The Credit Compass
Source Verified

Personal Loan Decoded.

A personal loan is an unsecured loan that requires no collateral. Banks lend based on your income and credit history. You can use the funds for any purpose - medical emergencies, weddings, travel, debt consolidation, or home renovation. The absence of collateral means higher interest rates compared to secured loans, but faster processing and disbursal.

Last reviewed: 20 Feb 2026ICICI Personal Loan

How we source data

  • ✓Primary sources only: All interest rates, fees, and eligibility data are collected directly from official bank websites, RBI circulars, NHB guidelines, and IBA publications.
  • ✓No aggregators or PR: We never use third-party aggregator data, press releases, or unverified rate comparison sites as source material.
  • ✓Regular audits: Each loan type page is reviewed quarterly. The "Last reviewed" date on each page reflects the most recent full data audit.
  • ✓Independence declaration: The Credit Compass has zero commercial relationships with any bank or lender. We earn no referral fees, commissions, or advertising revenue from financial institutions.
  • ✓Last full data audit: January 2026 — covering RBI Monetary Policy Committee rates, all eight comparison banks' official rate cards, and scheme eligibility criteria.
Sources: RBI.org.in · NHB.org.in · IBA.org.in
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