A personal loan is usually an unsecured loan — you do not pledge an asset as security. Because of this, lenders rely heavily on your income, existing repayments and credit history when deciding whether to lend and on what terms.
Personal loans are commonly used for planned expenses such as medical bills, education costs, a family wedding, travel or home repairs. The amount, interest rate, fees and tenure are set by the lender after its own assessment and can differ significantly between lenders and between applicants.
How 8Q Solutions helps
We are a facilitation service, not a lender. When you submit an enquiry, our team will:
- understand what you need the money for and what EMI you can comfortably manage;
- explain the information and documents a lender may ask for;
- with your consent, help you take your application to a participating lender.
The lender alone decides whether to approve your application, and on what terms.
Before you apply
Use our EMI calculator to estimate repayments for different amounts and tenures, and borrow only what you can repay comfortably. Read the lender's key fact statement, sanction letter and loan agreement carefully before accepting any offer.
Common uses
- Medical expenses
- Education or skill courses
- Wedding expenses
- Home repairs or furnishing
- Consolidating existing debt
Eligibility and documents
Each participating lender sets its own eligibility criteria and document list for this product. Our team will explain the specific requirements after understanding your profile. See our general eligibility guide.
Criteria vary between lenders and may change. Meeting them does not guarantee approval.
Personal Loan FAQs
Do I need collateral for a personal loan?
Personal loans are usually unsecured, so no collateral is typically required. The lender decides based on its assessment of your income, existing repayments and credit history.
Can self-employed people enquire about personal loans?
Yes, you can enquire. Lenders have different policies for salaried and self-employed applicants and may ask for different income documents.