A personal loan is by nature an unsecured loan that is provided to an individual based on his personal repayment capacity.There are no restrictions on the end use of this loan.It is one of the quickest ways of borrowing money. Borrower can use the money for children education, marriage in the family,medical expenses,holidays etc.
Maximum amount of personal loan you are eligible for depends on the net disposable income of the person.Other factors like your credit rating,job security,residential stability etc are also taken in to consideration.It is given to persons in age group 21-58 yrs ( 65 yrs for non salaried people).
1. Can I get a personal loan for holiday at foreign destination?
Ans- Yes, you can use the funds from personal loan for you dream vacation also.
2. Does my CIBIL score has any implication on my loan eligibility?
Ans- CIBIL is the most important deciding factor for determining eligibility of all kinds of loans.
3. How much is the processing fee?
Ans- Processing fee varies from one financial institution to another. Normally it ranges between 2-3 % of loan amount.
4. What are the pre closure charges ?
Ans- Pre closure charges are the charges which need to be paid if you are closing the loan before completion of tenure. It also varies from one financial institution to another.Normally it is 2-3 % of principal outstanding.
5. I am staying in a bachelor accommodation on sharing basis, my family resided in home town . Is this going to be a hindrance for my personal loan ?
Ans- Normally personal loan is not given to people staying in bachelor accommodation. But exceptions are always possible based on profile and credit history of the customer.
6. Can income of spouse be clubbed for increasing the eligibility ?
Ans- Yes, income of spouse can be clubbed to increse the eligibility of personal loan.