Personal Loan
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PERSONAL LOAN
We encounter many challenges in our lives at different stages. While we face these challenges through personal efforts, financial help is something that we all look for. Personal loan is an unsecured loan given by financial institutions and banks which helps us to meet our personal occurrences.
Need for Personal Loan
Financial crises can occur anytime in life. There are times when you need money for emergency medical bills, wedding at home, house renovation or may be some educational expenses. Personal loan proves to be a great aid at this time. It not only helps you in your financial crisis but if you repay it with time it helps you to improve your credit score and makes it possible for you to take bigger loan next time. Usually in personal loan you do not need to put any security with bank or financial institution, all you need is just a good credit score.
Personal Loan features
- The interest rate in personal loan completely depends on bank to bank and on your credit score as well. Your income and age also decide it. Usually, all the banks have almost same interest rate with little difference.
- Every loan borrower must meet the minimum age requirement of 21years. Banks decide the maximum age limit on their own. Mostly, the repayment period of every bank is maximum of 70 years depending upon the age of the candidate.
- Processing fees in personal loan completely depends on bank to bank. Usually, it varies from 1-2% of the loan amount.
- Borrower can get a loan amount from 50,000 till 50 lakhs of amount depending on the eligibility and the requirement.
- if any borrower wants to repay the personal loan before the decided time then in this case one needs to pay charges range between 1-2% of the outstanding amount when the loan will be closed.
Interest Rates 10.85% - 16.65%
Loan Amount (in INR) Up to INR 50 lakhs
EMI Per Lakh (in INR) 2,167-2,466
Processing Fees 2% of loan amount + GST
Prepayment Charges up to 3% of the principal outstanding + GST
Interest Rates 10.90% - 24.00%
Loan Amount (in INR) Up to ₹ 40 lakhs.
EMI Per Lakh (in INR) 2,169-2,877
Processing Fees up to INR 6,500/- + GST
Prepayment Charges - Up to 4% of the principal outstanding + GST
Interest Rates 10.99% - 16.99%
Loan Amount (in INR) Up to INR 35 lakhs
EMI Per Lakh (in INR) 2,174-2,485
Processing Fees Up to 5.00% of the loan amount+ GST
Foreclosure Charges Up to 4% of the principal outstanding + GST
Interest Rates 11.99% Onwards
Loan Amount (in INR) Up to INR 35 lakhs
EMI Per Lakh (in INR) 2,224 Onwards
Processing Fees Up to 5.5% of the loan amount + GST
Prepayment Charges 4% of the principal outstanding
Interest Rates 10.49% Onwards
Loan Amount (in INR) Up to INR 50 lakhs
EMI Per Lakh (in INR) 2,149-3,328
Processing Fees upto 3.5% of the loan amount + GST
Prepayment Charges As applicable by the bank
Interest Rates 17.50% - 26.00%
Loan Amount (in INR) Up to INR 20 lakhs
EMI Per Lakh (in INR) 2,512-2,994
Processing Fees 2.00%-2.5% of the loan amount + GST
Prepayment Charges 3%-5% of the principal outstanding
Interest Rates 10.30% - 15.30%
Loan Amount (in INR) Up to INR 35 lakhs
EMI Per Lakh (in INR) 2,139-2,395
Processing Fees - 1.5% of the loan amount + GST
Prepayment Charges Up to 3.00% of the loan amount+ GST
Interest Rates 10.99% Onwards
Loan Amount (in INR) Up to INR 30 lakhs
EMI Per Lakh (in INR) 2,174 Onwards
Processing Fees up to 5% of loan amount + GST
Prepayment Charges up to 7% of the principal outstanding
Interest Rates 13.00% - 25.00%
Loan Amount (in INR) Up to INR 5 lakhs
EMI Per Lakh (in INR) 2,275-2,935
Processing Fees 2% - 3% of loan amount + GST
Prepayment Charges As Applicable by the Bank