What is a Personal Loan?
A personal loan is a loan which is taken for any immediate personal use. It can be taken for any personal use like in a marriage, education, vacation or for the sudden medical expenditure etc. Personal loan is provided on the bases of the borrower’s credit-history or personal income and it doesn’t require any collateral security or any surety. The amount of personal loan ranges from Rs. 30k – Rs. 30 lakhs with a repaying period of 12 – 60 months.
Am I eligible for personal loan?
A person’s should have a regular source of income to avail a personal loan from any bank. An individual eligibility is also affected by the his/her credit history, the company he/she is employed by, his/her residential location and other factors as per the lender’s criteria.
Are personal loan interest rates fixed or floating?
Fixed rate personal loan the EMI amount remains the constant or fixed throughout the loan tenure. In case of a floating rate personal loan, the interest rate can be varied by the bank periodically as per the new MCLR rules. The floating interest rates may be changed either on a semiannual or annual basis.
What are the advantages of Personal Loan?
Personal loan is unsecured loans and doesn’t require any collateral security or any surety and can be taken for any personal use like for a marriage, education, vacation, etc.
- Easily and Widely available: The whole process of personal loan right from applying for a loan to the documentation and disbursement of loan takes less time than compared to other loans.
- Easy to apply: Personal loan gets quick approval and the paperwork work is also minimal.
- Large loan amount: Personal loan amount ranges from Rs. 30k – Rs.30 lakhs
- Flexible loan tenure: The tenure of personal loan ranges from 12 months – 60 months.
- Flexible usage of funds: Personal loan can be used for any personal use. The banks only considers the repaying capacity of the borrower.
What is the amount of personal loan one can get?
The personal loan amount approved by the bank for the individual purely varies from bank to bank. The bank checks the financial status and repaying capacity of the borrowers and offer personal loan ranging from minimum Rs. 30K to maximum Rs. 30 lakhs
What is the tenure of the personal loan?
The personal loan repayment tenure generally ranges from 12 months to 60 months. The Banks also offer Personal Loans with flexible tenure and allows you to choose a tenure ranging from 12, 18, 24, 30, 36, 42, 48, 54 , 60 OR 72 months.
How do I compare the interest rates of personal loans?
Log on to bookmypersonalloan.com and fill the basic detail on personal loan emi calculator tool. Using these data, you can easily compare the various personal loan options available with multiple banks and NBFCs.
What are the interest rates on personal loan?
The personal loan interest rates varies from bank to bank generally it ranges from 12.99% to 25%.
What are the charges applicable for personal loan?
The banks mainly charge following fees:
- Processing fees: The processing fee varies from bank to bank. But generally is in the range of 05%-2.5%.
- Prepayment Charges: The prepayment charges are the amount charged if the borrower pays the loan amount before the tenure. Generally the pre payment charges are in the range of 0%-5%.
- Cheque Bounce Charges: Cheque bounce charges varies from bank to bank generally it ranges from Rs.500 per cheque to Rs.1000 per cheque.
There are other charges like account statement charges, amortization schedule charges, cheque swap charges, duplicate statement issuance charges etc. which varies from each and every bank.
What are the personal loan eligibility criteria for self employed ?
The eligibility criteria required to process personal loan for self employed
- Minimum age of 28 years.
- Maximum age of 65 years at loan maturity.
- Minimum Turnover – Rs. 40 lakh for non-professionals, Rs. 15 lakh for professionals
- Business Stability – Minimum 5 years of business stability
- Minimum Profit After Tax – Rs. 1 lakh for non-professionals and Rs. 2 lakh for Self employed Individuals
What are the personal loan eligibility criteria for salaried ?
Salaried Employees. Salaried doctors. Employees of Public and private limited companies. Public and private limited companies. …
- Minimum age of 21 years.
- Maximum age of 60 years at loan maturity.
- Minimum net monthly income – Rs. 15,000
What are the documents required for personal loans?
The documents required to process personal loan for salaried
- Identity proof
- Salary slip for 3 months
- 3 – 6 months Bank Statements
- Photograph and PAN card photocopy
- Current / permanent residence address proof
- Appointment letter and proof of work experience
The documents required to process personal loans for self -employed
- Identity proof
- Education proof
- Photograph and PAN card photocopy
- Balance Sheets and Profit and loss account
- Business continuity/existence proof for last 3 years
- Partnership Deed and other mandatory documents
- IT Returns CA certified copy for 2 years complete set