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Personal Loan

Smart ways to borrow: Get a personal loan that won’t drain your savings

28 May 2025 by Team FinFIRST

personal loan

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If you’re in your late 20s or early 30s, juggling rent, EMIs, travel plans, or even a wedding, you’ve likely wondered: how do I get a personal loan without compromising my financial stability?

A personal loan can offer quick relief during life’s curveballs—but only when handled wisely. Without proper planning, your EMI could become a monthly burden instead of a financial solution.

Here’s how to get a personal loan smartly—with low EMIs, transparent terms, and no budget strain.

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Step1: Assess your repayment capacity before applying

Many applicants focus on how to get a personal loan fast—but overlook whether the monthly EMI fits their actual budget.

Let’s take Aman, a salaried professional in Bangalore earning ₹70,000/month. His expenses:

Rent: ₹20,000
Groceries & Utilities: ₹12,000
Existing Car EMI: ₹10,000
Investments: ₹10,000

Remaining: ₹18,000

If he opts for a ₹5 lakh loan with a ₹10,500 EMI, it eats up more than 50% of his disposable income. Experts recommend keeping total EMIs within 40-50% of your net salary to avoid financial strain.

Step 2: Borrow what you need, not what you’re offered

Lenders often offer higher loan amounts than necessary—but bigger loans mean larger EMIs and more interest.

Imagine Neha, a 28-year-old content strategist in Mumbai. She needs ₹2.5 lakh for a home renovation. Her lender offers her ₹4 lakh. While tempting, that extra ₹1.5 lakh costs more in interest—and may disrupt her budget.

Loan Impact Example (at 11% p.a.)

Loan amount	Tenure	EMI (at 11% p.a.)	Total interest payable
₹3 lakh	3 years	₹9,822	₹54,578
₹3 lakh	5 years	₹6,523	₹91,364

Pro tip: Longer tenure = lower EMI but higher interest. Balance EMI affordability with total repayment cost.

Step 3: Compare personal loan interest rates and hidden charges

When deciding how to get a personal loan, many people focus only on interest rates. Sure, that matters. However, it’s not the only number you should be concerned about.

Look at -

Processing fees
Prepayment and foreclosure charges
Loan disbursal speed
Flexibility in repayments

Make sure to watch out for hidden charges when choosing a persona loan as well: documentation fees or pre-closure penalties can quietly increase your total cost. Some lenders also have additional hidden fees in their personal loans, which you should check before signing up.

Step 4: Choose low EMI, flexible loans

Life is unpredictable. You might land a better job or receive a large bonus next year. A rigid loan won’t adjust to your needs.

Flexible repayment options like part-prepayments, zero foreclosure charges and adjustable tenures can save you a lot in the long run.

For instance, if Aman gets a ₹1 lakh bonus next year, a loan that lets him prepay without charges helps him save interest—and close the loan faster.

It’s a smart move when choosing how to get a personal loan that doesn’t become a burden.

FIRSTmoney: A smart personal loan that’s fast, flexible and fully digital

With so many lenders out there, which one ticks all these boxes? Here’s why a FIRSTmoney personal loan from IDFC FIRST Bank is built for working professionals juggling multiple expenses.

Feature	FIRSTmoney smart personal loan	Typical personal loan
Loan approval	Instant (within 30 minutes)	1-2 days or more
Loan amount	Up to ₹10 lakh	₹1 lakh – ₹10 lakh
Interest rate (p.a.)	Starting from 9.99%	11%–18% typically
EMI flexibility	Starting at ₹2,174 per lakh	Higher EMIs for same amounts
Prepayment/foreclosure fee	Zero charges	2%–5%
Process	100% digital, PAN + Aadhaar	Often, physical paperwork involved
Loan tenure	Up to 60 months	Up to 5 years
Collateral requirement	None	None
Eligibility	Salaried and self-employed, aged 21–60, CIBIL 730+	Salaried, variable CIBIL cut-offs
Loan amount flexibility	Borrow what you need, from as low as ₹50,000, from your loan offer. Pay interest only on what you use	Limited flexibility to choose your required loan amount

FIRSTmoney is especially ideal for anyone searching for a personal loan for salaried professionals, offering competitive rates, easy digital access, and the ability to prepay when it suits you.

Real-Life Example:

Ravi, a 29-year-old techie in Pune, needs ₹3 lakh for his sister’s wedding. Here’s what he gets:

Lender	Rate	EMI (3 yrs)	Processing Fee	Foreclosure
Other lenders	11.5%	₹9,893	2%	₹5,000
FIRSTmoney	10.99%	₹9,820	0%	₹0

Thanks to FIRSTmoney, Ravi prepays half his loan using a bonus—saving on interest without extra charges.

The takeaway

Getting a personal loan isn’t the problem—mismanaging it is. By understanding how to get a personal loan that suits your budget and financial goals, you protect your peace of mind.

If you assess your repayment capacity, borrow only what’s needed, compare total costs (including all personal loan hidden fees), and pick a flexible, digital-friendly option like FIRSTmoney, you’re not risking a debt trap. You’re making a smart, informed financial decision.

So next time you’re figuring out how to get a personal loan, remember to take control of your borrowing. Let your loan work for you, not against you.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

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