Features of Personal Loan
Subject to the fact that the interest rates of personal loans is normally on a higher end, the rates generally ranges from 12% to 25%. However you can avail the lowest and the best interest rate if you work in the top 5000 companies in India. An income above Rs 75000 monthly is likely to help you attain the best rate of interest. A good CIBIL track signifies brighter chances to have a prompt personal loan.
EMI implies the equated monthly instalment constituting the interest amount and the principal amount. These two components are divided equally each month in the entire loan tenure
Different banks have different eligibility parameters. It is a very important determinant for personal loans. Thus checking for the eligibility for personal loan is a major factor that takes the individual towardsthe best loan decision. The minimum age to apply for personal loan is 25 years, and the maximum age limit is 58 and 65 years for salaried and self employed respectively. Check your Eligibility Now
If the company you work in falls in the category of approved companies listed by various banks then you stand a greater chance of getting loans at a comparatively lesser rate of interest. To know whether your company is included in the list of approved companies by various banks please, fill up your requirements here
It implies the total time frame in which the payment has to be made to the bank. The tenure for personal loan generally ranges from 1 year to 7 years. Comparison of tenure in deciding the best loan is very important because a longer tenure denotes greater amount of EMI and lesser interest and vice versa.
The total time taken by the banks to process the loan is the turnaround time. It varies from bank to bank. The applicant can get the personal loan disbursed in 72 hours.
Personal loans have a fixed rate of interest throughout the Tenure of the Loan
On partial repayment of the personal loan, certain amount gets charged. However, the charges vary with respect to various banks. Full Foreclosure attracts a hefty penalty of 2- 5 % of the Loan Outstanding at most of the Banks.