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-applicantâ€™s income also gets added and increases your chances to get greater amount for your loan at a favourable rate of interest.
- The 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.
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.