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What is a personal loan?

A personal loan is a consumer loan granted for any personal use to meet current financial needs. There is no restriction on the end use of the funds. These loans are usually unsecured i.e. no security/collateral against it. However, certain financial institutions ask for security by asset purchased or by a co-signor (guarantor).

Who is eligible for a personal loan?

Any individual with a regular source of income i.e. self-employed people, salaried people and self-employed professionals. The loan amount may vary basis their earnings.

What is the minimum and maximum amount of personal loan that can be availed?

Personal borrowing range varies across different financial institutions and also differs considering the applicant’s profile. However, broadly, you can avail of loans ranging from Rs 50,000/- to Rs.20,00,000/- depending on your eligibility, income and repayment capacity.

What is the minimum and maximum term period of a personal loan?

Personal Loans are short term loans. The minimum tenure is usually 12 months and the maximum tenure is 60 months. A select few financial institutions offer 7 year tenures as well.

What are the key factors that determine the interest rate charged to me?

"The interest rate of a personal loan is determined by the following main factors:
1.) Loan amount as compared to income;
2.) Tenure;
3.) Credit report score"

What is a processing fee?

Most of the banks take an upfront fee to process the loan request. Such an amount needs to be paid to the bank only after you receive the approval for the loan.

Can I repay my loan before the tenure is over? Are there any charges?

Yes, you can repay your loan before the tenure is over subject to certain prepayment charges. Such charges are called 'prepayment penalty charge' and may range from 3% to 5% of the 'outstanding loan amount'.

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