In earlier times if you needed money, you would go to a moneylender and borrow at high interest rates. You could even go to a pawn broker and pawn some used jewelry. But today, things have changed. You just go to the bank and avail a personal loan.
What is personal loan? A personal loan is an unsecured loan (you don’t need to pledge collateral), to get this loan. You can use the money for a holiday, buy an electronic gadget, repair your house, spend on your wedding, finance children’s education or even meet emergency medical expenses.
Personal Loans are repaid to the bank in the form of EMIs. Personal loans have tenure of 1-5 years. You can calculate personal loan EMIs with IndianMoney.com personal loan calculator.
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You can get personal loans really quickly. Some banks offer pre-approved personal loans in minutes or a few hours.
Interest Rates on Personal Loans: Many banks offer personal loans with interest rate of 13-21% a year. Check personal loan interest rates at banks before availing personal loans.
Tenure: Personal loans have tenure of 1-5 years. Choose tenure where you make comfortable repayments.
Repayment of Personal Loan: Personal loans are repaid in EMIs or fixed equated monthly installments.
See Also: How to Get Cheap Personal Loan
You visit the bank website and check personal loan interest rates. If you find personal loan interest rates on the lower side; apply for personal loan.
See Also: Why Should You Take A Personal Loan?
Banks check CIBIL score before sanctioning personal loan. Maintain a CIBIL score of over 750 to get personal loan sanctioned.
See Also: Unsecured Loan
STEP 1: Decide on the amount of personal loan you need. If it’s a personal loan for home renovation, decide if you need Rs 1 Lakh or Rs 3 Lakh.
STEP 2: You then check personal loan eligibility with the bank. Various banks have different eligibility criteria for personal loans.
STEP 3: Use IndianMoney Personal Loan EMI calculator to calculate personal loan EMIs. Tweak tenure and interest rates based on salary and easy repayments.
STEP 4: You then approach the bank and apply for instant personal loan online. You can apply via Net banking, ATM or even visiting the bank branch.
STEP 5: Submit documents needed for personal loan. This could be income proof, salary slips, ITR, address and ID proof. You then hand over copies of personal loan documents to the bank. Most banks disburse personal loan to your bank account in hours.
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