Personal Loan FAQs -loanbaba.com will tell you everything you need to know about personal loans in India.
You may have to pay timely equal monthly installments or EMI. The money can be transferred electronically to the bank, or provide post-dated cheques for the payments.
The banks may not let you take a personal loan, which exceeds 30 to 40 percent of your net income.
The interest rate on personal loan will vary from bank to bank, and depend on your profile or the loan scheme you choose. However, the interest rate can start at as low as 11.49%
You can browse through banks and financial institutes about floating and fixed interest rate offers, and select the one that suits your needs.
Usually banks will charge you a processing fee (sometimes negotiable) for the loans, which is about 2 to 3 percent of the borrowed amount.
If all the documents required for personal loan application is in place, the loan amount can be disbursed within 24 to 72 hours.
No, you do not need a guarantor to apply for personal loans.
You may be allowed to partly par for the personal loan at any stage. However, some banks can charge a prepayment penalty after a period, while others do not do so.