Why choose a Personal Loan?
A temporary financial crisis may happen to you irrespective of your overall financial status. Personal loans are a great way to offset any such temporary financial crisis. The best part about personal loan is that there is no pre conditions attached on the usage of funds.
It has got a quick approval mechanism with loans getting cleared within 24-48 hours of the loan application submission.
- Easy Availability: Easy availability is one of the merits of a personal loan. Almost all premium banks offer personal loans within short span of time. Reasonable interest rates and easy availability make it a lucrative option to overcome your immediate financial need.
- Minimal Documentation: Obtaining a personal loan require minimal documentation. It does not require any long process of asset verification. Personal loans are quickly approved and disbursed due to minimal documentation.
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- Quick Loan Approval: Thanks to today’s modern technology, personal loans come with a quick loan approval mechanism. Online personal loan requests are also available wherein loans are approved almost instantly. If you are requesting for a personal loan, you can expect a loan disbursal within one or two working days making the whole loan process swift, without any hassle.
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Features and Benefits of Personal Loans
- Flexibility to Use Funds: Unlike other loans, the funds raised through a personal loan can be used freely as per your needs. Be it house renovation, medical related expenses, marriage or any financial crunch, it can be used without any preconditions.
- No Security: Personal loans are approved based on your financial history and income details. It does not require any fixed asset as collateral security. So, it is easily approved and is a perfect option for loan seekers.
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- Flexible Quantum of Loan: Based on your financial history and credit report, personal loans are available for your requirements. Personal loans are offered by banks are as low as INR 10,000 to as high as INR 20 Lakhs (*Conditions Apply).
- Flexible Tenure: Personal loans offer flexible tenure. They are available for a tenure period ranging from 12 months to 60 months. The tenure of a personal loan depends on the concerned bank and the loan amount. Compared to credit card loan or gold loan, personal loan is an ideal financial instrument
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Personal Loans
For your immediate financial need, Personal loan is one of the popular financial loan instruments. Personal loans are non-collateral loans. Almost all public sector banks and private banks offer personal loans to leverage your financial crisis.
Quick approval with minimal documentation and loan disbursal as quick as one day makes personal loan a widely popular financial instrument. Unlike in the past, now a borrower seeking personal loan need not require to be physically present in the bank branch to request for a personal loan.
Personal loans can now be applied online with a quick approval process, thanks to the use of technology and internet. Personal loans are a viable financial instrument for you when faced with a financial crisis due to easy availability, wide quantum of loan amount and flexible loan tenure.
Q. What are the pros & cons of personal loan?
Personal Loan helps you sort out your money issues but they do have pros and cons.
Pros:
No collateral security, Quick Approval, and Less Documentation are some of the pros of personal loan.
Cons:
Prepayment penalty, High Interest Rates and Strict Qualification Criteria are some of the cons of personal loan.
Q. What are the loan tenure options?
A personal loan can be repaid over a tenure of 12 to 60 months.
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Q. How much time do you take to approve a personal loan?
A personal loan are approved within 72 hours after the completion of your documentation part. Time limit may differ from case to case.
Q: How can I get better rate of interest for my personal loan?
A good track record for repayment of loans will help you grab attractive interest rate deals for the borrowed personal loan amount.
Q: I am planning to buy a car for commercial purpose. Should I take Personal Loan or Car Loan?
If you are planning to buy a car for commercial purpose, you may apply for Commercial Vehicle loan or Personal Loan. When it comes to Commercial vehicle loans, they are comparatively cheaper than personal loan.
But, you have to meet some specific eligibility criteria. If you fail to meet the eligibility criteria of commercial vehicle loan, you can opt for a personal loan.
Q. Do I have to provide any collateral or guarantors?
No, guarantor or collaterals are required for personal loans.
Q. How do I approach you for a personal loan?
You may apply online or call our round the clock customer care center,
you also have an option to drop us an email or walk into our office.
Q. Do you offer top up on existing Personal Loans/ balance transfer facility?
Yes, we do offer balance transfer facility/ top up on existing Personal Loans. For more info on this, please get in touch with us.
Q. Is there a prepayment penalty on personal loan?
Yes. We do charge prepayment penalty that varies from 1% to 3% on the outstanding principal amount of a personal loan, depending upon the case.
Q. How to prepay my personal loan, if I am unable to visit your center?
You may send your representative with an authority letter duly signed by you (loan applicant), for payment. Third party or Co-applicant visiting the center for prepaying the loan must carry the below depicted documents:
· Authorization letter from main applicant.
· Main applicant Identification proof -Driving License or Passport/ PAN Card/ Voters card.
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Q. What is the procedure to prepay my personal loan?
To prepay your Personal Loan, please visit our nearest Center. Please carry the below depicted documents to complete the process:
· Request Letter signed by you (loan applicant).
· PAN Card (if the mode of payment is cash and the cash amount > Rs.50,000)
· Payment can be made through cash/ cheque/ demand draft.
Q. How can I repay the Personal loan Amount?
You can repay the personal loan amount in EMIs- Equated Monthly Installments via post-dated cheques (PDC) favoring “The Company Name”. You may also pay it by Electronic Clearing Services (ECS).
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