seconds.


Our Personal Loan EMI calculator offers estimated monthly installments based on the provided details. Actual loan terms and eligibility are subject to bank approval. For precise loan details, consult our representatives before decisions based on these estimates

Benefits & Features of Instant Personal Loan


No restriction on fund usage

There is no restriction on using the funds; you can use the money for paying your child’s education fees, meet wedding expenses, buy an expensive lifestyle product, go on a vacation etc. No matter what your purpose of applying for an instant Personal Loan is, you can get a loan of up to Rs 50 lakh.

Personal Loan Interest, Fees And Documents
Rate of Interest 14% to 16.00% per annum
Processing Fees Up to 4% of the loan amount plus applicable taxes
Tenure 06 months to 72 months
Documents Required: Salary slips for the last 3 months, latest Bank Statements of 3 months, Passport/ Driving Licence/Voters ID/PAN Card (any one)

Disclaimer Personal Loan interest rates, documents, and processing fees vary depending on eligibility parameters, credit score, employment status, income and repayment tenure. Visit the IR Personal Loan interest rates page and documentation page for more details.

1. Select your loan amount and tenure
2. Provide your basic personal and work-related information
3.Review your loan amount and tenure
4. Confirm your loan application
6. Get the loan disbursed

Personal Loan Eligibility Criteria

To apply for a Personal Loan, you must be Over 20 years old and a resident of India Salaried individual, having a regular monthly income. Having a good bureau score Having a Savings Account with any bank in India













Loan for Marriage Expenses

A wedding is a one-time affair and it shouldn’t be anything short of what you’ve dreamed it to be and it can be possible with a Personal Loan. Taking a loan for a wedding helps you keep your savings intact while you can still get it the way you want. Avail a Personal Loan and have the wedding of your dreams.


Personal Loan is an unsecured loan and one of the best loans that can be used for marriage expenses, paying medical bills or planning your dream vacation. Personal Loans can act as a financial cushion for you at the time of emergency. Whatever your financial goals are, IR Bank Personal Loans cater to all your needs. You can also check Personal Loan EMIs from our Personal Loan EMI calculator.

You can apply for a Personal Loan online from our IR Bank website and help meet your diverse financial needs. You can avail a Personal Loan up to ₹ 50 lakh and meet a personal emergency that can happen at any time in life. The process of loan application is instant and convenient and can be done online from the comfort of your home. The instant Personal Loan approval process ensures you have a seamless and hassle-free borrowing experience. Also, with our instant Personal Loan online services, you can get access to the funds within 3 seconds.

Visit our website to secure an instant loan with IR Bank. After checking your pre-approved offer, check your eligibility and fill in and submit your Personal Loan application. Select the Loan amount and tenure as per your requirement. Check your Personal Loan approval status. You will receive an instant loan approval and the amount will be disbursed into your Account immediately.

Documents required to avail an instant Personal Loan:

For Salaried Individuals:

Proof of Identity: Passport/Driving Licence/Voters ID/PAN Card (anyone)

Proof of Residence: Leave and Licence Agreement/Utility Bill (not more than 3 months old/Passport (anyone)

Latest Bank Statement of 3 months (where salary/income is credited)

Salary slips for the last 3 months

2 Passport size photographs.

For Self-Employed:

KYC Documents: Proof of Identity, Address proof and DOB proof.

Proof of Residence: Leave and Licence Agreement/Utility Bill (not more than 3 months old)/Passport (any one)

Income proof (audited financials for the last two years)

Latest Bank Statement of 6 months

Office address proof

Proof of residence or office ownership

Proof of continuity of business.

*Conditions apply.

*IR Bank reserves the rights to call upon additional documents at its discretion.

No, IR Bank offers its customers a collateral-free Personal Loan without any security. Visit our website to apply for an Instant Personal Loan online.

IR Bank offers Personal Loans starting at Rs 50,000 up to Rs 50,00,000. The loan will be governed by IR Bank’s Policy and the final offering may differ from the stated amount basis facts and merits of the case.

