Personal Loan

A personal loan may be a loan for your personal use, be it your child’s wedding, a dream vacation, or a shopping extravaganza. a private loan doesn't require any security or collateral and may be availed without much fuss. Typically personal loans range from Rs. 50,000 to Rs. 30 Lacs with a tenure typically starting from one to 5 years. Getting a private loan is sort of stress free and there are typically variety of offers within the market most of the time.

Apart from the speed of interest banks also charge some fees which are usually of two types. Once you are applying for the loan and once you are pre-closing the loan. The fees when charged at the time of processing called as Processing Fees vary from
2-3% of the loan amount. this might be reduced if you've got the power to bargain. the second charge is that the prepayment penalty paid at the time of pre-closure. This too varies from 2 – 3 %. almost like processing charges, you'll also attempt to get this fees reduced.

Personal Loan Eligibility Criteria

Personal loans eligibility criteria are often fairly stringent, considering banks got to mitigate their risk. most of the people with a daily source of income like salaried individuals or self-employed individuals can avail a private loan. Banks consider salaried individuals, self-employed professionals and self-employed business people.