Personal Loan

Personal Loans are unsecured loans given to the buyer subject to certain terms & conditions. They are normally taken for a short term period by customers. Reasons for applying for a personal loan could be varied like Marriage expenses, House repairs, Vacation Travel plans, Children education, Home furnishing, to buy a new smartphone, etc.

The personal loan space has been growing rapidly in India in the last few years. Market size is in the range of Rs. 5000 - Rs.7000 crores and it should grow rapidly in the next few years.

The fast growth rate for personal loans can be attributed not only to factors like Manageable interest rates, Minimal documentation & flexibility of use of the loan but even to a change in the mindset amongst the new generation whose aspirational levels have increased thus fuelling the demand for personal loans.

Personal Loan is a useful tool for those who have a fixed income every month. You can repay them over a period of time (say 1 year or 3 years) in Equated Monthly Instalments (EMIs). Interests rates vary from bank to Bank starting from 12.55% to 19.5%.

Points before applying for a personal loan

A layman should consider the following points before applying for a personal loan

  • Determine the reason for taking a personal loan. Check if you can manage without going in for a personal loan as then you have to plan for the EMIs which will be payable form next month.
  • Check your CIBIL score online
  • Borrow only as much as you need. Do not go overboard as the EMIs will make a dent in your planning.
  • Check the Loan offerings given by different companies. Understand their pros and cons.
  • Simultaneously check the loan offerings on comparison websites.

What We Offer

Bank Name

Company Name

Amount

Interest

Processing Fees

Emi Range

Details

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Features of Personal Loan

Repayment period

The repayment period is between 1 year - 5 years.

Approve

Normally approved within 48 hours of submitting application.

Unsecured loan

Personal loan is an unsecured loan meaning it is offered by the banks without any collateral.

Interest rates

Interest rates vary from bank to bank. Also the customer profile like his salary, Loan amount etc also play a role in determining the interest rates.

Finally we need to be aware that personal loan usually do not have tax benefits. But in certain cases like home renovation you may be eligible for tax deductions. However this is limited only to the interest amount and not the principal amount.