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In general, Personal Loan is an unsecured loan which is taken by an individual from bank or a non-banking financial organization to fulfil their personal financial needs. An individual can take loan on the basis of key criteria such as employment record , income and their repayment capacity etc.
A Personal loan is unsecured loan that can be taken for various reason like travelling, education, emergencies etc.
• APR(Annual Percentage Rate): vary from 10% to 35% based on customer profile and credit score.
• Repayment Period: 12 Months to 60 Months
• Processing Fee: For Personal loan it vary from 1 to 4% of the loan amount plus GST. example for personal loan upto 2 lakhs the processing fee with 1% interest will be Rs 2000 to Rs 4000 + GST depending upon the lenders policy
• Pre-Payment Charges: prepayment option may apply or not it is depend upon lenders . if applicable then it will be 0-4% + GST
Representative Example: For the loan of Rs. 5 lakh at the rate of 10% with repayment tenure of 5 years, your EMI will be Rs 10624/-. The total payable amount at the end of 5 years will be Rs 637411. Therefore, your total payable interest amount will be of Rs 137411.
Personal Loans of up to Rs.20 lakh interest rates starting at 10% p.a. with tenures of up to 5 years. The processing fee will be in between 0% and 3% of the loan amount.
As we know that a personal loan is given for a time period and this period is know as loan repayment period .Once you have taken a loan then you are suppose to pay the debit off by the end of loan repayment period through EMIs. however after taking a loan you have decide to pay off your debt before the end of loan repayment period . then it is called pre-payment
There are various mode of repayment are available .like ECS, PDC,
Disbursal is basically the process of the financial institutions to transfer the loan amount in the bank account of the customer.
If you want to apply for personal loan you have to go through following steps .
The application process is very clear and simple .
Representative Example: For the loan of Rs. 10 lakh at the rate of 10.25% with repayment tenure of 5 years, your EMI will be Rs 21,370/-. The total payable amount at the end of 5 years will be Rs 2,82,216. Therefore, your total payable interest amount will be of Rs 12,82,216.
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