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A Personal loan is a loan for your personal utilization, be it your child's wedding, a dream vacation, or a shopping extravaganza. A personal loan does not require any security or guarantee and can be benefited without much fuss. Normally, personal loan credits range from Rs. 50,000 to Rs. 30 Lakhs with a tenure commonly ranging from one to five years. Getting a Personal loan is very tranquil and there are typically various ideas in the market most of the time.
Aside from the rate of interest banks additionally charge a few expenses which are more often of two types. When you are applying for the loan and once when you are pre-closing the loan. The fees when charged at the time of preparing called as Processing Fees shift from 2-3% of the loan sum. This could be decreased if you have the ability to bargain. The second charge is the prepayment penalty paid at the time of pre-closure. This also changes from 2 – 3 %. similarly to processing charges, you can likewise try to get this fees reduced.
Personal Loan Eligibility Criteria
Personal Loans eligibilty criteria can be fairly stringent, considering banks need to mitigate their risk. Most people with a regular source of income, for example, salaried people or self-employed people can profit a personal loan. Banks consider salaried people, self-employed professionals and self-employed business people.
Personal Loan Interest Rates
Personal Loan rates vary from bank to bank, and are anywhere between 14%-26% relying on your profile and the policies/scheme you choose to settle on.