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.
- 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)