Personal Loan is the funds provided by a lender without any collateral on the basis of your personal monthly earning. You can use your personal loan for your basic and urgent needs.
Personal loan can be used to either fulfil or bridge any shortage of fund for any emergency, weddings, family purchases, white goods purchase during festivals, medical exigency, house purchase, car purchase, child education, special travel requirements, down payments, renovation, repairs etc.
The financial institute will ascertain the loan amount and duration based on an individual’s credit worthiness keeping his source of income like salary, employer details, credit repayment history, assets and residential status.
This is where personal loans come in handy as they can be availed of in quick time without too many formalities and what is more without providing any security or collateral.
Apply NowBasically it’s a loan taken by a person from a financial institution like bank or non banking financial institute to fulfill any fund requirement.
A personal loan is a type of loan that helps you to come over a difficult situation when you need funds. A wedding in the family, a renovation of your house, repair on your four-wheeler, a gift to a loved one, a medical condition that needs immediate attention, higher education for your children, or a trip abroad.
Any salaried, self-employed or professional Public and Privat companies, Government sector employees including Public Sector is eligible for a personal loan.
A salaried person, aged 21-60 years employed in a reputed organization in the private or public sector with a two-year track record in the organization earning a minimum salary of Rs 15,000 per month.
Self-employed and professional aged 25-65 years with a 3-year business record in the same city earning an income of Rs 2,00,000 per year.
Maximum age of applicant at loan maturity: 65 years*
Minimum Net Monthly Income: Rs 15,000
Applicant should have the bank specified credit score.
The following documents are required along with your Personal Loan application:
Proin condimentum sagittis ligula, ac porttitor quam dictum in Below are fees and charges that you may be required to pay:
*Service Tax and other Government taxes, levies etc. applicable as per prevailing rate will be charged over and above the Fees and Charges
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Prepayment of loan is not advisable in case of personal loans as the penal charges are heavy. Instead you should plan your loan amount and tenure while applying for loan so that you make most out of your disbursed loan amount. However banks do allow prepayment after six months but there is little benefit in that option.
Since a personal loan is not given against any collateral or asset you will find interest rates higher in personal loans but remember you are not pledging or blocking any of your assets to take a personal loan, which gives you more freedom and flexibility.
Interest rate in a personal loan still will vary from 10.99 to 20 % based on individual’s credit worthiness and other criteria like Current Credit Score, Current Loans and liabilities status, credit history, credit card dues status.
There are processing fee charges payable to lender (Bank or NBFC) by the loan seeker. This fee varies from 1% to 2.5% of principal amount approved for loan disbursal.
A Personal Loan balance transfer facility can be avail by the customers who already have a running personal loan with another financial institution and when they avail that loan at that point of time may be the interest rate is higher and now the rate gets lower and that customer want to take the benefit of lower interest rate. Lower interest rates help you to reduce your existing EMI.
Balance transfer of personal Loan not only reduces the existing EMI but also helps the customer to take below mentioned benefits
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