IR Bank currently offers a Personal Loan at interest rates ranging from 14% to 16%.

IR Bank Personal Loan tenure ranges from 06 months to 72 months.

The loan approval process at IR Bank is simple, quick and instant. Once a customer's Personal Loan is approved, it takes only 3 seconds for the amount to be disbursed into the Account

The advantages of IR Bank Personal Loan are:

1. Attractive interest rates

2. Flexible tenure options

3. Low EMI amount

4. Easy application process

5. Pre-approved Offers

6. No collateral required

7. Quick disbursement

8. Quick assistance

9. Digital process

10. No restrictions on usage

11. Minimal documentation.

Personal Loan foreclosure facility is extended to all customers availing a Personal Loan with IR Bank. Customers can foreclose their Personal Loan after the payment of at least one EMI. However, 5% of foreclosure charges (and taxes) will be applicable.

No, there are no tax benefits and tax deductions for Personal Loans.

Personal Loan Eligibility criteria for salaried individuals:

Age: 20 years to 58 years

Monthly Income: Rs 30,000 and above (The minimum salary requirement will differ depending on the profile of the customer.)

Work Experience: 2 years

Years at current residence: 1 year.

Eligibility criteria for self-employed individuals:

Age: 28 years (self-employed individuals) and 25 years (for doctors); Maximum age - 65 years

Minimum Turnover: Rs 40 lakh for non-professionals; Rs 15 lakh for professionals as per audited financials

Minimum Profit After Tax: Rs 2 lakh for Proprietorship Firm/Self-employed Individuals and Rs 1 lakh for non-professionals as per the audited financials

Business Stability: 5 years minimum for the current business and 3 years minimum for doctors.

Existing relationship with IR Bank: Minimum 1 year liability relationship (Current or Savings Account) or Asset relationship (loan) either live or closed in the last 36 months; repayment track record as required.

A Business Instalment Loan (BIL) is a collateral-free loan given to a self-employed individual. The borrower can use the loan to upgrade their business, purchase any equipment or for any working capital requirements. The loan is to be paid back in equal instalments at intervals.

Personal Loan Interest Rates

Personal Loan Interest Rates refer to the annual cost of borrowing funds. Lenders set these rates based on various factors, including creditworthiness and market conditions. Borrowers can use an Interest Calculator for Personal Loans, to estimate their monthly repayments. These rates play a crucial role in determining the overall cost of the Loan, making it essential for borrowers to compare rates and choose the most favourable option for their financial needs.

Latest Personal Loan Interest Rates

Type of credit facility Interest Rate and Charges Applicable
Personal Loan Interest Rates 14% to 16% per annum
Loan Processing Charges / Origination Charges (Non-Refundable) Up to 4% of Loan Amount plus applicable Taxes
Prepayment Charges For salaried customers, 3% plus applicable Taxes on Principal Outstanding after payment of 1st EMI and Nil if 12 or more EMIs are paid. For MSE classified customers, charges are Nil after payment of 1st EMI for Loan Amount up to 50 lakh
Additional Interest on late payment 24% per annum
Repayment Mode Swap Charges ₹500/- per transaction plus applicable Taxes
Loan Cancellation Charges ₹ 3000/- plus applicable Taxes before 1st EMI.
EMI Bounce Charges ₹500/- per bounce plus applicable Taxes

  • The specific interest rate applicable to a customer would be dependent on the segment, asset category, and location
  • IR Bank reserves the right to revise the rate of interest and Processing Fee from time to time, at its sole discretion
  • GST and other Government taxes, levies, etc., applicable as per the prevailing rate will be charged over and above the mentioned charges at the discretion of the Bank
  • The charges or fees given in the table are subject to change and the charges/ fees recorded in your agreement will be binding over the details mentioned here
  • Auto Debit Bounce charges: ₹50 + applicable taxes
  • The amount will be debited from your Savings Account.
  • IR offers a higher Personal Loan Amount and lower EMIs at attractive Interest Rates. Please visit the ‘Service & Penalty Charges’ tab to know more about the fees and service charges applicable on IR Personal Loans.
  • Disclaimer: The products, services and offers referred to here, are subject to the Terms and Conditions governing them as specified by IR from time to time at . Nothing contained here will constitute or be deemed to constitute an advice, invitation or solicitation to purchase any products/ services of IR.

