WHERE CAN I GET A PERSONAL LOAN FROM?
Personal Loans are offered by nationalized banks, private banks and a few Non Banking Finance Companies.
WHO CAN APPLY FOR A PERSONAL LOAN?
Any individual who has got a source of income as salary or business income can apply for a personal loan.
HOW MUCH TIME DOES IT TAKE TO GET A PERSONAL LOAN?
Generally it takes 1 to 3 working days to sanction a personal loan after completion of all formalities in terms of compliance in documentation.
WHAT IS THE RATE OF INTEREST THAT WILL BE CHARGED ON MY PERSONAL LOAN?
Rate of interest is a factor of prime lending rate (PLR) as announced by respective banks from time to time which varies with market conditions.
IS THERE ANY MORATORIUM PERIOD FOR REPAYING PERSONAL LOAN?
No, moratorium is not applicable for personal loans. Generally first EMI starts within 45 days of the disbursement of loan.
HOW DO I REPAY A PERSONAL LOAN?
Personal loans are generally repaid by way of equated monthly instalments( EMI)
IS THERE ANY FEE FOR AVAILING A PERSONAL LOAN?
Yes, you have to pay processing charges as decided by the bank from time to time.
WHAT IS THE MAXIMUM TENOR FOR A PERSONAL LOAN?
The tenor of personal loan ranges from 12 months to 60 months. However it should be noted that tenor is the discretion of the bank and also in most of the case, the tenor is restricted to 36 months.
WHAT IS THE MAXIMUM ONE CAN GET AS A PERSONAL LOAN?
Personal loans are available in the range of Rs. 50,000 to Rs. 50 lacs depending on the income eligibility of an applicant. However banks also have specially designed products to offer higher loans.
IS THERE ANY SECURITY OR COLLATERAL FOR A PERSONAL LOAN?
Personal loans does not require any collateral or security. Exceptionally in some cases, a Co-applicant is required if certain norms are not met by the applicant.
BANKS PROVIDING PERSONAL LOAN
HDFC, ICICI, SBI, BOB< IOB etc