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.