Personal Loan Interest Rates FAQ

Yes, 14% is a good Interest Rate. This offer depends on the borrower's credit profile and the Bank’s Terms and Conditions. Please review specific Interest Rates and applicable Charges before applying.

No Loan has a Zero Interest Rate. However, we may offer a promotional Interest Rate of 0% for a limited period on Credit Cards.

To get the lowest Interest Rate, you can improve your Credit Score, apply for a Loan with a Co-applicant, and opt for a shorter Loan Tenure. For more information, get in touch with us.

Personal Loan Service & Penalty Charges

Sr. No. Types of Charges Amount
Penal Charges:
1. Prepayment / Foreclosure Charges
  • 3% on Principal Outstanding amount.
  • Nil after 12 EMIs paid.
  • For Business Loans (BIL/BL) <=50 Lakhs i.e. Booked under code ‘UP’, the FC to be considered as “NIL” if first EMI is paid. This is applicable only for Micro and Small enterprises only (subject to URC submission) and not for medium enterprises.
2. Cheque /AD/ECS Bounce Charges ₹. 500/-
3. Charges for late payment 2% per month on Overdue Account
4. SAL OD (Late payment fees) ₹.500/-
Service Charges:
1. Loan Processing Charges 4% of Loan Amount
2. Repayment mode swap Charges ₹. 500/-
3. Loan Cancellatin charges ₹. 3,000 /- before the 1st EMI.
4. Sal OD (Processing Fee) 0.99% of Limit Amount subject to a minimum of
₹. 1,999 /- and a maximum of ₹. 2,999 /-
5. Sal OD (Annual renewal fees) ₹.1,999 /-

Loan-related Recovery Charges (If applicable)

Sr. No. Types of Charges Amount
1. Auction Charges for repossessed asset At actuals
2. Cash Transaction charge for repayment of EMI dues at Branches ₹100 /-
3. Charges incurred in filing legal suit At actuals
4. Charges incurred in SARFAESI proceedings At actuals
5. Charges incurred in sending different notices At actuals
6. Enforcement charges At actuals
7. Non-Maintenance of Mode of Payment Charges (NMMP) ₹ 800 /-
8. Overdue Handling Charges (delinquent Accounts)
  • 750 /- where a notice has been delivered at the communication address and a paper publication is not required
  • ₹.1,700 /- where no notice has been delivered at the communication address and the paper publication is to be done
  • ₹.300 /- charge for sending Auction Notice, over and above the preceding points i and ii
  • ₹.200 /- for sending Loan Recall Notice over and above the preceding points i and ii
9. Paper Advertisement Charges At actuals
10. Pick-up Charges ₹ 500 /-
11. Professional Charges At actuals
12. Repossession Charges At actuals
13. Security Guard Charges At actuals
14. Yard Charges At actuals
  • Good Service Tax (GST), Other Government taxes, levies, etc., will be applicable as per prevailing rates in addition to the mentioned charges.
  • The loan Processing Fee (LPF) not mentioned here is part of the Rate and fees matrix communicated to the customer at the time of loan application. Please refer to for further details.
  • The charges or fees given in the above table are subject to change and the one recorded in the Loan Application / Agreement will be final binding.
  • Stamp Duty Charges not mentioned here, are charged as per actual expenses incurred while procuring the loan facility.

