Personal Loan​ for Salaried

No Collateral I Up to Rs. 45 Lakhs I Tenure up to 60 months​

4 reasons to choose our Personal loan

LOAN OF UP TO Rs. 45 Lakh




A loan for all your goals







Personal Loan is amount taken for fulfilling personal financial needs such as paying credit card bills, renovation of house, financing wedding function, meeting medical emergencies, for vacation and many more. Personal loan is an unsecured loan provided by financial institutions which is based on criteria such as customer’sincome, customer’s source of income, employment history, customer’s repayment capacity, his credit history.

The best part of personal loan is you can make use of the amount to meet your personal needs without giving collateral or security.

Eligibility criteria

• Nationality: Indian
• Intrest Rate: Interest rate starts from 10.99% (may differ from lenders to lenders).
• CIBIL Score: 700 or higher
• A minimum salary of Rs.15,000/- and as per the policy of the lender (some lenders may offer on salary <=15,000/-)
• Age: 21 years to 70 years*
*Higher age limit is applicable at the time of loan maturity.


• Aadhar Card , Passport Driving License Voters ID PAN Card
• Last 3-6 months’ salary slip. Income tax PAN copy Latest bank statement of 6 months where salary is credited. Form 16 of last 2 years.
• Minimum 3-6 months bank statement (of salary account).
(The additional documents requirement may vary from lender to lender).

DO’s and DON’Ts of personal loans

If you are applying for personal loan it is clear that you are undergoing a financial crunch.But here are some aspects you should keep in mind if you are applying for a personal loan just to ensure that you not only avail the loan but alsothe benefits that lenders offer to their customers.

Here’s a list of some DO’s and DON’Ts you should consider while making the final decision to take a personal loan:

1. Know your Credit Score before applying for Loan: This is the first and foremost step which customers are usually unaware of or simply ignore. Know your credit score before you apply for loan as lenders determine your creditworthiness on the basis of your credit score. A good credit score (750 and above) help lenders buildtrust on you and makes it easy for lenders to decide upon the loan amount to be approved and the interest rate on it.

2. Check various Loan offers available in the market: Since there’s a plethora of options of lenders offering loans in the market today, therefore it would be wiser on your part if you check and compare various loan offers to have the best deal. What we would suggest our customers; you should first visit your own existing bankers and lenders and know the offer, its features and the availability of loan you are looking for. If you are not satisfied, then we at Mantra, can offer you a host of options to meet your financial needs.

3. Check the interest rates: Always remember that the calculation of EMIs includes both principal and interest. Therefore, always check the interest rates offered by the lenders before applying. For your convenience we have provided a comparative chart of rate of interest offered by various lenders where you can easily compare and choose the one that suits your paying capacity. For more details you can visit

4. Look for loan tenure suitable to your repayment capacity: If we talk about loan tenure then it is the specified period for which you take loan and within which you have to repay the loan amount to your lender. Shorter the loan tenure, higher will be the EMIs but lower the interest cost. Therefore, plan for loan tenure as per your repaying capacity.

5. Check your Eligibility for the loan and the required documents: Another important step before finalizing any lender for the loan is to finding out your eligibility and the documents required for it. Checking your eligibility will help you save time as it will make it clear to you which option you should choose without much wandering. What we suggest, that will definitely help save your time as here we will provide you a tentative list of required documents and eligibility criteria common to most banks and NBFCs.

1. Don’t apply without calculating the required credit amount: Before applying for a personal loan make sure that you have calculated well the impending expenditure and then apply accordingly.

2. Avoid applying to multiple lenders simultaneously at the same time: When you submit your application to lenders, they will put up an enquiry request to fetch your credit score from the credit bureaus to know your credit worthiness. Such enquiries initiated by the lenders are considered as hard enquiries and it severely affects your credit score. Why? Because each time when such enquiries are initiated by the lenders to the credit bureaus, it gives an impression that you are a credit hungry person and your credit score will get affected. This will reduce your loan eligibility thereby making it difficult for you to avail a loan. How would Mantra help you? At Mantra, we will first fetch your credit score. Once you get your credit score in hand, you will be in a position to decide your eligibility, the loan amount you can get and the lender you should go for.

3. Don’t take loan to fund non-essential expenses: Since there is no restriction on the end use of the amount you get in a personal loan, hence you have to be very careful about how you use it. Avoid taking a loan unless you really need to meet a financial emergency. Because remember taking loan is not just about having the funds in your account but involves a monetary commitment and the discipline to do timely repayments.

4. Don’t forget to read the Terms and Conditions: Once you have decided to go for a loan don’t forget to read all the terms and conditions before finalizing the loan. Be clear about the interest rates, the repayment schedule, the EMIs, the insurance and other charges. Ask your lender if you are not sure or unclear about any term or condition. You can also take help of a financial advisor to guide you.

Frequently asked questions

The important factors that affect your personal eligibility are:
Your Income
Your Credit Score
Work Experience
Your Current Liabilities.

Mantra Finserv considers a CIBIL Score of 700 or above as a good credit score. A strong business turnover and having all your documents in check also reflect positively on your profile.

It Generally ranges from 1% to 3% of the loan amount + (GST).

While online lenders may provide loan amount within 24-48 hours subject to their terms and conditions, usually the approval time after submission of loan application is three to seven working days and disbursement after approval is done within seven working days.

Defaulting on a personal loan can severely impact your credit score. If you miss one or two EMI payments it will not make you a defaulter. However, if you fail to pay several EMIs on time your lender shall report you as a defaulter. If it so happens, it will become very difficult (nearly impossible) for you to take another loan in future. With that, the concerned lender may also take action against you.

Interest rates on personal loan can be both flat or reducing. In flat rate method, the interest rate is calculated on the principal amount of the loan. On the other hand, in the reducing interest rate, the interest rate is calculated only on the outstanding loan amount on monthly basis in the reducing balance rate method.

Since Personal loan are unsecured loan therefore you are not required to provide any security or collateral to avail your personal loan

Yes if you are already running a personal loan, you can go for a top up on it. You can obtain it either from your existing bank or lender at existing loan rate or transfer your loan to another bank.