Consumer Loans
Quick & Easy...


  • Quick Loan Approval
  • Minimal Documentation
  • Flexible Repayment Options

Get Consumer Loan Online Up to Rs. 25 Lakhs*

We offer Consumer Loans up to Rs. 25 Lakhs* online with competitive interest rates starting @ 10.50%* p.a. Get benefits with a hassle-free online application process, minimal documentation and instant provisional sanction. Enjoy flexible tenure options, ensuring convenient repayment. Whether it's for travel, wedding, education, or any other personal need, secure the perfect loan amount with confidence. Trust us for a seamless and customer-friendly Consumer Loan experience.

EMI Calculator

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Principal Amount

Loan EMI

Total Interest Payble

Total Payment (Principal+Interest)

Determining your eligibility for a Consumer Loan is crucial before initiating the application process. This eligibility table will outline the key factors lenders consider, including income, credit score, employment status, and age, helping you assess your likelihood of approval and plan your consumer loan effectively.

Eligibility Criteria Salaried and Self-Employed

Income Criteria

Minimum salary for Consumer Loan: Rs 15,000

Age Criteria

Minimum: 21 years, Maximum: 65 years

Loan Tenure

Up to 5 years

Loan Amount

Up to Rs. 25 Lakhs, depending on eligibility

Nationality

Indian


Explore Consumer Loan Interest Rates and Charges with the table given, outlining the costs and rates involved in securing your consumer financing.

Consumer Loan Interest Rate (Pre-approved Customers)
Pre-approved customers stand to benefit from preferential Consumer Loan rates, which are lower than standard rates. These rates are tailored to reward loyalty and financial stability

Current Consumer Loan Interest Rate

10.50%* p.a.

Special Consumer Loan Interest Rates
Special Consumer Loan interest rates, often lower than standard, are offered for a limited time or to eligible customers, serving as incentives or promotional offers. Below are the special Consumer Loan interest rates:

CIBIL

Salaried

Self-Employed

>800

10.50%

10.75%

750-800

11.00%

11.25%


Here are mandatory documents required for consumer loan such as a proof of identity, a proof of address, a loan application form that has been duly filled and your financial documents. Below is the detailed list of documents required for consumer loan:

  • Submit your Aadhaar card, passport or driving licence for KYC
  • For address proof, your utility bills, or rent agreement with your current address works fine
  • *For income proof, we need your salary slips, income tax returns or Form 16
  • **Prove your financial stability by submitting bank statements for the last 3 months
  • Provide your job offer or appointment letter for a stress-free experience
  • If applicable, submit your co-applicants' documents for joint loan applications

Avail your Home Loan
in just 5 steps

  • Enter your basic details
  • Check your eligibility
  • Pay the processing fee
  • Upload Documents
  • Get Provisional Sanction

Features & Benefits of myRoopya Home Loan

Maximising Your Consumer Loan Approval: Dos and Don'ts

Dos Don'ts

Investigate loan and property details thoroughly.

Avoid applying for a Home Loan on multiple aggregator sites to maintain approval chances.

Plan for unexpected expenses wisely.

Refrain from carrying excessive loans to maintain a favourable creditworthiness.

Keep all necessary paperwork organised.

Avoid overspending on Credit Cards or delaying loan repayments to prevent a negative impact on your credit score.

Improve your credit before applying for a Home Loan.

Don't commit to a Home Loan beyond your means to ensure manageable repayments.

Consumer Loan FAQs

A consumer loan is a type of loan designed to meet personal financial needs, such as education, travel, weddings, or medical emergencies. These loans are typically unsecured, meaning they don't require collateral, and are granted based on the borrower's creditworthiness and income. The interest rates and repayment terms vary depending on the loan type and the lender.


You can apply for a consumer loan from myRoopya through our website www.myRoopya.com. Or, you could visit the office of myRoopya to submit your application for a loan.


Consumer Loan eligibility is determined by factors like age, income, employment stability, credit score, existing financial obligations and nationality. For applicants aged 20-65 (salaried) or 21-70 (self-employed), with a minimum income of Rs 25,000, stable employment or business record, a good credit score of 700+, and Indian nationality are eligible. These parameters ensure a comprehensive assessment aligning with the bank's policies and regulations.


The Consumer Loan EMI is calculated on the basis of specific factors like the amount of the loan, its tenure and the rate of interest.


Floating Rate of Interest on a Consumer Loan means that the interest rate is not fixed and can change over time. The change takes place according to a benchmark rate/repo rate set by the Reserve Bank of India (RBI) that can impact your overall monthly EMIs.


A fixed rate of interest on a Consumer loan means that the rate of interest does not change throughout the tenure of the loan. Regardless of market fluctuations, the borrower pays the same interest rate through the same equated monthly installments (EMIs) from the loan's inception to its conclusion. This stability provides predictability in monthly payments, allowing homeowners to plan their finances without being affected by interest rate variations in the market.

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