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Personal Loan

Need immediate funds for a holiday spending (or) wedding expense (or) for any personal use without having any security in hand. The best way is to avail a personal loan which is a unsecure loan for personal use without any security or collateral in hand. The amount of loans can be ranged from Rs.50,000 – Rs. 20 lakh & the tenure for repaying the loan varies from 1 to 5 years.

Please keep in mind that the Personal loans are the most expensive loans available in market with high interest rates. We at LoanBazaarOnline guide you to review and compare the different personal loan rates with less processing charges and make the best choice that fulfills your dream as well as save your money.

How to apply for Personal Loan?

Steps to avail a home loan include:

  • Submission of loan application form with relevant documents
  • After checking of the application, the data is formally submitted to the bank authorities for further processing.
  • Applicant’s credit information report (Existing or previous loans & Credit cards) will be verified by the Credit Officer
  • Awaiting Approval/rejection status
  • After loan is approved & agreement is signed, loam amount will be disbursed.

Eligibility

  • Salaried individual
  • Self Employed professional like doctor, chartered accountant, etc.
  • Applicant should be above 21 years
  • Applicant should have a decent CIBIL credit score
  • Good financial stability no matter in which segment the applicant falls into.
  • Applicant should have a good stable bank account with prompt transactions.
  • Applicant should have stable residential proof.

Checklists

Documents required for processing Personal loan includes:

  • Age & Identity proof.
  • Residential proof.
  • Passport size Photographs.
  • Last 6 months bank statement.
  • Last 3 month's salary slips and From 16A.

Benefits

  • Simple procedure, minimal documentation and quick approval.
  • Attractive interest rates.
  • Expert advice on your needs and suitability.
  • Provide transparency and rapid decision making, with no confusion.
  • Provide comprehensive choice than any of our competitors.
  • Quick and transparent processing.

FAQs

1.What is a Personal loan?

An unsecured loan is called a Personal loan. This implies that you don’t have to give any security, as with a car loan or a home loan, where the underlying asset is mortgaged with the bank. Normally, the bank does not ask for guarantors either. More advantages: minimum documentation and speedy clearance.

2.What can I use a Personal Loan for?

Personal loan can be used for anything and everything. There are no restrictions on the end use. You could use the loan money to finance anything from the latest flat­screen­plasma­LCD TV to buying your better­half a diamond ring.

3.What can I use a Personal Loan for?

Personal loan can be used for anything and everything. There are no restrictions on the end use. You could use the loan money to finance anything from the latest flat­screen­plasma­LCD TV to buying your better­half a diamond ring.

4.How do I take a Personal Loan?

You can always start by checking out with different banks offering you the loan for the best offers ­ interests ­ EMI schemes etc. Also find out the eligibility criteria and the documents required to submit before you apply.

5.How is my loan eligibility determined?

Loan eligibility depends upon various factors which differ from banks to banks. The main factor of course, is your ability to repay the loan. Also your profile, in terms of residence and the place you work in also matters. Do make sure to check all such other eligibilities before applying.

6.What is the maximum tenure of a personal loan?

Personal loan is a short tenure loan. Most of the banks provide you loan for maximum 3 years (36 months). to max 5 years(60 months).

7.How much personal loan that i can take?

Loan eligibility depends upon various factors. The main factor is your ability to repay. The bank would like that the instalment you pay should not exceed more than 30 to 40% of your net salary or 2­3 times of your income tax return. Please check the eligibility section (hyper link)of our site to know how much you can borrow.

8.What are the fees and charges payable and when are they payable?

Apart from the rate of interest bank also do charge some fees which are of Usually two types. Once when you are applying for the loan and once when you are preclosing the loan. The fees when charged at the time of processing called as Processing Fees vary from 2­3% of the loan amount. This could be reduced if you have the ability of bargaining. the second charge is the prepayment penalty paid at the time of preclosure. This too varies from 2 –3 %. Similar to processing charges, you can also try to get this fees reduced.

9.What is the rate of interest that will be charged on my loan?

The interest rate varies from bank to bank. And usually it varies from 14%­26% depending upon your profile and the policies/scheme you opt for.

10.How soon can I get my loan money?

Usually banks disburse your loan within seven working days. However, it is recommended that you keep all your documents ready and in order, especially the post dated cheque (PDC), to avoid any delays. The loan is disbursed only after the completion of submitting of all required documents.

11.How do I repay my loan?

At the time of applying for the loan, banks ask you to submit all the post dated cheques (PDC). for each month with Emi which is equal monthly installments or they ask you to sign an Ecs(Electronic clearing system ) with the account that you hold. Mostly these cheques/Ecs are presented on 1 st of each month , so please do confirm with the bank on that respect.

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