Personal Loan

What is personal Loan?

A personal loan is usually of a smaller amount than a mortgage and used for personal purposes, instead of commercial/business needs. It has higher interest rates than secured loans like a home-equity loan, but you are not required to put up any collateral to ensure repayment.

Purpose

  • To meet the Personal Use like medical, vacation etc.
  • Educational expenses of family members including near relatives;
  • Repayment of existing loans availed from other Banks / FIs
  • To undertake repairs/renovation/extension to the residential/commercial property;
  • To purchase of Consumer durable product like air conditioner, computer, refrigerator, etc..

Eligibility Criteria for Customer

  • The applicant should be above the age of 24 years
  • Any Indian citizen in good standing who is salaried, self-employed or business person with regular source of income can apply for a personal loan.
  • Should be currently employed with existing organization or been involved in your business for a specific number of years.
  • Bad credit history would prove to be a put-off, especially anytime within 3 months prior to applying for personal loan.

Personal Loan Interest Rates

  • Interest Rate (Monthly reducing balance) - 11.49% - 37.00%
  • Processing Fees - Varies with bank
  • Loan Tenure - 1 year to 5 years
  • Pre-closure Charges - Varies with bank
  • Guarantor Requirement - Varies with bank
  • Defaulter charges - Varies with bank

For example you need INR 100,000 for 3 years (interest rate is 13% annual),, your monthly emi will be INR 3369 per month . So you have to pay total INR 121,284.
# We Don't charge any processing fees (only bank processing fees is aplicable)

Apply Online

Name
Mobile No.
Email
Monthly Income
Date of Birth
Loan Amount
Existing EMI

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