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What is Personal Loan?

Basic Fact Sheet

Is Security Required? No
Is Guarantor Required? Not in most cases
What is the Tenure? 1 to 5 years
What is the Interest Rate? 13.99% to 49% (Diminishing)
Is Part Payment Allowed? In few Banks
Is Pre-Closure Allowed? In few Banks
Is Balance Transfer Allowed? Yes
What is the minimum Salary? Rs. 12,000 /- Gross (pm)
How many days does it take? 4 to 10 days
What is the loan amount? Rs. 75,000 /- to Rs. 20,00,000 /-

When should you choose Personal Loan?

The documentation process in Personal Loan is relatively simple. This is one of the fastest loans too. This loan usually comes to your rescue when you need some quick money for an unplanned situation. They could be, Travel, Medical, House expenses, Marriage etc.

Who would be eligible for a Personal Loan?

Unlike other loans, this loan does not need you to provide a Security. Therefore Banks are exposed to a higher risk in these loans. Banks therefore rely on other empirical data. Banks usually extend Personal Loans to individuals working in a renowned organisation and with a good credit history.