Personal Loan FAQs

Personal Loan FAQs will tell you everything you need to know about personal loans in India.

  • help_outlineWhat Facilities Offers for Personal Loan?
    • has an active tracking tool for loan application
    • Real-time Personal loan EMI calculator, Personal loan eligibility calculator
    • All financial tools on the website are free of cost
    • High level of encryption for data security
  • help_outlineHow to Repay the Personal Loan?

    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.

  • help_outlineHow Much of Personal Loan I can ask for?

    The banks may not let you take a personal loan, which exceeds 30 to 40 percent of your net income.

  • help_outlineWhat is the Best Interest Rate for Personal Loan?

    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%

  • help_outlineDo I get to Choose between Fixed and Floating Interest Rates?

    You can browse through banks and financial institutes about floating and fixed interest rate offers, and select the one that suits your needs.

  • help_outlineIs there a Processing Fee Involved?

    Usually banks will charge you a processing fee (sometimes negotiable) for the loans, which is about 2 to 3 percent of the borrowed amount.

  • help_outlineWhen is a Personal Loan Disbursed?

    If all the documents required for personal loan application is in place, the loan amount can be disbursed within 24 to 72 hours.

  • help_outlineIs there a Need for a Guarantor?

    No, you do not need a guarantor to apply for personal loans.

  • help_outlineIs Part-prepayment accepted?

    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.