Personal Loan Features and Benefits

One needs to be of a minimum age of 21 years and should have a valid set of documents like ID, income and residence proof, among other documents, to avail a Personal Loan.

To ease the burden of paying off the Personal Loan immediately, you may opt for the EMI (Equated Monthly Instalment) facility. The repayment tenure can range from anywhere between 12 to 60 months.

To know how much you need to pay per month, there is a Personal Loan calculator at your disposal. You can choose your tenure and the amount that you are comfortable repaying each month for the chosen tenure.

Tips to keep in mind while applying for a personal loan

First try the bank where you have a relationship, such as a salary account, home loan, car loan, etc, as the KYC process will be easier and faster.

Compare personal loan interest rates, processing charges, the penalty for pre-payment/foreclosure, etc. All these charges will add up to your cost. A bank that offers a lower interest rate may charge a higher processing charge or penalty for foreclosure.

Try to achieve and maintain a high credit score as that could improve the chances of your loan request getting approved. Remember, this is only of the conditions for eligibility. The bank will evaluate it along with other conditions while reviewing your loan application.

If you have other loans ensure the repayments are on time. This too could improve your chances of securing the loan.