Personal Loan

Overview

What Are The Features And Benefits Of A Personal Loan?

No Collateral/Security Required

starting Rs. 1249/ LAKHS.

Personal loans don’t need you to provide any collateral such as a house or car to avail a personal loan. The loan is approved only based on your creditworthiness, which depends on your credit score, income, repayment history, employer reputation, etc.

Smiling Person Talking through Headphones

Repay your loan with Flexible Tenure

up to 5 or 7 years.

Personal Loans usually come with flexible tenure ranging from 12 months to 60 months or 72 months.

Flexible End Use

multiple purposes

Personal loans can be used for multiple purposes, such as to meet expenses of a medical emergency, travel, house renovation, debt consolidation, etc.

Minimal Documentation

Key documents

Personal loans can be applied for online and even offline with minimal documentation. Key documents that lenders generally need the applicant to provide include a proof of identity, a proof of address and proof of income.

Flexible Loan Amount

Top-up

The personal loan amount that gets disbursed is based on an individual’s repayment history, monthly income, age, profession, employer reputation, and other such factors. Lenders offer personal loans of the amount as low as Rs. 10,000 to as high as Rs. 40 lakhs.

Nil part payment

foreclosure charges

Floating rate home loans can be foreclosed or can make part payments before the end of the tenor

Hassle free

Personal loan processing

we endeavor to offer the ideal experience through handling and then some. Our qualification standards are basic and documentation necessities are insignificant

Quick Disbursal

within a few hours

Personal loan disbursal can sometimes happen within a few hours, once the application is approved. Turnaround times can also be as short as a few minutes if you can avail of a pre-approved loan offer.

When to opt for a Personal Loan?

Here are some of the top circumstances when it is best to go for a personal loan:

Finance a Purchase

Financing a purchase depends on whether it is a want or a need. If you’re going to take out a loan anyway, getting a personal loan and paying the seller in cash might be a better deal than financing through the seller. Don’t ever decide on financing on the spot, though. Ask the seller for an offer and compare it to what you could get through a personal loan. Then you can decide which is the right choice.

Wedding or a Large Event

Any large event such as a wedding qualifies if you would end up putting all associated charges on your credit card without being able to pay them off within a month. A personal loan for a large expense like this might save you a considerable amount on interest charges, provided it has a lower rate than your credit card.

Consolidating Debt

If you owe money on credit cards with higher interest rates, you can pay off those debts with a personal loan that has a lower rate. You can eliminate debt more quickly because less of each monthly payment goes toward interest costs.

Emergencies

Sometimes there are situations when there are no options besides borrowing. For example, when you face medical expenses or you need safe transportation to keep earning income, a personal loan may make sense.

What are the Various Factors to be Considered While Seeking a Personal Loan?

Here are some of the factors to consider before taking a Personal Loan

Personal Loan Interest Rate

When you take a Personal Loan, the interest outgo is one of the vital deciding factors. The interest rate you pay depends on a variety of factors: your age, income stability, whether salaried or self-employed, number of years of work experience (in the current job/business/profession) and total), your credit score, existing EMIs (if any), and your repayment capacity, loan tenure, among other things. The interest outgo determines your EMI and has a bearing on your budget and long-term financial wellbeing. So, make sure you apply for the best personal loan rates.

Loan Tenure

The maximum tenure for a Personal Loan is usually 5 years. But the shorter the tenure of a Personal Loan, the better it is. A higher tenure can reduce your EMIs, making repayments comfortable, while opting for a lower tenure (of say 2 to 3 years) increases your EMI; you pay a higher interest cost on the Personal Loan.

Consolidating Debt

Emergencies

Customer Service

When you avail of a Personal Loan in times of need, you wouldn’t want it to be an unpleasant experience, do you? Hence, ensure the customer service at the lender has high standards. This service can even help keep track of your loan, allowing you to be in better control of your finances.

Terms & Conditions

Make sure you read the terms & conditions carefully to make an informed choice. This will avoid issues later and ensure a pleasant, hassle-free experience.

How do I add a new question & answer?

To add a new FAQ follow these steps: 1. Click “Manage FAQs” button 2. From your site’s dashboard you can add, edit and manage all your questions and answers 3. Each question and answer should be added to a category 4. Save and publish.
Can I insert an image, video, or gif in my FAQ?

Yes. To add media follow these steps: 1. Enter the app’s Settings 2. Click on the “Manage FAQs” button 3. Select the question you would like to add media to 4. When editing your answer click on the camera, video, or GIF icon 5. Add media from your library.
How do I edit or remove the “FAQ” title?

You can edit the title from the Settings tab in the app. If you don’t want to display the title, simply disable the Title under “Info to Display”.
What is personal loan and how does it work?

Personal loans are a form of installment credit. Unlike a credit card, a personal loan delivers a one-time payment of cash to borrowers. Then, borrowers pay back that amount plus interest in regular, monthly installments over the lifetime of the loan, known as its term.
What are the Features and Benefits of a Personal Loan?

No Collateral/Security Required. Personal loans don't need you to provide any collateral such as a house or car to avail a personal loan. ... Flexible End Use. ... Flexible Tenure. ... Minimal Documentation. ... Quick Disbursal. ... Flexible Loan Amount.
Do personal loans have fees?

It's usually between 1% and 5%, but sometimes it's charged as a flat-rate fee.
What is the risk to a personal loan?

The single biggest risk to taking out a personal loan is not being able to afford to keep your commitment to your lender. If your monthly loan payment is too high for you to make and you default on your loan, you could find yourself dealing with serious financial consequences.
Benefits of Personal Loans

Quick Approval. By quick, we mean within 24 hours in most cases! ... No Need for a Collateral. Personal loans are unsecured which means that you don't have to provide collateral to avail them. ... Versatility. ... Builds Credit Score. ... Minimal Documentation and Easy to Avail.
Personal Loan Duration ?

This term period ranges from a minimum of 12 months to a personal loan maximum tenure of 60 months. The personal loan tenure, amount, interest rate and EMI can vary depending on the borrower's income, credit history, and needs.
What does APR mean on a personal loan?

Annual percentage rate At a first glance, it's easy to confuse the annual percentage rate (APR) on a personal loan with its interest rate. However, APR refers to the annual cost you pay in total, including both the interest rate and any fees associated with the loan, specifically origination fees and/or one-time administration fees.
What is business loan and how does it work?

Business loans provide business owners with financing either as a lump-sum payment or credit line. In exchange for this funding, your business agrees to repay the money it borrows over time, plus interest and fees.
What is loan against property called?

Another name for Loan against property is a secured loan. The security in this kind of loan is the property owned by the person applying for the loan. The value of your property decides the amount of potential loan you will be sanctioned.

Personal Loan

When to opt for a Personal Loan?

Here are some of the top circumstances when it is best to go for a personal loan:

What are the Various Factors to be Considered While Seeking a Personal Loan?

Here are some of the factors to consider before taking a Personal Loan

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