Are you short of cash to meet some urgent financial requirement? Personal loan is your answer. Whatever the requirement be, whether you want to apply for a course or arrange money for an event, or any other reason, you can avail a personal loan to bridge your urgent financial need.
Personal loan gets processed faster and comes with higher interest rates. If you are looking for minimal paperwork, then choose an online policy that has the features of paperless and quick approvals.
Below are the features & benefits of Personal Loan
A personal loan is an unsecured loan that does not require any collateral or security. If you are in dire need of cash without any cash or asset to offer as a security then opt for this type of loan
Unlike home loan and auto loan, Personal finance can be used the way you want for a host of purposes like marriage, home renovation, travel, purchase of durable goods and so on
When compared to other type of loans, personal loans require you to submit very few documents. Online documentation is a new feature which makes it even simpler
Many banks offer personal loans with a repayment tenure of only 1-6 years. Choosing a short-term repayment period will help you pay less interest overall.
Yes! You read it right. If you use personal loan for renovating, repairing or other expenses related to your property, then the interest paid on loan can be used for tax exemptions
Applying for a personal loan is easy and includes the following steps
Step 1 : You will fill the application form either online or offline
Step 1 : Submission & verification of the required documents
Step 3 : The bank verifies your elgibility, validates the amount of loan you can be eligible for and also considers your repayment capacity
Step 4 : Your loan is approved
Step 5 : Loan is disbursed to your account
Eligibility to avail a personal loan differs from bank to bank. However the difference is slight and the criteria is largely same across the sectors. Your banking relationship with the particular bank also matters
Min. 21 years to Max. 58 years [60 years at maturity]
Rs.15,000* Per Month
Salaried employees can be belonging to
State Govt./ Central Govt./ PSU/ Central & Local body employees
Minimum 1 year for most of the banks
Varies as per the bank policies and candidates banking history.
Personal loan interest rates are on higher side when compared to interest rate on other loans as it is a fixed rate charged by bank. Lending institutions charge varying interest rates on personal loan depending on the following factors