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Interest
For illustrative purposes only
YOU PAY
305.43
A MONTH
TOTAL
₹87,964
REPAYABLE
Frequently Asked Questions
Being an insecured loan, banks and NBFC's provide personal loan to those whose income is regular either from salary or business. Banks choose salaried customers with certain minimum monthly income. As the income increases, rates decreases and eligibility for higher loan amount increases.
It is onetime cost and needs to check with the banks you are applying to. Normaly, it ranges between 2% - 2.5% of the loan amount.
Personal loan rates for an individual is defined by,
A. Applicants in higher category companies
Companies are categorised on the basis of their size and operation of business. Higher category company employees will get lower interest rates.
B. Applicant with good salary
Higher salary ensures better interest rates due to stability of income.
C. Applicant with good Credit History
Applicant with a good credit history is eligible for the best deal on personal loan.
D. Existing bank customers
Normally Banks give special offers to customers who have salary accounts with less rate and processing fee.
Part Payment and Prepayment : These tools are available to help you to close the loan early if you are expecting some cash inflow in future during the loan tenure. You should try to pre pay or part pay and get the bank which gives you vasious closure options. You will also be able to decrease interest rate.
Most Banks provide Personal loans to people whose cibil score is above 750. Anyone having credit cards and loans and paying on time will have a cibil score above 750. If you have no credit card or loan and this is your first application then your score is 0. In this case you are required to apply with the Bank where you have salary account. Mostly they will give you a loan on a 0 cibil score.
Also, we have a special programmes for people having low CIBIL Score.
Appy online to know more.
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