You are not required to provide any collateral or security while taking the personal loan. And that is the reason why personal loan interest rates charged by banks, NBFCs, and DSAs are higher than that of the gold loan or house loan
You are not required to provide any collateral or security while taking the personal loan. And that is the reason why personal loan interest rates charged by banks, NBFCs, and DSAs are higher than that of the gold loan or house loan.
An instant personal loan can be helpful to you when you are short of funds in an emergency where you require money as soon as possible.
Following are some of the things you need to know.
Know about the institutions from where you can avail of a personal loan
While you can approach your relatives or friends to take a personal loan, lending institutions like banks, NBFCs, and digital lenders like PaySense offer personal loans in a structured, on-tap way. Apart from different banks, NBFCs and DSAs provide personal loans and instant personal loans in India.
What are the fixed and floating interest rates
While taking a personal loan, you must check with your lender if the interest rate offered is fixed or floating. If the interest rate is fixed, any changes in the bank’s MCLR won’t impact your EMI amount.
What is the maximum and minimum amount of personal loan you can avail
The maximum and minimum amount of loan that you can take varies from lender to lender. You can get personal loans from Rs 75,000 to Rs 25 lakh from many banks.
Also, generally the issuance of personal loan for salaried employees is of a higher amount than a personal loan for self-employed individuals.
Tenure for which you can take a personal loan
A personal loan is offered generally for a maximum of five years by lending institutions like banks, NBFCs, and DSAs. Nevertheless, the tenure may vary from lender to lender.
Know about the charges associated with a personal loan
When you avail of a personal loan, the bank, NBFC, or digital lender levy certain charges like stamp duty, processing fees, other statutory charges, etc. The personal loan charges vary from lender to lender. Again, a lender may also levy pre-payment or pre-closure charges.
So, before taking a personal loan from any lender, check the fine print for different types of charges leviable upon you…Read more>>