Personal Loan FAQs – Frequently Asked Questions
It is an unsecured (do not put any type of security) loan provided by a bank and non-banking financial company (NBFC) based on – income, previous credit record, repayment capacity, employment type and more. Personal loan is available for salaried and self-employed.
What is personal loan?
This is a unsecured loan and helps you to meet your financial requirements. You don’t usually need to pledge any asset as collateral or security for availing personal loan. It is totally based on your credit record and CIBIL Score
How to apply for personal loan?
What are the Interest Rates for Personal Loan?
What is Personal Loan EMI Calculator?
What are eligibility criteria for Personal Loan?
- One must have a regular source of income.
- Salaried individual, self-employed business person or a professional both are eligible.
- One must have proper credit record and good CIBIL.
- Final amount sanctioned will depend on your income and eligibility and some other factors as per the lender’s criteria.
What are the tenor options available?
You can choose a repayment period ranging from minimum 12 to maximum 60 months.
Can I foreclose or prepay my Personal Loan?
Yes, you can foreclose or prepay your personal loan, most of lender allow foreclosure after 12 EMI, it depend on lender to lender. And also you have to pay pre-closure charges of 2% -5% of principle loan amount. For prepay, payment can be made through cash, cheque or demand draft.
Is there any processing fee charges?
Processing fee is depend on bank to bank and lender to lender basically it is 2-4% of sanction loan amount.
Top-up facility on existing Personal Loan?
Top Up facility is available for those who have paid 12 EMI on the existing Personal Loan. You can Place the request for Top up on existing Personal. The facility is based on your existing personal loan record.
How do I repay the Personal loan?
You can repay the loan in Equated Monthly Instalments (EMIs). You can pay your EMI through auto debit, ECS, PDC.
What is EMI?
Equated Monthly Installments (EMIs) give you the ease and benefit of paying back the personal loan amount in smaller convenient installments. The installments consist of both the principal and interest amounts.
Who can become a co-applicant?
For self-employed: Son, Daughter, partners with at least 51% Stake to be taken co-applicant, one director to be taken co-applicant.