About a Personal Loan & How to Apply?
Do you want to buy a latest model LCD TV? Do you wish to go for a dream holiday to Europe? There are lot of immediate needs of money which may not be readily available in our pocket or in your account.
Get Loan without security
You do not have to provide any security, collaterals or guarantors for a personal loan. It is purely a unsecured loan given to you only on the basis of your financials.
Faster Loan approval
Banking system in India has improved a lot and the money in need can be availed within few days. Now a days banks are providing attractive personal loans.
Loans upto 20 lakhs
Generally personal loans are available from 50,000 to 20 lakhs. The amount eligible is based on your actual financials and profile. Some banks even offer more. Any Salaried or Self employed individual are eligible for personal loan. The repayment can be chosen from 12 to 60 months tenure. Repayments are done via EMI (equated monthly installments) Resonable interest rates are one of the attraction.
Personal loan with Insurance
Most of the banks offer personal accident insurance to cover the personal loan.
The most attractive part of a personal loan is “No Questions asked”. In case of personal loan, there are NO questions asked regarding the spending of the loan. This is different from car loans and housing loans, for which you have to provide necessary documents to prove the usage of money.
Balance transfer is also available.
Personal loans are available against Life Insurance Policy / Premium receipts.
Now a days its very simple to apply for a personal loan with simple procedure, minimal documentation & fast approval.
How do I know that I am Eligible for Personal loan?
Eligibility is measured based on your income, which is valuated with ITR, salary or form 16. You can expect a personal loan equivalent to EMI one half of monthly income.
How is my monthly income of self employed calculated?
Monthly income for self employed or business man is calculated as follows :
1/12th x (Net Profit + Interest to Partners + Interest to unsecured loans + Depreciation)
How much loan can I get on my Insurance policy?
You can get upto 5 times of your annual premium of any Life Insurance policy. Make sure that you have already paid the last 2 years premium without default. You can get a maximum loan of 2.5 lakhs. (Each bank has different limits, please contact banks for further details)
How can I payback my loan?
You can pay back the loan in EMI’s (equated monthly installments) using post dated cheques favouring the Bank.
Is there any Age limit for applying for a personal loan?
Minimum age is 21 years.
Maximum age is of an applicant at the time of loan maturity should be 60 years (salaried) and 65 years (self employed).
Is there any additional charges for the loan?
Usually there will be a processing fee of 2% of the loan amount, which is payable upfront. This fees will be already deducted from the loan amount approved to you. Some banks even waive of the processing fee to attract more customers.
I want to prepay my loan, is it possible?
Partial prepayments are not allowed. You have to prepay the entire outstanding loan amount. It can be done any time. There are some charges for prepayment.
Any minimum income required to apply for a loan?
It varies on each bank’s policies. But in general the minimum annual income should be Rs. 1 lakh.
Do I have to open an account with the bank issuing loan?
It is not necessary to open an account with the bank issuing loan. But most of the banks will encourage you to open an account to start a banking relationship with you.
How do I apply for a Loan?
Most of the banks have online application, which can be done thru internet itself. Even some banks provide with SMS facility, after which a representative will fix an appointment with you to proceed further.
How many days does it take to get the loan approved?
It takes around 4~7 working days.
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