Personal loan is an unsecured loan granted to salaried individuals, self employed professionals and senior citizens or pensioners. It can be used to meet Medical Expenses, Wedding expenses, abroad travel, home renovation.
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Ensure to pull your socks on underlined parameters for a swift loan experience.
Let nothing hold you back and avail Eprimeloans Personal loan online to fulfil all goals and aspirations.
A quick glance at the below mentioned table will give every single detail relating to the personal loan interest rates from India’s leading banks.
Just 3 simple steps and you are all set to avail personal loan !!
If you decide to repay the entire amount or a partially pay your personal loan before the completion of loan tenure, you will be liable to pay foreclosure charge between 1-2% of the outstanding principal amount.
Yes you can transfer the entire outstanding balance to a new lender at lower rate of interest to save yourself from paying higher rate of interest. You might end up paying foreclosure charges of your previous persona loan and also new lender may charge a nominal amount as a processing fee.
The personal loan interest rates may vary from 10-19 % depending on the loan amount, tenure, and your eligibility strength.
Your personal loan quantum depend upon your employment status, current income, loan tenure, credit score and various other factors. The thumb rule says that the personal loan EMI amount doesn’t exceed 40-50% of your monthly income.
The minimum borrowing amount may vary from one lender to another; some lenders set this minimum principal amount limit at INR 30,000 while others might even drop this limit to INR 10,000 or less.
A Personal loan in unsecured in nature, that’s why you don’t need any security or guarantor to avail this loan.
Personal loans don’t come under any tax benefits, but if you are availing a personal loan to make cash down payment for home or renovation, you might fall under tax deduction benefit under section 24 of Income Tax Act.
Note: you can only avail tax benefit on the interest component of the loan and not on the principal amount.
Once your personal loan application is approved by Eprimeloans, you will either receive an account payee cheque/draft of the same amount, or get an online electronic transfer of the applied loan amount into your savings account.
In the event if you won’t be able to make payment for your personal loan EMIs, our recovery agents will try to recover outstanding balance. In case such attempts fail then your personal loan account will be marked as default. This will reflect in your credit report and adversely affect your creditworthiness. Therefore, you won’t be able to get any loan in the future.
The typical tenure of a personal loan ranges from 12 months to 60 months.
You can repay your personal loan through EMIs. These EMIs can be paid through Electronic Clearing Services (ECS) system or via post dated cheques.
The minimum and maximum tenure offered to repay personal loan is 12 months to 60 months.