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Home Improvement Loan
Home Improvement Loan

Get To Know Personal Loans

Personal Loans Made Simple!

Any loan that does not hold anything as a pledge of security for repayment of loan or require a minimal amount of documentation is known as a Personal Loan.

Any licit funding can be made with the Personal Loan received, like, marriage, holidays or completing any restoration. Personal Loans are free from any restrictions, unlike other loans precisely made for particular purposes.

Home Improvement Loan
Home Improvement Loan

How Process Works

Features of Personal Loan

 Its significant advantage lies in the elasticity of purposes it serves.

 Any necessity of an immediate cash crunch can be resolved.

 A counterpoint to Home Loans or Car Loans, Personal Loans can have multiple uses and not just meant for a demarcated use.

 In short, Personal Loan permits the freedom of choice in using the loan amount.

How Process Works

Usage of the Personal Loan

 Rate of Interest: Depending on your credit score, income and other related aspects, the rate of Interest on Personal Loans is 10.49% onwards.

 Amount of Loan: An amount as high as Rs. 50 Lacs. to a lower range of Rs. 50,000 can be availed by an individual depending on the eligibility criterias and other requirements.

 Tenure of Loans: Depending on the loan amount, a flexible tenure for Personal Loans can be chosen. From a minimum average of 12 months for Festive Loans to tenures in between 12-60 months exists for Personal Loans.

 No security required: There is no requirement for any fixation of assets in exchange for the repayment of loan, since this is an unsecured loan.

 Outlay Time: Depending on your capacity to repay the loan, Personal Loan nowadays has the shortest time for disbursement. It typically takes 48 hours for Banks these days to approve the Personal Loan once they receive and take your genuine concerns into consideration.

 Processing Fees: This can differ from bank to bank. Most of the time the fees for processing Personal Loans is between 1-2% of the required loan amount.

 Penalty for Pre Payment: Any repayment made for your Personal Loan before the predetermined period is charged as a prepayment penalty by the banks. Mostly the charges are between 1-2% of the outstanding amount on the date of closure.


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