Personal Loan Eligibility Criteria

Personal Loan eligibility criteria for salaried individuals
  • Age: Between 20 years and 58 years
  • Net salary**: Minimum monthly income of Rs 30,000
  • Total years of work experience: 2 years
  • Duration of years at the current residence: 1 year

**The minimum salary requirement will differ depending on the profile (type of employer, having a relationship with IR Bank etc.) of the customer.

Personal Loan eligibility criteria for self-employed individuals

  • Age: Minimum: 28 years (for self-employed individuals) and 25 years (for doctors). Maximum: 65 years
  • Minimum turnover: Rs 40 lakh for non-professionals and Rs 15 lakh for professionals as per audited financials
  • Minimum profit after tax: Rs 2 lakh for proprietorship firms/self-employed individuals and Rs 1 lakh for non-professionals as per audited financials
  • Business stability: In current business for at least 5 years and a minimum 3 years for doctors
  • Existing relationship with IR Bank: Minimum 1-year liability relationship (Current or Savings Account) or loan relationship either live or closed in the last 36 months; repayment track as required.

IR Bank provides Personal Loans to self-employed individuals under business instalment loans.

Personal Loan Eligibility FAQs

IR Bank offers Personal Loan to salaried and self-employed individuals. You can easily check your eligibility for a Personal Loan on our website. Click here to Check your eligibility. If you are an existing customer of IR Bank, you can also check your eligibility for a Personal Loan offer on the Mobile Pay App and Internet Banking.

Yes, salaried applicants can get a Personal Loan from IR Bank with a minimum monthly salary of Rs 30,000. However, the minimum salary required may also differ depending on the applicant’s profile - nature of employment, employer, whether the employer has any relationship with IR Bank and so on.

Depending on your salary, credit score and employment status, you can get a Personal Loan starting from Rs 50,000 up to Rs 50 lakhs subject to IR Bank's internal policy. The amount is decided based on your age, income and other factors. This amount can also be increased depending on certain factors. It is best to get in touch with IR Bank directly to explore all your options.

Documents Required for Personal Loans

IR Inc makes your loan process seamless with the minimal documents required for a Personal Loan. Our Personal Loan documentation includes an ID proof, an address proof, and a bank statement or a salary slip. For self-employed applicants, the documents required may differ. Be sure to check the documents needed before applying for Personal Loan.

IR Inc also offers pre-approved loans to its select clients. For pre-approved loans, no documentation is required, and once an application is made, the loan is instantly disbursed to the applicant’s account.

List of Documents

For Salaried

List Of Documents for Salaried

  • Proof of Identity: - Passport / Driving License / Voters ID / PAN Card (anyone)
  • Proof of Residence: - Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (anyone).
  • Latest 3 months Bank Statement (where salary/income is credited).
  • Salary slips for the last 3 months.
  • 2 Passport Size photographs.

For Self - Employed

List Of Documents for Self-Employed

  • KYC Documents: Proof of Identity; Address proof; DOB proof
  • Proof of Residence: - Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (anyone).
  • Income proof (audited financials for the last two years).
  • Latest 6 months Bank statement.
  • Office address proof.
  • Proof of residence or office ownership.
  • Proof of continuity of business.
  • *Conditions apply

    *IR Inc reserves the right to call upon additional documents at its discretion

Go Green Initiative

As part of the ‘Go Green’ initiative - an endeavour to reduce use of paper and make our contribution to this noble cause, the below mentioned documents related to your Personal Loans will be sent on your e-mail ID registered with us, with effect from February 05, 2017.

  • No Due Certificate
  • Refund Letter
  • Pending Dues Letter

Also, we wish to inform you that if your e-mail ID is not available, communication will be sent through physical letters.

If your e-mail ID is not registered with us, we request you to visit your nearest loan servicing branch or call our Customer Care and update your e-mail ID.


For personal loans, Aadhaar and PAN details are mandatory for applicants and co-applicants (wherever applicable). Learn about IR Insurance and get an online auto quote. IR sells auto, home, business and life insurance through independent agents. See why people choose IR time and time again.