Personal Loan F.A.Q.
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Personal loan is a loan offered by a bank or financial institution whenever you are in urgent need of money. It requires minimal documentation and offers prompt clearance in about 5-7 days. You can check your eligibility here
We are constantly trying to bring you the best rates possible from the various banks and NBFC’s. Every detail is checked and verified internally to arrive at the best fit lender for your needs, so that rejections are almost nil. Since we are neutral platform, we do not push nor promote any lender. Only the best deals basis your eligibility is presented to you for further processing. Moreover, all the services are completely free of cost to you.
You are just required to have a regular source of income to avail personal loan whether you are a salaried individual, self-employed business person or professional. A person's eligibility is also affected by the company he is employed in, his credit history, and your residence's location. You can check your eligibility here
For the amount of personal loan in case of salaried people, bank/financial institution takes care that the EMI does not exceed 30—40 percent of your take home salary. Here the existing EMIs are also being considered. And, for the self employed, the loan value is determined on the basis of the profit earned.
As the name implies, Reducing Balance Interest Rate needs the borrower to pay interest only on the remaining loan balance, i.e. the balance that remains outstanding after getting reduced by the principal repayment. Flat Interest Rate is wherein the borrower needs to pay interest on the entire loan balance throughout the loan term. Thus, the interest payable does not decrease even as the borrower makes the periodic payments (EMIs).
Credit history plays a significant role in your loan approval process. The Credit Bureau of India Limited (CIBIL) is the central bank of data that records your repayment history of credit card bills and loans. Before approving your loan, the lender cross checks your repayment track record. A good CIBIL score help you fetch higher loan amount at lower interest rate.
In addition to EMI there are two types of charges paid when going for personal loan – once when applying for the loan (Processing fees) and second when pre-closing the loan. These charges vary from 2 to 3% of the loan amount.
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