Personal Loan

Types of Personal Loan

• Shopping Loan: Want some extra money for that special buy? A shopping loan enables you to buy what you want now and pay later in easy installments. From electronic gadgets, clothes, or furniture, this loan provides easy approval and easy repayment terms without breaking the bank.
• Home Renovation Loan: Need to upgrade your home? Home renovation loan makes available the funds to repair, re-design, or renovate your house. With simple application processes and affordable repayments, you can enhance your home without touching savings or depriving cash flow.
• Loan to Clear Bills: Struggling with piling bills? A bill settlement loan enables you to pay multiple outstanding dues at once. It simplifies your finances with a single payment plan, eliminating hassle and allowing you to manage your monthly expenses without harming your credit score.
• Travel Loan: Low on money but in need of a break? Avail a travel loan for cash to fund flights, hotels, and other expenses. With simplified repayment terms and reduced documentation, you can plan your dream holiday without delay or excessive spending.
• Emergency Loan: Life's surprises aren't going to wait. An emergency loan gives you quick access to money when life has a surprise in store, such as medical expenses or unexpected repairs. The application process is quick and easy, so you can receive the money that you need without additional hassle or waiting.

Personal Loan Features and Benefits

Personal loans offer flexible money for almost any use with convenient. Enjoy the assurance of timely payments, no collateral, and the freedom to use the money your way.

• Competitive Interest Rates: Personal loans offer low, competitive interest rates that keep your monthly payment affordable and feasible for the entire loan term.
• Easy Approval: The sanctioning process is quick and easy. With very little documentation, you can get your loan sanctioned often within a day, so that you get access to funds when you most need them.
• Easy Repayment Options: This allows you to choose a repayment tenure that is best for you, with constant monthly payments so that you can easily and stress-free manage your finances.
• Improve Your CIBIL Score: Timely and consistent payments on a personal loan can improve your credit score by building a healthier credit record to apply for future borrowing.
• No Collateral Required: They are not collateral-based loans, and thus, you are not required to provide any collateral. It reduces risk and speeds up processing.
• No Hidden Fees: Transparency is the way forward. Personal loans typically come with clear-cut terms, without any surprise charges or fees, so you're clear on what you're paying.

Personal loan EMI Calculator

A personal loan EMI calculator gives you an estimate of your monthly payment so you can budget in advance before borrowing.

How to use it:

1. Enter the loan amount you want to borrow.

2. Enter the interest rate offered by the lender.

3. Select the tenure of the loan (repayment period)

4. Add any processing fees, if they are imposed.

5. Click on the calculate button.

The calculator then presents your EMI, i.e., how much you will be paying each month, i.e. amount, interest, and fees. This helps you choose the loan appropriate for your budget and avoid surprises when repaying.

Personal Loan Eligibility & Documents Required

• Age: 21 to 60 years
• Income: ₹40,000 minimum per month
• Nationality & Employment: Indian national; salaried in a private limited/registered company or government employee.
• Documents: Aadhaar, PAN card, salary slips, bank statements, utility bills, ITR, rent agreement, business registration (if applicable).
• Credit Score: Above 650.