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Life embraces bundle of special moments filled with joy and excitement for everyone.

My Dreams

The happiness certainly multiplies when an individual becomes capable of fulfilling all his desires at the right time without compromising on the budget. Right from buying luxurious home décor to wedding of your daughter, personal loans can help one meet all his expenditures without compromising on the dream. What makes personal loan unique is that fact that it doesn’t require any collateral security which clearly implies that it is an unsecured loan. Another aspect worth noting about personal loan is the rate of interest remains fixed throughout unlike any other loans. So if you are worried how will you sponsor an exotic vacation for your parents on their anniversary? Take a sigh of relief. Personal loan serves the purpose for you.

Who Can Apply ?

Personal Loans can be applied individually or jointly with a co-applicant. The co-applicant can either be your spouse or your parents. There is an added advantage of applying jointly as the co-applicant’s income also gets added and increases your chances to get greater amount for your loan at a favourable rate of interest.

Loan Term ?

  • The Minimum repayment period can be 2 years and maximum repayment period of a personal loan can be 5 years from some Lenders subject to certain conditions.
  • The tenure of loan can be affected by certain criteria like customers profile and specific norms of the respective Lenders and it may vary from bank to bank.

Loan Amount

Since it is an unsecured loan, the Maximum Loan Amount is a very closely monitored parameter with almost all the Lenders. It generally ranges from 20-35 Lakhs INR. There is no restriction on Minimum Loan Amount, However, It should generally be higher than 10,000 INR.

APR and Processing Fee

APR may vary from bank to bank but it ranges from 11% to 28% and No Processing Fee to 1% Processing Fee is one time fee charged either as flat amount irrespective of loan amount in range of 0 to 2000 or on % basis which ranges from 0.25% to 3.5% of loan amount being disbursed. More details can be found against each lending institutions and eligibility criteria of customers...

Representative Example

Eligibility Calculation for Personal Loan

Net Take Home : Rs. 50000

Existing Obligations : Rs. 2500

Eligible EMI = Take Home Salary per month X bank FOIR-Obligations per month = (50000*0.5-2500) == Rs. 22500(wherein the FOIR as per the lender is 50 %)

EMI Per lakh – Rs. 2250( as per emi calculation at 12.5 % ROI and 5 years Tenure )

Loan Eligibility= Eligible EMI /EMI per Lakh = 22500/2250 = Rs. 10 lakhs

Total to pay based on above calculation for 10 lakh INR in 5 years = (EMI x 12 Months ) X Tenure = 22500X12X5 = 1350000 INR in span of 5 years.