What is a personal loan?
A personal loan is an unsecured loan that you repay in fixed monthly instalments, usually over a few years. You don't pledge any asset; the lender relies on your income and repayment history. That makes it quick to arrange and flexible to use, whether for medical bills, a wedding, home repairs, education costs or clearing credit card dues.
The trade-off is cost. Without security, lenders price personal loans higher than home loans or loans against property, so check whether a secured option such as a gold loan or a loan against mutual funds suits your need better.
Personal loans for salaried borrowers
For salaried applicants, lenders look closely at:
- Net monthly income and how much of it already goes towards EMIs
- Employer category, since many lenders classify employers and this affects eligibility and pricing
- Credit report, including repayment history, card usage and recent enquiries
- Job stability, meaning time in the current job and total experience
Pre-approved offers from your salary bank are convenient, but they are not always the cheapest. Ramasure compares offers from 40+ banks and NBFCs so you can see where your profile is priced well.
Professional loans for doctors and CAs
Doctors, chartered accountants and other qualified professionals often need money to set up or grow a practice: clinic interiors, diagnostic equipment, software or a larger office. Lenders run dedicated programmes for them, judging repayment capacity on qualification, registration and practice vintage alongside tax returns. Some lenders also fund medical equipment through separate equipment loans, which may suit large purchases better.
Things to compare before you choose
| What to check | Why it matters |
|---|---|
| APR in the Key Fact Statement | Shows the true yearly cost, including fees |
| Processing fee | Deducted upfront, so you receive less than the sanctioned amount |
| Tenure | A longer tenure lowers the EMI but raises the total interest |
| Insurance bundled with the loan | Optional, and adds to your cost |
Illustrative: if a ₹5 lakh loan carries a 2% processing fee, ₹10,000 is deducted at disbursal, so ₹4.9 lakh reaches your account while EMIs are calculated on the full ₹5 lakh.
Borrow for a clear purpose, and keep the EMI at a level you could still manage if your income dipped for a few months.
